Proceedings.

CLEO Energy Corp.

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Proceeding
NOIsection 243(1) of the Bankruptcy and Insolvency Act, RSC 1985 c B-3 (the “BIA”) and section 13(2) of the Judicature Act, RSA 2000, c.J-2
Court
Court of King's Bench of Alberta
File
B301-163430
Industry
Energy · Oil & gas production
Filings held131
Last activity23 Sep 2026
On the record697 days
Secured debtSubscribers
OverviewSummary updated

CLEO Energy Corp. is the subject of insolvency proceedings in Alberta, with Alvarez and Marsal Canada Inc. acting as receiver under section 243(1) of the Bankruptcy and Insolvency Act and section 13(2) of the Judicature Act. The receiver's statement records assets at an estimated book value of $7,991,331 as at June 3, 2025 against $24,562,034 owed, being $8,208,901 to secured creditors and $16,353,133 to unsecured creditors. The largest secured claims are $2,785,000 to 1992169 Alberta Ltd. (Rise Capital), $1,764,898 to Mantl Canada Inc. and $1,050,000 to uCapital - uLoan Solutions Inc. Harvest Operations Corp. heads the unsecured list at $3,928,626, ahead of the Receiver General for Canada at $966,486 and the Municipal District of Provost 52 at $963,149. The proceeding is active.

Claims processIf you are owed money

A claims procedure has been established — see the order for deadlines.

Per the Order (Claims Procedure) dated 10 February 2026.

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Case updates129 dated entries · 2 undated
#Report

The officer filed report no. Supplemental Report to the Fourth Report. The report addresses a late-filed $88,233.15 cure cost claim by CNRL, which the Receiver disallowed and considers inadmissible as a late claim, and the Receiver's position on the Revised RVO declaration concerning WEPP eligibility and the super priority amount remitted to ESDC.

Source: Supplemental Report to the Fourth Report of the Receiver

#Sale

The court granted an approval and vesting order for the sale to Rise Energy SPV Ltd. Closing terms, as extracted: Vesting is subject only to Alberta Energy Regulator approval of licence transfers, and takes effect upon delivery by the Receiver of the Closing Certificate to the Purchaser; if the Transaction and Sale Agreement are terminated, the Receiver files a Fire Creek Termination Certificate and the Order is of no force and effect.

Source: Order (Sale Approval & Vesting - Fire Creek)

#Sale

The court granted an approval and vesting order for the sale to Prospera Energy Inc. Closing terms, as extracted: Vesting of the Purchased Assets in the Purchaser is effective upon delivery by A&M of the closing certificate (Schedule 'A'), subject only to Alberta Energy Regulator approval of transfer of licenses, permits and approvals.

Source: Order (Sale Approval & Vesting - Prospera)

#Sale

The court granted an approval and vesting order for the sale to Nuova Strada Ventures Ltd. Closing terms, as extracted: Vesting is subject only to Alberta Energy Regulator approval of licence transfers and takes effect on the Receiver's delivery of the Closing Certificate to the Purchaser.

Source: Order (Sale Approval & Vesting - Nuova Strada)

#Sale

The court granted an approval and vesting order for the sale to IHH Energy Corp. Closing terms, as extracted: Vesting takes effect upon delivery of the Proposal Trustee's certificate to the Purchaser in the form of Schedule 'A', confirming payment of the Purchase Price, satisfaction or waiver of the closing conditions in sections 3.2 to 3.4 of the Sale Agreement, and completion of the Transaction to the Proposal Trustee's satisfaction.

Source: Order (Sale Approval and Vesting - IHH Energy Corp.)

#Sale

The court granted an approval and vesting order for the sale to Nuova Strada Ventures Ltd. Closing terms, as extracted: Vesting is subject only to Alberta Energy Regulator approval of licence transfers and takes effect upon delivery of the Proposal Trustee's certificate to the Purchaser.

Source: Order (Sale Approval and Vesting - Nuova Strada)

#Sale

The court granted an approval and vesting order for the sale to Surge Energy Inc. Closing terms, as extracted: Vesting is effective upon delivery of the Proposal Trustee's Certificate to the Purchaser, subject only to Alberta Energy Regulator approval of transfer of licenses, permits and approvals.

