Alberta · NOI
First Report of the Trustee dated July 22, 2020
Court officer report · 22 July 2020
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 filing11 verified
- unsecured creditorsnote: Regulatory quasi-debt, not a proven claim. Deemed AER Licensee Liability Rating was 1.10 in June 2020. Not included in the $47.7 million total liabilities (stated 'in addition to these amounts'). · page: 6 · as of: June 2020 · basis: Regulatory deemed liability assigned to the Company's oil and gas assets by the AER (approximate) · amount: 15000000 · debtor: Cabot Energy Inc. · creditor: Alberta Energy Regulator (deemed liability) · currency: CAD
- unsecured creditorsnote: Includes approximately $2.57 million owing to vendors with Builders' Lien Act liens against the Completed Wells (shown in secured entries). Formal claims process not yet administered; claims subject to revision. Itemised in NOI creditor list (claims of $250 or more), of which only pp.16-20 (alphabetical A through 'Moonlite Ditching Ltd') were provided; largest entries on those pages include Marvin Sheehan Services $535,035.38, Major Pipe & Supply $519,373.53, Eldon's Transport Ltd $462,797.97, Horizon Drilling $312,644.70, GFI Group $290,404.00, Apex Well Servicing $227,572.00, Blackstone Drilling Fluids $169,010.11. · page: 6 · as of: Filing Date (June 30, 2020) · basis: Per Proposal Trustee's report; company creditor listing, no audit or claims process · amount: 6160000 · debtor: Cabot Energy Inc. · creditor: Trade accounts payable (aggregate) · currency: CAD
- financial positionnote: Liabilities comprise related parties $41.5 million and trade accounts payable $6.16 million, plus a separate deemed AER liability of approximately $15 million not included in the $47.7 million. Total assets not stated; component book values as at March 31, 2020 (unaudited): oil and gas assets $56 million, deferred income tax $5.69 million, intangible assets $2.68 million, current assets $1.19 million, other property, plant and equipment $226,000 (these components are not summed here). Net losses approx. $2.73 million for twelve months ended December 31, 2019 and $1.84 million for three months ended March 31, 2020. A formal claims process has yet to be administered and all claims are subject to revision. · page: 7 · as at: 2020-06-30 · basis: Approximate total liabilities 'as at the Filing Date' per Proposal Trustee's report, relying on unaudited internal financial information; no audit or verification. Asset book values are as at 2020-03-31 (different as-at date from the liabilities). · scope: Cabot Energy Inc. (entity basis; no consolidated statement) · currency: CAD · total liabilities: 47700000
- secured creditorsnote: Approximately $2.57 million owing to vendors/suppliers with registered liens; this amount is included within trade accounts payable of $6.16 million, not additional to it. Lien validity/priority not addressed; claims subject to revision. · page: 7 · amount: 2570000 · debtor: Cabot Energy Inc. · creditor: Builders' Lien Act (Alberta) lien claimants against the Completed Wells · currency: CAD · security: Builders' liens registered against the Completed Wells
- secured creditorsnote: Related party (parent group). Debt owed by Cabot under the debenture/guarantee is not stated; the report states the facility loan balance (Cabot UK as borrower) is approximately USD$3.66 million and that the Proposal Trustee will review the H2P Facility Agreement and balance before a proposal is filed. Separately, H2P is the proposed interim lender (see note on Interim Financing Charge: up to $750,000, super priority, approximately $25,000 already advanced). · page: 7 · debtor: Cabot Energy Inc. · creditor: High Power Petroleum LLC (H2P) · currency: CAD · security: Debenture dated May 14, 2020 granted by Cabot in H2P's favour 'in the sum of $30 million' (registered face amount of the debenture, not a balance), registered in Alberta and Saskatchewan PPRs on May 14, 2020; H2P also registered a security notice against the Completed Wells as of May 22, 2020. Cabot and Northern Petroleum Limited (related party) are guarantors of the H2P Facility Agreement dated December 17, 2019 between Cabot UK and H2P.
- secured creditorsnote: Amount per the Company's creditor listing; as_of date not stated (report states claims are as at the Filing Date context, June 30, 2020, but does not tie this figure to a date). Claims subject to revision; no formal claims process yet. · page: 7 · amount: 43260 · debtor: Cabot Energy Inc. · creditor: Osy Rentals Ltd. · currency: CAD · security: Master lease agreement registered on both the Alberta and Saskatchewan PPRs
- secured creditorsnote: Report states 'No amounts are owing to ATB from the Company.' ATB holds $50,000 cash collateral from Cabot supporting a $50,000 letter of credit in favour of Enmax. · page: 7 · debtor: Cabot Energy Inc. · creditor: ATB Financial · currency: CAD · security: Security over all present and after-acquired property of Cabot registered on the Alberta PPR
- unsecured creditorsnote: Holds a $50,000 letter of credit from ATB, with ATB holding equal cash collateral from Cabot; Enmax claim is covered to that extent. as_of not stated. · page: 7 · basis: Per Company's creditor listing · amount: 40000 · debtor: Cabot Energy Inc. · creditor: Enmax Commercial Services Inc. · currency: CAD
- unsecured creditorsnote: Proposal Trustee viewed GST and payroll source deduction statements and notes the Company is current in required remittances and filings. Potential deemed-trust class; report does not characterise the $2,562.08 further. · page: 7 · basis: Listed as a creditor in the Company's creditor listing · amount: 2562.08 · debtor: Cabot Energy Inc. · creditor: Canada Revenue Agency · currency: CAD
- unsecured creditorsnote: Report text says '$1.01 million due to H2P UK'; NOI creditor list shows High Power Petroleum (NOP) UK Limited at $1,008,647.00. Related party. Distinct from H2P (High Power Petroleum LLC), the secured debenture holder. · page: 7 · as of: Filing Date (June 30, 2020) · basis: Related party amount due, per Proposal Trustee's report · amount: 1010000 · debtor: Cabot Energy Inc. · creditor: High Power Petroleum (NOP) UK Limited (referred to in report as 'H2P UK') · currency: CAD
- unsecured creditorsnote: Related party/parent. Funded operating losses by shareholder loans: approx. $3.34 million net in twelve months ended Dec 31, 2019 and $1.81 million net in six months ended June 30, 2020. Creditor listing in NOI shows $40,530,146.00. · page: 7 · as of: Filing Date (June 30, 2020) · basis: Related party amount due, per Proposal Trustee's report (unaudited company information) · amount: 40500000 · debtor: Cabot Energy Inc. · creditor: Cabot Energy Limited (Cabot UK) · currency: CAD