Proceedings.

Direct Oil and Gas Inc

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Active
Proceeding
BankruptcyBIA
Court
Court of King's Bench of Alberta
File
25-2624152
Filings held25
Last activity1 Feb 2022
On the record2,397 days
Secured debt$12.6M
OverviewSummary updated

Direct Oil and Gas Inc remains in active bankruptcy proceedings under the Bankruptcy and Insolvency Act, with MNP Ltd. acting as trustee in bankruptcy of the company. The proceedings date from February 28, 2020 and are before the Court of King's Bench of Alberta, sitting in bankruptcy and insolvency, under court file number 25-2624152. MNP Ltd. has appeared as applicant in that capacity. The estate administration continues in Alberta.

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Case updates25 dated entries
#Sale

The court granted an approval and vesting order for the sale to Tallahassee Exploration Inc. Closing terms, as extracted: Vesting effective upon delivery of the Trustee's Closing Certificate, subject to Energy Regulator approval of licence transfers. Sealed: confidential supplement to the third report.

Source: Approval and Vesting Order - Sale by Trustee (Tallahassee) - Filed

#Sale

The court granted an approval and vesting order for the sale to Tallahassee Exploration Inc. Closing terms, as extracted: vesting effective upon delivery of the Trustee's Closing Certificate, subject to AER approval of license transfers.

Source: Sale Approval and Vesting Order - Tallahassee

#Sale

The court granted an approval and vesting order for the sale to Blue Sky Resources Ltd. Closing terms, as extracted: Vesting effective upon delivery of Trustee's Closing Certificate confirming payment of purchase price, satisfaction/waiver of closing conditions, and completion of the Transaction.

Source: Approval and Vesting Order

#Filing

Application filed effective February 28, 2020, commencing the bankruptcy proceedings in the Alberta court under file number 25-2624152, with MNP Ltd. as trustee.

Source: Application re: Sale of Assets

#Report

The court officer placed a report on the Alberta bankruptcy file on the February 28, 2020 commencement date, the first item of record in the proceedings.

Source: First Report of the Trustee

Parties

Debtor

Direct Oil and Gas Inc

Trustee in bankruptcy

MNP

Bench and counselPer the orders and service lists on the record

Bench

JudgeCourtOn this docketCases on record
Justice GraesserCourt of King's Bench of Alberta5 orders, Sep 2021 – Oct 20219 cases on record

