Argosy Energy Inc.

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.