On May 1, 2023, the Court of King's Bench of Alberta granted an order which, among other things, discharged the Receiver of Balanced Energy Oilfiend Services (USA) Inc., and Balanced Energy Holdings Inc. from its duties and obligations.

On April 29, 2022 the Receiver delivered the Receiver's Certificate that certifies the following:
- The Receiver ran a sales process pursuant to the SSP;
- No superior offers were received by the Receiver, the Stalking Horse Bidder is the Successful Bidder in the SSP; and
- The Receiver is proceeding to close the Transaction detailed in the Stalking Horse Term Sheet.

On March 30, 2022 the Receiver sought an was granted various Orders including:
- Approval to launch a sale solicitation process ("SSP")
- Approval of a stalking horse sales transaction between XDI Energy Solutions Inc. as purchaser and the Receiver ("XDI Transaction"). The XDI Transaction serves as a stalking horse bid which sets a minimum threshold offer that potential purchasers must exceed in the SSP in order to participate. The XDI Transaction will only be closed if no superior offer is obtained through the SSP. The XDI Transaction sells the Balanced Groups operating assets (equipment, inventory and intangibles) and is contemplated to be implemented by way of reverse vesting order and asset vesting order.

On March 7, 2022, FTI Consulting Canada Inc. was appointed as receiver and manager (the "Receiver") of Balanced Energy Oilfield Services Inc, Balanced Energy Oilfield Services (USA) Inc., and Balanced Energy Holdings Inc. (collectively, the "Debtors") pursuant to an Order made by the Court of Queen's Bench of Alberta.

Contact FTI

FTI Consulting
520 Fifth Avenue S.W.
Suite 1610
Calgary, AB T2P 3R7

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