Alston Energy Inc.
Alston Energy Inc. (“Alston” or the “Company”) is a Calgary based producer of crude oil and natural gas, currently engaged in the exploration, development and production of crude oil, natural gas and natural gas liquids solely within the province of Alberta. Alston’s current production capability is weighted approximately at 65% crude oil and natural gas liquids and 35% natural gas. The majority of Alston’s production base is generated from two operated producing areas referred to as the Provost and Newton areas in Alberta. Alston additionally has interests in the Alexander, Pembina and Chauvin areas. Alston focuses its efforts on medium risk exploration plays with multi-zone potential in these areas.
The Company filed an application before the Court of Queen’s Bench of Alberta (the “Court”) pursuant to the Companies’ Creditors Arrangement Act, R.S.C. 1985 c. C-36 as amended (the "CCAA").
The Court made an order (the “Initial Order”) on December 9, 2013, granting Alston the protections afforded by a stay of proceedings while Alston pursue restructuring initiatives under the CCAA.
The Initial Order appointed Alvarez & Marsal Canada Inc. (the “Monitor”) as Monitor of the business and financial affairs of the Company in the CCAA proceedings.
On May 8, 2014, an application was made to the Court by the Company to extend the stay of proceedings in the CCAA. The application to extend the stay of proceedings was not granted by the Court. Immediately thereafter, the Company’s primary secured lender, Alberta Treasury Branch, filed its own application (the “Receivership Order”) with the Court to appoint a receiver-manager, without security, of all of the Company’s current and future assets, undertakings and properties of every nature and kind whatsoever, and wherever situated, including all proceeds thereof (the “Property”). Effective May 9, 2014, the Court granted the Receivership Order and appointed Alvarez & Marsal Canada Inc. (the “Receiver”) over Alston’s Property.
If you have any questions regarding this matter, please contact Orest Konowalchuk or David Adams.
Alvarez & Marsal Canada Inc.
Bow Valley Square I
202 – 6th Avenue SW, Suite 570
Calgary, AB T2P 2R9