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ARTICLE · 01 FEBRUARY 2016

Compromise With The Alberta Energy Regulator: Navigating A Receivership In Alberta's Oil Patch

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On January 25, 2016, the Court of Queen's Bench of Alberta approved a Sales and Investment Solicitation Process (the "SISP") requested by the Receiver of Spyglass Resources Corp and several related companies ("Spyglass").

CanadaEnergy and Natural Resources
Adam Maerov
Adam Maerov
Kourtney Rylands
Kourtney Rylands
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On January 25, 2016, the Court of Queen's Bench of Alberta approved a Sales and Investment Solicitation Process (the "SISP") requested by the Receiver of Spyglass Resources Corp and several related companies ("Spyglass"). Spyglass is a public oil and gas exploration and production company headquartered in Calgary, Alberta. Spyglass, like many Alberta E&P companies, was impacted by low commodity prices and put into receivership by its syndicate of lenders. The SISP attempts to provide for a more certain and economically viable sales process than has historically been experienced by insolvent producers and was achieved through a Receivership Sale Agreement between the Receiver and the Alberta Energy Regulator (the "AER"). The Receivership Sale Agreement entitles the AER to certain sale proceeds in exchange for its consent to the transfer of Spyglass' licensed assets in certain circumstances.

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