Argosy Energy Inc.
Follow- Proceeding
- Receivership (court-appointed)BIA s. 243 / prov. Judicature Acts
Argosy Energy Inc., an Alberta oil and gas company that operated Radius Resources Corp. as a wholly owned subsidiary, was placed in court-appointed receivership on May 30, 2013 under s. 243 of the BIA and provincial Judicature Act authority in the Court of King's Bench of Alberta. The company's unaudited September 30, 2012 statements put the book value of its oil and gas assets at approximately $44.8 million, against $21.9 million owed to National Bank of Canada on an operating line secured by a personal property security interest and a floating charge, and $2.9 million of unsecured claims. Receiver's counsel confirmed the validity and enforceability of the bank's security. Builders' liens registered by Hallmark Tubulars Ltd. ($166,000), Ensign Drilling Partnership ($203,032.09) and Rapid Rod Services Ltd. ($8,582.39) attached only to Excluded Assets, not to the assets conveyed in the LTA Transaction. The Minister of Alberta Energy held a non-interest bearing deposit of $46,073.70, with the balance of its asserted claim treated as unsecured. The Receiver did not anticipate any distribution to unsecured creditors. The proceeding is closed.
Debtor
Argosy Energy Inc.
Receiver
FTI
| # | Priority class | Creditor | Amount | Source |
|---|---|---|---|---|
| 4 | Secured | National Bank of Canada · in 87 casesSecurity interest in personal property and floating charge over Mortgaged Property; operating line of credit — Per Argosy's unaudited September 30, 2012 financial statements; most significant secured creditor. Receiver's counsel confirmed validity/enforceability of security. — debtor: Argosy Energy Inc. · as of 30 Sep 2012 | $21.9M | First Report of the Receiver |
| 4 | Secured | Ensign Drilling Partnership · in 3 casesBuilders' Lien — Registered against Excluded Assets only, not assets conveyed in LTA Transaction — debtor: Argosy Energy Inc. | $203K | First Report of the Receiver |
| 4 | Secured | Hallmark Tubulars Ltd.Builders' Lien — Registered against Excluded Assets only, not assets conveyed in LTA Transaction — debtor: Argosy Energy Inc. | $166K | First Report of the Receiver |
| 4 | Secured | Alberta Energy (Minister) · in 5 casesNon-interest bearing deposit held by the Minister — Regulatory; claim otherwise considered unsecured except for this deposit held — debtor: Argosy Energy Inc. | $46.1K | First Report of the Receiver |
| 4 | Secured | Rapid Rod Services Ltd.Builders' Lien — Registered against Excluded Assets only, not assets conveyed in LTA Transaction — debtor: Argosy Energy Inc. | $8.58K | First Report of the Receiver |
| 8 | Unsecured | Unsecured creditors (aggregate as reported) · in 532 casesDocument names no individual unsecured creditors in this aggregate; Receiver does not anticipate any distributions to unsecured creditors — debtor: Argosy Energy Inc. · as of 30 Sep 2012 | $2.9M | First Report of the Receiver |
| 8 | Unsecured | Alberta Energy (Minister) - unsecured portion · in 5 casesAmount not stated; only the non-interest bearing deposit of $46,073.70 is quantified and held separately as regulatory security — debtor: Argosy Energy Inc. | — | First Report of the Receiver |
“not stated” means the record names the claim without a figure; “—” means not in the extracted record.
Unsecured creditors: no distribution. National Bank $1.67K.EstimatedSecond Report of the Receiver · 8 Aug 2013
| Class | Creditor | Claims | Recovery | Basis | Source |
|---|---|---|---|---|---|
| Secured | — | — | shortfall | per the receiver | Third Report of the Receiver · 3 Sep 2014 |
| Secured | National Bank | — | $1.67Kconditional | per the receiver | Third Report of the Receiver · 3 Sep 2014 |
| Unsecured | unsecured creditors or other creditors with claims that are subordinate to National Bank | — | no distribution | Estimatedper the receiver | Second Report of the Receiver · 8 Aug 2013 |
Each row is one filing's statement, copied as it reads and never computed. "Estimated" is the officer's forecast; "Under the plan" is the plan's or proposal's own term; "Final" is a declared or paid distribution; a row with no chip states no footing. A range is the two numbers stated; "of proven claims" is the document's own denominator.
As at 30 Sep 2012 · per unaudited financial statements · Argosy Energy Inc. (Radius Resources Corp. incorporated into Argosy's operations as wholly owned subsidiary) — Book value of oil and gas assets approximately $44.8 million; secured debt of $21.9 million and unsecured creditors of $2.9 million reported separately, not summed as total liabilities
| Date | Document | File |
|---|---|---|
| Order - Receiver's Discharge | ||
Third Report of the Receiver
| ||
Interim Distribution Order
| ||
Order re: Payment of Funds Out of Court
| ||
| Sale Approval and Vesting Order | ||
Second Report of the Receiver
| ||
First Report of the Receiver
| ||
| Argosy Creditor Package | ||
| Radius Creditor Package | ||
| Argosy - Form 35 - 25-1723691 | ||
Argosy - Order (Termination of Proposal/ Substitution of Trustee)
| ||
| Radius - Form 35 - 25-1723693 | ||
Radius - Order (Termination of Proposal/ Substitution of Trustee)
| ||
Receivership Order
| ||
Filing titles, dates, and extracted key facts are public.
CiteProceedings., “Argosy Energy Inc.” (Receivership (court-appointed)), Court of King's Bench of Alberta. Retrieved 20 September 2026, https://proceedings.ca/case/argosy-energy-inc