Source: Order (Sale Approval and Vesting - Surge)

Undated filings2 — no date appears on the document · show
AnalysisAll insights⁠

Guide

What to do when a company that owes you money goes bankrupt in Canada

When a Canadian company that owes you money goes bankrupt or into creditor protection, what you actually get back is usually a fraction of the debt, often nothing, and only if your claim is in on time. How to find the case, file a claim, meet a bar date, vote on a plan, take back goods and get paid, drawn from the court record.

Case update

Cleo Energy: the WEPP clawback returns to the court that warned against it

Alvarez & Marsal asks the Court of King's Bench on September 16 to declare that the reverse vesting order of November 14, 2025 did not disentitle Cleo's twelve former employees from the WEPP payments ESDC has since clawed back, and to approve a final $372,509 pro rata split between the Alberta Energy Regulator and five municipalities, with nothing for unsecured creditors.

Parties

Debtor

CLEO Energy Corp.

Proposal trustee

Alvarez & Marsal

Bench and counselPer the orders and service lists on the record

Bench

JudgeCourtOn this docketCases on record
Justice BurnsCourt of King's Bench of Alberta9 orders, Dec 2024 – Jun 202559 cases on record
Justice BourqueCourt of King's Bench of Alberta7 orders, Mar 2025 – Dec 202539 cases on record
Justice FeasbyCourt of King's Bench of Alberta5 orders, Oct 2025 – Feb 202639 cases on record
Justice LemaCourt of King's Bench of Alberta4 orders, Feb 2025 – Jun 202546 cases on record
Justice HollinsCourt of King's Bench of Alberta3 orders, Dec 2024 – Jan 202526 cases on record
Justice ArmstrongCourt of King's Bench of Alberta2 orders, Apr 202530 cases on record
1 more judge on the docket

Counsel of record

PartyCounselFirst seenSource
Proposal trusteeAlvarez & MarsalMiller Thomson LLP26 May 2025Factum · 22 Oct 2025
ApplicantCLEO Energy Corp.Gowling WLG (Canada) LLP22 Jan 2025Service list · 22 Jan 2025
CreditorBattle River Energy LtdDLA Piper (Canada) LLP2 Jun 2025Affidavit · 2 Jun 2025
CreditorDurham Creek Energy LtdBurnet Duckworth & Palmer LLP2 Jun 2025Affidavit · 2 Jun 2025
Creditorgeologic Systems LtdParlee McLaws LLP22 Jan 2025Service list · 22 Jan 2025
CreditorHarvest Operations CorpScott Venturo Rudakoff LLP22 Jan 2025Service list · 22 Jan 2025
CreditorInterim FinancerLawson Lundell LLP26 May 2025Affidavit · 26 May 2025
CreditorRenown Down Hole Solutions IncRevering Law Office21 Jan 2025Service list · 22 Jan 2025
CreditorRise Capital and Fire Creek Resources LimitedDLA Piper (Canada) LLP2 Jun 2025Affidavit · 2 Jun 2025
CreditorSavanna Well Servicing IncLawson Lundell LLP22 Jan 2025Service list · 22 Jan 2025
CreditorTrafigura Canada LimitedStikeman Elliott LLP26 Dec 2024Factum · 26 Dec 2024
CreditorVertex Professional Services LtdMLT Aikins LLP22 Jan 2025Service list · 22 Jan 2025
Capital structureAs asserted in the filings
stated amounts, drawn to scale · for subscribers
#Priority classCreditorAmountSource
4SecuredMunicipal District of Wainwright No. 61Secured Pre-Filing Claim; municipal tax lien under Sections 348/348.1 of the Municipal Government Act (Alberta) — One of the Municipalities represented by Brownlee LLP; priority vs. AER unresolved, resolved by pro rata Settlement. — debtor: ResidualCo (2755857 Alberta Ltd.) · as of 4 Sep 2026$2MFourth Report of the Receiver
4Secured
4Secured
4Secured
4Secured
4Secured
4Secured
4Secured
8Unsecured
8Unsecured

257 more claims in 2 classes The stack holds Secured and Unsecured claims.

Every creditor and every amount, drawn to scale.

