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Twin Butte Energy Ltd - Status Updates

April 27, 2017

On April 27, 2017 the Receiver sought and was granted a claims procedure Order ("Claims Procedure Order") authorizing the Receiver to initiate claims procedures to allow Twin Butte's creditors to submit claims against Twin Butte and for the nature, quantum, validity and enforceability of such claims to be reviewed. Instructions for creditors with respect to the Claims Procedures including a proof of claim form can be found in the "Claims Process" section on the menu to the left. The Claims Bar Date for submitting a claim is June 1, 2017.

Also on April 27, 2017 counsel for an Ad Hoc Group of debenture holders made an application to have the legal and financial advisory fees incurred and expected to be incurred by the Ad Hoc Group paid for out of the proceeds of the Twin Butte estate. A funding order ("Funding Order") was granted in respect of the Ad Hoc Group's application. The Funding Order provided for the legal fees incurred by the Ad Hoc Group to be paid for out of the proceeds of the estate however denied the request to have the Ad Hoc Group's financial advisory fees paid.


March 30, 2017

On March 30, 2017, the Receiver closed the HOC (now legally known as West Lake Energy Corp.) Transaction in accordance with the Sale Approval and Vesting Order granted on January 18, 2017. Also on March 30, 2017, the Receiver filed the Receiver's Certificate certifying that the HOC Transaction has been completed to the satisfaction of the Receiver and made an interim distribution to the Banking Syndicate of approximately $200,600,000.00 in accordance with the Interim Distribution Order dated March 27, 2017. The Receiver anticipates seeking a further order from the Court approving a claims process in due course.


January 18, 2017

On January 18, 2017 the Receiver sought and were granted a sale approval and vesting Order. The Order authorized the Receiver to sell all of Twin Butte’s oil and gas assets to Henenghaixin Operating Corp. ("HOC Transaction"). The Receiver expects the transaction to close in the first quarter of 2017. Once the HOC Transaction has closed the Receiver anticipates making an application to Court requesting approval to initiate a claims process. Further updates will be provided with respect to closing and the claims process when they become available.


October 11, 2016

On October 11, 2016 Receiver sought and was granted an Order approving a sale investor and solicitation process ("SISP”). The Order also approved the Receiver to engage CIBC World Markets Inc. and Peters & Co. Limited as sales agents to assist in executing the SISP. See the "Sales Process" section of this website for further information on the SISP.


September 1, 2016

On September 1, 2016 FTI Consulting Canada Inc. was appointed as Receiver pursuant to an Order of the Court of Queen's Bench of Alberta of all the assets, undertakings and properties of Twin Butte Energy Ltd


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Calgary, AB T2P 5E9

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