In the Matter of the Receivership of TWOCO PETROLEUMS LTD.

In the Matter of the Receivership of
TWOCO PETROLEUMS LTD.
("the Company" or "the Debtor")
of the City of Calgary
In the Province of Alberta
Notice and Statement of Receiver
(Subsections 245(1) and 246(1) of the Act)
Take notice that:
On the 1st day of March, 2013, PricewaterhouseCoopers Inc. ("PwC") was appointed
Receiver and Manager, without security, of all of the Debtor's current and future assets,
undertakings and properties of every nature and kind whatsoever, and wherever situate,
including all proceeds thereof, pursuant to an Order of the Court of Queen's Bench of
Alberta, Judicial Centre.
The assets of the company, according to the Company's books and records as at March 1,
2013 are as follows:
Cash in Bank
AIR General
Accounts Receivable
Prepaid Expense & Deposits
Crown Lease Rental Mm.- Nonproducing
FHLD Lease Rental Mi - Nonproducing
Capitalized G & A
Evaluation and Exploration
Lease Acquisition
Geological and Geophysical
Intangible Drilling
Intangible Completion
Prospect Acquisitions
Sales - Intangibles
Purchases - Intangibles
Accumulated Depletion on Intangibles
Facilities
Well Equipment
Sale - Tangibies
Purchases - Tangibles
Accumulated Depletion on Tangibles
Asset Retirement Obligation
Office Furniture and Equipment
Computer Equipment and Sofiware
Book Value
S
179,771.25
98,712.56
98,712.56
247,584.96
487,313.65
3,520.55
430,472.20
681,292.24
7,104,611.28
5,059,730.33
27,131,544.14
8,201,463.17
11,485,052.86
(1,589,472.01)
5,654,633.78
(68.302.251.54)
23,982,93 8. 12
2,836,118.07
(448,014.53)
1,409,290.00
(1 7693,969.00)
3,303,059.73
11,815.45
14,675.32
2. PwC, in its capacity as Receiver, took possession and control of the property described
above on the 1st day of March, 2013.
3. The following information relates to the receivership:
Address of insolvent person:
Suite 1050, 1122 -4 Street SW
Calgary, AB T2R 1M1
Principal line of business:
Engaged in the exploration, acquisition,
development and production of oil and natural
gas reserves in Alberta.
Location of business:
Suite 1050, 1122 - 4 Street SW
Calgary, AB T2R 1M1
Secured Creditors
•
•
•
•
Alberta Treasury Branches
Altagas Processing Partnership
Calmena Energy Services Operating Corp.
Apache Canada Ltd.
$19,552,719.44
$Unknown
$Unknown
$Unknown
Unsecured Creditors
A list of creditors was obtained from the books and records of the Company, a copy of
which is included as Schedule "A".
Plan of Action
•
We took possession of the assets on March 1, 2013.
•
Two of the employees/officers resigned just prior to the Receivership.
•
The Receiver terminated the one remaining employee and made him aware of the
Wage Earner Protection Program Act ("WEPPA").
•
The Receiver retained three former employees on a Contract basis to assist in the
administration of this Receivership and ongoing sales process of the Company assets.
•
It is the intention of the Receiver to initiate a revised sales process under the
Receivership Order to generate additional bids.
•
A website has been set up which will be updated regularly for the benefit of all
interested parties. This website is www.pwc.com/car-twoco.
•
The Receiver has engaged independent counsel, Fraser Milner Casgrain.
Other Pertinent Matters (Specify)
Contact persons for Receiver:
Dated at Calgary, Alberta this
PricewaterhouseCoopers Inc.
Receiver Manager of
Twoco Petrolems Ltd.
Per:
'
Michael Gould
Vice President
Name:
Telephone:
Facsimile:
Susan Shabluk
403-509-7316
403-781-1825
/L day of March, 2013.
