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Bankrupt energy companies can’t abandon old wells, Supreme Court saysCanada’s highest court says a province’s right to enforce cleanup takes precedence over creditors globebusiness This will no doubt have a very important impact on farm-in deals,as risk flows from the existing License Holder to the Farminee.I have Always believed that the regulator should manage a fund,paid into by operators on a profit-share basis,to fund independant decommissioning. globebusiness AHHHH HATE TO TELL YOU THIS BUT THEY ALREADY HAVE ABANDONED THEM,LEAVING CANADIAN TAXPAYER'S $$$$ TO CLEAN UP (OR NOT?) THE MESS!!
Source: globeandmail - 🏆 5. / 92 Read more »
Bankrupt energy companies can't abandon old wells, Supreme Court rulesThe Supreme Court of Canada says the trustee for a bankrupt Alberta energy company cannot simply walk away from unprofitable wells on agricultural land without having to clean up. Should be a no brainer CTVCalgary This would have been an epic failure to the people of Alberta if it went any other way! Good luck with that ! RE: define bankrupt!
Source: CTVNews - 🏆 1. / 99 Read more »
Supreme Court to rule on whether energy companies can abandon old wellsThe Supreme Court of Canada is set to rule today on whether energy companies can walk away from unprofitable wells on agricultural land without having to clean up behind them. I don't even really know what this is about but if a 'wrong' choice exists, I'm sure the Supreme Court will make it because they're morons. Really, it should be obvious.
Source: CTVNews - 🏆 1. / 99 Read more »