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alston energy inc (ALO) Snapshot

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alston energy inc (ALO) Details

Alston Energy Inc., a junior oil and gas producing company, is engaged in the exploration, exploitation, development, and production of oil and natural gas in western Canada. The company’s producing areas include Provost and Newton properties. Alston Energy Inc. is headquartered in Calgary, Canada.

4 Employees
Last Reported Date: 11/29/13

alston energy inc (ALO) Top Compensated Officers

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Compensation as of Fiscal Year 2014.

alston energy inc (ALO) Key Developments

Alston Energy To Transfer Its Listing From Tier 2 To NEX

In accordance with TSX Venture Policy 2.5, the Alston Energy Inc. has not maintained the requirements for a TSX Venture Tier 2 company. Therefore, effective at the opening, August 11, 2014, the Company's listing will transfer to NEX, the Company's Tier classification will change from Tier 2 to NEX, and the Filing and Service Office will change from Calgary to NEX.

Alston Energy Inc. