Free Rein Resources Ltd.
- Proceeding
- CCAACompanies' Creditors Arrangement Act, RSC 1985, c C-36
- File
- 25-2954304
- Industry
- Energy · Oil & gas production
Free Rein Resources Ltd. remains under CCAA protection in the Court of King's Bench of Alberta at Calgary, court file 25-2954304, following an initial order granted December 7, 2023 on the application of Invico Diversified Income Limited Partnership. FTI Consulting Canada Inc. serves as Monitor. The creditor listing prepared under s. 23(1)(a) of the CCAA, as at December 7, 2023, records Invico as a secured creditor for $1,414,419 and Tartan Energy Tech (Shanghai) Ltd for $33,801, both without admission as to liability or quantum. Unsecured claims run across several hundred oilfield service providers, landowners, individuals and public bodies, the largest being ENMAX Energy Corporation at $543,112, SLS Oilfield Trucking at $415,862, CES LP at $385,095 and Performance Solutions Ltd. at $210,559. The proceedings are active.
The court granted a reverse vesting order in favour of Invico Diversified Income Limited Partnership.
The court granted an approval and vesting order for the sale to Invico Diversified Income Limited Partnership. Closing terms, as extracted: Vesting occurs upon delivery of the Monitor's Certificate confirming payment of the Purchase Price and satisfaction/waiver of closing conditions.
The officer filed report no. Second Report. Free Rein's wells were shut in after a force majeure declared by its gas processor, and the Company has since resumed limited production of about 60 boe/day from three oil wells while it pursues completion of a share-sale/reverse vesting transaction with Invico.
Source: Second Report of the Monitor
The officer filed report no. First Report. After Tidewater's force majeure notice forced all wells to be shut in, Free Rein resumed limited oil production from three wells on December 20, 2023, at about 70 boe/day (down from 400-450 boe/day), severely impacting cash flow while the Stalking Horse transaction with Invico is pursued.
Source: First Report of the Monitor
Initial order granted on Invico Diversified Income Limited Partnership's application, commencing CCAA proceedings at Calgary and appointing FTI Consulting Canada Inc. as Monitor.
Source: CCAA Initial Order
The officer filed a report. Free Rein has operated its P&NG assets without material disruption since the NOI filing, but a force majeure notice from its gas/emulsion handling counterparty is expected to materially impair operations and cash flow, and the Stalking Horse transaction remains to be completed under the CCAA.
Source: Pre Filing Report of the Monitor
The officer filed report no. Fourth Report. The Company continues operating its Central Alberta (Golden Spike) P&NG assets without material disruption, producing approximately 425 boe/d, while running a court-approved sale and investment solicitation process. The plant counterparty has warned it expects to issue a force majeure notice around November 30, 2023, which would materially reduce production from December 1.
The officer filed report no. Third Report. The Company continues operating its P&NG assets in Central Alberta (Golden Spike area) without material disruption, producing about 490 boe/d, while a court-approved sale and investment solicitation process (SISP) proceeds under the NOI stay.
The court approved a sale and investment solicitation process. A bid deadline of 2023-11-06.
Source: Order (Second Extension of Time to File Proposal, SISP & Stalking Horse Approval)
The officer filed report no. Second Report. The Company has continued operating its Central Alberta P&NG assets without material disruption, producing about 450 boe/d, while pursuing recapitalization discussions and a court-supervised SISP with a stalking horse bid from Invico.
NOI - Application for Second Stay Extension - Proof of Filing — Application / notice of application
The officer filed report no. First Report. The Company is an oil and gas producer in the Golden Spike area of central Alberta (about 370 boe/d) that continues operating under NOI protection with about 9 employees and consultants, while pursuing recapitalization discussions (including with Enoch Cree First Nation) and seeking a stay extension to August 25, 2023.
NOI - Brief in Support of Stay Extension and Admin Charge — Application / notice of application
Debtor
Free Rein Resources Ltd.
