Direct Oil and Gas Inc
- Proceeding
- BankruptcyBIA
- File
- 25-2624152
- Industry
- Energy · Oil & gas production
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.
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
The court granted an approval and vesting order for the sale to 2060547 Alberta Ltd. Closing terms, as extracted: Vesting effective upon delivery of the Trustee's Closing Certificate, subject to AER approval.
Source: Sale Approval and Vesting Order - 2060547 Alberta Ltd.
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.
The court granted an approval and vesting order for the sale to 2060547 Alberta Ltd. Closing terms, as extracted: Vesting effective upon delivery of Trustee's Closing Certificate confirming payment of Purchase Price and satisfaction of closing conditions.
Source: Sale of Approval and Vesting Order - Sale by Trustee (2060547 Alberta Ltd.) - Filed
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
Debtor
Direct Oil and Gas Inc
Trustee in bankruptcy
MNP
Bench
| Judge | Court | On this docket | Cases on record |
|---|---|---|---|
| Justice Graesser | Court of King's Bench of Alberta | 9 orders, Sep 2021 – Oct 2021 | 16 cases on record |
Counsel of record
| Party | Counsel | First seen | Source |
|---|---|---|---|
| Trustee in bankruptcyMNP | Gowling WLG (Canada) LLP | 23 Oct 2020 | Service list · 23 Oct 2020 |
| PurchaserTallahassee Exploration Inc | Burnet Duckworth & Palmer LLP | 23 Oct 2020 | Service list · 23 Oct 2020 |
| # | Priority class | Creditor | Amount | Source |
|---|---|---|---|---|
| 4 | Secured | Rothwell 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 | $12.6M | Notice of Bankruptcy and First meeting of Creditors |
| 8 | Unsecured | |||
| 8 | Unsecured | |||
| 8 | Unsecured | |||
| 8 | Unsecured | |||
| 8 | Unsecured | |||
| 8 | Unsecured | |||
| 8 | Unsecured | |||
| 8 | Unsecured | |||
| 8 | Unsecured |
122 more claims in 1 class The stack holds Secured and Unsecured claims.
Every creditor and every amount, drawn to scale.
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See all plans5 transactions · 2 closed · 2 approved · 1 proposed — 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
| Purchaser | Price | Status | Source |
|---|---|---|---|
| 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 2020 | not stated | Closed30 Apr 2021 | Trustee's Third Report |
| First Helium Inc.certain of the Bankrupt's assets known as the Eureka pipelines · asset sale | Sealed | Proposed | Trustee's Third Report |
| Tallahassee Exploration Inc.certain of the Bankrupt's properties in the Eureka, Vista, Lovet and Notikewin areas · asset sale | not stated | Closed2 Dec 2020 | Trustee'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 2021 | not stated | Approved29 Sep 2021 | Sale Approval and Vesting Order - 2060547… |
| Tallahassee Exploration Inc.the assets described in the Sale Agreement (the "Purchased Assets") · asset sale · agreement 18 Mar 2021 | Subscribers | Approved29 Sep 2021 | Sale Approval and Vesting Order - Tallahassee |
As at ·
The 2 totals 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 |
|---|---|---|
| Letter to Service List re: Unrealized Assets Order | PDF · Subscribers | |
Filed Order - Disposing of Unrealized Assets
| PDF · Subscribers | |
| Trustee's Fourth Report | PDF · Subscribers | |
Order Amending Blue Sky Savo
| PDF · Subscribers | |
Approval and Vesting Order - Sale by Trustee (Tallahassee) - Filed
| PDF · Subscribers | |
Order Amending Blue Sky SAVO - Filed
| PDF · Subscribers | |
Sale of Approval and Vesting Order - Sale by Trustee (2060547 Alberta Ltd.) - Filed
| PDF · Subscribers | |
Sealing Order - Filed
| PDF · Subscribers | |
Amending Order - Amending Blue Sky SAVO
| PDF · Subscribers | |
Application with Attached Order
| PDF · Subscribers | |
Sale Approval and Vesting Order - 2060547 Alberta Ltd.
| PDF · Subscribers | |
Sale Approval and Vesting Order - Tallahassee
| PDF · Subscribers | |
| Proof of Filing - Bench Brief of MNP Ltd. | PDF · Subscribers | |
| Brief of MNP Ltd. with Authorities | PDF · Subscribers | |
Trustee's Third Report
| PDF · Subscribers | |
| Letter to Service List re: Orders | PDF · Subscribers | |
Application re: Sale of Assets
| PDF · Subscribers | |
Letter to Service List re: Application
| PDF · Subscribers | |
| Bench Brief in Support of Application re: Sale of Assets | PDF · Subscribers | |
| Trustee's Second Report to the Court | PDF · Subscribers | |
Approval and Vesting Order
| PDF · Subscribers | |
Sealing Order
| PDF · Subscribers | |
Supplemental Report of the Trustee
| PDF · Subscribers | |
First Report of the Trustee
| PDF · Subscribers | |
Notice of Bankruptcy and First meeting of Creditors
| 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., “Direct Oil and Gas Inc” (Bankruptcy), Court of King's Bench of Alberta. Retrieved 4 November 2026, https://proceedings.ca/case/direct-oil-and-gas-inc