Balanced Energy
- Proceeding
- Receivership (court-appointed)BIA s. 243 / prov. Judicature Acts
- File
- 2201-02699
- Industry
- Energy · Oilfield services
Balanced Energy went into court-appointed receivership under a March 7, 2022 order of the Court of Queen's Bench of Alberta, file 2201-02699, covering Balanced Energy Oilfield Services Inc., Balanced Energy Oilfield Services (USA) Inc. and Balanced Energy Holdings Inc. The Receiver took possession the same day, at which point National Bank of Canada was owed in excess of CAD 24,699,114.50 and Laurentian Bank / LBC Capital Inc. in excess of CAD 881,335.94, each secured on the property of the Debtors. The Debtors' financial statements showed total assets of CAD 37,711,167 at book value as at September 30, 2021, unaudited and unverified by the Receiver, who offered no comment on realizable value. The Receiver's unsecured creditor listing as at March 11, 2022 runs to well over a hundred Canadian and US trade suppliers, the largest being Fluidpro Oilfield Services Ltd at CAD 640,578.75. The receivership is closed.
APPLICATION (Approval of Accounts and Activities, Approval of Fees, and Discharge of Receiver) — Application / notice of application
Proof of Filing - Application of the Receiver returnable June 10, 2022 — Application / notice of application
Receiver's Emergency Application for Joint Administration — Application / notice of application
Approval of Sales Solicitation Process and Stalking Horse Term Sheet — Sale process approval order
Proof of Filing - Application of the Receiver returnable March 30, 2022 — Application / notice of application
Receivership order pronounced over the three Balanced Energy entities in Alberta file 2201-02699; the Receiver took possession of the Debtors' property that day.
Source: Receivership Order
Debtor
Balanced Energy
Receiver
FTI
Bench
| Judge | Court | On this docket | Cases on record |
|---|---|---|---|
| Justice Grosse | Court of King's Bench of Alberta | 2 orders, Mar 2022 | 14 cases on record |
Counsel of record
| Party | Counsel | First seen | Source |
|---|---|---|---|
| ReceiverFTI | Osler, Hoskin & Harcourt LLP | 7 Mar 2022 | Service list · 7 Mar 2022 |
| CreditorFluid Pro Oilfield Services | Parlee McLaws LLP | 30 Mar 2022 | Service list · 30 Mar 2022 |
| CreditorLaurentian Bank of Canada | Thornton Grout Finnigan LLP | 30 Mar 2022 | Service list · 30 Mar 2022 |
| CreditorNational Bank of Canada | MLT Aikins LLP | 7 Mar 2022 | Service list · 7 Mar 2022 |
| CreditorNational Bank of Canada NATIONAL BANK OF CANADA 600 | MLT Aikins LLP | 30 Mar 2022 | Service list · 30 Mar 2022 |
| CreditorXDI Energy Solutions Inc | Bennett Jones LLP | 7 Mar 2022 | Service list · 7 Mar 2022 |
| # | Priority class | Creditor | Amount | Source |
|---|---|---|---|---|
| 4 | Secured | National Bank of Canada · in 101 casesSecurity on the property of the Debtors — Amount is a floor: document states amount owed 'was in excess of' this figure as at the date the Receiver took possession. — debtor: Balanced Energy Oilfield Services Inc., Balanced Energy Oilfield Services (USA) Inc., and Balanced Energy Holdings Inc. · as of 7 Mar 2022 | $24.7M | Notice and Statement of the Receiver |
| 4 | Secured | |||
| 8 | Unsecured | |||
| 8 | Unsecured | |||
| 8 | Unsecured | |||
| 8 | Unsecured | |||
| 8 | Unsecured | |||
| 8 | Unsecured | |||
| 8 | Unsecured | |||
| 8 | Unsecured |
191 more claims in 2 classes The stack holds Secured and Unsecured claims.
Every creditor and every amount, drawn to scale.
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See all plansUnsecured creditors: no distribution. LBEL Inc. paid in full · National Bank of Canada a distribution.EstimatedThird Report of the Receiver · 24 Apr 2022
| Class | Creditor | Claims | Recovery | Basis | Source |
|---|---|---|---|---|---|
| SecuredLBEL Secured Debt | LBEL Inc. | — | paid in full | per the receiver | Application of the Receiver · 30 May 2022 |
| SecuredNBC Secured Debt | National Bank of Canada | — | a distributioninterim | per the receiver | Application of the Receiver · 30 May 2022 |
| Unsecured | — | — | no distribution | Estimatedper the receiver | Third Report of the Receiver · 24 Apr 2022 |
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 ·
The total the debtor stated at filing
Each one as the filing states it, with its source.
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See all plans| Date | Document | File |
|---|---|---|
| Affidavit of Dustin Olver | PDF · Subscribers | |
ORDER (Approval of Accounts, Approval of Fees, and Discharge of Receiver)
| PDF · Subscribers | |
| Order Granting Final Decree | PDF · Subscribers | |
| APPLICATION (Approval of Accounts and Activities, Approval of Fees, and Discharge of Receiver) | PDF · Subscribers | |
Third Report of the Receiver
| PDF · Subscribers | |
Distribution Order
| PDF · Subscribers | |
Application of the Receiver returnable June 10, 2022
| PDF · Subscribers | |
| Proof of Filing - Application of the Receiver returnable June 10, 2022 | PDF · Subscribers | |
| Proof of Filing - Second Report of the Receiver, dated May 30, 2022 | PDF · Subscribers | |
Second Report of the Receiver
| PDF · Subscribers | |
| Chapter 15 Recognition Order | PDF · Subscribers | |
| Order Directing Joint Administration of Cases | PDF · Subscribers | |
| Order Granting Provisional Relief | PDF · Subscribers | |
| Order Scheduling Recognition Hearing | PDF · Subscribers | |
| Order Granting Interim Joint Administration | PDF · Subscribers | |
| Receiver's Emergency Application for Joint Administration | PDF · Subscribers | |
| Receiver's Emergency Application for Relief | PDF · Subscribers | |
| Verified Petition | PDF · Subscribers | |
| Application of the Receiver returnable March 30, 2022 | PDF · Subscribers | |
| Approval and Reverse Vesting Order | PDF · Subscribers | |
| Approval and Vesting Order | PDF · Subscribers | |
| Approval of Sales Solicitation Process and Stalking Horse Term Sheet | PDF · Subscribers | |
Proof of Filing - Application of the Receiver returnable March 30, 2022
| PDF · Subscribers | |
Restricted Court Access Order
| PDF · Subscribers | |
Service List
| PDF · Subscribers | |
| First Report of the Receiver | PDF · Subscribers | |
| Proof of Filing - First Report of the Receiver, dated March 21, 2022 | PDF · Subscribers | |
Notice and Statement of the Receiver
| PDF · Subscribers | |
| Affidavit of Dana Ades Landy - sworn February 28, 2022 | PDF · Subscribers | |
| Consent to Act as Receiver | PDF · Subscribers | |
Letter to Service List
| PDF · Subscribers | |
Notice of Application
| PDF · Subscribers | |
Receivership Order
| PDF · Subscribers | |
Sealing Order
| PDF · Subscribers | |
| Statement of Claim | PDF · Subscribers | |
Filing titles and dates are public, and so is each filing's own page. The figures read from them are for subscribers.
CiteProceedings., “Balanced Energy” (Receivership (court-appointed)), Court of King's Bench of Alberta. Retrieved 4 November 2026, https://proceedings.ca/case/balanced-energy