Monitor
FTI
Bench
| Judge | Court | On this docket | Cases on record |
|---|---|---|---|
| Justice Hollins | Court of King's Bench of Alberta | 4 orders, Aug 2023 – Apr 2024 | 26 cases on record |
Counsel of record
| Party | Counsel | First seen | Source |
|---|---|---|---|
| MonitorFTI | Cassels Brock & Blackwell LLP | 21 Aug 2023 | Application · 21 Aug 2023 |
| DebtorFree Rein Resources Ltd. | Burnet Duckworth & Palmer LLP | 4 Jul 2023 | Service list · 4 Jul 2023 |
| CreditorCapital Now Ventures Inc | Miles Davison LLP | 30 Aug 2023 | Service list · 30 Aug 2023 |
| CreditorChina Construction Bank Toronto Branch | Blake, Cassels & Graydon LLP | 26 Sep 2023 | Service list · 26 Sep 2023 |
| CreditorCourier | Field Law | 17 Jan 2024 | Service list · 17 Jan 2024 |
| CreditorGWL Realty Advisors Inc | Caron & Partners LLP | 17 Jan 2024 | Service list · 17 Jan 2024 |
| CreditorInvico Diversified Income Limited Partnership | Fasken Martineau DuMoulin LLP | 4 Jul 2023 | Service list · 4 Jul 2023 |
| CreditorJeanelle George and Anne-Marie Melby, in Action no | Dunphy Best Blocksom LLP | 30 Aug 2023 | Service list · 30 Aug 2023 |
| CreditorLegacy Disposal Facility Ltd | Bishop & McKenzie LLP | 17 Jan 2024 | Service list · 17 Jan 2024 |
| CreditorMAGA Energy Ltd | Gowling WLG (Canada) LLP | 30 Aug 2023 | Service list · 30 Aug 2023 |
| CreditorPuravida Exploration Inc | Dunphy Best Blocksom LLP | 26 Sep 2023 | Service list · 26 Sep 2023 |
| CreditorStep Energy Services Ltd | Field Law | 17 Jan 2024 | Service list · 17 Jan 2024 |
| CreditorTartan Energy Technology (Shanghai) Ltd | Skyline Legal Group LLP Previously DBH LLP (last seen 26 Sep 2023) | 30 Aug 2023 | Service list · 16 Nov 2023 |
| # | Priority class | Creditor | Amount | Source |
|---|---|---|---|---|
| 4 | Secured | Invico Diversified Income Limited PartnershipListed as secured creditor in CCAA s.23(1)(a) creditor listing; amount as reported, without admission as to liability or quantum — debtor: Free Rein Resources Ltd. · as of 7 Dec 2023 | $1.41M | Creditor Listing |
| 4 | Secured | |||
| 8 | Unsecured | |||
| 8 | Unsecured | |||
| 8 | Unsecured | |||
| 8 | Unsecured | |||
| 8 | Unsecured | |||
| 8 | Unsecured | |||
| 8 | Unsecured | |||
| 8 | Unsecured |
184 more claims in 2 classes The stack holds Secured and Unsecured claims.
Every creditor and every amount, drawn to scale.
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See all plans2 transactions · 1 proposed · 1 closed — The RVO Term Sheet, Subscription Agreement and Transaction are approved by the CourtTransaction Approval and Reverse Vesting Order · 12 Apr 2024
| Purchaser | Price | Status | Source |
|---|---|---|---|
| Invico Income Limited Partnershipall of Free Rein's oil and gas assets either by way of asset purchase or by share transaction · assets and shares · ResidualCo: Free Rein Asset Residual Trust | Subscribers | Proposedoutside 11 Dec 2023 | First Report of the Monitor |
| Invico Diversified Income Limited Partnershipthe reverse vesting share transaction in respect of Free Rein Resources Ltd. · share sale · nominee/assignee: its nominee | Subscribers | Closed26 Apr 2024 | Monitor's Certificate |
Unsecured creditors: no distribution.EstimatedPre Filing Report of the Monitor · 6 Dec 2023
| Class | Creditor | Claims | Recovery | Basis | Source |
|---|---|---|---|---|---|
| Unsecured | — | — | no distribution | Estimatedper the monitor | Pre Filing Report of the Monitor · 6 Dec 2023 |
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.
