January 29, 2023
Goldenkey Oil Inc., a Calgary, Alberta-based oil and gas company which operates various wells, facilities and pipelines throughout Alberta, filed an NOI on January 29. Goldenkey’s operations are predominantly conducted with eight joint venture partners who collectively hold interests in 21 wells. The company has not yet achieved positive cash flow from operations, due in part to the cost of operating under the JV agreements. As part of the NOI proceedings, Goldenkey has applied to have a fraud claim valued at over $9 million held by the company against certain members of the company's management team vested in a litigation trust for the benefit of AER and Goldenkey's creditors. The company has also sought approval of a SISP and a stalking horse APA structured as an RVO. PwC is the Proposal Trustee. McCarthys is counsel for the company.
By Dina Milivojevic