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Piper Resources Ltd.

On February 15, 2008, Piper Resources Ltd., formerly known as 2937077 Canada Inc. filed for protection  under the Companies’ Creditors Arrangement Act (“CCAA”) and obtained an initial Order from the Court of Queen’s Bench of Alberta (the “Court”).  Under the terms of the CCAA Order, all proceedings against Piper were stayed for an initial period ended March 17, 2008.  The Court granted six Stay Extension Orders, with the final stay of proceedings expiring on August 18, 2008.  Deloitte & Touche Inc. (“Deloitte”) acted as Monitor pursuant to the CCAA proceedings.

On July 22, 2008, the Court granted a Receivership Order in respect of Piper and Deloitte was appointed as Interim Receiver and Receiver and Manager of all of Piper’s current and future assets, undertakings and properties.   Subsequently, on August 18, 2008, the Court granted a Bankruptcy Order in respect of Piper and Deloitte was appointed as Trustee of the estate of the bankrupt.  The Receivership and Bankruptcy proceedings are operating concurrently. 

A first meeting of creditors to consider the affairs of the bankrupt will be held on September 9, 2008 at 2:00 P.M. at Deloitte, 3000, 700 – 2nd Street SW, Calgary, AB.

The Receiver has now completed the sale of all of Piper’s petroleum and natural gas rights, tangibles and miscellaneous interests (the “PNG Assets”) to Glenogle Energy Inc. (“Glenogle”), effective July 1, 2008.  The PNG Assets were sold to Glenogle for 68,486,200 Class B common non–voting shares of Glenogle (the (“Glenogle Shares”), which transaction was approved by the Court on August 18, 2008.    The Glenogle Shares now vest in the Trustee in Bankruptcy. 

Matco Capital Ltd. (“Matco”) Piper’s principal secured creditor is owed a total of approximately $51.7 million.  The Receiver obtained a legal opinion that Matco’s security is valid and enforceable and ranks in first position, subject to the Court’s determination with respect to any potential priority claims.  It is anticipated that, subject to creditor and/or Court approval, the Glenogle Shares, as well as any assets held by the Receiver, will be transferred to Matco in satisfaction of their outstanding secured claim.  As such, it is not anticipated that there will be any funds available for distribution to any secured creditors ranking subsequent to Matco or to the unsecured creditors. 

Should you require additional information please contact Vanessa Grant of Deloitte & Touche Inc. at 403-298-5955. 

Court documents
Initial Court Order - February 15, 2008 
Affidavit of Greg Cave Volume 1 of 2 - February 12, 2008 
Affidavit of Greg Cave Volume 2 of 2 - February 12, 2008 
Affidavit of Greg Cave - March 12, 2008 
Brief of the Applicant for March 17, 2008 
Stay Extension Order - March 17, 2008 
Stay Extension Order - April 28, 2008 
Affidavit of Greg Cave - April 24, 2008 
Affidavit of Lorne Gartner - June 5, 2008
Notice of Motion - June 10, 2008 
Affidavit of Lorne Gartner - June 10, 2008
Written Brief of Argument of Matco Capital Ltd. - June 10, 2008
Supplemental Affidavit of Lorne Gartner - June 11, 2008 
Second Supplemental Affidavit of Lorne Gartner - June 11, 2008
Stay Extension Order - June 12, 2008
Affidavit of Lorne Gartner - June 27, 2008
Notice of Motion and Affidavit of Lorne Gartner, Matco - July 3, 2008
Stay Extension Order - July 15, 2008 
Affidavit of Lorne Gartner - July 15, 2008 
Affidavit of Deric Orton - July 21, 2008
Receivership Order - July 22, 2008 
Affidavit of Greg Cave - July 22, 2008 
Stay Extension Order - August 5, 2008 
Bankruptcy Order - August 18, 2008 
Vesting Order - August 18, 2008 

Monitor's Reports
First Report of the Court-Appointed Monitor - March 13, 2008 
Second Report of the Court-Appointed Monitor - April 24, 2008 
Third Report of the Court-Appointed Monitor - June 11, 2008 
Fourth Report of the Court-Appointed Monitor - July 21, 2008 

Receiver's  Reports
Notice of Receiver and Receiver's Statement - August 1, 2008 
First Report of the Court-Appointed Interim Receiver, and Receiver and Manager - August 15, 2008
Proof of Filing of First Report - August 18, 2008 
Second Report of Court-Appointed Interim Receiver and Receiver and Manager – June 29, 2011

Trustee's Reports
Trustee's Preliminary Report - September 9, 2008 
First Report of the Trustee - September 10, 2008 
Press releases
Piper Resources Ltd. Obtains CCAA Protection 
Piper Resources Ltd. Obtains Extension to CCAA Protection - March 17, 2008 
Piper Resources Ltd. Obtains Extension to CCAA Protection, Provides Update on Sales Process and SEDAR Filing - April 30, 2008 

Creditors
Notice to Creditors in the Matter of the CCAA Filing - February 21, 2008 

Creditor claims process
The attached Creditor Package includes a Proof of Claim Form and Proxy.  As noted above, it is not anticipated that there will be any funds available for distribution to any secured creditors ranking subsequent to Matco or to the unsecured creditors.
Notice of Bankruptcy and First Meeting of Creditors Information Package (including Proof of Claim form and General Proxy form)
List of Known Creditors as at August 1, 2008