February 28, 2020

Filing Type:

Trustee: MNP

Trustee Counsel: Gowlings

Industry:

Province:

Direct Oil & Gas Inc., an oil and gas venture with producing properties in northern Alberta, filed for bankruptcy on February 28, listing approximately $16.6 million in liabilities, including $10.0 million to Rothwell Enterprises. Currently, the company's net production revenues are insufficient to cover operating and financing costs. MNP is the bankruptcy trustee. Due to the drastic downturn in oil prices after its appointment, MNP in consultation with Sproule Energy Consultants determined that all of the properties should be shut in. This shut in was completed on March 21. Gowlings is counsel to MNP.

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