Counsel of record

PartyCounselFirst seenSource
Trustee in bankruptcyMNPGowling WLG (Canada) LLP23 Oct 2020Service list · 23 Oct 2020
PurchaserTallahassee Exploration IncBurnet Duckworth & Palmer LLP23 Oct 2020Service list · 23 Oct 2020
CreditorAddress for Service and Contact Information of Filing This DocumentGowling WLG (Canada) LLP29 Sep 2021Application · 29 Sep 2021
Capital structureAs asserted in the filings
stated amounts, drawn to scale · the 115 smallest grouped as one mark
#Priority classCreditorAmountSource
4SecuredRothwell Development Corporation · in 2 casesList B particulars of security: Real Property/Immovable — Land (given 2017-07-01, estimated value 9,000,000.00); Debts Due — Business, various receivables (given 2017-07-01, estimated value 144,600.00); Other — Inventory (given 2020-02-27, estimated value 26,200.00). Total estimated value of security 9,170,800.00; estimated surplus 0.00. — Sole secured creditor (List B). Estimated unsecured shortfall / balance of claim is 3,466,680.78, which is separately carried on List A entry #102 (Rothwell) — cross-reference, do not double-count. Winnipeg MB creditor holding charge over the Alberta petrole · as of 28 Feb 2020$12.6MNotice of Bankruptcy and First meeting of Creditors
8UnsecuredRothwell Development Corporation · in 2 casesThis is the unsecured shortfall / balance of claim of the secured creditor Rothwell Development Corporation (List B). List A records unsecured claim 0.00 and balance of claim 3,466,680.78. Cross-reference to the secured entry (total claim 12,637,480.78) — do not double-count. · as of 28 Feb 2020$3.47MNotice of Bankruptcy and First meeting of Creditors
8UnsecuredClear Hills County · in 4 casesmunicipality (likely municipal/property taxes) — listed as unsecured on List A · as of 28 Feb 2020$1.83MNotice of Bankruptcy and First meeting of Creditors
8UnsecuredCounty of Northern Lights · in 3 casesmunicipality (likely municipal/property taxes) — listed as unsecured on List A · as of 28 Feb 2020$505KNotice of Bankruptcy and First meeting of Creditors
8UnsecuredAlberta Energy Regulator · in 25 casesregulatory claim (AER) — listed by the officer as unsecured on List A · as of 28 Feb 2020$285KNotice of Bankruptcy and First meeting of Creditors
8UnsecuredChinchaga Road Management Ltd. · in 2 casesas of 28 Feb 2020$247KNotice of Bankruptcy and First meeting of Creditors
8UnsecuredCapstone Oilfieldas of 28 Feb 2020$200KNotice of Bankruptcy and First meeting of Creditors
8UnsecuredApex Well Servicing · in 4 casesas of 28 Feb 2020$60KNotice of Bankruptcy and First meeting of Creditors
8UnsecuredTempest Energy Servicesas of 28 Feb 2020$50.1KNotice of Bankruptcy and First meeting of Creditors
8UnsecuredElite Vac & Steam · in 3 casesas of 28 Feb 2020$32.5KNotice of Bankruptcy and First meeting of Creditors
8UnsecuredGear Energy Ltd. · in 5 casesas of 28 Feb 2020$28.4KNotice of Bankruptcy and First meeting of Creditors
8UnsecuredTrojan Safetyas of 28 Feb 2020$24.1KNotice of Bankruptcy and First meeting of Creditors
8UnsecuredFreehold Royalties Ltd. Totalas of 28 Feb 2020$24KNotice of Bankruptcy and First meeting of Creditors
8UnsecuredTriumph Tubularas of 28 Feb 2020$21.9KNotice of Bankruptcy and First meeting of Creditors
8UnsecuredTervita Corporation · in 22 casesas of 28 Feb 2020$21.7KNotice of Bankruptcy and First meeting of Creditors
8UnsecuredBaron Oilfield Supply · in 12 casesas of 28 Feb 2020$19.7KNotice of Bankruptcy and First meeting of Creditors
8UnsecuredAttack Oilfield Servicesas of 28 Feb 2020$19.3KNotice of Bankruptcy and First meeting of Creditors
8UnsecuredGovt AB - Crown Gas RoyaltiesGovernment of Alberta — Crown gas royalties (quasi-governmental) — listed as unsecured on List A · as of 28 Feb 2020$19.2KNotice of Bankruptcy and First meeting of Creditors
