• Sign up for the Daily Digest E-mail
  • Facebook
  • X
  • LinkedIn

BOE Report

Sign up
  • Home
  • StackDX Intel
  • Headlines
    • Latest Headlines
    • Featured Companies
    • Columns
    • Discussions
  • Well Activity
    • Well Licences
    • Well Activity Map
  • Property Listings
  • Land Sales
  • M&A Activity
    • M&A Database
    • AER Transfers
  • Markets
  • Rig Counts/Data
    • CAOEC Rig Count
    • Baker Hughes Rig Count
    • USA Rig Count
    • Data
      • Canada Oil Market Data
      • Canada NG Market Data
      • USA Market Data
      • Data Downloads
  • Jobs

Developments since the AER Supreme Court appeal of the Redwater decision – the Bankruptcy trustee for Sequoia Resources sues over end of life liabilities raising the question “Who is responsible when financially shaky companies are unable to fund the eventual cleanup of old wells, pipelines and other facllities?”

August 30, 20183:28 AM BOE Report Staff

This has been the concern reverberating throughout the oil and gas industry since the Redwater case first went to trial and now with subsequent high-profile bankruptcies in Alberta.  According to Mike Newton of 360 Energy Liability Management “the fear is that companies will sell an asset to another entity that eventually goes bankrupt, and the Alberta Energy Regulator (AER) and Orphan Well Association (OWA) will come knocking on the door to recover costs for the end of life liabilities. A little-known precedent agreed to in the early 1990’s between industry and government appeared to have shielded industry from lookbacks, but the recent announcement that PricewaterhouseCoopers Inc. (PWC), acting as Trustee of Sequoia Resources Corp. (Sequoia), is pursuing Perpetual Energy Inc. (Perpetual) in the Alberta Court of Queen’s Bench for asset retirement obligations (ARO) has sent a renewed shockwave of unease throughout the industry.”

How do companies protect themselves from clients who can’t pay?

What happens if our key customer/supplier suffers a catastrophic loss and can’t do business?
What happens if our employee accidentally sends the wrong client’s confidential information?
What is our process for assessing introduced risks from changing regulations?
Who covers the costs if an M&A deal falls apart after an LOI is signed?
Solutions to these questions and others are paramount to the success of every business.

Join Mr. Ryan Smith and Mr. Mike Newton of 360 Energy Liability Management Ltd. addressing Risk Management in the time of Insolvency. 

PASC Education Day 2018

Wednesday Sept 19th at the Calgary Petroleum Club.

A presentation of The Petroleum Accountants Society of Canada

Click here to register and select SKIP Login.

Sponsored by:

Perpetual Energy

Follow BOE Report
  • Facebook
  • X
  • LinkedIn

Sign up for the BOE Report Daily Digest E-mail

Successfully subscribed

Latest Headlines
  • Discount on Western Canada Select widens
  • European Commission proposes Russian oil price cap 15% below global price
  • US oil/gas rig count down for 11th week to lowest since 2021, Baker Hughes says
  • Taiwan’s CPC Corp eyes US shale gas assets, sources say
  • Saudi Arabia complying fully with voluntary OPEC+ target, energy ministry says

Return to Home
Alberta GasMonthly Avg.
CAD/GJ
Market Data by TradingView

    Report Error







    Note: The page you are currently on will be sent with your report. If this report is about a different page, please specify.

    About
    • About BOEReport.com
    • In the News
    • Terms of Use
    • Privacy Policy
    • Editorial Policy
    Resources
    • Widgets
    • Notifications
    • Daily Digest E-mail
    Get In Touch
    • Advertise
    • Post a Job
    • Contact
    • Report Error
    BOE Network
    © 2025 Stack Technologies Ltd.