CALGARY OIL & GAS SYNDICATE GROUP LTD., CALGARY OIL & GAS INTERCONTINENTAL GROUP LTD., T5 SC OIL AND GAS LIMITED PARTNERSHIP, CALGARY OIL AND SYNDICATE PARTNERS LTD. AND PETROWORLD ENERGY LTD. (collectively referred to as the “COMPANIES”)

On February 11, 2021, an Order (the “CCAA Initial Order”) was granted by the Honourable Mr. Justice D.B. Nixon of the Court of Queen's Bench of Alberta (the “Court”) pursuant to the Companies' Creditors Arrangement Act granting the Companies various relief including, but not limited to, the imposition of an initial stay of proceedings (the “Stay”) against the Companies and their assets. The Court appointed BDO Canada Limited as the monitor of the Companies (the “Monitor”). On February 19, 2021, the Court granted a further Order (the “Amended and Restated Initial Order”) further extending the Stay through to March 4, 2021. On March 4, 2021, an order was granted (the “Second Amended and Restated Initial Order”) extending the Stay through to April 15, 2021.  On April 13, 2021, the Court granted an Order further extending the Stay through to May 25, 2021.

Pursuant to the CCAA Initial Order, the Companies are to continue to carry on business in a manner consistent with the commercially reasonable preservation of their businesses while they consider and pursue restructuring alternatives.

The CCAA Initial Order provides that claims against the Companies in relation to obligations arising prior to February 11, 2021, including for goods and services supplied to the Companies prior to that date, are suspended, and creditors are prohibited from continuing or taking any actions or exercising any rights against the Companies except with leave of the Court.

Claims Procedure

On April 13, 2021, the Court granted an Order (the “Claims Procedure Order”) directing the administration of a claims procedure (the “Claims Procedure”).
 
Each creditor for whom the Companies have a record of (“Creditor”) has been mailed a “Claims Notice” setting out the categorization (secured or unsecured) and amount of the respective claim as currently recognized by the Companies.  In the event a Creditor agrees with the Companies’ assessment of its respective claim as set out in the Claims Notice, no further action need be taken.  If a Creditor disagrees with the assessment of its claim as provided for in the Claims Notice and wishes to lodge a dispute, then a “Proof of Claim” form and appropriate supporting documentation must be completed and submitted to the Monitor by 5:00 p.m. on May 7, 2021 (the “Claims Bar Date”) for further consideration.  If no Proof of Claim is received by the Monitor by the Claims Bar Date, the categorization and amount of a Creditor’s claim as set out in the respective Claims Notice will be, subject to further order of the Court, conclusively deemed to be as set out in the respective Claims Notice.

Any party with a claim against the Companies who has not received a Claims Notice should contact the Monitor and also ensure that a Proof of Claim form and appropriate supporting documentation are filed with the Monitor prior to the Claims Bar Date in order to be considered.

Notice of the Claims Process (“Notice to Creditors”), a sample of a Claims Notice mailed to Creditors, a blank Proof of Claim form and a copy of the Claims Procedure Order can be found below.


A schedule of the classification and the amounts of claims as set out in Claims Notices issued to creditors can be found below.

Court Filings

Court Orders

Monitor's Reports and Correspondence

Service List

Contact Us

#110, 5800 – 2nd Street SW
Calgary, Alberta T2H 0H2
Jerri Beauchamp – jlbeauchamp@bdo.ca
Phone: 825.509.0394
Fax: 403.640.0591

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