Proceedings.

Petrolama Energy Canada Inc.

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Proceeding
Proposalsection 50.4(1) of the Bankruptcy and Insolvency Act, R.S.C. 1985, c. B-3, as amended
Court
Court of King's Bench of Alberta
File
B201 851343
Industry
Energy · Pipelines, midstream & refining
Filings held18
Last activity2 Nov 2022
On the record1,562 days
Secured debtSubscribers
OverviewSummary updated

Petrolama Energy Canada Inc. is in a Division I proposal proceeding before the Court of King's Bench of Alberta in court file B201 851343, with Alvarez & Marsal Canada Inc. acting as proposal trustee. The company brought the application itself, and an interim order was granted on September 28, 2022 under subsection 50.4(9) of the Bankruptcy and Insolvency Act. The proceeding remains active.

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Case updates18 dated entries
#Report

The officer filed report no. Third Report. Petrolama has wound down its Canadian operations, has only one employee remaining, and its main remaining asset of value is a contract to extract residue material from a lagoon in Texistepec, Mexico, which underpins the stalking horse Proposal that was unanimously accepted by voting creditors and which the Trustee recommends the Court approve.

Source: Third Report of Proposal Trustee

Parties

Debtor

Petrolama Energy Canada Inc.

Proposal trustee

Alvarez & Marsal

Bench and counselPer the orders and service lists on the record

Bench

JudgeCourtOn this docketCases on record
Justice HornerCourt of King's Bench of Alberta3 orders, Aug 2022 – Nov 202278 cases on record
Justice NixonCourt of King's Bench of Alberta2 orders, Aug 2022 – Sep 202253 cases on record

Counsel of record

PartyCounselFirst seenSource
Proposal trusteeAlvarez & MarsalBlake, Cassels & Graydon LLP1 Aug 2022Order · 1 Aug 2022
DebtorPetrolama Energy Canada Inc.Jensen Shawa Solomon Duguid Hawkes LLP1 Aug 2022Order · 1 Aug 2022
CreditorKeyera Energy IncMLT Aikins LLP2 Nov 2022Application · 2 Nov 2022
CreditorPMI Trading DACFasken Martineau DuMoulin LLP2 Nov 2022Application · 2 Nov 2022
CreditorTrevor Wong-ChorDLA Piper (Canada) LLP1 Aug 2022Order · 1 Aug 2022
CreditorUS Venture IncBennett Jones LLP2 Nov 2022Application · 2 Nov 2022
Capital structureAs asserted in the filings
#Priority classCreditorAmountSource
4SecuredCompany's directors and officersas of August 10, 2022 order — Directors' and Officers' Charge over Company property — Related party - secures indemnification obligations to directors/officers; ceiling amount, not a balance — debtor: Petrolama Energy Canada Inc.$65KProposal Trustee’s Second Report
4Secured
4Secured
8Unsecured
8Unsecured

4 more claims in 2 classes The stack holds Secured and Unsecured claims.

Every creditor and every amount.

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RecoveriesAs stated in the filings

Unsecured creditors: a distribution.Under the plan · sanctionedForm 40 - Report of Trustee on Proposal · 30 Sep 2022

ClassCreditorClaimsRecoveryBasisSource
UnsecuredAffected Creditors—Under the plansanctionedper the proposal trusteeForm 40 - Report of Trustee on Proposal · 30 Sep 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.

1 blurred figure above

The claims and what each class or creditor recovers — each as the filing states it, with its source.

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Estate financialsReported figures — never derived
Total liabilities at filing

As at ·

Cash on hand

$9.52K

As at 21 Oct 2022Third Report of Proposal Trustee

Professional fees

As at

1 more reported figure, and the total the debtor stated at filing

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

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Documents
18 filings
DateDocumentFile
Application (Proposal and Plan Sanction)
  • Counsel Fasken Martineau DuMoulin LLP
PDF · Subscribers
Proposal and Plan Approval Order
  • Presiding officer Justice K.M. Horner
PDF · Subscribers
Sealing Order
  • Presiding officer Justice K.M. Horner
PDF · Subscribers
Service ListPDF · Subscribers
Third Report of Proposal Trustee
  • Operational summary Petrolama has wound down its Canadian operations, has only one employee remaining, and its main remaining asset of value is a contract to extract residue material from a lagoon in Texistepec, Mexico, which underpins the stalking horse Proposal that was unanimously accepted by voting creditors and which the Trustee recommends the Court approve.
  • Cash on hand · Disbursements · Financial position Subscribers
  • + 5 more extracted facts
PDF · Subscribers
Form 40 - Report of Trustee on Proposal
  • Recovery outcome Entries: per plan; per liquidation_alternative; per unstated · Stated on: 2022-09-30 · Table missing: 39. A full distribution waterfall is outlined in Appendix ' E '.
  • Financial position Subscribers
PDF · Subscribers
Order (Extension of Time to File Proposal)
  • Counsel Jensen Shawa Solomon Duguid Hawkes LLP
  • Presiding officer Justice D.B. Nixon
PDF · Subscribers
Proposal Trustee’s Second Report
  • Financial position · Secured creditors · Unsecured creditors Subscribers
PDF · Subscribers
Affidavit of P.Joslyn sworn, September 19, 2022PDF · Subscribers
Application
  • Applicant Petrolama Energy Canada Inc.
  • Appointee Alvarez & Marsal Canada Inc.
  • Appointee role Proposal Trustee
  • Court COURT OF KING'S BENCH OF ALBERTA
  • + 2 more extracted facts
PDF · Subscribers
Order
  • Presiding officer Justice K.M. Horner
PDF · Subscribers
Affidavit of P.Josyln sworn August 9, 2022PDF · Subscribers
Originating Application
  • Applicant Petrolama Energy Canada Inc.
  • Appointee Alvarez & Marsal Canada Inc.
  • Appointee role Proposal Trustee
  • Court COURT OF QUEEN’S BENCH OF ALBERTA
  • + 2 more extracted facts
PDF · Subscribers
Proposal Trustee’s First Report
  • Financial position · Secured creditors · Unsecured creditors Subscribers
PDF · Subscribers
Affidavit of P. Joslyn sworn on August 2, 2022PDF · Subscribers
Brief of Petrolama Canada Energy Inc.PDF · Subscribers
Form of Order
  • Applicant Petrolama Energy Canada Inc.
  • Appointee Alvarez & Marsal Canada Inc.
  • Appointee role Proposal Trustee
  • Counsel DLA Piper (Canada) LLP
  • + 4 more extracted facts
PDF · Subscribers
Proposal Trustee’s Certificate (Filed)
  • Commencement date 27 July 2022
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., “Petrolama Energy Canada Inc.” (Proposal), Court of King's Bench of Alberta. Retrieved 4 November 2026, https://proceedings.ca/case/petrolama-energy-canada-inc

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Sources last checked · summary updated 1 September 2026 · Report a correction · Printed from proceedings.ca/case/petrolama-energy-canada-inc

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.