November 19, 2019
Eagle Energy (TSX-V: EGL), a Calgary, Alberta-based oil and gas company with oil-producing properties in Alberta and Texas, was placed in receivership on November 19 on application by White Oak Global Advisors as administrative agent for a group of lenders collectively owed approximately $31.2 million. For the past two years the company has attempted to combat difficult industry conditions by reducing overhead and selling assets. Despite its efforts, the company has not been able to generate positive cash flow and acknowledges that this is not likely to change in the foreseeable future. FTI was appointed receiver. Counsel is Blakes for the applicant, Bennett Jones for the company and Norton Rose Fulbright for the receiver.