Laricina Energy Ltd. engages in the exploration, development, and production of bitumen (oil sands) in Western Canada. The company develops in situ (underground) bitumen deposits in sand and carbonate formations; and a portfolio of oil sands assets. The company was founded in 2005 and is based in Calgary, Canada.
425 – 1st Street SW
5th Avenue Place
Calgary, AB T2P 3L8
Founded in 2005
Court of Queens Bench of Alberta Grants Final Court Order to Laricina Energy Ltd
Feb 3 16
Laricina Energy Ltd. was granted a final court order from the Court of Queens Bench of Alberta, exiting from protection under the Companies Creditors Arrangement Act, concluding the stay of proceeding against the company and its subsidiaries. The company has paid in full all accounts in respect of its Companies Creditors Arrangement Act proceedings and has set aside a reserve of $1.8 million to pay the remaining unpaid proven claims and outstanding disputed claim. Resolution of the disputed claim will continue on a timetable set by the parties or the court. Pursuant to the terms of the settlement agreement, as amended, entered into July 20, 2015 with CPPIB Credit Investments Inc. to settle the secured debt obligations owing to CPP Credit which was completed on November 30, 2015, the company entered into a board participation agreement pursuant to which, upon the company exiting from CCAA protection or at such time as the company and CPP Credit may agree, the company board of directors shall consist of five directors.
Laricina Energy Ltd. Announces Consolidated Unaudited Earnings Results for the Third Quarter and Nine Months Ended September 30, 2015; Records Impairment Loss for the Third Quarter of 2015
Nov 22 15
Laricina Energy Ltd. announced consolidated unaudited earnings results for the third quarter and nine months ended September 30, 2015. For the quarter, the company reported total revenues of CAD 3,475,000 compared with CAD 10,511,000 for the same period a year ago. Loss from operating activities was CAD 338,823,000 compared with CAD 27,812,000 for the same period a year ago. Loss before income tax was CAD 464,293,000 compared with CAD 32,728,000 for the same period a year ago. Total loss and comprehensive loss was CAD 464,293,000 or CAD 6.65 per basic and diluted share compared with CAD 25,236,000 or CAD 0.36 per basic and diluted share for the same period a year ago.
For the nine months, the company reported total revenues of CAD 10,596,000 compared with CAD 27,505,000 for the same period a year ago. Loss from operating activities was CAD 378,351,000 compared with CAD 88,368,000 for the same period a year ago. Loss before income tax was CAD 517,438,000 compared with CAD 98,493,000 for the same period a year ago. Total loss and comprehensive loss was CAD 517,438,000 or CAD 7.42 per basic and diluted share compared with CAD 75,513,000 or CAD 1.10 per basic and diluted share for the same period a year ago. Net cash used in operating activities was CAD 49,344,000 compared with CAD 60,826,000 for the same period a year ago. Expenditure on property, plant and equipment and exploration and evaluation assets was CAD 3,444,000 compared with CAD 38,930,000 for the same period a year ago.
For the quarter, the company recorded an impairment loss was CAD 330,396,000.
Laricina Energy Ltd. Announces Resignation of Jim Hand as Chief Operating Officer and Senior Vice President
Nov 13 15
Laricina Energy Ltd. announced that Jim Hand, Chief Operating Officer and Senior Vice President has resigned from the company effective November 12, 2015 to pursue other professional opportunities.