8UnsecuredChris Page & Associates Ltd. · in 3 casesas of 28 Feb 2020$17.5KNotice of Bankruptcy and First meeting of Creditors
8UnsecuredAlloy Energyas of 28 Feb 2020$15.9KNotice of Bankruptcy and First meeting of Creditors
8UnsecuredJordys Oilfield Services Ltd. (Randy Jordan)as of 28 Feb 2020$14.9KNotice of Bankruptcy and First meeting of Creditors
8UnsecuredSpectrochem Techologies Inc.as of 28 Feb 2020$14.5KNotice of Bankruptcy and First meeting of Creditors
8UnsecuredBad Oilfield Ltd. (Bruce Roessler)as of 28 Feb 2020$14.1KNotice of Bankruptcy and First meeting of Creditors
8UnsecuredMontster Ventures Ltd. (Monte Robinson)as of 28 Feb 2020$13.9KNotice of Bankruptcy and First meeting of Creditors
8UnsecuredAppanah Contracting Ltd. (Leroy Appanah)as of 28 Feb 2020$13.9KNotice of Bankruptcy and First meeting of Creditors
8UnsecuredQuinn Pumpsas of 28 Feb 2020$13.7KNotice of Bankruptcy and First meeting of Creditors
8UnsecuredJDA Venturesas of 28 Feb 2020$13.5KNotice of Bankruptcy and First meeting of Creditors
8UnsecuredStreamline Integrity Inc · in 2 casesas of 28 Feb 2020$13.2KNotice of Bankruptcy and First meeting of Creditors
8UnsecuredStat Energy Servicesas of 28 Feb 2020$12.9KNotice of Bankruptcy and First meeting of Creditors
8UnsecuredJakil Services Ltd. (Johny Gretland)as of 28 Feb 2020$12.8KNotice of Bankruptcy and First meeting of Creditors
8UnsecuredTryton Tool Services · in 8 casesas of 28 Feb 2020$12.6KNotice of Bankruptcy and First meeting of Creditors
8UnsecuredJames Catherwoodsame name as the officer who swore this Statement of Affairs — possible related party / director · as of 28 Feb 2020$11.8KNotice of Bankruptcy and First meeting of Creditors
8UnsecuredGeologic Systemsas of 28 Feb 2020$11.7KNotice of Bankruptcy and First meeting of Creditors
8UnsecuredGowling LLPas of 28 Feb 2020$11.2KNotice of Bankruptcy and First meeting of Creditors
8Unsecured1368429 Alberta Ltd. (Bernie Fordyce)as of 28 Feb 2020$10.8KNotice of Bankruptcy and First meeting of Creditors
8UnsecuredH.M. Power Systems Inc.as of 28 Feb 2020$10KNotice of Bankruptcy and First meeting of Creditors
8UnsecuredUniserve Communications Corp.as of 28 Feb 2020$9.95KNotice of Bankruptcy and First meeting of Creditors
8Unsecured2158797 Alberta Ltd. (Richard Sorensen)as of 28 Feb 2020$9.79KNotice of Bankruptcy and First meeting of Creditors
8UnsecuredScottys Hot Shotas of 28 Feb 2020$9.55KNotice of Bankruptcy and First meeting of Creditors
8UnsecuredMantl Canadaas of 28 Feb 2020$9.07KNotice of Bankruptcy and First meeting of Creditors
8UnsecuredP2 Energy Solutions Alberta ULC · in 9 casesas of 28 Feb 2020$8.81KNotice of Bankruptcy and First meeting of Creditors
8Unsecured24/7 Compression Ltd.as of 28 Feb 2020$8.55KNotice of Bankruptcy and First meeting of Creditors
8UnsecuredBieg-A-Hoe Backhoe Serviceas of 28 Feb 2020$7.5KNotice of Bankruptcy and First meeting of Creditors
8UnsecuredParamount Resources Ltd · in 3 casesas of 28 Feb 2020$7.47KNotice of Bankruptcy and First meeting of Creditors
8UnsecuredPandell Technology Corporation · in 14 casesas of 28 Feb 2020$7.22KNotice of Bankruptcy and First meeting of Creditors
8UnsecuredBertrum T Basnettas of 28 Feb 2020$6.74KNotice of Bankruptcy and First meeting of Creditors
8UnsecuredTraverse Energy Ltd.as of 28 Feb 2020$6.5KNotice of Bankruptcy and First meeting of Creditors
8UnsecuredJim/Judy Charneyas of 28 Feb 2020$6.5KNotice of Bankruptcy and First meeting of Creditors
8UnsecuredJudy Shanks (freehold surface lease)freehold surface lease · as of 28 Feb 2020$6KNotice of Bankruptcy and First meeting of Creditors
8UnsecuredSolution Servicesas of 28 Feb 2020$6KNotice of Bankruptcy and First meeting of Creditors
8UnsecuredGerlitz Enginerringas of 28 Feb 2020$5.98KNotice of Bankruptcy and First meeting of Creditors
8UnsecuredABSA · in 18 casesas of 28 Feb 2020$5.94KNotice of Bankruptcy and First meeting of Creditors
