Proceedings.

Prospect Oil & Gas Management Ltd.

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Proceeding
BankruptcyBankruptcy and Insolvency Act, RSC 1985, c. B-3, as amended, specifically s. 40(2); Judicature Act, RSA 2000, c J-2
Court
Court of King's Bench of Alberta
File
BK01-3177635
Industry
Energy · Oil & gas production
Filings held10
Last activity7 Apr 2026
On the record651 days
OverviewSummary updated

Prospect Oil & Gas Management Ltd. filed an assignment in bankruptcy on January 23, 2025, commencing a bankruptcy proceeding under the Bankruptcy and Insolvency Act. The matter is before the Court of King's Bench of Alberta under court file number BK013177635. The proceeding remains active. Nothing further has been recorded on the file since the assignment, and the record identifies no subsequent orders, reports or hearing dates.

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Case updates10 dated entries
#Sale

The court granted an approval and vesting order for the sale to Decimus Oil Corp. Closing terms, as extracted: Vesting effective upon delivery of the Trustee's Closing Certificate confirming payment of Purchase Price, satisfaction/waiver of closing conditions, and completion of the Transaction.

Source: Sale Approval and Vesting Order FILED

Parties

Debtor

Prospect Oil & Gas Management Ltd.

Trustee in bankruptcy

MNP

Capital structureAs asserted in the filings
stated amounts, drawn to scale · for subscribers
#Priority classCreditorAmountSource
4SecuredCounty of Newell · in 2 casesAsset securing the liability: 201 (Furniture) — Municipal (property tax). Secured amount stated as nominal $1.00 in Form 78 (creditor no. 22); unsecured column 0.00. — debtor: Prospect Oil & Gas Management Ltd · as of 16 Jan 2025$1Creditor's Package
4Secured
4Secured
8Unsecured
8Unsecured
8Unsecured
8Unsecured
8Unsecured
8Unsecured
8Unsecured

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

Every creditor and every amount, drawn to scale.

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Sale processAs stated in the filings

Sale did not complete — With the failure of Decimus to close their transaction, the Trustee has no other party interested in acquiring the Assets of Prospect.Second Report of the Trustee - Filed · 1 Apr 2026

Parties solicited

2250

First Report of the Trustee (Filed)

NDAs signed

21

First Report of the Trustee (Filed)

Bids received

1

First Report of the Trustee (Filed)

PurchaserPriceStatusSource
Decimus Oil Corp.the Trustee's and the Debtor's right, title and interest in and to the assets described in the Sale Agreement (the 'Purchased Assets') · asset sale · nominee/assignee: its nominee · agreement 27 Oct 2025SubscribersNot completed18 Feb 2026Second Report of the Trustee - Filed
AdvisorsSayer Energy Advisors (financial advisor)Second Report of the Trustee - Filed
Closing termsVesting of Unrealized Assets back to Prospect becomes effective upon filing of the Trustee's Certificate confirming arrangements with the AER for transition to the Orphan Well Association or another responsible partyOrder - Unrealized Assets - filed
Estate financialsReported figures — never derived
Total liabilities at filing

As at ·

The total the debtor stated at filing

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

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Documents
10 filings
DateDocumentFile
Proposed form of Order Amending Order - Unrealized AssetsPDF · Subscribers
Service Letter to Calgary Commercial CoordinatorPDF · Subscribers
Affidavit of Service - Filed
PDF · Subscribers
Application to Amended Order Returnable - Filed
  • Applicant MNP LTD. in its capacity as the Trustee in Bankruptcy of PROSPECT OIL & GAS MANAGEMENT LTD.
  • Commencement date 2 April 2026
  • Court COURT OF KING'S BENCH OF ALBERTA
  • Court file no BK01-3177635
  • + 1 more extracted fact
PDF · Subscribers
Second Report of the Trustee - Filed
  • Closing confirmed Did not complete · 18 Feb 2026 · Decimus Oil Corp
  • Purchaser Decimus Oil Corp · certain assets of the Company · asset sale · not completed
  • Sale advisor Sayer Energy Advisors (financial advisor)
  • Financial position Subscribers
  • + 3 more extracted facts
PDF · Subscribers
Order - Unrealized Assets - filed
  • Closing terms Vesting of Unrealized Assets back to Prospect becomes effective upon filing of the Trustee's Certificate confirming arrangements with the AER for transition to the Orphan Well Association or another responsible party
  • Order date 19 November 2025
  • Presiding officer Justice B.B. Johnston
  • Sale outcome No acceptable bid — Unrealized Assets were actively marketed as part of the sales process, but no offers were received, and are unsaleable; they are vested back to Prospect
  • + 1 more extracted fact
PDF · Subscribers
Sale Approval and Vesting Order FILED
  • Closing terms Vesting effective upon delivery of the Trustee's Closing Certificate confirming payment of Purchase Price, satisfaction/waiver of closing conditions, and completion of the Transaction
  • Order date 19 November 2025
  • Presiding officer Justice B.B. Johnston
  • Purchaser Decimus Oil Corp. · nominee/assignee its nominee · the Trustee's and the Debtor's right, title and interest in and to the assets described in the Sale Agreement (the 'Purchased Assets') · asset sale · approved
  • + 2 more extracted facts
PDF · Subscribers
First Report of the Trustee (Filed)
  • Applicant MNP LTD., TRUSTEE OF THE ESTATE OF PROSPECT OIL & GAS MANAGEMENT LTD., A BANKRUPT
  • Appointee MNP Ltd.
  • Appointee role Trustee
  • Commencement date 23 January 2025
  • + 11 more extracted facts
PDF · Subscribers
Certificate of AppointmentPDF · Subscribers
Creditor's Package
  • Financial position · Secured creditors · Unsecured creditors Subscribers
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., “Prospect Oil & Gas Management Ltd.” (Bankruptcy), Court of King's Bench of Alberta. Retrieved 4 November 2026, https://proceedings.ca/case/prospect-oil-and-gas-management-ltd

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Sources last checked · summary updated 9 August 2026 · Report a correction · Printed from proceedings.ca/case/prospect-oil-and-gas-management-ltd

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.