Virginia Hills Oil Corp. and Dolomite Energy Inc.
On February 13, 2017, the Court of Queen’s Bench of Alberta (the “Court”) granted an Order (the “Consent Receivership Order”) whereby Alvarez & Marsal Canada Inc. (“A&M”) was appointed receiver and manager (the “Receiver”) of Virginia Hills Oil Corp. (“VHO”) and Dolomite Energy Inc. (“Dolomite”). The Court also granted an Order (the “Consent Consolidation Order”) whereby both VHO and Dolomite receivership actions were consolidated into one receivership proceeding. VHO is headquartered in Calgary, Alberta and is engaged in the acquisition, exploration and development of oil and gas properties in western Canada. Dolomite, a wholly-owned subsidiary of VHO, is also an oil and gas producer in various regions of Alberta. Pursuant to the Receivership Order, the Receiver is appointed, without security, of all of VHO’s and Dolomite’s current and future assets, undertakings and properties of every nature and kind whatsoever, and wherever situate, including all proceeds thereof.
On May 3, 2017, the Receiver applied for and was granted a Bankruptcy Order from the Court to adjudge VHO and Dolomite into Bankruptcy. A&M was appointed as trustee of the estate of the bankrupts, VHO and Dolomite, without security.