Ratnas Gas Inc. and Ratnas Property Investment Inc. (collectively, “Ratnas”)

Ratnas Gas Inc. and Ratnas Property Investment Inc. (collectively, “Ratnas”), the operator of a Shell gas station in Port Hope, Ontario was placed in receivership on December 21, 2022, on application by National Bank of Canada, owed approximately $2.1 million. Grant Thornton was appointed receiver. TGF is counsel for the applicant. By Dina Milivojevic

2244039 Ontario Inc. and 1526400 Ontario Inc.

2244039 Ontario Inc. and 1526400 Ontario Inc., each of which owns and operates a gas station together with ancillary services and a quick service restaurant in Brampton and Caledon, Ontario respectively, were placed in receivership on December 14, on application by 2046245 Ontario Inc., 2222228 Ontario Inc., 2473560 Ontario Inc. and 2473441 Ontario Inc. (collectively, the "Lenders"). The Lenders provided financing in the cumulative amount of $14,550,000 to the companies. The companies have defaulted on their payment obligations under the loans, and owe approximately $15.3 million to the Lenders as at October 21. Albert Gelman was appointed receiver. Keyser Mason Ball is counsel for the Lenders and Mand Rai is counsel for the companies By Dina Milivojevic

Changhua Energy Canada Ltd.

Changhua Energy Canada Ltd., a Calgary, Alberta-based oil and gas company, was placed in receivership on December 7, on application by Export Import Bank of China, owed approximately US$53 million. FTI was appointed receiver. Counsel is McCarthy Tétrault for Export Import Bank of China and Caron & Partners for the company. By Dina Milivojevic

2314251 Ontario Inc.

2314251 Ontario Inc., a North York, Ontario ESSO gas station operator, was placed in receivership on November 15, on application by TD Bank, owed approximately $2.4 million. The company provided to TD Bank false financial reporting in the form of falsified and misleading accounting firm documents. A subsequent site visit to the gas station revealed that there was no gas being offered for sale and that a sign was posted stating: “Sorry we don’t have any gas. We have had no gas since January and we don’t know when we will get it again.” The company had not advised TD Bank of the discontinuance of its gas station operations, or of any termination of any fuel contract, all of which were covenant obligations under the credit facilities with TD Bank. msi Spergel was appointed receiver. Counsel is Aird & Berlis for TD Bank. By Dina Milivojevic

Xebec Adsorption Inc. and various subsidiaries (collectively, the “Xebec Group”)

Xebec Adsorption Inc. and various subsidiaries (collectively, the "Xebec Group"), a Montréal, Québec-based global provider of sustainable gas solutions used in energy, mobility and industry applications, obtained CCAA protection on September 29. The Xebec Group has incurred material operating losses since 2020. Its financial difficulties were attributable to a number of factors, including its inability to raise additional capital given the state of capital markets, supply chain constraints, impact of the COVID-19 pandemic, the geopolitical factors and increasing selling, general and administrative expenses resulting from the number of acquisitions completed over the last two years and the completion costs of legacy renewable natural gas contracts and the costs associated with discontinuing such product line. As part of the initial order, the Court declared Montreal, Quebec to be the Xebec Group's COMI for the purpose of recognition proceedings under Chapter 15 of the US Bankruptcy Code. Deloitte was appointed Monitor. Counsel is Osler for the Xebec Group, McCarthy's for the Monitor, BLG for National Bank and Norton Rose for EDC. By Dina Milivojevic

Petrolama Energy Canada Inc.

Petrolama Energy Canada Inc., which operates a crude oil and natural gas liquids marketing and trading business, filed an NOI on July 27, listing approximately $15 million in unsecured liabilities. The company currently has no bank debt and no secured creditors. In 2013, the company constructed and operated a crude oil blending terminal in Alida, Saskatchewan, and peaked with annual revenues of over $900,000,000 in 2014. In July 2016, the company sold the majority of its commercial assets to Secure Energy Services Inc. where most of its employees also went. The company then focused on moving Canadian crude oil and propane and selling it into the United States. Since then, a number of factors have led to the company’s insolvency. They include the loss of bank financing, the delay in completion of facilities, a regulatory rejection of a project, the high cost of crude oil storage under long term contracts, and the 2020 market crash of the price of crude oil and its subsequent volatility. A&M is the proposal trustee. Counsel is Blakes for the proposal trustee, Jensen Shawa Solomon Duguid Hawkes for the company, MLT Aikins for Keyera Energy Inc. and DLA Piper for OdysseyNRG Ltd. By Dina Milivojevic

Robus Resources Inc.

Robus Resources Inc., a Calgary, Alberta-based oil and gas company with property and operations in Alberta,was placed in receivership on April 12 on application by Robus Services LLC, its senior secured creditor. In February 2020, Robus Services LLC extended a loan to the company in the principal amount of USD $7 million. As at the end of January, the total debt outstanding to Robus Services LLC was almost USD $15 million. A&M was appointed receiver. Counsel is BDP Law for Robus Services LLC; Cassels for the receiver; and Gowlings for the company and Ernst Methot. By Dina Milivojevic

Balanced Energy Oilfield Services Inc., Balanced Energy Oilfield Services (USA) Inc., and Balanced Energy Holdings Inc.

Balanced Energy Oilfield Services Inc., Balanced Energy Oilfield Services (USA) Inc., and Balanced Energy Holdings Inc., which provided coil tubing and other services to the oil and gas sector, was placed in receivership on March 7, on application by National Bank of Canada ("NBC"), owed approximately $24.7 million. NBC, along with the receiver and a new entity incorporated by one of the former principals of the companies, has negotiated a term sheet which contemplates the sale of certain of the companies' assets and equipment. NBC supports the proposed transaction, and the receiver intends to seek approval of the transaction in due course. FTI was appointed receiver. Counsel is MLT Aikins for NBC, Osler for the receiver, Bennett Jones for XDI Energy Solutions Inc. and TGF for Laurentian Bank of Canada. By Dina Milivojevic

915245 AB Ltd. O/A Prairie Tech Oilfield Service

915245 AB Ltd. O/A Prairie Tech Oilfield Service, an Elk Point, Alberta-based oilfield transportation provider, filed an NOI on February 25. The company lists various liabilities, including various yet unvalued secured claims and dozens of unsecured claims, including approximately $1.26 million to the Cornerstone Co-operative. Deloitte is the proposal trustee. Counsel is DLA Piper for the company. By Dina Milivojevic

Abbey Resources Corp.

Abbey Resources Corp., a Calgary, Alberta-based owner and operator of over 2,000 shallow gas wells in Swift Current, Saskatchewan, was placed in receivership on February 28, on application by various municipalities with taxes owing and the Government of Saskatchewan, as represented by the Minister of Energy and Resources (the “Ministry”). The company was previously granted CCAA protection on August 13, 2021. On December 6, 2021, a risk assessment report was provided to the Ministry raising significant deficiencies with respect to certain wells, and the Ministry issued an order suspending the licences of all high and very high-risk pipelines and requiring the company to cease operations of these pipelines by shutting them in. MNP was appointed receiver. Counsel is DLA Piper for the company, McDougall Gauley for the receiver, Robertson Stromberg for the Minister, Miller Thomson for the Rural Municipality of Lacadena No. 28, Kanuka Thuringer for the Rural Municipality of Miry Creek No. 229 and MLT Aikins for Carry the Kettle Nakoda Nation Band No. 76. By Dina Milivojevic