Alberta · Receivership (court-appointed)
Affidavit of John Zang dated November 28, 2024
Affidavit · 28 November 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
- unsecured creditorsnote: Document names no individual creditors; approximate figure as stated in affidavit prose. · page: 4 · as of: November 2024 · basis: Affidavit of John Zang, paragraph 23: 'Pismo owes approximately $2,397,703.54 (not including amounts owed to the AER)' · amount: 2397703.54 · debtor: Pismo Energy Ltd. · creditor: Trade payables, joint billings, royalties and surface lease payment creditors (aggregate as reported) · currency: CAD
- secured creditorsnote: John Zang, affiant, is personally a debenture holder (related party). Amount stated is 'not including interest'. Tallinn Capital Partners Ltd. debt was assigned to North Shore/debenture holders. · page: 5 · as of: November 2024 · amount: 13550591.33 · debtor: Pismo Energy Ltd. · creditor: North Shore Petroleum Ltd. and Debenture Holders (Agent: Scott Venturo LLP, per Demand Debenture) · currency: CAD · security: Demand Debenture dated September 21, 2015 - general security interest over all present and after-acquired personal property and floating charge on real property; registered Principal Sum stated as CAD $12,000,000 (facility/principal amount, not balance); includes assigned secured debt originally owed to Tallinn Capital Partners Ltd.
- unsecured creditorsnote: Some amounts disputed by Pismo; County has received judgment for a lesser amount of $187,038.28 plus costs. · page: 5 · basis: Affidavit of John Zang, paragraph 26(b): County of Vermillion River No. 24 is claiming $747,099.16 is owing · amount: 747099.16 · debtor: Pismo Energy Ltd. · creditor: County of Vermillion River No. 24 · currency: CAD
- unsecured creditorsnote: Regulatory security deposit order (AER) to offset abandonment/reclamation costs pursuant to s.1.100(2) OGCR - regulatory quasi-debt class. · page: 5 · as of: 2024-09-19 · basis: Affidavit of John Zang, paragraphs 25 and 28, referencing the AER's September 19 Order requiring payment · amount: 982870 · debtor: Pismo Energy Ltd. · creditor: Alberta Energy Regulator (AER) · currency: CAD
- unsecured creditorsnote: Judgment amount; a Writ of Enforcement registration (page 61) shows original judgment amount $329,506.82, costs $2,311.02, post-judgment interest $17,662.02, current amount owing $349,479.86 as of dated registration - the dated exact balance is the more precise figure; Flagstaff County also separately holds a secured statutory charge (see secured_creditors) for $536,659.10. · page: 5 · basis: Affidavit of John Zang, paragraph 26(a): 'To Flagstaff County: $329,506.82 plus interest (judgement received)' · amount: 329506.82 · debtor: Pismo Energy Ltd. · creditor: Flagstaff County · currency: CAD
- unsecured creditorspage: 5 · basis: Affidavit of John Zang, paragraph 26(c) · amount: 58787 · debtor: Pismo Energy Ltd. · creditor: County of Paint Earth No. 18 · currency: CAD
- financial positionnote: Total Liabilities figure ($13,476,334) is a computed sum of Total Current Liabilities ($5,073,596) and Total Non-Current Liabilities ($8,402,738) as shown separately in the balance sheet - not itself stated as a single total by the document, so reported as null per Rule 1 is more accurate; however since only components given, total_liabilities is left as the two components are NOT summed per Rule 1. Total Shareholders' Equity: $(5,105,890). Total Liabilities and Shareholder's Equity per document: $8,370,444 (2023) - note the document's own total row shows a mismatched figure of $8,343,616 for 2022 comparative, suggesting a document error. Affidavit paragraph 22 separately states 'Pismo's total outstanding liabilities of November 2024 of at least $15,627,331.27' (a floor stated using 'at least') which differs materially from and postdates the FYE2023 balance sheet. · page: 38 · as at: 2023-12-31 · basis: management prepared balance sheet (unaudited), per Exhibit D · scope: entity-level, Pismo Energy Ltd. only · currency: CAD · total assets: 8370444 · total liabilities: 13476334
- secured creditorsnote: Only selected pages of the PPR search were provided (pages 60-63); full list of registrants not extracted as document not fully provided. · page: 60 · as of: 2024-11-22 · debtor: Pismo Energy Ltd. · creditor: PPSA registrants (various, per Personal Property Registration search) · currency: CAD · security: Various registrations including Writ of Enforcement and Statutory Charge; document is partial excerpt of a 27-page PPR search
- secured creditorsnote: Registration Number 23030724582; also holds a Writ of Enforcement (see unsecured/judgment entries) for a related but distinct amount ($349,479.86 as of registration amendments in 2024) — see note on judgment amount discrepancy; affidavit prose states $329,506.82 plus interest (judgment). · page: 63 · as of: 2023-03-07 · amount: 536659.1 · debtor: Pismo Energy Ltd. · creditor: Flagstaff County · currency: CAD · security: Statutory Charge (special lien for unpaid taxes pursuant to s. 348.1 of the Municipal Government Act) over all assessable property within the municipality
- unsecured creditorsnote: Regulatory quasi-debt (Admin levies and Orphan Fund Levies with penalties); itemized breakdown given in separate AER correspondence (page 123): 2023 Admin levy $11,154.33 + penalty $2,230.87; 2024 Admin levy $11,890.90 + penalty $2,378.18; 2023 OFL $32,361.65 + penalty $6,472.33; 2024 OFL $26,775.21 + penalty $6,394.85. · page: 74 · as of: 2024-06-25 · basis: AER Order dated September 19, 2024: 'Pismo has failed to pay its 2023 and 2024 Administration Fees and penalties and 2023 and 2024 Orphan Fund Levies and penalties, totalling $99,658.32 as of June 25, 2024' · amount: 99658.32 · debtor: Pismo Energy Ltd. · creditor: Alberta Energy Regulator (AER) - outstanding levies · currency: CAD
- unsecured creditorsnote: Regulatory quasi-debt. · page: 74 · as of: 2024-07-19 · basis: AER Order dated September 19, 2024: 'the licensee has failed to meet their Mandatory Closure Spend Quota (MCSQ) for 2022 and 2023, assessed on July 19, 2024 as totalling $289,873.85' · amount: 289873.85 · debtor: Pismo Energy Ltd. · creditor: Mandatory Closure Spend Quota (MCSQ) shortfall - AER · currency: CAD
- unsecured creditorsnote: Aggregate figure cited by AER; overlaps with individually named municipal creditors listed elsewhere (Flagstaff County, Vermillion River, Paint Earth) - document does not reconcile these figures. · page: 74 · as of: 2024-04 · basis: AER Order dated September 19, 2024: 'as of April 2024, Pismo has municipal tax arrears in Alberta totalling $181,053.32' · amount: 181053.32 · debtor: Pismo Energy Ltd. · creditor: Municipal tax arrears (Alberta, aggregate) - AER referenced · currency: CAD