Cobalt Energy Services Ltd. and 1592809 Alberta Ltd.


In Receivership

Page last updated: October 18, 2016

This page is for information purposes only and you should consult your professional adviser if you have any questions or are uncertain as to your rights or obligations.



Status of File as of October 6, 2016

On October 6, 2016, the Receiver filed its Third and Final Report seeking approval to make a final distribution to Servus Credit Union and for its discharge as Receiver and Trustee. The application will be heard on October 19, 2016.

Status of File as of October 6, 2015

On October 2, 2015 the orders sought by the Receiver outlined in the Receiver's Second Report and Supplemental Report were granted.

Status of File as of September 26, 2015

On September 25, 2015, the Receiver filed its Supplemental to the Second Report in advance of the October 2, 2015 hearing. The purpose of the Supplemental Report is to:

  1. Update the Court on the status of the liens filed against certain lands leased by Penn West (“Penn West Lands”) and revised estimated balances due to Cobalt from Penn West;
  2. Advise of the status of the liens filed against the Town of Penhold (the “Town”) and the Consent Order agreed to between the Receiver, MP Eco Mechanical Process Inc., the Town and Collicutt Energy Services Corporation in respect of these liens;
  3. To seek an order of the Court approving the sale of the land and building owned by 1592809 Alberta Ltd. to 1264042 Alberta Ltd.;
  4. To seek a Temporary Sealing Order with respect to the Confidential Appendices.

Status of File as of September 12, 2015

On September 8, 2015, the Receiver filed its Second Report to inform the Court of the Receiver’s activities since the date of its appointment and to seek approval of the sale of Cobalt’s assets in accordance with paragraph 3 (l) and 3 (m) of the Receivership Order.

On October 2, 2015 at 10:00 A.M., a motion will be heard for:

  1. For an order declaring the liens filed by the Receiver against the Penn West Lands to be valid and enforceable to the extent of the amounts due from Penn West in respect of the Contracts described below;
  2. For orders declaring that the liens of Tribal Energy Services (“Tribal”) and Ignite Rental Solutions (“Ignite”) against Penn West Lands in the amounts described in the Receiver's Second Report are valid and authorizing the Receiver to pay these amounts from funds received from Penn West in respect of the outstanding accounts receivable on a project by project basis;
  3. For orders declaring the liens of Texcan, a Division of Sonepar (“Texcan”) and Studon Electric & Controls (“Studon”) are invalid. For orders directing the Registrar of Land Titles to discharge the liens filed by Tribal, Texcan, Ignite, and Studon against Penn West Lands or alternatively an order directing Tribal, Texcan, Ignite, and Studon to discharge their liens; and
  4. For an order declaring that the lien of Collicutt Energy Services Corporation (“Collicutt”) filed against certain lands in the Town of Penhold is invalid, directing that the Registrar of Land Titles discharge the Collicutt lien and awarding costs against Collicutt in favor of the Receiver.

Status of File as of July 9, 2015

On July 7, 2015 orders were granted by the Court approving the auction proposal of Joiner in respect of the Edson and Drayton Valley assets and the sale to Nexsource, sealing the Confidential Appendix, and directing Witten LLP to remit to the Receiver the sum of $31,189.05 held by Witten LLP.

Status of File as of June 29, 2015

On June 26, 2015, the Receiver filed its First Report to inform the Court of the Receiver’s activities since the date of its appointment and to seek approval of the sale of Cobalt’s assets in accordance with paragraph 3 (l) and 3 (m) of the Receivership Order.

On July 7, 2015 at 10:00 A.M., a motion will be heard for:

  1. An order approving the Receiver's activities to date;
  2. An order approving the Receiver's marketing of the assets of the Cobalt;
  3. An order approving the auction proposal of Joiner in respect of the Edson and Drayton Valley assets and the sale to Nexsource;
  4. An order sealing the Confidential Appendix; and
  5. An order directing Witten LLP to remit to the Receiver the sum of $31,189.05 held by Witten LLP in respect of a dispute between Camdon Construction and Cobalt.

Status of file as of May 26, 2015

On April 24, 2015, PricewaterhouseCoopers Inc. was appointed Receiver of Cobalt Energy Services Ltd. (“Cobalt” or the “Company”) and 1592809 Alberta Ltd. (“159”), a related party, by the Court of Queen’s Bench of Alberta.

Notice of the Receivership was mailed to all affected creditors of Cobalt and 159 on May 4, 2015 pursuant to subsections 245(1), 246(1) of the Bankruptcy and Insolvency Act.

Cobalt subsequently filed for Bankruptcy and on May 14, 2015, a Certificate of Appointment was granted by the Office of the Superintendent of Bankruptcy naming PricewaterhouseCoopers Inc. the trustee of the estate.



This Web site will be updated as information becomes available.

For more information, please contact: Joanne Rousseau, Telephone: +1 780 441 6781, Fax: +1 780 441 6776, or via Email. Clearly address all faxes as “Re: Cobalt Receivership”
 

Contact us

Joanne Rousseau

Tel: +1 780 441 6781
Email