Everest Canadian Resources Corp., Receivership

Everest Canadian Resources Corp., an oil & gas company which holds licences to operate 33 wells, 14 pipelines and 3 other facilities across Alberta, was placed in receivership on April 5, on application by the OWA. On March 24, the AER ordered that the company suspend and abandon all of its assets subject to the AER licences. The company had estimated deemed liabilities of over $3.1 million owing to the AER in relation to the licenced assets, and determined that it did not have the technical or financial capability to comply with the March 24 order. It ultimately consented to the appointment of PwC as Receiver, represented by BLG. MLT Aikins is counsel for the OWA, JSS Barristers and Song & Howard are counsel for the company, Osler is counsel for Greenfire Resources and Walsh is counsel for Ford Credit Canada.