• 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

Receiver named for Trident Exploration at request of Orphan Well Association

May 3, 20193:02 PM The Canadian Press0 Comments

CALGARY – The Alberta Orphan Well Association says it has taken the “unprecedented” step of having a receiver appointed to manage the oil and gas assets of failed Trident Exploration.

The industry association that takes care of wells in Alberta when the owner can’t or won’t says accounting firm PricewaterhouseCoopers has been appointed by a court to maintain the company’s roster of more than 4,400 wells, pipelines and other licensed oil and gas assets.

Private Calgary-based Trident abruptly stopped operations on Tuesday, posting a statement that said it had terminated 33 employees and 61 contractors and, with abandonment and reclamation obligations of about $329 million, didn’t expect any financial recovery for shareholders or unsecured creditors.

It blamed its demise on low natural gas prices and high lease and property tax bills, along with capacity constraints on TransCanada Corp.’s NGTL gas pipeline system.

It says a restructuring and sales process with its lenders failed due to issues it linked to a Supreme Court of Canada decision in January that found energy companies must fulfil their environmental obligations before paying back creditors in the case of insolvency or bankruptcy.

OWA says in a news release the shutdown came after Trident and its lenders were unable to find a workable solution with the Alberta Energy Regulator to safely transfer its assets to a responsible operator.

“This is an unprecedented step for the OWA as normally the company or its creditors would clean up its sites or appoint an insolvency professional to help transition the licensed assets, where possible, to other parties,” the association said in a release.

“In this case, the OWA has no other choice but to take this step to ensure that Trident’s assets are managed and maintained safely for the benefit of the public, and where possible, placed in the hands of responsible operators.”

TransCanada Trident Exploration

Follow BOE Report
  • Facebook
  • X
  • LinkedIn

Sign up for the BOE Report Daily Digest E-mail

Successfully subscribed

Latest Headlines
  • Venture Global proposes larger expansion at Plaquemines LNG facility, filing shows
  • Ex-Pioneer CEO cannot challenge order barring him from Exxon board, FTC says
  • SLB’s ChampionX deal clears final hurdle with UK approval
  • Blackstone to invest $25 bln in data centers and natural gas plants, COO says
  • Putin, unfazed by Trump, will fight on and could take more of Ukraine

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.