March 11, 2021
GS ER Canada Inc., a Calgary, Alberta-based energy exploration and production company, filed an NOI on March 11, owing approximately $4.3 million in unsecured liabilities to the BC Oil and Gas Commission. The company attributes its financial difficulties to a variety of factors, including: (1) significant reductions in oil and gas prices and commodity demand caused in part by the effects of the COVID-19 pandemic; (2) declining production rates due to a lack of capital investment; and (3) the inability to undertake certain repairs due to lack of funds. Since 2019, the company has attempted to restructure its financial affairs and made several attempts to sell the company. However, these efforts were unsuccessful, as previous potential purchasers failed to close the transaction. MNP, which was appointed proposal trustee, has engaged Sayer Energy Advisors to carry out a proposed SISP for the company's assets. Counsel is Stikeman Elliott for the company and Lawson Lundell for the proposal trustee.