Petrolama Energy Canada Inc.
Follow- Proceeding
- Proposalsection 50.4(1) of the Bankruptcy and Insolvency Act, R.S.C. 1985, c. B-3, as amended
- File
- B201 851343
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.
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
The Court of King's Bench of Alberta granted an interim order on the company's own application under subsection 50.4(9) of the BIA.
Source: Form of Order
Debtor
Petrolama Energy Canada Inc.
Proposal trustee
Alvarez & Marsal
Bench
| Judge | Court | On this docket | Cases on record |
|---|---|---|---|
| Justice Horner | Court of King's Bench of Alberta | 3 orders, Aug 2022 – Nov 2022 | 50 cases on record |
| Justice Nixon | Court of King's Bench of Alberta | 2 orders, Aug 2022 – Sep 2022 | 36 cases on record |
Counsel of record
| Party | Counsel | First seen | Source |
|---|---|---|---|
| Proposal trusteeAlvarez & Marsal | Blake, Cassels & Graydon LLP | 1 Aug 2022 | Order · 1 Aug 2022 |
| DebtorPetrolama Energy Canada Inc. | Jensen Shawa Solomon Duguid Hawkes LLP | 1 Aug 2022 | Order · 1 Aug 2022 |
| CreditorTrevor Wong-Chor | Dla Piper LLP | 1 Aug 2022 | Order · 1 Aug 2022 |
| # | Priority class | Creditor | Amount | Source |
|---|---|---|---|---|
| 4 | Secured | Company'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. | $65K | Proposal Trustee’s Second Report |
| 4 | Secured | Proposal Trustee, Proposal Trustee's counsel, and Company's counsel (Administration Charge beneficiaries)Administration Charge over Company property, increased from $150,000 to a maximum of $250,000 — Court-ordered priority charge securing professional fees, not a balance owing — debtor: Petrolama Energy Canada Inc. | — | Proposal Trustee’s Second Report |
| 4 | Secured | 884304 Alberta Ltd.Interim Lending Charge securing Interim Facility credit line, limit increased from $300,000 to $397,500 (CAD equivalent, including US$75,000 increase) — Related party - Stalking Horse Bidder; court-ordered priority charge securing interim (DIP-style) financing, amount is facility limit not outstanding balance — debtor: Petrolama Energy Canada Inc. | — | Proposal Trustee’s Second Report |
| 8 | Unsecured | Phillips 66 Gulf Coast Properties LLC (P66)Funds held under Cash Collateral Agreement dated March 10, 2021 determined to be property of P66; provable claim amount itself not stated — debtor: Petrolama Energy Canada Inc. | — | Proposal Trustee’s Second Report |
| 8 | Unsecured | Keyera Energy Inc.as of August 26, 2022 (Keyera Lawsuit filed) — Amount of claim not stated in these pages; disputed/contested claim subject to BIA stay — debtor: Petrolama Energy Canada Inc. | — | Proposal Trustee’s Second Report |
“not stated” means the record names the claim without a figure; “—” means not in the extracted record.
Unsecured creditors: $0 USD – $9M USD.Under the plan · sanctionedThird Report of Proposal Trustee · 25 Oct 2022
| Class | Creditor | Claims | Recovery | Basis | Source |
|---|---|---|---|---|---|
| Unsecured | Affected Creditors | — | $0 USD – $9M USD | Under the plansanctionedper the proposal trustee | Third Report of Proposal Trustee · 25 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.
As at 30 Sep 2022 · per Statement of Affairs as stated and estimated by the officer · entity - Petrolama Energy Canada Inc. — Total unsecured creditors $17,703,820.43; secured, preferred, and contingent/trust claims each $0.00; Surplus NIL. Elsewhere the Proposal Trustee's report states cash held of approximately $15,210 and amounts owing to creditors of approximately $18.0 million (including approximately $11.9 million to Keyera) as of the Filing Date, differing from the sworn Statement of Affairs figures.
Cash on hand
$9.52K
As at 25 Oct 2022Third Report of Proposal Trustee
Professional fees to date
$145K
As at 25 Oct 2022Third Report of Proposal Trustee
| Date | Document | File |
|---|---|---|
| Application (Proposal and Plan Sanction) | ||
Proposal and Plan Approval Order
| ||
Sealing Order
| ||
| Service List | ||
Third Report of Proposal Trustee
| ||
Form 40 - Report of Trustee on Proposal
| ||
Order (Extension of Time to File Proposal)
| ||
Proposal Trustee’s Second Report
| ||
| Affidavit of P.Joslyn sworn, September 19, 2022 | ||
Application
| ||
Order
| ||
| Affidavit of P.Josyln sworn August 9, 2022 | ||
Originating Application
| ||
| Proposal Trustee’s First Report | ||
| Affidavit of P. Joslyn sworn on August 2, 2022 | ||
| Brief of Petrolama Canada Energy Inc. | ||
Form of Order
| ||
| Proposal Trustee’s Certificate (Filed) | ||
Filing titles, dates, and extracted key facts are public.
CiteProceedings., “Petrolama Energy Canada Inc.” (Proposal), Court of King's Bench of Alberta. Retrieved 20 September 2026, https://proceedings.ca/case/petrolama-energy-canada-inc