R5 Energy Services Ltd. is under interim receivership in the Court of Queen's Bench of Alberta, with Grant Thornton Limited appointed interim receiver. The court made an initial order on Friday, June 9, 2017, followed by a further order on June 13, 2017. Weslease Income Growth Fund Limited Partnership, which states it is the only secured creditor, filed an application on July 5, 2017 under section 243(1) of the Bankruptcy and Insolvency Act and section 13(2) of the Judicature Act, asserting indebtedness of $7,059,566.52 owed jointly by R5 Energy Services Ltd. and Michael Greba as of June 5, 2017, secured by general security agreements and lease agreements. A security opinion obtained by the Interim Receiver found the security interest valid and enforceable, though some of the agreements had not been fully executed.
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The court granted an approval and vesting order for the sale to Weslease Income Growth Fund Limited Partnership. Closing terms, as extracted: Vesting effective upon delivery of Receiver's Certificate confirming payment of purchase price and satisfaction of closing conditions. Sealed: Confidential Supplement to the Affidavit of Keith Talbot sworn August 1, 2017, Affidavit of Value of Ron Victor sworn August 6, 2017, Confidential Supplement to the First Report of the Receiver, Court Letter Dated August 8, 2017.
18 earlier updates, back to 20 July 2017 — subscribers.
Parties
Debtor
R5 Energy Services Ltd.
Interim receiver
Doane Grant Thornton
Capital structureAs asserted in the filings
Priority class
Creditor
Amount
Source
Secured
Weslease Income Growth Fund Limited PartnershipGeneral Security Agreements (security interest in Collateral - leased equipment - and all present and after acquired personal property); security interests also granted under Terms and Conditions of Lease in the Lease Agreements — Applicant states it is the only secured creditor (para 39); indebtedness plus costs and interest accruing from June 5, 2017; Interim Receiver obtained a security opinion indicating the Security Interest appears valid and enforceable; some General Security Agreements and Lease Agreements not fully executed but security interests from fully executed documents relied up · as of 5 Jun 2017
$7.06M
Applicant's Brief for Application Lifting Stay, Declaration and Appointment of Receiver
Crusader Energy Services Ltd.Assets sold pursuant to Bill of Sale (including 60T-3 Water Injection Pump No. 63325) · asset sale · agreement 27 Jul 2017
Sealed materialsConfidential Supplement to the Affidavit of Keith Talbot sworn August 1, 2017; Affidavit of Value of Ron Victor sworn August 6, 2017; Confidential Supplement to the First Report of the Receiver; Court Letter Dated August 8, 2017Approval and Vesting Order - Filed August 17, 2017
Estate financialsReported figures — never derived
The debtor’s own statement of its total assets and liabilities at filing is in the record — Subscribers
Cumulative receipts
$490K
As at 3 Aug 2017Receiver's First Report - Filed August 3, 2017
Documents
20 filings
Date
Document
File
Approval and Vesting Order - Filed August 17, 2017
Closing termsVesting effective upon delivery of Receiver's Certificate confirming payment of purchase price and satisfaction of closing conditions.
Order date17 August 2017
PurchaserWeslease Income Growth Fund Limited Partnership · the assets described in the Sale Agreement (the "Purchased Assets") · asset sale · approved
Sale outcomeSale approved — The Transaction is approved and the Receiver directed to execute the Sale Agreement.
Closing confirmedClosed · date not stated · Yoho Resources Inc.; Closed · date not stated · ABS Oilfield Supply Canada Inc; Closed · date not stated · Crusader Energy Services Ltd.
Cash on hand · Disbursements · Financial positionSubscribers
Filing titles and dates are public, and so is each filing's own page. The figures read from them are for subscribers.
CiteProceedings., “R5 Energy Services Ltd.” (Interim receivership), Court of King's Bench of Alberta. Retrieved 20 September 2026, https://proceedings.ca/case/r5-energy-services-ltd
Sources last checked · summary updated 6 September 2026 · Report a correction · Printed from proceedings.ca/case/r5-energy-services-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.