Elcano Exploration Inc., Elcano Exploration Ltd. & Elcano Energy Partnership

Elcano Exploration Inc., Elcano Exploration Ltd. and Elcano Energy Partnership are in court-appointed receivership before the Court of King's Bench of Alberta, brought under sections 243 and 244 of the Bankruptcy and Insolvency Act and section 13(2) of the Judicature Act. Tallinn Capital Energy Corp. and Tallinn Capital Energy Limited Partnership applied for the appointment; Grant Thornton Limited was appointed receiver, with proceedings commencing July 16, 2021. Tallinn Capital Energy Limited Partnership is also a secured creditor, with an estimated amount owed of $6,075,062.49 as of June 30, 2021, plus accruing interest, fees and costs. As at November 23, 2021, the combined entities held assets of $34,596,356, including oil and gas assets of $33,776,581. The matter remains active.