Alberta · NOI
Third Report of the Trustee on the Proposal - April 23, 2013
Court officer report · 23 April 2013
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What we verified from this filing7 verified
- disbursementsnote: Per Statement of Receipts and Disbursements of Proposal Trustee for the period October 21, 2011 to April 22, 2013; disbursements equal receipts in the stated period. · since: October 21, 2011 (NOI filing date) · amount: 494910 · currency: CAD
- financial positionnote: Components listed: Royalty Deposit $10,682; Surplus Equipment $5,000; Cash, Oil and Gas Properties, and Potential Breach of Contract Claim shown with no or nil value; secured claims (Alberta Minister of Energy $131,655, IOGC $965,000, Worsley lien-holders $523,369, Dentons ~$19,000, GTAI ~$11,000) are listed individually with no stated total liabilities figure. · as at: 2013-04-23 · basis: estimated net realizable value as prepared by the Trustee in consultation with CRPC's consultant · scope: entity - Canadian Rockies Petroleum Corp. only · currency: CAD · total assets: 15682
- operational summaryCRPC's proposal was never implemented due to Sydco's repeated failure to fulfill the Farm-out Agreement despite multiple extensions; the Trustee issued a Form 43 Notice of Default and intends to seek its discharge without annulling the Proposal, leaving CRPC's remaining oil and gas assets essentially valueless and no recovery expected for unsecured creditors.
- professional feesnote: Approximate figure; Dentons Canada LLP (Debtor's legal counsel) fees and disbursements as at the current date are separately noted as approximately $19,000. · party: Grant Thornton Alger Inc. (Proposal Trustee) · amount: 11000 · period: as at the current date (April 23, 2013) · currency: CAD
- receipts cumulativenote: Per Statement of Receipts and Disbursements of Proposal Trustee for the period October 21, 2011 to April 22, 2013. · since: October 21, 2011 (NOI filing date) · amount: 494910 · currency: CAD
- report date23 April 2013
- report noThird Report