Alberta · CCAA
First Report of the Proposal Trustee
Court officer report · 10 July 2023
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 filing5 verified
- financial positionnote: Balance sheet is as at December 31, 2022, not the Filing Date (June 12, 2023). Trustee describes book values as approximately $20.9 million assets and $18.7 million liabilities. Shareholders' equity shown as share capital 4,173, contributed surplus 685, deficit (2,580). · as at: 2022-12-31 · basis: Unaudited financial statements reviewed by the Proposal Trustee; book value as understood by the Proposal Trustee (figures in C$ 000s) · scope: Free Rein Resources Ltd. (single entity) · currency: CAD · total assets: 20974000 · total liabilities: 18697000
- operational summaryThe Company is an oil and gas producer in the Golden Spike area of central Alberta (about 370 boe/d) that continues operating under NOI protection with about 9 employees and consultants, while pursuing recapitalization discussions (including with Enoch Cree First Nation) and seeking a stay extension to August 25, 2023.
- professional feesnote: This is a forecast disbursement, not incurred fees. A $200,000 Administration Charge is sought in respect of fees and expenses of the Proposal Trustee, its legal counsel and the Company's legal counsel. · party: Professional fees (forecast; Proposal Trustee, its counsel and Company's counsel per administration charge context) · amount: 270000 · period: July 2, 2023 to August 26, 2023 (Forecast Period) · currency: CAD
- report date6 July 2023
- report noFirst Report