CALGARY, Feb. 21, 2018 /CNW/ – Manitok Energy Inc. (“Manitok” or the “Corporation“) announces that today that the Court of Queen’s Bench of Alberta (the “Court“) made orders (a) appointing Alvarez & Marsal Canada Inc. as receiver and manager of the assets, undertakings and properties of the Corporation and its wholly owned subsidiary Raimount Energy Corp. (“Raimount“) (Alvarez & Marsal Canada Inc., in such capacity, the “Receiver“), (b) terminating the time within which Manitok, Raimount and Corinthian Oil Corp. (“Corinthian“) were permitted to file proposals to their creditors under section 50.4(11) of the Bankruptcy and Insolvency Act (Canada); and (c) substituting Alvarez & Marsal Canada Inc. in place of FTI Consulting Canada Inc. as trustee in bankruptcy of Manitok, Raimount and Corinthian. As a result of the termination referred to in subparagraph (b), Manitok, Raimount and Corinthian are deemed to be bankrupt. All of the directors of Manitok, Raimount and Corinthian resigned as a result of the appointment of the Receiver and the bankruptcy.
Manitok is a public oil and gas exploration and development company focusing on Lithic Glauconitic light oil in southeast Alberta and Cardium light oil in west central Alberta. The Corporation utilizes its expertise, combined with the latest recovery techniques, to develop the remaining oil and liquids-rich natural gas pools in its core areas of the Western Canadian Sedimentary Basin.