Pacific Exploration & ProductionSitrick and Company is handling communications for Pacific Exploration & Production Corp., the Canadian-Columbian oil company facing a significant debt burden and low energy prices.

After an April 10 Wall Street Journal report said Pacific's board nixed a restructuring meeting over shareholder concerns about its independence, the company sought April 11 to clarify and respond to a bevy of speculation about its future.

Pacific said its operations continue as normal and acknowledged receipt of a number of third-party proposals to restructure. It denied reports that management will be "given" equity in a restructured company, claiming instead such equity will be awarded based on performance-based incentives.

Current lenders and debt holders are expected to receive equity in a restructured company due to their expected "significant losses," the company said.

Pacific's board has formed an independent committee to weigh a restructuring.

Sitrick director Tom Becker in New York is advising Pacific on the PR front. Frederick Kozak heads IR for Pacific.