R.I.I. North America, a Calgary, Alberta-based upstream oil company that owns the North American intellectual property rights for a patented enhanced oil recovery technology, had certain of its assets placed in receivership on November 29 on application by Espresso Capital. The company, which had filed an NOI in October 2018, was later deemed to have filed for bankruptcy in November after it did not file a proposal within its granted 30-day stay of proceedings. MNP was the proposal trustee. In these proceedings, Hardie & Kelly was appointed receiver over select assets of the company, including the accounts receivable and the intellectual property and patents. BLG is counsel to the applicant.
Diagonal Oil & Gas, a Calgary, Alberta-based oil and natural gas company, filed for bankruptcy on August 24. Grant Thornton is the bankruptcy trustee.
Delfan Energy Resources, a Calgary, Alberta-based oil field service provider, filed for bankruptcy on July 10, listing $325.7M in liabilities, including $139.1M to Normont Energy. KPMG is the bankruptcy trustee.
The OpsMobil Group, a Calgary, Alberta-based group of oilfield service companies that provides energy, aviation and construction services, filed for protection under the CCAA on July 10. Although the OpsMobil Group's primary assets are aircraft and aircraft support facilities, it has been focused on transitioning to value added services through its asset management solutions. By nature of its business, the OpsMobil Group's revenues are dependent on the expenditures of oil and gas producers, which have been depressed since 2014. In 2015, Third Eye Capital purchased the $5.3MM debt owed by OpsMobil to BMO for $3.8MM. After paying its own legal fees in addition to Third Eye and BMO's legal fees, OpsMobil was only left with $42.0M to prepare an aircraft fleet for the 2016 season, which was grossly inadequate. OpsMobil was able to negotiate and enter into a payment plan with the CRA for amounts owing at the time; however, it eventually missed the third payment and discovered that its line of credit had been restricted due to a lower than expected borrowing base calculation. As a result of the missed payment, CRA issued an enhanced garnishment of OpsMobil's revenue and accounts. Throughout early 2016, OpsMobil was continuously deprived of funds that were required for its daily operations due to its borrowing base restrictions and CRA's garnishment. By late June 2018, the group was served with a receivership application by Third Eye, which led to it filing for protection under the CCAA. During these proceedings, the OpsMobil Group will receive $1.4MM in interim financing from Third Eye. EY was appointed monitor. Gowling WLG is counsel to the OpsMobil Group.
Mustang Well Services, a Calgary, Alberta-based oil and gas well servicing company, was placed in receivership on May 17 on application by ATB Financial. FTI Consulting was appointed receiver. Counsel is Gowling WLG for the applicant and Cassels Brock for the receiver.
Clayton Construction, a Lloydminster, Alberta-based company specializing in oil lease site preparation and maintenance, was placed in receivership on May 8 on application by Maynards Financial Limited Partnership, owed approximately $7.8MM. FTI Consulting was appointed receiver. Fasken is counsel to the applicant.
Global Flow, a Calgary, Alberta-based provider of electrical, instrumentation, fabrication and automation solutions for oil, gas and petrochemical industries in Western Canada, filed an NOI on May 1, listing $4.9MM in liabilities, including $3.0MM to GF Direct Lending. Grant Thornton is the proposal trustee. Counsel is Gowling WLG for GF Direct Lending, DLA Piper for the company and Bennett Jones for the proposal trustee.
Requisite Energy Services, a Calgary, Alberta-based company that provides well servicing, facility construction and project management, was placed in receivership on April 24 on application by Export Development Canada. PwC was appointed receiver. Dentons is counsel to the applicant.
Sequoia Resources Corporation, a Calgary, Alberta-based oil and gas company, filed for bankruptcy on March 23, listing $21.4MM in liabilities, including $4.2MM to Green Horizon Energy Services. The company previously filed an NOI on March 2. PwC is the bankruptcy trustee. Torys is counsel to the trustee.
Storm Rentals, a Whitecourt, Alberta-based oilfield service and rental company, was placed in receivership on March 21 on application by RBC. BDO was appointed receiver. MLT Aikins is counsel to the applicant.