8UnsecuredValley B Aviationas of 28 Feb 2020$5.93KNotice of Bankruptcy and First meeting of Creditors
8UnsecuredManning Disposalsas of 28 Feb 2020$5.83KNotice of Bankruptcy and First meeting of Creditors
8UnsecuredAggressive Energyas of 28 Feb 2020$5.69KNotice of Bankruptcy and First meeting of Creditors
8UnsecuredCompass Energy Systemsas of 28 Feb 2020$5.67KNotice of Bankruptcy and First meeting of Creditors
8UnsecuredBrenntag · in 3 casesas of 28 Feb 2020$5.62KNotice of Bankruptcy and First meeting of Creditors
8UnsecuredEdgemark Capital and Advisoryas of 28 Feb 2020$5.25KNotice of Bankruptcy and First meeting of Creditors
8UnsecuredStealth Oilfieldas of 28 Feb 2020$5.24KNotice of Bankruptcy and First meeting of Creditors
8UnsecuredCJ-CSM Inspectionas of 28 Feb 2020$5.18KNotice of Bankruptcy and First meeting of Creditors
8UnsecuredOwen Lawas of 28 Feb 2020$4.91KNotice of Bankruptcy and First meeting of Creditors
8UnsecuredMullen Oilfieldas of 28 Feb 2020$4.57KNotice of Bankruptcy and First meeting of Creditors
8Unsecured3-G Enterprises Ltd.as of 28 Feb 2020$4.41KNotice of Bankruptcy and First meeting of Creditors
8UnsecuredLauren Servicesas of 28 Feb 2020$4.36KNotice of Bankruptcy and First meeting of Creditors
8UnsecuredCat Oilfieldas of 28 Feb 2020$4.24KNotice of Bankruptcy and First meeting of Creditors
8UnsecuredRed Rabbit Communicationsas of 28 Feb 2020$3.91KNotice of Bankruptcy and First meeting of Creditors
8UnsecuredMYR Developments Ltd.as of 28 Feb 2020$3.8KNotice of Bankruptcy and First meeting of Creditors
8UnsecuredIntricate Group Inc. · in 3 casesas of 28 Feb 2020$3.55KNotice of Bankruptcy and First meeting of Creditors
8UnsecuredRod Hale Enterprisesas of 28 Feb 2020$3.46KNotice of Bankruptcy and First meeting of Creditors
8UnsecuredLong Run Exploration Ltd. · in 8 casesas of 28 Feb 2020$3.44KNotice of Bankruptcy and First meeting of Creditors
8UnsecuredCindy Quantzas of 28 Feb 2020$3.42KNotice of Bankruptcy and First meeting of Creditors
8Unsecured2COM Consulting · in 3 casesas of 28 Feb 2020$3.42KNotice of Bankruptcy and First meeting of Creditors
8UnsecuredPetronet Systemsas of 28 Feb 2020$3.36KNotice of Bankruptcy and First meeting of Creditors
8UnsecuredXerox Canada · in 12 casesas of 28 Feb 2020$3.17KNotice of Bankruptcy and First meeting of Creditors
8UnsecuredEmerson Electricas of 28 Feb 2020$3.07KNotice of Bankruptcy and First meeting of Creditors
8UnsecuredNemesis Oilfield Servicesas of 28 Feb 2020$3.01KNotice of Bankruptcy and First meeting of Creditors
8UnsecuredFreedom Machine Corp.as of 28 Feb 2020$3KNotice of Bankruptcy and First meeting of Creditors
8UnsecuredCorrosion Sampling and Integrityas of 28 Feb 2020$2.92KNotice of Bankruptcy and First meeting of Creditors
8UnsecuredIntercon Messaging Inc · in 2 casesas of 28 Feb 2020$2.86KNotice of Bankruptcy and First meeting of Creditors
8UnsecuredAcquisition Oilas of 28 Feb 2020$2.75KNotice of Bankruptcy and First meeting of Creditors
8UnsecuredBrian's Pressure Serviceas of 28 Feb 2020$2.65KNotice of Bankruptcy and First meeting of Creditors
8UnsecuredAgat Laboratories · in 12 casesas of 28 Feb 2020$2.64KNotice of Bankruptcy and First meeting of Creditors
8UnsecuredGlen/Christine Burrusas of 28 Feb 2020$2.58KNotice of Bankruptcy and First meeting of Creditors
8UnsecuredH.L. Thomas Consultingas of 28 Feb 2020$2.58KNotice of Bankruptcy and First meeting of Creditors
8UnsecuredR Paul Jacksonas of 28 Feb 2020$2.58KNotice of Bankruptcy and First meeting of Creditors
8UnsecuredSuperior Propane · in 56 casesas of 28 Feb 2020$2.15KNotice of Bankruptcy and First meeting of Creditors
8UnsecuredCortex Business Solutionsas of 28 Feb 2020$2.1KNotice of Bankruptcy and First meeting of Creditors
8UnsecuredFirst Alert Locating Ltd.as of 28 Feb 2020$2.01KNotice of Bankruptcy and First meeting of Creditors
8UnsecuredR & R Road Ltd.as of 28 Feb 2020$2KNotice of Bankruptcy and First meeting of Creditors
