Kaden Energy Ltd. and Beta Energy Corp. (BTAEF:OTC), Receivership

Kaden Energy Ltd. and Beta Energy Corp. (BTAEF:OTC), Alberta-based oil and gas companies, were placed into receivership on February 13 on application by Apex Opportunities Fund Ltd. 

Beta is a publicly-traded company whose only material assets are its shares in Kaden, a junior oil and gas company which acquires and develops oil and gas in northwest Alberta.

In March 2024, Kaden filed an NOI under the BIA, and in October 2024, the Alberta Court sanctioned its proposal. In order to make the proposal and to fund the proposed distributions to Kaden’s creditors, the companies negotiated and entered into a series of agreements with Apex.

On January 28, 2025, Apex became aware through a press release issued by Beta that it would no longer fund the proposal — an event of default under the companies’ agreements with Apex. Apex is currently owed approximately $4.1 million.

FTI Consulting is the receiver.

Counsel is Miller Thomson for Apex.