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Sale processAs stated in the filings

12 transactions · 9 closed · 2 back-up bid · 1 approved — Transaction contemplated by the SPA closed on November 19, 2025Fourth Report of the Receiver · 8 Sep 2026

Bid deadline (round closed)

13 March 2025

Sales Process Order

PurchaserPriceStatusSource
IHH Energy Corp.all of CLEO's right, title and interest in and to the assets described in the Sale Agreement (the 'Purchased Assets') · asset sale · agreement 14 Mar 2025not statedClosed1 Apr 2025Proposal Trustee's Certificate (IHH)
Nuova Strada Ventures Ltd.all of CLEO's right, title and interest in and to the assets described in the Sale Agreement (the Purchased Assets) · asset sale · agreement 14 Mar 2025not statedClosed4 Apr 2025Proposal Trustee's Certificate (Nuova Strada)
Surge Energy Inc.all of CLEO's right, title and interest in and to the assets described in the Sale Agreement (the Purchased Assets): the Miscellaneous Interests and two pipeline segments (AB PL 10131-006 and AB PL 10131-007) · asset sale · agreement 14 Mar 2025SubscribersClosed31 Mar 2025Proposal Trustee's Certificate (Surge Energy)
Prospera Energy Inc.Silver Heights · asset sale · agreement 21 May 2025SealedBack-up bidSixth Report of the Proposal Trustee
Nuova Strada Ventures Ltd.all of Cleo's right, title and interest in the assets described in the Sale Agreement (the 'Purchased Assets'), being the petroleum and natural gas rights, wells, pipelines and facilities listed in Schedule 'B' · asset sale · agreement 16 Apr 2025SubscribersClosed9 Jun 2025Receiver’s Certificate (Nuova Strada)
Prospera Energy Inc.all of Cleo's right, title and interest in the assets described in the Sale Agreement (the Purchased Assets), being the Silver Heights Assets listed in Schedule 'B' · asset sale · agreement 9 May 2025not statedBack-up bid2 Jun 2025Order (Sale Approval & Vesting - Prospera)
Rise Energy SPV Ltd.all of Cleo's right, title and interest in and to the assets described in the Sale Agreement (the Purchased Assets), being petroleum and natural gas rights, wells, pipelines and facilities in the Silver Heights and Neutral Hills areas listed in Schedule 'C' · asset sale · nominee/assignee: Fire Creek Resources Ltd. · agreement 26 May 2025SubscribersClosed6 Jun 2025Receiver’s Certificate (Fire Creek)
2698902 Alberta CorpPurchased Shares of CLEO Energy Corp. issued to the Purchaser under the share purchase agreement, with Excluded Assets, Excluded Liabilities and Excluded Contracts vesting in ResidualCo (reverse vesting) · share sale · agreement 6 Oct 2025SubscribersClosed19 Nov 2025Third Report of the Receiver
Rise Energy SVP Ltd.Purchased Assets under the Rise Sale Approval and Vesting Order · asset salenot statedApprovedSupplement to the Second Report of the Receiver
unnamedPayroll Deemed Trustnot statedClosed17 Sep 2025Supplement to the Second Report of the Receiver
third-party purchaser of all outstanding shares of Cleo under the SPA/Transactionall of the outstanding shares of Cleo · share salenot statedClosedFourth Report of the Receiver
unnamedthe Transactionnot statedClosed19 Nov 2025outside 17 Apr 2025Fourth Report of the Receiver
AdvisorsSayer Energy Advisors (sale agent)Sixth Report of the Proposal Trustee
Closing termsClosing occurs upon delivery of the Receiver's Certificate to the Purchaser substantially in the form of Schedule 'A', at which time (the Closing Time) the vesting steps occur in sequence.Order (Transaction Approval and RVO)
RecoveriesAs stated in the filings

Unsecured creditors: no distribution.EstimatedFourth Report of the Receiver · 8 Sep 2026

ClassCreditorClaimsRecoveryBasisSource
UnsecuredUnsecured Pre-Filing Claimsno distributionEstimatedper the receiverFourth Report of the Receiver · 8 Sep 2026

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.

1 blurred figure above

The claims and what each class or creditor recovers — each as the filing states it, with its source.

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Estate financialsReported figures — never derived
Total assets at filing
Total liabilities at filing

As at ·

The 2 totals the debtor stated at filing

Each one as the filing states it, with its source.