8UnsecuredTrident Oilfield Servicesas of 28 Feb 2020$1.83KNotice of Bankruptcy and First meeting of Creditors
8UnsecuredAdvantage Northas of 28 Feb 2020$1.8KNotice of Bankruptcy and First meeting of Creditors
8UnsecuredMaguire Oil & Gas Explorationas of 28 Feb 2020$1.71KNotice of Bankruptcy and First meeting of Creditors
8UnsecuredHerbert Beanas of 28 Feb 2020$1.57KNotice of Bankruptcy and First meeting of Creditors
8UnsecuredNeil's General Contractingas of 28 Feb 2020$1.5KNotice of Bankruptcy and First meeting of Creditors
8UnsecuredIntersect Partners Inc.as of 28 Feb 2020$1.49KNotice of Bankruptcy and First meeting of Creditors
8UnsecuredB.A.Rel Farmsas of 28 Feb 2020$1.34KNotice of Bankruptcy and First meeting of Creditors
8UnsecuredJames Law & Associatesas of 28 Feb 2020$1.28KNotice of Bankruptcy and First meeting of Creditors
8UnsecuredDeck It Towingas of 28 Feb 2020$1.21KNotice of Bankruptcy and First meeting of Creditors
8UnsecuredCarom Resources Ltd.as of 28 Feb 2020$1.12KNotice of Bankruptcy and First meeting of Creditors
8UnsecuredDSR Integrity Inc.as of 28 Feb 2020$1.04KNotice of Bankruptcy and First meeting of Creditors
8UnsecuredEnergetic Servicesas of 28 Feb 2020$1.02KNotice of Bankruptcy and First meeting of Creditors
8UnsecuredUnivar Canada Ltd. · in 8 casesas of 28 Feb 2020$921Notice of Bankruptcy and First meeting of Creditors
8UnsecuredTreg Oilfield Michanical Services Ltd.as of 28 Feb 2020$905Notice of Bankruptcy and First meeting of Creditors
8UnsecuredBurstall / Winger / Zammitas of 28 Feb 2020$879Notice of Bankruptcy and First meeting of Creditors
8UnsecuredChillys Industrial Services Ltd.as of 28 Feb 2020$750Notice of Bankruptcy and First meeting of Creditors
8UnsecuredEPAC · in 2 casesas of 28 Feb 2020$619Notice of Bankruptcy and First meeting of Creditors
8UnsecuredBehr Integrated (formerly Caliber Planning)as of 28 Feb 2020$485Notice of Bankruptcy and First meeting of Creditors
8UnsecuredPrairie Sky Royaltyas of 28 Feb 2020$474Notice of Bankruptcy and First meeting of Creditors
8UnsecuredPan Pacific Land Corp.as of 28 Feb 2020$430Notice of Bankruptcy and First meeting of Creditors
8UnsecuredHallman Group Ltd.as of 28 Feb 2020$412Notice of Bankruptcy and First meeting of Creditors
8UnsecuredCapp Fundingas of 28 Feb 2020$404Notice of Bankruptcy and First meeting of Creditors
8UnsecuredLorette Walder-Mackenzieas of 28 Feb 2020$351Notice of Bankruptcy and First meeting of Creditors
8UnsecuredMighty Peace Wireless · in 2 casesas of 28 Feb 2020$336Notice of Bankruptcy and First meeting of Creditors
8UnsecuredKeppoch Energy Ltd.as of 28 Feb 2020$331Notice of Bankruptcy and First meeting of Creditors
8UnsecuredAlara Consultants Inc.as of 28 Feb 2020$331Notice of Bankruptcy and First meeting of Creditors
8UnsecuredRosenau Transpotas of 28 Feb 2020$330Notice of Bankruptcy and First meeting of Creditors
8UnsecuredAmerican Millenium CorporationUS address (Golden, CO); List A does not mark a currency — figure recorded as stated · as of 28 Feb 2020$249 USDNotice of Bankruptcy and First meeting of Creditors
8UnsecuredRichard E Cheethamas of 28 Feb 2020$208Notice of Bankruptcy and First meeting of Creditors
8UnsecuredPrairie Disposal Ltd. · in 4 casesas of 28 Feb 2020$162Notice of Bankruptcy and First meeting of Creditors
8UnsecuredAlberta One Callas of 28 Feb 2020$76Notice of Bankruptcy and First meeting of Creditors
8UnsecuredPreston Basnett Contractingnominal 1.00 · as of 28 Feb 2020$1Notice of Bankruptcy and First meeting of Creditors
8UnsecuredNorthman Resources Ltd. (Derek Krupinski)nominal 1.00 · as of 28 Feb 2020$1Notice of Bankruptcy and First meeting of Creditors
8UnsecuredRynicko Contracting Ltd. (Ryan Polukoshko)nominal 1.00 · as of 28 Feb 2020$1Notice of Bankruptcy and First meeting of Creditors
Sale processAs stated in the filings

