Alberta · CCAA
First Report of the Monitor
Court officer report · 17 January 2024
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 filing12 verified
- cash on handnote: Held in the Monitor's estate trust account; budget-to-actual table shows ending cash of $225 (C$ 000s). · as at: 2024-01-15 · amount: 225000 · currency: CAD · qualifier: approximately
- disbursementsnote: Total actual disbursements for the period per budget-to-actual table (C$ 000s: 424) versus forecast of 416. · since: December 3, 2023 (six-week period to January 13, 2024) · amount: 424000 · currency: CAD
- insolvency professionalDustin Olver
- insolvency professionalDustin Olver
- operational summaryAfter Tidewater's force majeure notice forced all wells to be shut in, Free Rein resumed limited oil production from three wells on December 20, 2023, at about 70 boe/day (down from 400-450 boe/day), severely impacting cash flow while the Stalking Horse transaction with Invico is pursued.
- professional feesnote: Actual professional fees paid in the period per budget-to-actual table (C$ 000s: 174), versus forecast of 131; CFS#2 forecasts a further $180,000 for the Forecast Period. Tax treatment not stated. · party: Monitor and Monitor's Counsel · amount: 174000 · period: December 3, 2023 to January 13, 2024 (actual) · currency: CAD
- purchaserInvico Income Limited Partnership
- receipts cumulativenote: Total actual receipts for the period per budget-to-actual table (C$ 000s: 412), comprising net production revenue of $385 and other receipts of $27. · since: December 3, 2023 (six-week period to January 13, 2024) · amount: 412000 · currency: CAD
- report date17 January 2024
- report noFirst Report
- sale outcometext: Invico is preparing to complete the Transaction, but requires additional time to complete its due diligence and prepare definitive documentation to consummate the Transaction. · scope: whole_business · status: pending_approval
- stalking horseInvico Income Limited Partnership