On October 8, 2020, Greenfire Oil and Gas Ltd. and Greenfire Hangingstone Operating  Corporation (collectively, the “Company”), each filed Notices of Intention to Make a Proposal (the “NOIs”) 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. The NOI time-period expired on April 7, 2021 and the Company did not file a proposal.

The Company was deemed to have filed an assignment in bankruptcy on April 8, 2021 and A&M was appointed as licensed insolvency trustee of the estate of the bankrupt by the official receiver; subject to affirmation by the creditors of the trustee’s appointment or substitution of another trustee by the creditors.

In addition, on the April 6, 2021, A&M was appointed receiver in respect of the property of Greenfire Hangingstone Operating Corporation, by virtue of a receivership order granted by the Honorable Justice Graesser of the Court of Queen’s Bench of Alberta pursuant to section 13(2) of the Judicature Act.