4 transactions · 2 closed · 1 proposed · 1 approved — the Unrealized Assets were actively marketed as part of the sales process, but for which no offers were receivedFiled Order - Disposing of Unrealized Assets · 6 Dec 2021

PurchaserPriceStatusSource
Blue Sky Resources Ltd.the Trustee and Debtor's right, title and interest in and to the assets described in the Sale Agreement (the "Purchased Assets") · asset sale · agreement 17 Jun 2020not statedClosed30 Apr 2021Trustee's Third Report
First Helium Inc.certain of the Bankrupt's assets known as the Eureka pipelines · asset saleSealedProposedTrustee's Third Report
2060547 Alberta Ltd.the Trustee and Debtor's right, title and interest in and to the assets described in the Sale Agreement (the "Purchased Assets") · asset sale · agreement 5 May 2021not statedApproved29 Sep 2021Sale Approval and Vesting Order - 2060547…
Tallahassee Exploration Inc.the assets described in the Sale Agreement (the "Purchased Assets") · asset sale · agreement 18 Mar 2021SealedSale Agreement and price appended to confidential supplement to the third report; amount not stated in this orderClosed2 Dec 2020Trustee's Third Report
Closing termsVesting effective upon delivery of the Trustee's Closing Certificate, subject to Energy Regulator approval of licence transfersApproval and Vesting Order - Sale by Trustee (Tallahassee) - Filed
Sealed materialsconfidential supplement to the third reportApproval and Vesting Order - Sale by Trustee (Tallahassee) - Filed
Estate financialsReported figures — never derived
Total assets at filing$9.17M
Total liabilities at filing$16.6M

