Rustad Energy Ltd., Bankruptcy

Rustad Energy Ltd., an Alberta-based oil and gas company, filed an assignment in bankruptcy on June 18 listing $19.1 million in liabilities, including $15.7 million to Bitmain Technologies (Canada) Inc. and $3.4 million to Pathfinder Energy Inc. 

Rustad was involved in a power plant project near Rocky Mountain House, Alberta and had partnered with Pathfinder to complete the project. However, due to significant cost overruns on the project and a relationship breakdown between Rustad and Pathfinder, operations ceased on or about September 2023. There was ongoing litigation between Rustad and Pathfinder which resulted in Rustad filing an assignment in bankruptcy.

KPMG is the bankruptcy trustee.

Counsel is Miller Thomson for the bankruptcy trustee and McMillan for Rustad.