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Documents
131 filings
DateDocumentFile
Reply BriefPDF · Subscribers
Application – WEPP & Distributions
  • Financial position · Secured creditors · Unsecured creditors Subscribers
PDF · Subscribers
Supplemental Report to the Fourth Report of the Receiver
  • Closing confirmed Closed · date not stated · 269 Corp.
  • Cash on hand · Disbursements · Financial position Subscribers
  • + 7 more extracted facts
PDF · Subscribers
Brief of LawPDF · Subscribers
Fourth Report of the Receiver
  • Closing confirmed Closed · 19 Nov 2025
  • Purchaser third-party purchaser of all outstanding shares of Cleo under the SPA/Transaction · all of the outstanding shares of Cleo · share sale · closed
  • Recovery outcome Entries: per estimated; per estimated; per unstated · Stated on: 2026-09-08 · Table missing:
  • Financial position Subscribers
  • + 4 more extracted facts
PDF · Subscribers
Certificate of AppointmentPDF · Subscribers
Creditor Package
PDF · Subscribers
Claims PackagePDF · Subscribers
Application – Bankruptcy & Claims ProcessPDF · Subscribers
Order (Bankruptcy, Fees, & Activities)
  • Presiding officer Justice C. C. J. Feasby
PDF · Subscribers
Order (Claims Procedure)
  • Presiding officer Justice C. C. J. Feasby
PDF · Subscribers
Affidavit of Service of Marica CekoPDF · Subscribers
Bench Brief of Law - ReceiverPDF · Subscribers
Third Report of the Receiver
  • Closing confirmed Closed · 19 Nov 2025 · 2698902 Alberta Corporation
  • Purchaser 2698902 Alberta Corporation · the Cleo shares (reverse vesting transaction; excluded assets, liabilities and contracts vested in ResidualCo) · share sale · closed
  • Sale outcome Sale closed — The Transaction closed on November 19, 2025; Cleo exited the receivership and its excluded assets, liabilities and contracts vested in ResidualCo.
  • Stalking horse Subscribers
PDF · Subscribers
Order (Department of Justice)
  • Presiding officer Justice M.H. Bourque
PDF · Subscribers
Application - Department of JusticePDF · Subscribers
Application - RVO, Activities, & Professional FeesPDF · Subscribers
Draft Order - Department of JusticePDF · Subscribers
Order (Approval of Receiver's Fees and Conduct)
  • Presiding officer Justice M. H. Bourque
PDF · Subscribers
Order (Transaction Approval and RVO)
  • Closing terms Closing occurs upon delivery of the Receiver's Certificate to the Purchaser substantially in the form of Schedule 'A', at which time (the Closing Time) the vesting steps occur in sequence.
  • Order date 14 November 2025
  • Presiding officer Justice M. H. Bourque
  • Purchaser 2698902 Alberta Corp · Purchased Shares of CLEO Energy Corp. issued to the Purchaser under the share purchase agreement, with Excluded Assets, Excluded Liabilities and Excluded Contracts vesting in ResidualCo (reverse vesting) · share sale · approved
  • + 2 more extracted facts
PDF · Subscribers
Affidavit of ServicePDF · Subscribers
Supplement to the Second Report of the Receiver
  • Closing confirmed Closed · 17 Sep 2025
  • Purchaser 2698902 Alberta Corporation · reverse vesting transaction contemplated in the Share Purchase Agreement · share sale · proposed; Rise Energy SVP Ltd. · Purchased Assets under the Rise Sale Approval and Vesting Order · asset sale · approved; Nuova Strada Ventures Ltd. · Purchased Assets under the Nuova Sale Approval and Vesting Order · asset sale · approved
  • Recovery outcome Entries: per unstated · Stated on: 2025-11-12 · Table missing:
  • Stalking horse Subscribers
PDF · Subscribers
Affidavit of Debbie MitchellPDF · Subscribers
Second Report of the Receiver
  • Recovery outcome Entries: per unstated · Table missing:
PDF · Subscribers
Supplement to the First Report of the Receiver
  • Purchaser 2698902 Alberta Corporation · the remaining assets of Cleo · share sale · proposed
