Proceedings.

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

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Proceeding
Receivership (court-appointed)The Bankruptcy and Insolvency Act, RSC 1985, c-B-3. s 243 and s 244, and as amended and the Judicature Act, R.S.A. 2000, c-J-2, s 13(2), and as amended
File
2101-08818
Filings held20
Last activity26 Oct 2022
On the record1,938 days
Secured debtSubscribers
OverviewSummary updated

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.

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Case updates20 dated entries
#Report

The officer filed report no. Third Report. The Receiver has completed the sale of the Manitoba oil and gas assets and the reverse vesting transaction transferring residual assets/liabilities to the Elcano Asset Residual Trust; regulatory (AER) requirements have largely been satisfied, and the receivership is substantially complete pending final distribution and discharge.

Source: Receiver's Third Report dated October 5, 2022

Parties

Debtor

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

Receiver

Doane Grant Thornton

Capital structureAs asserted in the filings
stated amounts, drawn to scale · for subscribers
#Priority classCreditorAmountSource
4SecuredTallinn Capital Energy Limited Partnership · in 2 casesApplicant secured creditor in receivership application; estimated amount owed as of June 30, 2021 plus interest, fees, and costs continuing to accrue — debtor: Elcano Exploration Inc., Elcano Exploration Ltd. and Elcano Energy Partnership · as of 30 Jun 2021$6.08MNotice & Statement of Receiver dated December 2, 2021
4Secured
4Secured
4Secured
4Secured
4Secured
4Secured
4Secured
4Secured
8Unsecured

151 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

3 transactions · 2 closed · 1 proposed — Both the Manitoba Transaction and the RVO Transaction have closed pursuant to the SISPReceiver's Third Report dated October 5, 2022 · 5 Oct 2022

Bid deadline (round closed)

28 January 2022

Information Memorandum dated January 2022

PurchaserPriceStatusSource
Elcanocertain Group 2 Assets · asset saleSubscribersProposedReceiver's First Report dated December 17, 2021
10101906 Manitoba Ltd.Related partythe sale of the Manitoba Assets ... and all agreements related to and necessary for the operation of the Manitoba Assets · asset sale · agreement 28 Feb 2022SubscribersClosed21 Mar 2022Receiver's Third Report dated October 5, 2022
Nahanni Resources Ltd.the issuance and sale of shares of Elcano to Nahanni pursuant to a subscription agreement · share subscriptionSealedCloseddate not statedReceiver's Third Report dated October 5, 2022
AdvisorsARCO Capital Partners Inc. (sale agent)Information Memorandum dated January 2022
RecoveriesAs stated in the filings

Tallinn: shortfall.EstimatedReceiver's Third Report · 5 Oct 2022

ClassCreditorClaimsRecoveryBasisSource
SecuredTallinn—shortfallEstimatedper the receiverReceiver's Third Report · 5 Oct 2022

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.

Fees and ratesAs stated in the filings

4 engagements · 2 firms — latest: Borden Ladner Gervais LLP, to 30 Nov 2021, in feesReceiver's First Report · 17 Dec 2021

FirmPeriodHoursFeesRatesSource
Borden Ladner Gervais LLPCounsel to the receiverperiod 1 of 2to 30 Nov 2021—not statedReceiver's First Report · 17 Dec 2021
0 people — Borden Ladner Gervais LLP, to 30 Nov 2021 · 1 blurred figure
NameTitleHoursRateFees
Total Legal Fees———
Borden Ladner Gervais LLPCounsel to the receiverperiod 1 of 2from 1 Dec 2021——not statedReceiver's Third Report · 5 Oct 2022
Grant Thornton LimitedReceiverperiod 1 of 2to 30 Nov 2021—not statedReceiver's First Report · 17 Dec 2021
0 people — Grant Thornton Limited, to 30 Nov 2021 · 1 blurred figure
NameTitleHoursRateFees
Total Receiver Fees———
Grant Thornton LimitedReceiverperiod 1 of 2from 1 Dec 2021Sought—not statedReceiver's Third Report · 5 Oct 2022

5 blurred figures above

What each firm billed, and each person’s hours and rate — each as the filing states it, with its source.

