Avila Energy Corporation (CSE:VIK), a Calgary, Alberta-based oil and gas company, filed an NOI on September 20.

The company was founded in 2010 and was working towards becoming a carbon-neutral energy producer.

In the second quarter of 2024, the company’s facilities were contaminated after being exposed to hydrogen sulfide, resulting in the suspension of operations.

The purpose of the NOI proceedings is to complete the orderly restart of operations in West Central Canada, complete the negotiations and sale of certain non-core heavy oil and associated natural gas production, and close proposed financings / recapitalizations to fund a proposal to creditors.

FTI is the proposal trustee.

Counsel is MLT Aikins for the company.