On October 22, 2024 by order (the “Receivership Order”) of the Court of King’s Bench of Alberta (the “Court”), Alvarez & Marsal Canada Inc. was appointed as the receiver and sales agent (the “Receiver”) of Viceroy Canadian Resources Corp.’s (“Viceroy”) right, title and interest in and to the Amended and Restated Farm-In Participation Agreement, effective as of January 31, 2019 and amended and restated as of June 19, 2020, including without limitation the Debtor’s 5% working interest in the McKay SAGD Project (as defined in the Receivership Order) and the Plant (as defined in Schedule “B” of the Receivership Order), and any proceeds thereof (collectively, the “Property”).
On December 6, 2024, the Court granted an order (the “Sale Process Order”) allowing the Receiver to commence a sale process (the “Sale Process”). The Sale Process has been designed to solicit interest in the Property. The Sale Process is being conducted in accordance with the procedures included in the Sale Process Order, which is included on the Receiver’s website: www.alvarezandmarsal.com/viceroy.
Viceroy’s main asset is its 5% working interest in a steam assisted gravity drainage (“SAGD”) plant and facility located approximately 45 km north of Fort McMurray, which includes a SAGD plant and any associated equipment (the “Plant”). The Plant is primarily comprised of an oil processing facility, including steam, water treatment plant, oil processing and treatment facilities. The chattel designed Plant is designed as modules to be easily moved and transferable to wherever the production field is.
Greenfire Resources Operating Corp. (“Greenfire”) has submitted a stalking horse bid to purchase the Plant. The offer to purchase is anticipated to consist of a combination of cash and the assumption of Viceroy’s 5% share of abandonment and reclamation obligations totaling approximately $2.5 million.
Interested parties who wish to pursue a transaction and receive additional diligence materials will be required to sign a non-disclosure agreement, which can be obtained by contacting the Receiver at the email addresses noted below.
As per the Sale Process Order, a qualified bidder must submit a bid to the Receiver by no later than 4:00pm MT on January 24, 2025.
| Orest Konowalchuk | Duncan MacRae | Quinn Park |
| Senior Vice President | Vice President | Associate |
| 403.538.4736 | 403.538.7514 | 403.538.7513 |
| okonowalchuk@alvarezandmarsal.com | dmacrae@alvarezandmarsal.com | qpark@alvarezandmarsal.com |