TWOCO PETROLEUMS LTD. - IN RECEIVERSIHP
UNSECURED CREDITORS
SCHEDULE A
Balance Owing ($)
840.00
981.00
12.60
488.26
7,121.45
154.73
4,333.03
22,621.04
23,771.48
10,779.39
80,981.67
27.00
175,921.90
2,111.78
16,717.99
81.49
787.50
56.06
56.06
46.02
160.00
11.51
3,070.75
45,581.76
16,122.28
16,122.28
Name
477011 ALTA Ltd.
ABSA
Alberta One-Call Corporarion
All Aspects Snow Removal
Altagas Ltd.
American Millennium Corporation Inc
Anderson Energy Partnership
AON Reed Stenhouse Inc.
Apache Canada Ltd.
Athabasca County
Beaver County
Brian Hunka
Calmena Energy Services
Camrose County
Canadian Natural Resources
Canadian Natural Resources Limited
Canadian Stock Transfer Company
Checker Courier
Checker Courier
CIBC Edmonton
Cohn Gafka & Jacqueline Gafka
Cohn I. Porozni
Compact Compression Inc.
Contact Chemicals Inc.
County of Minburn No. 27
County of Minburn No. 27
County of Smoky Lake No. 13
County of Thorhild No. 7
County of Thorhild No. 7
County of Two Hills No. 21
Culigan Water Treatment
DataSafe Recovery Services Ltd.
Deloitte LLP
Divestco Inc.
Don and Linda Christensen
Douglas Porozni
Encana Corporation
49,197.65
49,197.65
100,688.54
78.78
9,831.85
51,777.38
483.00
972.80
11.51
198.77
Page lof 3
TWOCO PETROLEUMS LTD. - IN RECEIVERSIHP
UNSECURED CREDITORS
Name
Enermark Inc.
Enhanced Petroleum Services Partnership
F.O.G. Resources Ltd.
Freehold Royalty Partnership
G.D.Watson Professional Corporation
Gary Mykyte
Geologic Systems Ltd.
Gordon Porozni
Grace Malicky
Gray Dusenbery Oil and Gas LP
Harp Resources Ltd.
Husky Oil Operations Ltd.
Iron Mountain Canada Corporation
JuneWarren-Nickl&s Energy Group
L. Knight
Lamont County
Leduc County
Loma Oil & Gas Ltd.
Macquarie Capital Markets Canada Ltd.
Marketwire L.P.
Marquis Alliance
Metro's Contracting
Minister of Finance
MRC Canada IJLC
Municipal District of Acadia No. 34
N. MacGillivray
Nancy Porozni
Nick Porozni
One Call Management
Oscar Rutar
Paramount Resources
Pengrowth Corporation
Penn West Petroleum Ltd.
Perpetual Energy Operating Corp.
Phoenix Technology Services LP
Pitney B owes
Primordial Energy Ltd.
Page 2 of 3
SCHEDULE A
Balance Owing ($)
24,505.37
22,973.14
6.44
237.16
0.64
294.00
24,727.50
68.75
12.43
10,823.57
9.67
21.00
310.80
1,417.50
3,238.47
259,969.27
467.20
21.43
52,500,00
177.45
166,788.94
1,837.50
11,111.13
62,008.89
2,447.46
10,962.00
11.51
11.51
1,909.95
13.65
1,288.72
0.56
621.77
53,849.94
7,560.00
118.86
9.97
TWOCO PETROLEUMS LTD. - IN RECEIVERSIHP
UNSECURED CREDITORS
Name
Pyramid Corporation
Robert John Porozni
Robert M. Toffan
Robert Porozni
Sequoia Ventures Inc.
Shewchuk Knisky Ent. (Alberta) Ltd.
Skaha Petroleums Ltd.
Skaha Petroleums Ltd.
Smoky Lake County
Strathcona County
Superior Propane
Tanya L. Fontaine
TELUS Communications Inc.
Terrence Revega
Tri-Gen Construction Ltd.
Victor Kuzyk
Weatherford Canada Partnership
William A. Short
WK Trucking Inc.
Zedi
SCHEDULE A
Balance Owing ($)
35,435.63
11.51
24.20
11.51
1.29
46.02
48.71
48.71
711,484.86
35,387.06
4,430.84
11.51
658.05
1,000.00
57,244.70
2,600.00
28,078.37
417.96
291.37
4,951.80
TOTAL
2,295,915.21
Page 3 of 3