  • Sale outcome Approval pending — The Honourable Justice C.C.J. Feasby granted the Ancillary Order at the October 17 th Application but reserved his decision on the RVO
  • Stalking horse Subscribers
PDF · Subscribers
Affidavit of Tracy WadsonPDF · Subscribers
Bench Brief of Alberta Energy & MineralsPDF · Subscribers
Reply Brief to the Alberta Energy and Minerals
  • Counsel Miller Thomson LLP
PDF · Subscribers
Reply Brief to the Department of Justice CanadaPDF · Subscribers
Application - SPA ApprovalPDF · Subscribers
Order (Receiver's Activities & Fees, Sealing)
  • Presiding officer Justice C. C. J. Feasby
PDF · Subscribers
Order - Activities & Fees
  • Presiding officer Justice C. C. J. Feasby
PDF · Subscribers
Order - Reverse Vesting Order
  • Closing terms Closing occurs upon delivery of the Receiver's Certificate to the Purchaser, confirming that the Purchase Price has been paid and all closing conditions satisfied or waived
  • Order date 17 October 2025
  • Presiding officer Justice C. C. J. Feasby
  • Purchaser 2698902 Alberta Corp. · Purchased Shares of CLEO Energy Corp., issued by the Receiver under a reverse vesting structure with Excluded Assets, Liabilities and Contracts vesting in ResidualCo · share sale · approved
  • + 2 more extracted facts
PDF · Subscribers
Bench Brief of LawPDF · Subscribers
Brief of Law - ReceiverPDF · Subscribers
First Report of the Receiver
PDF · Subscribers
Book of Authorities - ReceiverPDF · Subscribers
Court Endorsement – Trafigura Set-OffPDF · Subscribers
Affidavit of Chris LewisPDF · Subscribers
Notice of Statement of Receiver & Creditor Listing
  • Financial position · Secured creditors · Unsecured creditors Subscribers
PDF · Subscribers
Order (Stay of Proposal Proceedings)PDF · Subscribers
Order to Transfer Matter
  • Presiding officer Justice M.E. Burns
PDF · Subscribers
Receivership Order
  • Appointee Alvarez and Marsal Canada Inc.
  • Appointee role Receiver
  • Court file no 2503-10488
  • Proceeding type receivership_court
  • + 1 more extracted fact
PDF · Subscribers
Affidavit of Service (Kym Mesley)
  • Counsel DLA Piper (Canada) LLP
PDF · Subscribers
Application (Proposal Trustee Fees & Activities)PDF · Subscribers
Application of Cleo Energy Corp. (APA Approval)PDF · Subscribers
Bench Brief of Cleo Energy Corp.PDF · Subscribers
Book of AuthoritiesPDF · Subscribers
Order (Approving Fees & Activities)
  • Presiding officer Justice M. E. Burns
PDF · Subscribers
Order (Fiat)
  • Presiding officer Justice Burns
PDF · Subscribers
Order (Sale Approval & Vesting - Fire Creek)
  • Closing terms Vesting is subject only to Alberta Energy Regulator approval of licence transfers, and takes effect upon delivery by the Receiver of the Closing Certificate to the Purchaser; if the Transaction and Sale Agreement are terminated, the Receiver files a Fire Creek Termination Certificate and the Order is of no force and effect.
  • Order date 2 June 2025
  • Presiding officer Justice Burns
  • Purchaser Rise Energy SPV Ltd. · all of Cleo's right, title and interest in and to the assets described in the Sale Agreement (the Purchased Assets), being petroleum and natural gas rights, wells, pipelines and facilities in the Silver Heights and Neutral Hills areas listed in Schedule 'C' · asset sale · approved
  • + 2 more extracted facts
PDF · Subscribers
Order (Sale Approval & Vesting - Nuova Strada)
  • Closing terms Vesting is subject only to Alberta Energy Regulator approval of licence transfers and takes effect on the Receiver's delivery of the Closing Certificate to the Purchaser.
  • Order date 2 June 2025
  • Presiding officer Justice Burns
  • Purchaser Nuova Strada Ventures Ltd. · all of Cleo's right, title and interest in the assets described in the Sale Agreement (the 'Purchased Assets'), being the petroleum and natural gas rights, wells, pipelines and facilities listed in Schedule 'B' · asset sale · approved
