Halo - Status Updates

On February 10, 2026, FTI Consulting Canada Inc. was appointed receiver and manager (the "Receiver") of all of the assets, undertakings and property of Halo Exploration Ltd. ("Halo") pursuant to an Order of the Court of King's Bench of Alberta dated February 10, 2026. The Receivership Order also granted a stay of proceedings in respect of claims arising on or prior to the date of the receivership.

Pursuant to a Court-approved Sales and Investment Solicitation Process ("SISP"), the Receiver marketed Halo's assets. The SISP concluded with the completion of a transaction that was approved by the Court on June 16, 2026. The successful transaction was completed with Saturn Oil & Gas Inc. as the successful bidder pursuant to a reverse vesting transaction.

As a result of the sale proceeds realized and the extent of the secured indebtedness, the proceeds were insufficient to satisfy secured creditor claims and there were no recoveries available for unsecured creditors or shareholders.

On August 20, 2026, the Court approved the Receiver's activities and conduct throughout the receivership proceedings, approved the Receiver's fees and authorized final distributions. The Court further granted an order providing for the discharge of FTI Consulting Canada Inc. as Receiver upon completion of the remaining administrative matters and the filing of a termination certificate.