Alberta · CCAA
1. First Report of the Monitor
Court officer report · 30 August 2011
AI summary
A plain-English summary drawn only from this filing: what it is, why it matters, and the parties, amounts and dates it turns on.
What we verified from this filing6 verified
- cash on handnote: Actual value of available cash and cash equivalents approximated $3,700 as reflected in the opening cash balance in the cash flows (Exhibit F to Rogers August 16 Affidavit), versus approx. $321,000 of cash shown in the April 30, 2011 unaudited statements; this amount was not subject to the ASC Freeze Order. Opening cash in the forecast is $3,723. · amount: 3700 · currency: CAD · qualifier: approximated
- financial positionnote: Total liabilities not stated as a single figure. Stated components: accounts payable and accrued liabilities approx. $142,717 (as at Initial Order date); note payable $1.95 million (Phi Note); debentures payable approx. $21.808 million (incl. $227,918 unpaid July interest); due to related parties approx. $477,000 (April 30, 2011 statements); asset retirement obligation approx. $140,000. Assets total is approximate ('approximately $6.637 million') and dated April 30, 2011; liability components carry mixed dates (Initial Order date vs April 30, 2011). Actual available cash approximated $3,700 vs approx. $321,000 shown in the statements. Monitor notes it has not reviewed the Phi Note documentation or intercompany transactions. · as at: 2011-04-30 · basis: April 30, 2011 unaudited financial statements of ROGI, attached as Exhibit E to the Rogers August 16 Affidavit; Monitor has not audited or verified them · scope: Rogers Oil & Gas Inc. (ROGI) only, single entity · currency: CAD · total assets: 6637000
- operational summaryROGI holds non-operating working interests in about 21 oil and gas wells operated by Petrex and is under severe cash constraints (employees in wage arrears, excess cash calls wiping out expected net revenues). It has moved to cheaper office space and needs a $40,000 DIP facility to fund operations until late September 2011.
- professional feesnote: No amount of fees incurred is stated. Forecast shows professional fees of $41,455 over the 10-week period to Oct 28, 2011 (payments deferred until Week 6 and Week 10, to be paid only as net oil and gas revenues permit); this is a forecast, not an incurred figure. · party: Monitor and counsel to ROGI · currency: CAD
- report date30 August 2011
- report noFirst Report of the Monitor