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CREDITORS AND CLAIMS - Claims - Priorities

Thursday, May 25, 2017 @ 8:43 AM  

Appeals by Orphan Well Association and Alberta Energy Regulator from a decision of a chambers judge finding that the claim of Redwater Energy’s secured creditor, the Alberta Treasury Branches, had priority over the obligation to reclaim Redwater’s oil and gas wells. Redwater, an insolvent oil and gas company, owned some oil wells that were valuable, and others that could potentially be declared orphans because the costs of environmental remediation required to abandon them exceeded the value of those wells. Redwater’s trustee in bankruptcy sought to renounce...