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Estate financialsReported figures — never derived
Total assets at filing

As at ·

Cumulative receipts

$1.65M

As at 5 Oct 2022Receiver's Third Report dated October 5, 2022

Cash on hand

As at

Professional fees

As at

2 more reported figures, and the total the debtor stated at filing

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

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Documents
20 filings
DateDocumentFile
Application for Discharge returnable October 26,2022PDF · Subscribers
Receiver's Third Report dated October 5, 2022
  • Closing confirmed Closed · 21 Mar 2022 · 10101906 Manitoba Ltd.; Closed · date not stated · Nahanni Resources Ltd.
  • Cash on hand · Disbursements · Fee schedule Subscribers
  • + 10 more extracted facts
PDF · Subscribers
Bench Brief filed March 8, 2022PDF · Subscribers
Application for Sale Approval and Vesting Order filed March 2, 2022PDF · Subscribers
Receiver's Second Report dated March 2, 2022PDF · Subscribers
Application for SISP Approval filed December 20, 2021PDF · Subscribers
Information Memorandum dated January 2022
  • Appointee Grant Thornton Limited
  • Appointee role receiver
  • Bid deadline 28 January 2022
  • Break fee Subscribers
  • + 3 more extracted facts
PDF · Subscribers
Receiver's First Report dated December 17, 2021
  • Purchaser Elcano · certain Group 2 Assets · asset sale · proposed
  • Sale advisor ARCO Capital Partners Inc. (sale agent)
  • Sale outcome Sale process approved — the Receiver's application seeking approval of the proposed sales and investment solicitation process
  • Fee schedule Subscribers
  • + 1 more extracted fact
PDF · Subscribers
RVO Term Sheet dated December 10, 2021
PDF · Subscribers
Notice & Statement of Receiver dated December 2, 2021
  • Financial position · Secured creditors · Unsecured creditors Subscribers
PDF · Subscribers
Application returnable November 23, 2021
  • Applicant TALLINN CAPITAL ENERGY CORP. AND TALLINN CAPITAL ENERGY LIMITED PARTNERSHI
  • Appointee Grant Thornton Limited
  • Appointee role Receiver
  • Court COURT OF QUEEN’S BENCH OF ALBERTA
  • + 2 more extracted facts
PDF · Subscribers
Confidentiality Agreement (blank)
  • Sale outcome Marketed — The receiver is conducting a sales and investment solicitation process for the Elcano Assets and anticipates a Court order approving it on January 7, 2022; this document is the form of confidentiality agreement for prospective bidders.
  • Break fee · Stalking horse Subscribers
PDF · Subscribers
Sales and Investment Solicitation Process ("SISP")PDF · Subscribers
Brief of Companies filed November 17, 2021PDF · Subscribers
Bench Brief filed November 12, 2021PDF · Subscribers
Affidavit of R Fulton sworn November 8, 2021PDF · Subscribers
Affidavit of S Sentner dated November 1, 2021PDF · Subscribers
Application returnable July 29, 2021
  • Applicant Tallinn Capital Energy Corp.
  • Appointee Grant Thornton Limited
  • Appointee role Receiver
  • Commencement date 16 July 2021
  • + 3 more extracted facts
PDF · Subscribers
Bench Brief filed July 19, 2021PDF · Subscribers
Affidavit of S Sentner dated July 15, 2021PDF · Subscribers

Filing titles and dates are public, and so is each filing's own page. The figures read from them are for subscribers.

CiteProceedings., “Elcano Exploration Inc., Elcano Exploration Ltd. & Elcano Energy Partnership” (Receivership (court-appointed)), Court of King's Bench of Alberta. Retrieved 5 November 2026, https://proceedings.ca/case/elcano-exploration-inc-elcano-exploration-ltd-elcano-energy-partnership

Sources last checked · summary updated 6 September 2026 · Report a correction · Printed from proceedings.ca/case/elcano-exploration-inc-elcano-exploration-ltd-elcano-energy-partnership

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.