Dundee Energy Limited announced that as a result of ongoing discussions between Dundee Energy Limited Partnership (DELP) and its lenders under DELP's credit facilities, DELP has entered into a forbearance agreement with such Lenders and with National Bank of Canada, as agent. Under the terms of the Forbearance Agreement, the Lenders have agreed to forbear from exercising their enforcement rights and remedies in respect of the Credit Facilities until May 15, 2017 (the "Outside Date"), subject to customary conditions and provided that DELP and the guarantor parties thereunder (the "Guarantors") shall use commercially reasonably efforts to close one or more restructuring transactions pursuant to the restructuring plan in the Forbearance Agreement (the "Restructuring Plan") as soon as possible and in any event by no later than the Outside Date. DELP intends, and is obligated under the Forbearance Agreement, to continue to operate its business in the ordinary course while pursuing the Restructuring Plan. The Forbearance Agreement also provides an operating facility of $58 million and that the maturity date for the Credit Facilities shall be May 15, 2017, or such earlier date on which a termination event or a demand for repayment occurs, and that any settlement or compensation on account of DELP's interest in the Castor Project, and any proceeds of disposition from Windiga Energy Inc., shall be used by DELP to repay outstanding principal under the Credit Facilities.