Second Wave Petroleum Inc
- Proceeding
- ProposalThe Bankruptcy and Insolvency Act, R.S.C. 1985, c. B-3, sections 54, 56, 58, 59, 61
- Industry
- Energy · Oil & gas production
Second Wave Petroleum Inc. is the subject of active insolvency proceedings in the Court of King's Bench of Alberta, in which Ernst & Young Inc. acts in its capacity as Trustee in Bankruptcy of the company and has advanced an application under Rules 6.3(1), 6.9(1) and 6.28 to 6.36 of the Alberta Rules of Court. The Statement of Affairs (Form 78), sworn by Dean Schultz as at June 30, 2017, reports assets of $13,789,460.50 against liabilities of $66,336,045.11 and a stated deficiency of $52,546,584.61, with no preferred creditors and no contingent or trust claims. Brookfield Private Equity Direct Investments Holdings LP dominates the creditor body, listed for a $36,148,410.50 balance of secured claims plus $14,333,015.00 unsecured; the largest remaining claim is Crescent Point Resources Partnership's $848,455.43.
A claims procedure has been established — see the order for deadlines.
The court granted an approval and vesting order for the sale to Crescent Point Resources Partnership. Closing terms, as extracted: Vesting is effective upon delivery of the Trustee's Certificate confirming payment of the Purchase Price and satisfaction of closing conditions.
The officer filed report no. First Report. SWP had assigned into bankruptcy on June 30, 2017. The Trustee is safely suspending the only operated property (Battle Creek, about 30 boe/d at a loss), has disclaimed negative-value properties, and seeks court approval to sell the Swan Hills Assets to Crescent Point for $1.8 million cash plus a $600,000 claim reduction. The Rowley Property is to be dealt with through a Brookfield-led proposal to unsecured creditors.
The officer filed a report. SWP had three employees at the Assignment Date, was operating only the Battle Creek Property (which was running at a loss), and the Trustee is safely suspending that property, retaining two employees to complete the administration and the Swan Hills sale.
Debtor
Second Wave Petroleum Inc
Proposal trustee
EY
| # | Priority class | Creditor | Amount | Source |
|---|---|---|---|---|
| 4 | Secured | Brookfield Private Equity Direct Investments Holdings LP (Attn: Ryan Szainwald)Listed as 'Balance of secured claims' per List B, entry 31; same creditor also appears as an unsecured claimant of $14,333,015.00 (entry 32) - possible bifurcated secured/unsecured claim by same party; related-party status not stated but note relationship possibility — debtor: Second Wave Petroleum Inc. · as of 30 Jun 2017 | $36.1M | Creditors Package |
| 8 | Unsecured | |||
| 8 | Unsecured | |||
| 8 | Unsecured | |||
| 8 | Unsecured | |||
| 8 | Unsecured | |||
| 8 | Unsecured | |||
| 8 | Unsecured | |||
| 8 | Unsecured | |||
| 8 | Unsecured |
145 more claims in 1 class The stack holds Secured and Unsecured claims.
Every creditor and every amount, drawn to scale.
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See all plans2 transactions · 1 proposed · 1 approved — The Swan Hills PSA was approved by an Order of the Court of Queen's Bench of Alberta dated September 5, 2017 and is scheduled to close on September 7, 2017.Preliminary Report of the Trustee on the Proposal · 11 Sep 2017
| Purchaser | Price | Status | Source |
|---|---|---|---|
| Crescent Point Resources PartnershipSWP's oil and gas interests, including proprietary seismic, in the Swan Hills Assets · asset sale · agreement 17 Aug 2017 | Subscribers | Proposed | First Report of the Trustee (filed ) |
| Crescent Point Resources Partnershipthe Debtor's right, title and Interest in and to the assets described in the Saie Agreement as the Assets (the Purchased Assets) · asset sale · agreement 20 Jun 2017 | not stated | Approved5 Sep 2017 | Order - CPRP Sale Approval and Vesting |
Unsecured creditors: a distribution. Brookfield Private Equity no distribution.Under the plan · sanctionedPreliminary Report of the Trustee on the Proposal · 7 Sep 2017
| Class | Creditor | Claims | Recovery | Basis | Source |
|---|---|---|---|---|---|
| Unsecured | unsecured creditors with proven claims | — | a distributionconditional | Under the plansanctionedper the trustee | Preliminary Report of the Trustee on the Proposal · 7 Sep 2017 |
| Equity | Brookfield Private Equity | — | no distribution | Under the plansanctionedper the trustee | Preliminary Report of the Trustee on the Proposal · 7 Sep 2017 |
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 ·
Cash on hand
$454K
As at 30 Jun 2017Report on the Trustee's Preliminary Administration
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 |
|---|---|---|
Order - Approve Second Wave Petroleum BIA Proposal, filed
| PDF · Subscribers | |
Application, filed
| PDF · Subscribers | |
Preliminary Report of the Trustee, filed
| PDF · Subscribers | |
Trustee Report on Second Wave Proposal, filed
| PDF · Subscribers | |
| Proof of Claim Form | PDF · Subscribers | |
Claim and Voting Instruction Notice
| PDF · Subscribers | |
Notice of Proposal to Creditors
| PDF · Subscribers | |
Preliminary Report of the Trustee on the Proposal
| PDF · Subscribers | |
Proxy
| PDF · Subscribers | |
| Voting Letter | PDF · Subscribers | |
Order - CPRP Sale Approval and Vesting
| PDF · Subscribers | |
Application (filed )
| PDF · Subscribers | |
First Report of the Trustee (filed )
| PDF · Subscribers | |
| Service Letter to Counsel | PDF · Subscribers | |
Trustee's Preliminary Report (filed )
| PDF · Subscribers | |
Report on the Trustee's Preliminary Administration
| PDF · Subscribers | |
Creditors Package
| PDF · Subscribers | |
| Second Wave- Proof of Claim and Instructions | PDF · Subscribers | |
Second Wave- Proxy
| 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., “Second Wave Petroleum Inc” (Proposal), Court of King's Bench of Alberta. Retrieved 4 November 2026, https://proceedings.ca/case/second-wave-petroleum-inc