November 24, 2021
Elcano Exploration Inc., Elcano Exploration Ltd. & Elcano Energy Partnership, Calgary, Alberta-based oil and gas companies, were placed in receivership on November 24, on application by Tallinn Capital Energy Corp., owed over $6 million. It appears that Tallinn intends to make a credit bid for the companies' Manitoba assets in the receivership proceedings. The companies did not oppose the receivership application, but sought approval of an order permitting the receiver to execute an RVO term sheet and market an RVO transaction being proposed by the companies, which would be funded by their outside investor. The receivership order granted does not appear to address the relief sought by the companies, and no endorsement appears to have been released at this point. Grant Thornton was appointed receiver. Counsel is Bennett Jones for the companies.