Pismo Energy Ltd.
- Proceeding
- Receivership (court-appointed)section 243(1) of the Bankruptcy and Insolvency Act and sections 13(2) of the Judicature Act
- Industry
- Energy · Oil & gas production
Pismo Energy Ltd. has been in court-appointed receivership in Alberta since December 6, 2024, when the Court of King's Bench of Alberta appointed KSV Restructuring Inc. as receiver on the application of North Shore Petroleum Ltd. under section 243(1) of the Bankruptcy and Insolvency Act and section 13(2) of the Judicature Act. North Shore and the debenture holders claim $13,550,591.33 as of November 2024, not including interest, secured by a demand debenture dated September 21, 2015 over all present and after-acquired personal property with a floating charge on real property, and including secured debt assigned from Tallinn Capital Partners Ltd. Unaudited management-prepared accounts as at December 31, 2023 show total assets of $8,370,444 and a shareholders' equity deficit of $5,105,890; an affidavit puts total liabilities at November 2024 at at least $15,627,331.27. Alberta Energy Regulator claims, municipal tax arrears and county judgments add to the exposure. The receivership remains active.
The court granted an approval and vesting order for the sale to North Fork Resources Ltd. Closing terms, as extracted: Vesting subject to municipal tax payment plan, AER approval, and delivery of Receiver's Certificate.
Source: Sales Approval and Vesting Order (Northfork) dated December 6, 2024
The court granted an approval and vesting order for the sale to Poker Chip Exploration Ltd. Closing terms, as extracted: Vesting conditional on municipal tax payment plan, AER approval, and delivery of Receiver's Certificate.
Source: Sales Approval and Vesting Order (Pokerchip) dated December 6, 2024
Court of King's Bench of Alberta appointed KSV Restructuring Inc. receiver of Pismo Energy Ltd. on North Shore Petroleum Ltd.'s application, commencing the proceeding.
Debtor
Pismo Energy Ltd.
Receiver
KSV
Bench
| Judge | Court | On this docket | Cases on record |
|---|---|---|---|
| Justice Harris | Court of King's Bench of Alberta | 3 orders, Dec 2024 | 28 cases on record |
Counsel of record
| Party | Counsel | First seen | Source |
|---|---|---|---|
| CreditorAgent for Flagstaff County, Sedgewick | Brownlee LLP | 22 Jan 2025 | Service list · 22 Jan 2025 |
| CreditorAgent for Flagstaff County, Sedgewick and and Paintearth County | Brownlee LLP | 25 Jun 2025 | Service list · 25 Jun 2025 |
| CreditorErikson National Energy Inc | Bennett Jones LLP | 28 Nov 2024 | Factum · 28 Nov 2024 |
| CreditorKSV Advisory | Fasken Martineau DuMoulin LLP | 22 Jan 2025 | Service list · 22 Jan 2025 |
| CreditorTopanga Resources Ltd | Bennett Jones LLP | 22 Jan 2025 | Service list · 22 Jan 2025 |
| CreditorTotal Depth Well Servicing Ltd | McAllister LLP | 22 Jan 2025 | Service list · 22 Jan 2025 |
| # | Priority class | Creditor | Amount | Source |
|---|---|---|---|---|
| 4 | Secured | North Shore Petroleum Ltd. and Debenture Holders (Agent: Scott Venturo LLP, per Demand Debenture)as of November 2024 — Demand Debenture dated September 21, 2015 - general security interest over all present and after-acquired personal property and floating charge on real property; registered Principal Sum stated as CAD $12,000,000 (facility/principal amount, not balance); includes assigned secured debt originally owed to Tallinn Capital Partners Ltd. — John Zang, affiant, is personally a debenture holder (related party). Amount stated is 'not including interest'. Tallinn Capital Partners Ltd. debt was assigned to North Shore/debenture holders. — debtor: Pismo Energy Ltd. | $13.6M | Affidavit of John Zang dated November 28, 2024 |
| 4 | Secured | |||
| 4 | Secured | |||
| 8 | Unsecured | |||
| 8 | Unsecured | |||
| 8 | Unsecured | |||
| 8 | Unsecured | |||
| 8 | Unsecured | |||
| 8 | Unsecured | |||
| 8 | Unsecured |
10 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 approved · 1 not completed — The Transaction is hereby approvedSales Approval and Vesting Order (Pokerchip) dated December 6, 2024 · 6 Dec 2024
| Purchaser | Price | Status | Source |
|---|---|---|---|
| North Fork Resources Ltd.the assets set out in Schedule "A" hereto (the "Transferred Assets") · asset sale · nominee/assignee: its nominee | not stated | Approved6 Dec 2024 | Sales Approval and Vesting Order (Northfork)… |
| Poker Chip Exploration Ltd.Pismo Energy Ltd.'s interests ... to Poker Chip Exploration Ltd. · asset sale | not stated | Not completed1 Apr 2025 | Receiver's Certificate filed March 18, 2026 |
As at ·
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 |
|---|---|---|
Receiver's Certificate filed March 18, 2026
| PDF · Subscribers | |
Service List dated June 25, 2025
| PDF · Subscribers | |
Service List as of January 22, 2025
| PDF · Subscribers | |
Receivership Order dated December 6, 2024
| PDF · Subscribers | |
Sales Approval and Vesting Order (Northfork) dated December 6, 2024
| PDF · Subscribers | |
Sales Approval and Vesting Order (Pokerchip) dated December 6, 2024
| PDF · Subscribers | |
| Supplemental Affidavit of John Zang sworn December 5, 2024 | PDF · Subscribers | |
Affidavit of John Zang dated November 28, 2024
| PDF · Subscribers | |
Bench Brief for Pismo re Reciever dated November 28, 2024
| PDF · Subscribers | |
Originating-Application dated November 27, 2024
| 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., “Pismo Energy Ltd.” (Receivership (court-appointed)), Court of King's Bench of Alberta. Retrieved 4 November 2026, https://proceedings.ca/case/pismo-energy-ltd