Fuel-X International Inc.
- Proceeding
- Receivership (court-appointed)BIA s. 243 / prov. Judicature Acts
- File
- 0701-09478
- Industry
- Energy · Oil & gas production
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.
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 |
1 more claim in 1 class The stack holds Secured claims.
Every creditor and every amount, drawn to scale.
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See all plansThis 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 | Subscribers | 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 | Subscribers | 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 | Subscribers | 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: a distribution. 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 | — | listed | 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 blurred figures above
The claims and what each class or creditor recovers — each as the filing states it, with its source.
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See all plans2 engagements · 2 firms — latest: Macleod Dixon LLP, in fees5. Fifth Report of the Receiver · 1 Jun 2010
| Firm | Period | Hours | Fees | Rates | Source |
|---|---|---|---|---|---|
| Macleod Dixon LLPCounsel to the receiver | — | — | not stated | 5. Fifth Report of the Receiver · 1 Jun 2010 | |
| Stylianou & Drakou LLCReceiver | — | — | not stated | 5. Fifth Report of the Receiver · 1 Jun 2010 |
2 blurred figures above
What each firm billed — each as the filing states it, with its source.
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See all plans| Date | Document | File |
|---|---|---|
5. Fifth Report of the Receiver
| PDF · Subscribers | |
4. Fourth Report of the Receiver
| PDF · Subscribers | |
| 3. Third Report of the Receiver | PDF · Subscribers | |
2. Second Report of the Receiver
| PDF · Subscribers | |
CEC Sale Approval Order
| PDF · Subscribers | |
1. First Report of the Receiver
| PDF · Subscribers | |
1. First Report of the Receiver, with Appendices
| PDF · Subscribers | |
| Appointment Order | 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., “Fuel-X International Inc.” (Receivership (court-appointed)), Court of King's Bench of Alberta. Retrieved 4 November 2026, https://proceedings.ca/case/fuel-x-international-inc