  • + 2 more extracted facts
PDF · Subscribers
Order (Sale Approval & Vesting - Prospera)
  • Closing terms Vesting of the Purchased Assets in the Purchaser is effective upon delivery by A&M of the closing certificate (Schedule 'A'), subject only to Alberta Energy Regulator approval of transfer of licenses, permits and approvals.
  • Order date 2 June 2025
  • Presiding officer Justice M.J. Lema
  • Purchaser Prospera Energy Inc. · all of Cleo's right, title and interest in the assets described in the Sale Agreement (the Purchased Assets), being the Silver Heights Assets listed in Schedule 'B' · asset sale · back-up bid
  • + 2 more extracted facts
PDF · Subscribers
Order (Sealing)
  • Presiding officer Justice Burns
PDF · Subscribers
Originating Application – UcapitalPDF · Subscribers
Receiver’s Certificate (SPA)
  • Closing confirmed Closed · date not stated · 2698902 Alberta Corp.
  • Sale outcome Sale closed — The Receiver certifies the Transaction under the SPA has been completed; the Purchase Price was paid and closing conditions satisfied or waived.
PDF · Subscribers
Sixth Report of the Proposal Trustee
  • Purchaser Nuova Strada Ventures Ltd. · Cleo's Properties in the Sedgewick field · asset sale · proposed; Rise Energy SPV Ltd. · nominee/assignee Fire Creek Resources Ltd. · assets subject to the Fire Creek APA · asset sale · proposed; Prospera Energy Inc. · Silver Heights · asset sale · back-up bid
  • Sale advisor Sayer Energy Advisors (sale agent)
  • Sale outcome Successful bid selected — Fire Creek APA declared Successful Bid, Prospera APA the Back-up Bid, recommendation to approve
  • Stalking horse Subscribers
PDF · Subscribers
Affidavit of Greg ThompsonPDF · Subscribers
Affidavit of Service (Yuliia Topal)
  • Counsel Lawson Lundell LLP
PDF · Subscribers
Tenth Affidavit of Chris Lewis - Affidavit & Exhibits A-DPDF · Subscribers
Bench Brief of Cleo EnergyPDF · Subscribers
Order (Sealing Order)
  • Presiding officer Justice Armstrong
PDF · Subscribers
Order (Stay Extension)
  • Presiding officer Justice Armstrong
PDF · Subscribers
Fifth Report of the Proposal Trustee
  • Closing confirmed Closed · date not stated · IHH Energy Corp.; Closed · date not stated · Nuova Strada Ventures Ltd.; Closed · date not stated · Surge Energy Inc.
  • Purchaser IHH Energy Corp. · the IHH Transaction · asset sale · closed; Nuova Strada Ventures Ltd. · the Nuova Strada Transaction · asset sale · closed; Surge Energy Inc. · the Surge Energy Transaction · asset sale · closed
  • Sale advisor Sayer Energy Advisors (sale agent)
  • Sale outcome Liquidation in progress — SSP ongoing with remaining Qualified Bidders after closing of the three prior transactions
  • + 1 more extracted fact
PDF · Subscribers
Ninth Affidavit of Chris LewisPDF · Subscribers
Application of Cleo Energy - Stay Extension & SSP ApprovalsPDF · Subscribers
Order (Approving Proposal Trustee’s Activities, Fees, and Disbursements)
  • Presiding officer Justice M. H. Bourque
PDF · Subscribers
Order (Sale Approval and Vesting - IHH Energy Corp.)
  • Closing terms Vesting takes effect upon delivery of the Proposal Trustee's certificate to the Purchaser in the form of Schedule 'A', confirming payment of the Purchase Price, satisfaction or waiver of the closing conditions in sections 3.2 to 3.4 of the Sale Agreement, and completion of the Transaction to the Proposal Trustee's satisfaction.
  • Order date 25 March 2025
  • Presiding officer Justice M.H. Bourque
  • Purchaser IHH Energy Corp. · all of CLEO's right, title and interest in and to the assets described in the Sale Agreement (the 'Purchased Assets') · asset sale · approved
  • + 2 more extracted facts
PDF · Subscribers
Order (Sale Approval and Vesting - Nuova Strada)