As at 28 Feb 2020 · per Statement of Affairs (Form 78), Business Bankruptcy — as stated and estimated by the officer; sworn/solemnly declared by James Catherwood · Single entity — Direct Oil & Gas Inc. — Deficiency 7,379,982.05; Surplus NIL. Stated liability breakdown: unsecured creditors per List A 3,913,301.27; balance of secured claims per List B 3,466,680.78 (giving total unsecured creditors 7,379,982.05); secured creditors per List B 9,170,800.00 (estimated value of security); preferred creditors per List C 0.00; contingent/trust per List D 0.00 — summing to total liabilities 16,550,782.05. Note the single secured creditor's total claim is 12,637,480.78 (List B), split here as 9,170,800.00 secured value + 3,466,680.78 shortfall. Assets: real property/immovable (List G) 9,000,000.00, other

Documents
25 filings
DateDocumentFile
Letter to Service List re: Unrealized Assets OrderPDF
Filed Order - Disposing of Unrealized Assets
  • Order date 6 December 2021
  • Presiding officer Justice J.E. Sidnell
  • Sale outcome No acceptable bid — the Unrealized Assets were actively marketed as part of the sales process, but for which no offers were received
PDF
Trustee's Fourth ReportPDF
Order Amending Blue Sky Savo
  • Presiding officer Justice Graesser
PDF
Approval and Vesting Order - Sale by Trustee (Tallahassee) - Filed
  • Closing terms Vesting effective upon delivery of the Trustee's Closing Certificate, subject to Energy Regulator approval of licence transfers
  • Order date 29 September 2021
  • Purchaser Tallahassee Exploration Inc. · the assets described in the Sale Agreement (the "Purchased Assets") · asset sale · price sealed · approved
  • Sale outcome Sale approved — Transaction approved by the Court
  • + 1 more extracted fact
PDF
Order Amending Blue Sky SAVO - Filed
  • Presiding officer Justice R.A. Graesser
PDF
Sale of Approval and Vesting Order - Sale by Trustee (2060547 Alberta Ltd.) - Filed
  • Closing terms Vesting effective upon delivery of Trustee's Closing Certificate confirming payment of Purchase Price and satisfaction of closing conditions.
  • Order date 29 September 2021
  • Purchaser 2060547 Alberta Ltd. · the Trustee and Debtor's right, title and interest in and to the assets described in the Sale Agreement (the "Purchased Assets") · asset sale · approved
  • Sale outcome Sale approved — The Transaction is hereby approved
PDF
Sealing Order - Filed
  • Presiding officer Justice R.A. Graesser
PDF
Amending Order - Amending Blue Sky SAVO
  • Presiding officer Justice R.A. Graesser
PDF
Application with Attached Order
  • Applicant MNP LTD., IN ITS CAPACITY AS TRUSTEE IN BANKRUPTCY OF DIRECT OIL AND GAS INC.
  • Counsel Gowling WLG (Canada) LLP
  • Court COURT OF QUEEN’S BENCH OF ALBERTA IN BANKRUPTCY AND INSOLVENCY
  • Court file no 25-2624152
  • + 1 more extracted fact
PDF
Sale Approval and Vesting Order - 2060547 Alberta Ltd.
  • Closing terms Vesting effective upon delivery of the Trustee's Closing Certificate, subject to AER approval
  • Order date 29 September 2021
  • Purchaser 2060547 Alberta Ltd. · the Debtor and Trustee's right, title and interest in and to the assets described in the Sale Agreement · asset sale · approved
PDF
Sale Approval and Vesting Order - Tallahassee
  • Closing terms vesting effective upon delivery of the Trustee's Closing Certificate, subject to AER approval of license transfers
  • Order date 29 September 2021
  • Purchaser Tallahassee Exploration Inc. · the assets described in the Sale Agreement (the 'Purchased Assets') · asset sale · approved
PDF
Proof of Filing - Bench Brief of MNP Ltd.PDF
Brief of MNP Ltd. with AuthoritiesPDF
Trustee's Third Report
  • Closing confirmed Closed · 30 Apr 2021 · Blue Sky Resources Ltd.; Closed · 2 Dec 2020 · Tallahassee Exploration Inc.
  • Purchaser Blue Sky Resources Ltd. · certain of the Bankrupt's assets in the Cecil, Dixonville, Habay, Charlie, Hotchkiss, Cranberry and Chinchaga/Hamburg areas · asset sale · closed; First Helium Inc. · certain of the Bankrupt's assets known as the Eureka pipelines · asset sale · price sealed · proposed; Tallahassee Exploration Inc. · certain of the Bankrupt's properties in the Eureka, Vista, Lovet and Notikewin areas · asset sale · closed
