Fuel-X International Inc.
Follow- Proceeding
- Receivership (court-appointed)BIA s. 243 / prov. Judicature Acts
- File
- 0701-09478
Fuel-X International Inc. has been in court-appointed receivership in Alberta since September 27, 2007, with Ernst & Young Inc. as receiver under BIA s. 243 and provincial Judicature Act authority, court file 0701-09478. The proceeding remains active. As of the receiver's Fifth Report dated June 1, 2010, total indebtedness to The K2 Principal Fund L.P. stood at $15,177,974, comprising approximately $10,500,000 estimated as of April 29, 2009, approximately $4,677,974 in Receiver's Certificates funded to date and approximately $400,000 of related interest. The Receiver's Certificates component, secured by five outstanding certificates, funded Tungkal joint venture cash calls. K2's security includes a senior secured loan agreement and a February 7, 2006 pledge of the shares of Fuel-x Cyprus Limited; the receiver opines that K2 ranks ahead of all other creditors, relying on Cyprus and Ontario opinions confirming the pledge's validity and perfection.
Court officer report filed as of the commencement of the receivership, with Ernst & Young Inc. acting as receiver of Fuel-X International Inc. under Alberta file 0701-09478.
Source: 5. Fifth Report of the Receiver
Debtor
Fuel-X International Inc.
Receiver
EY
| Priority class | Creditor | Amount | Source |
|---|---|---|---|
| Secured | The K2 Principal Fund L.P.as of date of the Fifth Report (June 1, 2010) — K2 Security Agreement (senior secured loan); K2 Share Pledge Agreement dated February 7, 2006 pledging shares of Fuel-x Cyprus Limited — Total K2 Indebtedness comprised of approximately $10,500,000 estimated as of April 29, 2009 plus approximately $4,677,974 in Receiver's Certificates funded to date, plus related interest of approximately $400,000. Receiver opines K2 holds priority position vis-à-vis all other creditors based on Cyprus and Ontario legal opinions confirming validity/perfection of share pledge. — debtor: Fuel-x International Inc. | $15.2M | 5. Fifth Report of the Receiver |
| Secured | The K2 Principal Fund L.P. (Receiver's Certificates)as of date of the Fifth Report (June 1, 2010) — Five outstanding Receiver's Certificates — Component of Total K2 Indebtedness; included above in aggregate figure, listed separately as it is specifically tied to Receiver's Certificates funding for Tungkal joint venture cash calls. — debtor: Fuel-x International Inc. | $4.68M | 5. Fifth Report of the Receiver |
This proceeding was commenced by a secured creditor. The record does not include the debtor’s own statement of assets and liabilities — that ceiling is the record’s, not this page’s.
5 transactions · 2 not completed · 2 terminated · 1 proposed — Following the closing of the Mont D'Or SPA, the Receiver's administration of the estate will essentially be complete5. Fifth Report of the Receiver · 1 Jun 2010
| Purchaser | Price | Status | Source |
|---|---|---|---|
| Pearl30% interest in the Tungkal PSC · asset sale | not stated | Not completed | 1. First Report of the Receiver, with Appendices |
| Continental Energy Corporationthe interest in the Tungkal PSC and related assets · asset sale · agreement 1 Aug 2008 | $15M USD (mixed consideration)US $15 million cash plus 12.32 million newly issued Continental preference shares | Not completeddate not stated | 2. Second Report of the Receiver |
| Mont D'Or Petroleum Limitedall of the outstanding shares of its wholly owned subsidiary Fuel-x Cyprus and their wholly owned subsidiaries of Fuel-x Cyprus, Fuel-x Tungkal and Fuel-x Sebuku · share sale · nominee/assignee: Purchaser's Nominee (a wholly owned subsidiary of Purchaser as stipulated in writing by Purchaser to Receiver) · agreement 27 May 2010 | $1 (mixed consideration)purchase price is $1.00 plus an undertaking to execute and deliver the FX Sebuku Agreement, FX Tungkal Note, Guarantee Agreement and other K2/Purchaser Closing Documents | Proposed | 5. Fifth Report of the Receiver |
| Pan Orient Energy Corporationall the outstanding shares of its wholly owned subsidiary Fuel-x Cyprus and their wholly owned subsidiaries of Fuel-x Cyprus, Fuel-x Tungkal and Fuel-x Sebuku · share sale · agreement 26 Aug 2009 | not statedpayment through issuance of common shares of Pan Orient plus other components including funding of cash calls (K2 Advance) | Terminated | 5. Fifth Report of the Receiver |
| referred to only as K2 in the K2 PSA, unnamed as contracting purchaser entity distinct from K2 itselfthe Assets (subject of the K2 PSA) · asset sale | not stated | Terminated | 5. Fifth Report of the Receiver |
Unsecured creditors: 100 %. K2 Principal Fund L.P. short · Source Petroleum Ltd. paid in full.Estimated1. First Report of the Receiver, with Appendices · 15 Oct 2008
| Class | Creditor | Claims | Recovery | Basis | Source |
|---|---|---|---|---|---|
| Secured | K2 Principal Fund L.P. | — | shortfall | Estimatedper the receiver | 5. Fifth Report of the Receiver · 1 Jun 2010 |
| Unsecured | — | $10.9M USDlisted | 100 %conditional | Estimatedper the receiver | 1. First Report of the Receiver, with Appendices · 15 Oct 2008 |
| UnsecuredSource (subordinated secured creditor) | Source Petroleum Ltd. | — | paid in fullconditional | Estimatedper the receiver | 1. First Report of the Receiver, with Appendices · 15 Oct 2008 |
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.
2 engagements · 2 firms — latest: Macleod Dixon LLP, —, $306,243.00 in fees5. Fifth Report of the Receiver · 1 Jun 2010
| Firm | Period | Hours | Fees | Rates | Source |
|---|---|---|---|---|---|
| Macleod Dixon LLPCounsel to the receiver | — | — | $306,243.00ex. tax | not stated | 5. Fifth Report of the Receiver · 1 Jun 2010 |
| Stylianou & Drakou LLCReceiver | — | — | $3,897.00 | not stated | 5. Fifth Report of the Receiver · 1 Jun 2010 |
| Date | Document | File |
|---|---|---|
5. Fifth Report of the Receiver
| ||
4. Fourth Report of the Receiver
| ||
| 3. Third Report of the Receiver | ||
2. Second Report of the Receiver
| ||
CEC Sale Approval Order
| ||
1. First Report of the Receiver
| ||
1. First Report of the Receiver, with Appendices
| ||
| Appointment Order | ||
Filing titles, dates, and extracted key facts are public.
CiteProceedings., “Fuel-X International Inc.” (Receivership (court-appointed)), Court of King's Bench of Alberta. Retrieved 20 September 2026, https://proceedings.ca/case/fuel-x-international-inc