Alberta · Winding-up (CBCA)
Second Report of the Liquidator
Court officer report · 20 November 2023
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What we verified from this filing11 verified
- cash on handnote: Outstanding cheques were approximately CAD$223,000 · as at: 2023-11-17 · amount: 17525204 · currency: USD · qualifier: before a reserve for any remaining outstanding cheques
- closing confirmedscope: ROGCI and Holdco's equity interests in RCEP · outcome: completed · effective: 2023-10-17 · purchaser: Peyto Exploration & Development Corp. and Peyto Energy Corp. · date basis: stated
- disbursementsnote: Comprised primarily of employee settlements, transfer of seismic sales proceeds to Peyto, and bank charges. · since: Appointment Date (November 2, 2023) to November 17, 2023 · amount: 17568815 · currency: USD
- financial positionnote: Exhibit 2.0 (in thousands USD) lists assets: Cash $17,525; Defined benefit pension refundable tax account $11,138; Letter of credit $10,000; Tax refunds $7,138; Estimated Peyto Transaction Purchase Price Adjustment (PPA Receivable) $53,836; Office sub-lease rents less deposits $12,317; Restricted cash held with Computershare $568; liabilities: Office leases (gross rent before sublease recovery) $(36,669); Potential CA tax penalty $(6,100); Funds due to third-party investors $(568); Accounts payable $(963). · as at: 2023-11-20 · basis: unaudited summary of known/pro forma assets and liabilities of ROGCI · scope: ROGCI (entity level, prior to vesting in the proposed Trust) · currency: USD · total assets: 112522000 · total liabilities: 44300000
- operational summaryFollowing the closing of the Peyto Transaction, ROGCI has divested substantially all of its oil and gas exploration and production business and is now winding down remaining obligations (payroll, severance, pension, leases, litigation) in preparation for its dissolution and the transfer of remaining assets and liabilities to a liquidating trust.
- professional feesnote: Excludes GST; the Liquidator's legal counsel, MLT Aikins LLP, was separately owed $48,656, excluding GST. · party: Ernst & Young Inc. (the Liquidator) · amount: 105299 · period: as at the Appointment Date (November 2, 2023) · currency: USD
- purchaserPeyto Exploration & Development Corp. and Peyto Energy Corp.; REXSA
- receipts cumulativenote: Comprised of accounts receivable collections and intercompany transfers. · since: Appointment Date (November 2, 2023) to November 17, 2023 · amount: 693522 · currency: USD
- report date20 November 2023
- report noSecond Report of the Liquidator
- sale outcometext: sale of the PPA Receivable approved and scheduled to close November 24, 2023, following the closed sale of the upstream oil and gas business to Peyto · scope: whole_business · status: closed