Alberta · Bankruptcy
First Report of the Trustee (Filed)
Court officer report · 13 November 2025
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
- applicantMNP LTD., TRUSTEE OF THE ESTATE OF PROSPECT OIL & GAS MANAGEMENT LTD., A BANKRUPT
- courtCOURT OF KING’S BENCH OF ALBERTA IN BANKRUPTCY AND INSOLVENCY
- court file noBK013177635
- appointeeMNP Ltd.
- appointee roleTrustee
- commencement date23 January 2025
- proceeding typebia_bankruptcy
- financial positionnote: The saleable Oil & Gas Properties (Brooks/Namaka producing assets) were sold to Decimus Oil Corp. (formerly Tenth Avenue Petroleum Corp.) for $100,000.00 plus GST -- the only offer received in the Sayer sale process (effective date November 1, 2025). Operating income net to Prospect for the nine months ended September 30, 2024 was approximately ($81,000) per month, or ($972,000) annualized (properties shut-in since September 2024). Estimated ongoing monthly holding costs $10,675. Bankruptcy Date January 23, 2025; report dated November 10, 2025. Component deemed liabilities ($2.9M Brooks/Bantry, $1.5M Namaka) appear on PDF page 19. · page: 17 · as at: 2025-03-25 · basis: AER deemed liability value (Licensee Liability Rating; estimated abandonment and reclamation obligations) for Prospect's Oil & Gas Properties, as stated in the Sayer Energy Advisors marketing brochure (Appendix B). This is a Trustee's First Report seeking sale approval and re-transfer/vesting of assets; it contains no statement of affairs, no creditor listing, and no audited balance sheet. The figure is a regulatory quasi-liability estimate, not an audited creditor balance. · scope: Prospect Oil & Gas Management Ltd. Alberta oil & gas properties: aggregate deemed liability $4.4 million = Brooks/Bantry $2.9 million + Namaka $1.5 million (both as of March 25, 2025). Separately, the Unrealized Assets received no offers, were deemed unsaleable, and are being re-vested to Prospect for transition to the Orphan Well Association (OWA): approximately 78 wells licensed by the bankrupt, 2 licensed facilities plus 14 facility infrastructures (non-operating working interest), and 43 pipeline segments (of approximately 136 wells, 18 facilities, and 94 pipeline segments held at the Bankruptcy Date). · currency: CAD · total liabilities: 4400000
- process resultsbids: 1 · ndas: 21 · note: Brochure mailed to approximately 400 prospects and emailed to approximately 2,250 additional prospects; 21 data room requests with NDAs; 1 offer received · solicited: 2250
- purchaserDecimus Oil Corp.
- sale advisorSayer Energy Advisors
- sale outcometext: Approval of the sale of certain assets of the Company to Decimus Oil Corp being sought at a hearing scheduled for November 19, 2025 · scope: parcel · status: pending_approval