  • Closing terms Vesting is subject only to Alberta Energy Regulator approval of licence transfers and takes effect upon delivery of the Proposal Trustee's certificate to the Purchaser.
  • Order date 25 March 2025
  • Presiding officer Justice M.H. Bourque
  • Purchaser Nuova Strada Ventures Ltd. · all of CLEO's right, title and interest in and to the assets described in the Sale Agreement (the Purchased Assets) · asset sale · approved
  • + 2 more extracted facts
PDF · Subscribers
Order (Sale Approval and Vesting - Surge)
  • Closing terms Vesting is effective upon delivery of the Proposal Trustee's Certificate to the Purchaser, subject only to Alberta Energy Regulator approval of transfer of licenses, permits and approvals.
  • Order date 25 March 2025
  • Presiding officer Justice M.H. Bourque
  • Purchaser Surge Energy Inc. · all of CLEO's right, title and interest in and to the assets described in the Sale Agreement (the Purchased Assets): the Miscellaneous Interests and two pipeline segments (AB PL 10131-006 and AB PL 10131-007) · asset sale · approved
  • + 2 more extracted facts
PDF · Subscribers
Eighth Affidavit of Chris LewisPDF · Subscribers
Application of Cleo Energy - Stay Extension & FinancingPDF · Subscribers
Order (Approving Proposal Trustee’s Actions)
  • Presiding officer Justice M. J. Lema
PDF · Subscribers
Order (Stay Extension, Interim Financing, Interim Financing Charge)
  • Presiding officer Justice M.J. Lema
PDF · Subscribers
Seventh Affidavit of Chris LewisPDF · Subscribers
Court Order – FIAT
  • Presiding officer Justice Collins
PDF · Subscribers
Application of Cleo Energy - Sales ProcessPDF · Subscribers
Bench Brief of Trafigura Canada
  • Counsel Stikeman Elliott LLP
PDF · Subscribers
Book of Authorities of Trafigura CanadaPDF · Subscribers
Order (Stay re Trafigura)
  • Presiding officer Justice J.T. Neilson
PDF · Subscribers
Proposed Order - Sales ProcessPDF · Subscribers
Sales Process Order
  • Bid deadline 13 March 2025
  • Order date 22 January 2025
  • Outside date 17 April 2025
  • Break fee Subscribers
  • + 3 more extracted facts
PDF · Subscribers
Service List
  • Counsel Lawson Lundell LLP
PDF · Subscribers
Affidavit of Service (January 21, 2025)
  • Counsel Revering Law Office
PDF · Subscribers
Second Report of the Proposal Trustee
  • Sale outcome Sale process approved — the SSP is being sought for approval and commenced by Cleo
  • Stalking horse Subscribers
PDF · Subscribers
Sixth Affidavit of Chris LewisPDF · Subscribers
Letter to Justice Lema - BIA Charges and Stay Extension Order
  • Presiding officer Justice Lema
PDF · Subscribers
Third Affidavit of Chris LewisPDF · Subscribers
Affidavit of Service (January 6, 2025)PDF · Subscribers
Amended Application - BIA Charges & Stay ExtensionPDF · Subscribers
Application of Trafigura CanadaPDF · Subscribers
BIA Charges and Stay Extension Order
  • Presiding officer Justice Lema
PDF · Subscribers
Bench Brief of Battle River Energy Ltd.PDF · Subscribers
Book of Authorities – TrafiguraPDF · Subscribers
Proposed Order - BIA Charges and Stay ExtensionPDF · Subscribers
Affidavit of Shane SutherlandPDF · Subscribers
Amended Application - Trafigura Right of Set-OffPDF · Subscribers
Bench Brief of Trafigura Canada (with FIAT)
  • Counsel Stikeman Elliott LLP
PDF · Subscribers
Brief of Trafigura CanadaPDF · Subscribers
Cross Application of Trafigura Canada (with FIAT)
  • Presiding officer Justice M. Hollins
PDF · Subscribers
Cross-Application of Trafigura CanadaPDF · Subscribers
Order (Trafigura Set-Off)
  • Presiding officer Justice Hollins
PDF · Subscribers
Affidavit of Ethan PostPDF · Subscribers
Application of Cleo EnergyPDF · Subscribers
Bench Brief - Application December 23, 2024PDF · Subscribers
Book of Authorities - Application December 23, 2024PDF · Subscribers
