Stone Mountain Resources Ltd was placed in court-appointed receivership by the Court of King's Bench of Alberta on April 23, 2012, on the application of its parent, Stone Mountain Resources Holdings Ltd., under section 243 of the Bankruptcy and Insolvency Act and section 13(2) of the Judicature Act. Ernst & Young Inc. was appointed receiver and manager under court file 1201-04796. A creditor listing as at April 23, 2012 recorded total secured creditors of $86,930,599 and total unsecured creditors of $11,674,260. The largest secured claims were held by Stone Mountain Resources Holdings Ltd. at $75,588,892 and FR X Canada LLC at $11,341,707. The receivership remains active.
The officer filed report no. Second Report. SMR's production remains shut in since before the receivership began, and the Receiver has completed a sales and solicitation process resulting in agreements to sell substantially all assets to Spoke Energy Ltd. and the Tenaka Property to CNRL, with the Receiver seeking court approval of these sales and its own discharge.
Source: Second Report of the Receiver
The court approved a sale and investment solicitation process. A bid deadline of 2012-09-17.
Source: Order - Sales Process
Ernst & Young Inc. was appointed receiver and manager of the company on April 23, 2012.
Source: Receivership Order
Receivership Application, filed was filed. Court file 1201-04796.
Source: Receivership Application, filed
Debtor
Stone Mountain Resources Ltd
Receiver
EY
Bench
| Judge | Court | On this docket | Cases on record |
|---|---|---|---|
| Justice Kent | Court of King's Bench of Alberta | 1 order, Jul 2012 | 15 cases on record |
Counsel of record
| Party | Counsel | First seen | Source |
|---|---|---|---|
| DebtorStone Mountain Resources Ltd | Bennett Jones LLP | 31 May 2012 | Application · 31 May 2012 |
| # | Priority class | Creditor | Amount | Source |
|---|---|---|---|---|
| 4 | Secured | Stone Mountain Resources Holdings Ltd.Related party (parent/holding company) — debtor: Stone Mountain Resources Ltd. · as of 23 Apr 2012 | $75.6M | SMR - Receiver Notice - Appendix A |
| 4 | Secured | |||
| 8 | Unsecured | |||
| 8 | Unsecured | |||
| 8 | Unsecured | |||
| 8 | Unsecured | |||
| 8 | Unsecured | |||
| 8 | Unsecured | |||
| 8 | Unsecured | |||
| 8 | Unsecured |
20 more claims in 2 classes The stack holds Secured and Unsecured claims.
Every creditor and every amount, drawn to scale.
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See all plans2 transactions · 2 proposed — Receiver recommends Court approve the Spoke APA and CNRL PSASecond Report of the Receiver · 30 Nov 2012
| Purchaser | Price | Status | Source |
|---|---|---|---|
| CNRLthe Tenaka Property · asset sale · agreement 23 Nov 2012 | Subscribers | Proposedoutside 30 Sep 2012 | Second Report of the Receiver |
| Spoke Energy Ltd.all of the assets of SMR excluding the Tenaka Property · asset sale · agreement 26 Nov 2012 | Subscribers | Proposed | Second Report of the Receiver |
As at ·
Cumulative receipts
$8.15M
As at 30 Nov 2012Second Report of the Receiver
Cumulative disbursements
As at
Professional fees
As at
2 more reported figures, and 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 |
|---|---|---|
Second Report of the Receiver
| PDF · Subscribers | |
| Filed Brief NOVA | PDF · Subscribers | |
| Affidavit of Garry Lamb, sworn | PDF · Subscribers | |
Order - Nova Gas Transmission Ltd
| PDF · Subscribers | |
Ltr. to Madam Justice Kent - Bennett Jones
| PDF · Subscribers | |
| Ltr. to Madam Justice Kent - Stikemen | PDF · Subscribers | |
| Answers to Undertakings of M Watzky - Attachment 1 | PDF · Subscribers | |
| Answers to Undertakings of M Watzky - Attachment 2 | PDF · Subscribers | |
| Answers to Undertakings of M Watzky - Attachment 3 | PDF · Subscribers | |
| Answers to Undertakings of M Watzky - Attachment 4 | PDF · Subscribers | |
| Answers to Undertakings of M Watzky - Attachment 5 | PDF · Subscribers | |
| Answers to Undertakings of M Watzky - Attachment 6 | PDF · Subscribers | |
| Answers to Undertakings of M Watzky - Attachment 7 | PDF · Subscribers | |
| Answers to Undertakings of M Watzky - Attachment 8 | PDF · Subscribers | |
| Answers to Undertakings of M Watzky, filed | PDF · Subscribers | |
Order - Sales Process
| PDF · Subscribers | |
Application
| PDF · Subscribers | |
Ramshorn Application
| PDF · Subscribers | |
SMR - Receiver Notice
| PDF · Subscribers | |
SMR - Receiver Notice - Appendix A
| PDF · Subscribers | |
| 1. First Report of the Receiver | PDF · Subscribers | |
Receivership Order
| PDF · Subscribers | |
| Consent to Act as Receiver, filed | PDF · Subscribers | |
Receivership Application, filed
| PDF · Subscribers | |
| Statement of Claim, filed | PDF · Subscribers | |
| Affidavit of Michael Watzky, sworn | 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., “Stone Mountain Resources Ltd” (Receivership (court-appointed)), Court of King's Bench of Alberta. Retrieved 5 November 2026, https://proceedings.ca/case/stone-mountain-resources-ltd
Sources last checked · summary updated 24 August 2026 · Report a correction · Printed from proceedings.ca/case/stone-mountain-resources-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.