Long Run Exploration Ltd. and Calgary Sinoenergy Investment Corp., CCAA

Long Run Exploration Ltd., an Alberta-based oil & gas company, and its parent company Calgary Sinoenergy Investment Corp. obtained CCAA protection on July 4 on application by China Construction Bank Toronto Branch (“CCB”) as collateral agent, owed over $350 million.

Long Run is a private company whose petroleum and natural gas assets are located primarily in Central and Northwest Alberta. It has approximately 39 employees and contractors in its head office and 79 employees and contractors in the field.

Calgary Sinoenergy is a holding company with no operation or assets other than its investment in Long Run.

Long Run lists total liabilities of approximately $1.4 billion, including environmental obligations of $308.5 million and unsecured obligations of approximately $52.4 million owing to various trade creditors.

The CCB facilities matured on December 9, 2023 but have not been repaid, despite a demand for payment and a notice of intention to enforce security.

FTI is the monitor.

Counsel is Blakes for CCB and Bennett Jones for the monitor.