Erikson National Energy Inc., CCAA

Erikson National Energy Inc., a Calgary, Alberta-based oil and gas company with assets located in the Greater Fort Nelson and Greater Fort St. John areas of British Columbia, had its NOI proceedings continued under the CCAA on March 11.

The company previously filed an NOI on October 1 after incurring losses for several consecutive years due to ongoing low natural gas prices in Western Canada. It has approximately $43.2 million in liabilities, including approximately $31.7 million to Third Eye Capital as agent.

A SISP was conducted in the NOI proceedings and court approval was obtained for a transaction with Gryphon Digital Mining for all of the company’s oil and gas assets. However, the transaction failed to close and Gryphon has indicated it is now only considering buying a subset of the assets. The company then engaged in discussions with other parties that have expressed an interest in certain assets, but more time is required to see if a transaction is possible. Third Eye Capital is providing a DIP loan.

KSV is the monitor.

Counsel is Bennett Jones for Erikson and Third Eye Capital, Fasken for the monitor, Miller Thomson for the British Columbia Energy Regulator, Osler for Canadian Natural Resources, and 20/20 Law Group for Streamline Inspection.