Pismo Energy Ltd.

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.