Clearbeach Resources Inc.

Clearbeach Resources Inc. remains in active CCAA proceedings before the Ontario Superior Court of Justice. PACE Savings and Credit Union Limited is the senior secured lender to Clearbeach and Forbes Resources Corp., and its security is to be assigned to Oil Patch Services Inc. or a Lowrie-designated entity under a Settlement Agreement. Forbes' sole liability is a $500,000 secured loan advanced by PACE. On the Clearbeach side, arrears owed to landowners under leases and royalties stood at approximately $178,000 as at May 18, 2021, with those claims stayed by the NOI proceedings and neither paid nor settled. Ford Credit Canada Company appears on the service list as a secured party, and CIBC Mortgages Inc. is represented by counsel.