Alberta · Receivership (court-appointed)
First Report of the Receiver
Court officer report · 24 July 2013
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What we verified from this filing9 verified
- financial positionnote: Book value of oil and gas assets approximately $44.8 million; secured debt of $21.9 million and unsecured creditors of $2.9 million reported separately, not summed as total liabilities · page: 4 · as at: 2012-09-30 · basis: unaudited financial statements · scope: Argosy Energy Inc. (Radius Resources Corp. incorporated into Argosy's operations as wholly owned subsidiary) · currency: CAD · total assets: 44800000
- secured creditorsnote: Per Argosy's unaudited September 30, 2012 financial statements; most significant secured creditor. Receiver's counsel confirmed validity/enforceability of security. · page: 4 · as of: 2012-09-30 · amount: 21900000 · debtor: Argosy Energy Inc. · creditor: National Bank of Canada · currency: CAD · security: Security interest in personal property and floating charge over Mortgaged Property; operating line of credit
- unsecured creditorsnote: Document names no individual unsecured creditors in this aggregate; Receiver does not anticipate any distributions to unsecured creditors · page: 4 · as of: 2012-09-30 · basis: Per Argosy's unaudited September 30, 2012 financial statements · amount: 2900000 · debtor: Argosy Energy Inc. · creditor: Unsecured creditors (aggregate as reported) · currency: CAD
- secured creditorsnote: Registered against Excluded Assets only, not assets conveyed in LTA Transaction · page: 10 · amount: 203032.09 · debtor: Argosy Energy Inc. · creditor: Ensign Drilling Partnership · currency: CAD · security: Builders' Lien
- secured creditorsnote: Regulatory; claim otherwise considered unsecured except for this deposit held · page: 10 · amount: 46073.7 · debtor: Argosy Energy Inc. · creditor: Alberta Energy (Minister) · currency: CAD · security: Non-interest bearing deposit held by the Minister
- secured creditorsnote: Registered against Excluded Assets only, not assets conveyed in LTA Transaction · page: 10 · amount: 8582.39 · debtor: Argosy Energy Inc. · creditor: Rapid Rod Services Ltd. · currency: CAD · security: Builders' Lien
- secured creditorsnote: Registered against Excluded Assets only, not assets conveyed in LTA Transaction · page: 10 · amount: 166000 · debtor: Argosy Energy Inc. · creditor: Hallmark Tubulars Ltd. · currency: CAD · security: Builders' Lien
- unsecured creditorsnote: Amount not stated; only the non-interest bearing deposit of $46,073.70 is quantified and held separately as regulatory security · page: 10 · basis: Alleged claim per July 19, 2013 letter, considered unsecured except for deposit held · debtor: Argosy Energy Inc. · creditor: Alberta Energy (Minister) - unsecured portion · currency: CAD
- recovery outcomeentries: basis: unstated · quote: Per the schedule above the Receiver recommends an interim distribution to National Bank in the amount of $4.7 million ('National Bank Interim Distribution'). · pct of: unstated · outcome: distribution · currency: CAD · class key: secured · stated by: receiver · amount low: 4700000 · cumulative: false · amount high: 4700000 · class label: National Bank · creditor name: National Bank of Canada · interim final: interim · currency quote: All references to currency in the First Report are in Canadian Dollars. · claims qualifier: unstated; basis: estimated · quote: Based on the amount of the National Bank's secured loan and estimated remaining recoveries, the Receiver does not anticipate any distributions to unsecured creditors. · pct of: unstated · outcome: nil · class key: unsecured · stated by: receiver · class label: unsecured creditors · interim final: unstated · claims qualifier: unstated · stated on: 2013-07-24 · table missing: