Big oil patch names join legal battle over Sequoia Resources bankruptcy [Toronto Globe and Mail (Ontario, Canada)]
Canadian Natural Resources Limited (CNQ)
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Source: Toronto Globe and Mail
Big oil patch names join legal battle over Sequoia Resources bankruptcy Oil companies that hold nearly a third of the well licences in Alberta have joined a bankruptcy trustee’s legal battle to have a four-year-old asset deal unwound, arguing it was structured to avoid regulatory scrutiny and that it rendered the buyer insolvent. Canadian Natural Resources Ltd., Cenovus Energy Inc. and Torxen Energy Ltd. will intervene in support of the trustee for insolvent Sequoia Resources Corp., as will Alberta’s Orphan Well Association. The trustee, PricewaterhouseCoopers, sued Perpetual Energy Corp., which in 2016 sold Sequoia natural gas wells that carried an estimated $134-million of cleanup liabilities. Sequoia went into receivership in March, 2018, when it was no longer able to pay its bills, leaving an estimated $225-million in abandonment and reclamation costs. Perpetual says the case is without merit and is seeking to have it tossed out at a Court of Queen’s Bench hearing in October. That
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