Alberta · Receivership (court-appointed)
First Report of the Receiver (dated April 24, 2018)
Court officer report · 24 April 2018
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 filing4 verified
- financial positionnote: No total assets or total liabilities stated. Component figures only: oil and gas properties NBV approx. $202 million; decommissioning liability $105 million; secured debt $71 million (see secured entries). Receiver states non-core properties' value is not material and a number have negative value. Receiver's activities summary notes Manitok and subsidiaries Raimount and Corinthian each filed an NOI and were deemed bankrupt on Feb 20, 2018, with A&M as bankruptcy trustee, replacing FTI Consulting Inc. as proposal trustee. Priority charges granted under the NOI proceedings for Administration and DIP charges are referenced but amounts not stated on these pages. · page: 5 · basis: Last public disclosure was the 2017 third quarter financial statements (Receiver has not audited or verified: 'The Receiver has not performed an audit, review or other verification of such information'). Stated: oil and gas properties net book value approximately $202 million and decommission liability of $105 million; the report states 'This does not represent realizable values in any sales process to be conducted by the Receiver.' · scope: Manitok Energy Inc. and its subsidiaries (the Company); Corinthian Oil Corp's assets are stated not to be material to the assets of the Company. · currency: CAD
- secured creditorsnote: Stated as 'secured debt of $71 million, excluding certain facilities subject to rental agreements and any monies owed to Freehold in respect of the PVR.' Individual secured creditors not named for this figure. Source is the Company's last public disclosure (Q3 2017 financial statements); stated approximately. · page: 6 · as of: 2017 third quarter (last public disclosure) · amount: 71000000 · debtor: Manitok Energy Inc. and subsidiaries (the Company) · creditor: Secured debt, aggregate per Q3 2017 financial statements (creditors not named) · currency: CAD
- secured creditorsnote: The report names NBC only as the Lender under the Loan Documents and Clarification Agreement and does not state NBC's balance on these pages. Aggregate secured debt of approximately $71 million per the Q3 2017 financial statements (excluding certain facilities subject to rental agreements and any monies owed to Freehold re the PVR) is not attributed to any named creditor; the lender is not expressly identified as the holder of that debt. · page: 9 · debtor: Manitok Energy Inc. · creditor: National Bank of Canada (NBC) (the 'Lender') · currency: CAD · security: Loan Documents (not described on these pages); Lender is party to the Interest Clarification and Acknowledgement Agreement acknowledging the Freehold PVR is owned free and clear of any Lender claim or security interest
- unsecured creditorsnote: DISPUTED status/priority: no sum of arrears is stated. The Receiver understands Manitok did not default in paying the PVR before bankruptcy/receivership; Freehold took the PVR in kind from the TIK notice dated August 30, 2017 until after the Receiver's appointment. The Receiver collected $267,671.70 on or about March 25, 2018 relating to February Oil Volumes and holds those funds pending determination of Freehold's application (an amount held, not a debt balance). Freehold alleges failures under the Committed Capital Program ($10 million per year for 3 years from Jan 1, 2016; 2 wells per year on Stolberg Royalty Lands), unquantified; no deficiency notice was delivered per the Receiver. Freehold paid $25,000,000 consideration in June 2015 for the PVR (original consideration, not a balance). Classified as unsecured/contested by the Receiver's position; Freehold claims an interest in land outside the estate. · page: 11 · basis: Production Volume Royalty Agreement dated June 11, 2015; Freehold asserts the PVR is an interest in land, the Receiver concludes on balance it is not, and the Receiver is not sure the PVR has priority over the Receiver's charges or other creditors · debtor: Manitok Energy Inc. · creditor: Freehold Royalties Partnership (production volume royalty holder) · currency: CAD