On December 8, 2024, CLEO Energy Corp. (the “Company”), filed a Notice of Intention to Make a Proposal (the “NOI”) pursuant to section 50.4(1) of the Bankruptcy and Insolvency Act (the “BIA”) and Alvarez and Marsal Canada Inc. (“A&M”) was named as the Proposal Trustee.

On June 2, 2025, the Court of King’s Bench of Alberta (the “Court”) granted a receivership order (the “Receivership Order”) pursuant to section 243(1) of the Bankruptcy and Insolvency Act, RSC 1985, c B-3 and section 13(2) of the Judicature Act, RSA 2000 c J-2, whereby, effective June 3, 2025, Alvarez & Marsal Canada Inc. was appointed receiver and manager (the “Receiver”) of the Company, without security, of all the Company’s current and future assets, undertakings and properties of every nature and kind whatsoever, and wherever situate, including all proceeds thereof (collectively, the “Property”).