Solara Exploration Ltd.

Solara Exploration Ltd. was placed in court-appointed receivership on December 19, 2012 under s. 243 of the Bankruptcy and Insolvency Act and provincial Judicature Act authority in the Court of King's Bench of Alberta; the proceeding is closed. The company's records showed assets of $23,705,254 at net book value as at September 30, 2012, consisting of accounts receivable of $2,632,058, deposits and prepaid expenses of $65,176, and oil and gas properties and equipment of $21,008,020, with the Receiver cautioning that net book value of oil and gas properties often differs significantly from liquidation value. Liabilities per the books at the date of appointment totalled $21,880,697, comprising $15,500,000 secured to National Bank of Canada and $6,480,697 unsecured across several hundred trade, royalty, municipal and Crown claimants. The largest unsecured balances were Anterra Energy at $486,409, Calfrac Well Service at $331,053 and Ensign Drilling Partnership at $230,949.