Fourth Affidavit of Chris LewisPDF · Subscribers
Garnished Funds Order
  • Presiding officer Justice Burns
PDF · Subscribers
Notice to CreditorsPDF · Subscribers
Originating ApplicationPDF · Subscribers
Proposed Garnished Funds OrderPDF · Subscribers
Amended & Restated Order – Garnishee Summons
  • Applicant CLEO ENERGY CORP.
  • Appointee Alvarez & Marsal Canada Inc.
  • Appointee role Proposal Trustee
  • Court COURT OF KING’S BENCH OF ALBERTA
  • + 3 more extracted facts
PDF · Subscribers
First Affidavit of Chris LewisPDF · Subscribers
Certificate for the Notice of Intention
  • Appointee Alvarez & Marsal Canada Inc.
  • Appointee role Licensed Insolvency Trustee
  • Commencement date 8 December 2024
  • Court file no 25-3163430
  • + 1 more extracted fact
PDF · Subscribers
First Report of the Proposal TrusteePDF · Subscribers
Proposal Trustee's Certificate (IHH)
  • Closing confirmed Closed · 1 Apr 2025 · IHH Energy Corp.
  • Sale outcome Sale closed — The Proposal Trustee certifies that the Purchase Price was paid, the closing conditions were satisfied or waived, and the Transaction has been completed.
PDF · Subscribers
Proposal Trustee's Certificate (Nuova Strada)
  • Closing confirmed Closed · 4 Apr 2025 · Nuova Strada Ventures Ltd.
  • Sale outcome Sale closed — The Proposal Trustee certified that the Purchase Price was paid, the closing conditions were satisfied or waived, and the Transaction was completed to its satisfaction.
PDF · Subscribers
Proposal Trustee's Certificate (Surge Energy)
  • Closing confirmed Closed · 31 Mar 2025 · Surge Energy Inc.
  • Sale outcome Sale closed — Proposal Trustee certified that the Purchase Price was received, closing conditions were satisfied or waived, and the Transaction was completed to its satisfaction.
PDF · Subscribers
Receiver’s Certificate (Fire Creek)
  • Closing confirmed Closed · 6 Jun 2025 · Rise Energy SPV Ltd.
  • Sale outcome Sale closed — The Receiver certified that the Purchaser paid the Purchase Price, the closing conditions were satisfied or waived, and the Transaction was completed to the Receiver's satisfaction.
PDF · Subscribers
Receiver’s Certificate (Nuova Strada)
  • Closing confirmed Closed · 9 Jun 2025 · Nuova Strada Ventures Ltd.
  • Sale outcome Sale closed — The Receiver certifies that the Purchase Price has been paid, the closing conditions satisfied or waived, and the Transaction completed to its satisfaction; the certificate delivery effects the vesting of the Purchased Assets in the Purchaser.
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Second Affidavit of Chris LewisPDF · Subscribers
Tenth Affidavit of Chris Lewis - Exhibit EPDF · Subscribers
Tenth Affidavit of Chris Lewis - Exhibit FPDF · Subscribers
Tenth Affidavit of Chris Lewis - Exhibit GPDF · Subscribers
Fifth Affidavit of Chris LewisPDF · Subscribers
Fourth Report of the Proposal TrusteePDF · Subscribers
Third Report of the Proposal TrusteePDF · Subscribers
Bench Brief of the Department of JusticePDF · Subscribers
Book of Authorities of Trafigura Canada (with FIAT)
  • Proceeding type bia_noi
  • Statutory basis BANKRUPTCY AND INSOLVENCY ACT, R.S.C. 1985, c. B-3, AS AMENDED
PDF · Subscribers
Book of Authorities of Cleo EnergyPDF · Subscribers
Book of Authorities of Cleo Energy Corp.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., “CLEO Energy Corp.” (NOI), Court of King's Bench of Alberta. Retrieved 4 November 2026, https://proceedings.ca/case/cleo-energy-corp

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Sources last checked · summary updated 1 September 2026 · Report a correction · Printed from proceedings.ca/case/cleo-energy-corp

Facts and summaries are extracted automatically from the court filings linked on each page; the filings remain the authoritative record. Suggested corrections are reviewed against the source filings.