As at ·
Cumulative receipts
$412K
As at 17 Jan 2024First Report of the Monitor
Cumulative disbursements
As at
Cash on hand
As at
Professional fees
As at
3 more reported figures, and 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 |
|---|---|---|
Monitor's Certificate
| PDF · Subscribers | |
Transaction Approval and Reverse Vesting Order
| PDF · Subscribers | |
Service Letter to Service List, February 27, 2024
| PDF · Subscribers | |
Order - Approval of Monitor's Fee and Conduct
| PDF · Subscribers | |
Order - Stay Extension
| PDF · Subscribers | |
| Supplement to Affidavit No. 3 of Chris Wutzke | PDF · Subscribers | |
| Application for Approval of Monitor's Fees and Conduct | PDF · Subscribers | |
Second Report of the Monitor
| PDF · Subscribers | |
Service Letter to Service List, February 15, 2024
| PDF · Subscribers | |
| Application for Stay Extension | PDF · Subscribers | |
| Authorities to Invico's Brief | PDF · Subscribers | |
| Brief of Invico | PDF · Subscribers | |
| Service Letter to Service List, February 12, 2024 | PDF · Subscribers | |
| Affidavit No. 3 of Chris Wutzke | PDF · Subscribers | |
Application for Sale Approval and Vesting Order
| PDF · Subscribers | |
First Report of the Monitor
| PDF · Subscribers | |
Service Letter to Service List, January 17, 2024
| PDF · Subscribers | |
| Affidavit No. 2 of Chris Wutzke | PDF · Subscribers | |
Creditor Listing
| PDF · Subscribers | |
Notice to Creditors
| PDF · Subscribers | |
| Amended and Restated Initial Order ("ARIO") | PDF · Subscribers | |
CCAA Initial Order
| PDF · Subscribers | |
| Affidavit of Chris Wutzke - sworn December 4, 2023 | PDF · Subscribers | |
| Application (Amended and Restated Initial Order) | PDF · Subscribers | |
| Originating Application | PDF · Subscribers | |
Pre Filing Report of the Monitor
| PDF · Subscribers | |
Fourth Stay Extension ro File a Proposal
| PDF · Subscribers | |
Fourth Report of the Proposal Trustee
| PDF · Subscribers | |
| Affidavit No.4 of Terry McCallum | PDF · Subscribers | |
| NOI - Application for Fourth Stay Extension | PDF · Subscribers | |
Service Letter to Service List, November 16, 2023
| PDF · Subscribers | |
Order (Third Stay Extension to File a Proposal)
| PDF · Subscribers | |
Third Report of the Proposal Trustee
| PDF · Subscribers | |
| NOI - Affidavit No.3 of Terry McCallum | PDF · Subscribers | |
| NOI - Application for Third Stay Extension | PDF · Subscribers | |
NOI - Bench Brief (Third Stay Extension)
| PDF · Subscribers | |
Service Letter to Service List, September 26, 2023
| PDF · Subscribers | |
Free Rein - Form of NDA
| PDF · Subscribers | |
Teaser Letter
| PDF · Subscribers | |
SISP Procedure
| PDF · Subscribers | |
Service Letter to Service List, August 30, 2023
| PDF · Subscribers | |
Order (Second Extension of Time to File Proposal, SISP & Stalking Horse Approval)
| PDF · Subscribers | |
Second Report of the Proposal Trustee
| PDF · Subscribers | |
| NOI - Affidavit No.2 of Terry McCallum | PDF · Subscribers | |
| NOI - Affidavit No.2 of Terry McCallum - Proof of Filing | PDF · Subscribers | |
NOI - Application for Second Stay Extension
| PDF · Subscribers | |
| NOI - Application for Second Stay Extension - Proof of Filing | PDF · Subscribers | |
Order (Approval of Administration Charge and Extension of Time to File Proposal)
| PDF · Subscribers | |
First Report of the Proposal Trustee
| PDF · Subscribers | |
| NOI - Affidavit No.1 of Terry McCallum, Sworn July 4, 2023 | PDF · Subscribers | |
NOI - Application for First Stay Extension
| PDF · Subscribers | |
| NOI - Book of Authorities | PDF · Subscribers | |
NOI - Brief in Support of Stay Extension and Admin Charge
| PDF · Subscribers | |
Service List
| PDF · Subscribers | |
Creditor Notice - Free Rein
| PDF · Subscribers | |
| Certificate of Filing | 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., “Free Rein Resources Ltd.” (CCAA), Court of King's Bench of Alberta. Retrieved 4 November 2026, https://proceedings.ca/case/free-rein-resources-ltd