On December 7, 2007, Deloitte & Touche Inc. was appointed by the Court of Queen’s Bench of Alberta, Judicial District of Calgary (the “Court”) as Interim Receiver (the “Receiver”) of all of the current and future assets, undertakings and properties of Fair Sky Resources Inc. (the “Company”). A copy of the Interim Receivership Order is found below.
The Company is a publicly traded oil and natural gas exploration and development company that had operations and/or oil and gas property interests in Northwestern and Central Alberta and Central Saskatchewan.
Prior to our appointment, the Company sold the majority of its assets and used the proceeds to pay down its debt to the secured creditor, Canadian Western Bank (“CWB”), leaving the Company indebted to CWB in the approximate amount of $2.5 million.
Prior to our appointment, all of the Company’s staff, the management and the Board of Directors were terminated or tendered their resignations.
We are continuing operations of the Company and have retained certain consultants to assist in this regard. In addition, we have retained the Company’s field staff on a contract basis to continue the operations. We will continue to manage the Company’s operations until such time as a sale of the Company’s assets is concluded.
We are in the process of arranging for a current reserve and economic evaluation of the Company’s oil and gas properties. We anticipate that this evaluation will be complete by mid-January 2008 at which time we will commence a sales process with respect to the Company’s assets.
Once all of the assets of the Company have been disposed of, the receivership will be summarily wound up.
Questions with respect to the continued operations of the Company and/or the sales process can be directed to Vanessa Grant of Deloitte & Touche Inc., at 403-298-5955.
Statement of Claim filed by Canadian Western Bank – December 7, 2007
Notice of Motion – December 7, 2007
Unfiled Copy of Affidavit of Doug Crook, Canadian Western Bank – December 7, 2007
Consent to Act as Interim Receiver – December 5, 2007
Fair Sky Resources Inc. Interim Receivership Order - December 7, 2007
Fair Sky Minerals Inc. Interim Receivership Order - May 21, 2008
Distribution Order - May 29, 2008
Notice of Motion Approving the Receiver's Final Report - July 27, 2009
Service Letter - July 27, 2009
Affidavit of Victor P. Kroeger - Sworn July 27, 2009
Discharge Order - July 30, 2009
First Report of the Court-Appointed Interim Receiver - March 20, 2008
Second Report of the Court-Appointed Interim Receiver - May 8, 2008
Third Report of the Court-Appointed Interim Receiver - July 24, 2009
Lode mining claims for sale
Deloitte and Touche Inc., in its capacity as Interim Receiver of the assets, undertakings, and properties of Fair Sky Minerals Inc., is offering for sale the Company’s interests in all its lode mining claims located in Utah, U.S.A. (the “Claims”). Advertisement has been placed in the Northern Miner publication. See following document for information pertaining to the sale of the Claims.
Notice of Assets for Sale
BID DEADLINE: Monday, May 4, 2009 12:00 noon (MDT)
For further information, please contact Lorry Descheneau, at 403-267-0580.
Oil & gas properties for sale - CLOSED
Deloitte and Touche Inc., in its capacity as Interim Receiver of the assets and undertakings of Fair Sky Resources Inc., is offering for sale the Company’s interests in all its oil and gas properties located in Alberta and Saskatchewan (the “Properties”). Advertisement has been placed in the Daily Oil Bulletin. See following documents for information pertaining to the sale of the Properties.
BID DEADLINE: February 15, 2008 5:00 PM (MST)
For further information, please contact Derrick Taub, Deloitte, at 403-267-0581.
Pursuant to paragraph 9 of the Interim Receivership Order, there is a Stay of Proceedings in place whereby no party can commence or continue an action against the Company or its assets except with the written consent of the Receiver or with leave of the Court.
As at the date of receivership, the Company’s books and records indicated that the Company was indebted in the total amount of $5,212,359.69 as follows:
Secured Creditors: $2,464,289.43
Unsecured Creditors: $2,748,070.26
A detailed list of these creditors is found below.
There will be no formal claims process implemented until such time as a sale of the Company’s assets is concluded and it is determined whether there will be funds available for distribution.
Creditors can direct any questions to April Bryant of Deloitte & Touche Inc., at 403-267-0564.