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. On May 25, 2021, the Court granted an Order further extending the Stay through to July 31, 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.

Proposed Plan of Arrangement and Virtual Creditors' Meeting

 

On May 25, 2021, the Court granted an Order (the “Creditors' Meeting Order”) approving the filing of the Companies' Plan of Arrangement of Compromise (the “Plan”) and directing the convening of a virtual creditors' meeting to vote on the Plan (inclusive of any amendments thereto) which is scheduled for Monday July 19, 2021 at 10:30 am MT (the "Creditors' Meeting”)

Attendance at the Creditors' Meeting is not mandatory in order to cast a vote in favor or against the Plan. Pursuant to the Creditors' Meeting Order, an Affected Creditor (as defined in the Plan) can vote either in person (virtually) or by proxy. An Affected Creditor can submit its Voting Proxy to the Monitor by no later than 5:00 pm on Friday July 16, 2021 by mail, email or fax to the details provided below:

BDO Canada Limited
110, 5800 – 2nd Street SW
Calgary, AB T2H 0H2
Attention: Jerri Beauchamp
Email: CalgaryOilandGas@bdo.ca
Fax: 1-403-640-0591

In accordance with the Creditors' Meeting Order, the Monitor sent a notice (the “Creditors' Meeting Notice”) to the Affected Creditors and served same to the service list in this matter, notifying parties of the Creditors' Meeting. Included with the Creditors' Meeting Notice was the following documents:

On July 16, 2021, the Monitor prepared a supplemental report (the “Supplemental Monitor's Report on Plan”) updating the creditor list and estimated recoveries to Affected Creditors, to account for the resolution of the material claim of Nova Gas Transmission Ltd., a copy which is provided below:

On July 19, 2021, the Monitor conducted the Creditors’ Meeting which resulted in the Affected Creditors voting in favor of the Plan. Furthermore, on July 26, 2021, the Court also approved the Plan and granted the Plan Sanction Order, a copy which is provided below. As such, the Plan has been approved pursuant to the CCAA.

The creditor listing as at July 26, 2021, which summarizes creditor claims to date pursuant to the Claims Procedure Order and Late Filed Claims Order is provided below:

Court Filings

Court Orders

Monitor's Reports and Correspondence

Service List

Contact Us

BDO Canada Limited
#110, 5800 – 2nd Street SW
Calgary, Alberta T2H 0H2
Creditor Email: CalgaryOilandGas@bdo.ca
Phone: 825.509.0394
Fax: 403.640.0591

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