Taber Water Disposal Inc. and Enerstar Petroleum Corp.

NOI Sales Process

On March 25, 2024, Taber Water Disposal Inc. (“Taber Water”) and Enerstar Petroleum Corp. (“Enerstar” and collectively, the “Companies”) each filed a Notice of Intention to make a proposal (“NOI”) pursuant to Section 50.4(1) of the Bankruptcy and Insolvency Act, RSC 1985, c B-3. Grant Thornton Limited (“Grant Thornton”) was appointed as Proposal Trustee to the Companies.

On April 23, 2024, the Court approved a Sale and Solicitation Process (“SISP”) for the Companies’ oil and gas asset interests. Pursuant to the SISP, the Companies are now soliciting bids for a purchase of their oil and gas asset interests.

Corporate Highlights

Taber Water is a multi-service company locally owned and operated in Taber, Alberta. It offers comprehensive water and waste management services to the Taber region, southern Alberta, and the province as a whole.

Enerstar is in the business of oil production. With over a century of combined experience, the Companies provide the highest levels of safety, security, and satisfaction in the industry.

Assets for Sale

The Companies’ hold in total a 45% working interest in an oilfield located near Taber, Alberta (the “Oilfield”). The Oilfield includes 10 producing wells, 5 suspended wells, 6 abandoned wells, and two injection wells, producing 11m³ per day of oil and only 190m³ of water.

Procedures

Interested parties are to contact Mark Coney of Taber Water at [email protected] for information on the assets for sale and Par Zilka of Grant Thornton at [email protected] for information regarding the NOI proceedings. Signing of a non-disclosure agreement will be required for access to confidential documents.

Additional information on the NOI proceedings and the SISP can be found on the Grant Thornton website: https://www.grantthornton.ca/service/advisory/creditor-updates/#Taber-Water-Disposal-Inc

Pursuant to the SISP, non-binding letters of intent must be submitted to the Companies and Grant Thornton by 5:00p.m. MST on May 31, 2024.