PDF
Letter to Service List re: OrdersPDF
Application re: Sale of Assets
  • Applicant MNP LTD., IN ITS CAPACITY AS TRUSTEE IN BANKRUPTCY OF DIRECT OIL AND GAS INC.
  • Appointee MNP Ltd.
  • Appointee role Trustee
  • Commencement date 28 February 2020
  • + 1 more extracted fact
PDF
Letter to Service List re: Application
  • Counsel Gowling WLG (Canada) LLP
PDF
Bench Brief in Support of Application re: Sale of AssetsPDF
Trustee's Second Report to the CourtPDF
Approval and Vesting Order
  • Closing terms Vesting effective upon delivery of Trustee's Closing Certificate confirming payment of purchase price, satisfaction/waiver of closing conditions, and completion of the Transaction.
  • Order date 19 August 2020
  • Purchaser Blue Sky Resources Ltd. · the Trustee and Debtor's right, title and interest in and to the assets described in the Sale Agreement (the "Purchased Assets") · asset sale · approved
  • Sale outcome Sale approved — The Transaction is approved and vesting authorized subject to conditions.
PDF
Sealing Order
  • Presiding officer Justice D.L. Shelley
PDF
Supplemental Report of the Trustee
  • Purchaser BLUE SKY RESOURCES LTD. · Sale Properties · asset sale · approved
  • Sale outcome Approval pending — The Trustee advises that the sale of the Sale Properties contemplated by the Successful Bid would be more beneficial for the creditors of Direct Oil
PDF
First Report of the Trustee
  • Commencement date 28 February 2020
  • Court COURT OF QUEEN'S BENCH OF ALBERTA
  • Court file no 25-2624152
PDF
Notice of Bankruptcy and First meeting of Creditors
  • Financial position Assets $9.17M · Liabilities $16.6M · as at 28 Feb 2020 · per Statement of Affairs (Form 78), Business Bankruptcy — as stated and estimated by the officer; sworn/solemnly declared by James Catherwood · Single entity — Direct Oil & Gas Inc. — Deficiency 7,379,982.05; Surplus NIL. Stated liability breakdown: unsecured creditors per List A 3,913,301.27; balance of secured claims per List B 3,466,680.78 (giving total unsecured creditors 7,379,982.05); secured creditors per List B 9,170,800.00 (estimated value of security); preferred creditors per List C 0.00; contingent/trust per List D 0.00 — summing to total liabilities 16,550,782.05. Note the single secured creditor's total claim is 12,637,480.78 (List B), split here as 9,170,800.00 secured value + 3,466,680.78 shortfall. Assets: real property/immovable (List G) 9,000,000.00, other property/inventory (List H) 26,200.00, receivables estimated to produce 144,600.00 (bad receivables 188,264.00), total assets 9,170,800.00.
  • Secured creditors $12.6M · Note: Sole secured creditor (List B). Estimated unsecured shortfall / balance of claim is 3,466,680.78, which is separately carried on List A entry #102 (Rothwell) — cross-reference, do not double-count. Winnipeg MB creditor holding charge over the Alberta petroleum-producing properties (see List G). · Page: 9 · As of: 2020-02-28 · Debtor: Direct Oil & Gas Inc. · Creditor: Rothwell Development Corporation · Security: List B particulars of security: Real Property/Immovable — Land (given 2017-07-01, estimated value 9,000,000.00); Debts Due — Business, various receivables (given 2017-07-01, estimated value 144,600.00); Other — Inventory (given 2020-02-27, estimated value 26,200.00). Total estimated value of security 9,170,800.00; estimated surplus 0.00.
  • Unsecured creditors $12.6K · Page: 7 · As of: 2020-02-28 · Basis: Statement of Affairs (Form 78) List A — unsecured creditors, as stated by the officer · Creditor: Tryton Tool Services
PDF

Filing titles, dates, and extracted key facts are public.

CiteProceedings., “Direct Oil and Gas Inc” (Bankruptcy), Court of King's Bench of Alberta. Retrieved 20 September 2026, https://proceedings.ca/case/direct-oil-and-gas-inc

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Sources last checked · summary updated 19 August 2026 · Report a correction · Printed from proceedings.ca/case/direct-oil-and-gas-inc

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.