Oil company in receivership sees assets put to market

By Medicine Hat News on March 21, 2025.

@MedicineHatNews

The assets of an oilfield company with 89 wells in southeast Alberta are now being marketed to clear up debts of Cleo Energy after it moved into creditor protection in late 2024.

Those are among 2,000 wells and facilities owned in part or in whole by the Calgary-based junior oil and gas producer that went into receivership on Dec. 8.

Sayers Energy Advisors is handling the sale, and documents show assets include 30 wells in Taber, 39 in Enchant and 14 in the Buffalo-Atlee area, while larger production bases are located in central and eastern Alberta.

Among $24.1 million in unsecured creditors are the M.D. of Provost (owed $960,000), the M.D. of Wainwright ($567,000) and the Special Areas Board ($496,000).

The M.D. of Taber is owed about $23,000, and smaller amounts are outstanding to Lethbridge County and Vulcan County, along with several companies located in Brooks, Taber and Medicine Hat.

The Alberta Energy Regulator estimates the company’s liability rating at $36.1 million in producing assets compared to $50.2 million in long-term closure liabilities.

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