Tesla Exploration Ltd., a geophysical services company, provides specialized seismic services in North America, Europe, Africa, and internationally. The company offers three-component technologies that enable its clients to capture and process shear wave seismic data and pressure wave data for seismic imaging. It also provides various geophysical services, including survey design and management; project management/permits; seismic data acquisition; seismic data processing and reprocessing; seismic data interpretation; in-seam seismic data acquisition, processing, and interpretation; coal bed methane and gob gas assessments; borehole vertical seismic profiles; borehole geophysics processing a...
600, 815-8th Avenue SW
Calgary, AB T2P 3P2
Tesla Exploration Announces Resignation of All Directors
Aug 2 16
Tesla Exploration Ltd. announced last week that further to the notice of the demand for repayment of all outstanding indebtedness with the exception of the leasing facilities under its Canadian credit facility from its Canadian lender, the company has consented to early enforcement by the lender of its security for all amounts owing under the credit facility. The lender has also received a court order for the appointment of Ernst & Young Inc. as the receiver over the property of the company. The receiver will be in charge of managing the day to day affairs of the company during the period of its appointment and should be contacted with respect to any questions concerning the assets and liabilities of the company. Prior to the appointment of the receiver, all of the directors of the company have resigned.
TSX Determines To Delist Common Shares Of Tesla Exploration
Jul 29 16
Further to TSX Bulletin 2016-0767 dated July 25, 2016, TSX has determined to delist the common shares of the Tesla Exploration Ltd. at the close of business on August 26, 2016 for failure to meet the continued listing requirements of TSX. The Common Shares will remain suspended from trading.
Tesla Exploration Ltd. Receives Demand for Repayment of All Outstanding Indebtedness with the Exception of the Leasing Facilities Under Canadian Credit Facility
Jul 25 16
Tesla Exploration Ltd. announced that it has received a demand from its Canadian lender for repayment of all outstanding indebtedness with the exception of the leasing facilities under the Company's Canadian credit facility. As previously announced, the Credit Facility expired on June 30, 2016 and management and members of the board of directors of the Company have been working diligently with the Lender over the last number of months in an attempt to restructure the Company's debt to achieve a sustainable capital structure or an otherwise positive solution for all stakeholders. The Lender has granted a number of extensions since the initial expiry of the Credit Facility on June 30, 2016. The Company is not in compliance with its adjusted earnings before interest, taxes, depreciation, and amortization covenant on the Credit Facility and the Credit Facility is drawn in excess of its maximum borrowing base allowed under the Credit Facility with no means of repaying the indebtedness outstanding. As previously disclosed on July 5, 2016, the Lender has called the entire $2.5 million available under the Matco Guarantee ("Guarantee"). As a result, the Company has received letters from Matco demanding repayment of the $2.5 million previously called under the Guarantee. In its letters dated July 22, 2016, Matco demanded repayment of $747,741 plus interest and costs no later than July 22, 2016 and $976,731 plus interest and costs no later than August 4, 2016. The Company had previously received demands for the repayment of the initial $775,528 plus interest and costs provided under the Guarantee which remain unpaid. On July 22, 2016, the Lender issued a demand letter and notice under the Bankruptcy and Insolvency Act whereby the Lenders set forth their intent to enforce their security for repayment of all amounts owing under the Credit Facility. The Lender has indicated to the Company that if the payment demanded is not made in full by close of business on August 1, 2016, or if the Lender determines that its collateral is at risk, the Lender will take such further steps as may be necessary to protect its position.