Long Run Exploration Ltd., an Alberta-based oil & gas company, was placed into receivership on March 5 on application by the Orphan Well Association (OWA).

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.

The company initially obtained CCAA protection on July 4 following a creditor-led application by China Construction Bank Toronto Branch (CCB) as collateral agent, owed over $350 million. A reverse vesting order approving a transaction with Hiking Group Shandong Jinyue Int’t Trading Corporation was granted in November 2024, but the transaction ultimately failed to close.

PwC is the receiver.

Counsel is Blakes for CCB, Dentons for the company and MLT Aikins for the OWA.