City, county and regional property owners listed as creditors for energy firm under CCA protection

Posted on May 31, 2024 by Ryan Dahlman

Southern Alberta Newspapers

The City of Medicine Hat’s energy company, Cypress County and about 100 land owners in southeast Alberta are listed among the creditors of Alpha Bow Energy, but that only accounts for a small share of money owed to rural municipalities, energy companies and property owners.

The firm was granted Court Creditors Arrangement protection on March 28, and now court-appointed monitor KSV Restructuring is preparing to market the company’s assets for sale this summer.

Medicine Hat is owed $67,800, according to court documents that state Alpha Bow has $73.5 million in debt, including $13 million to counties and municipal districts where its wells and facilities are located.

Canlin Energy and Tallahasee Exploration are each owed more than $2 million related to joint ventures.

Cypress County is owed $144,300 and the County of Forty Mile $325,000, likely in back taxes, among 31 rural municipalities listed.

Flagstaff County, east of Camrose, is owed the most at $4.2 million, followed by Lethbridge County at $1.3 million, while Ponoka, Provost and Lac La Biche are each owed more than $1 million.

The Special Areas Board is owed $686,500. The Alberta Energy Regulator is also owed $533,200.

The 23-page list of unsecured creditors shows 37 landowners with mailing addresses in Bow Island, 24 in Medicine Hat, 13 in Taber, 12 in Brooks and six in Cypress County.

Those creditors are owed mostly between $10,000 and $25,000, but up to $54,000 in some cases.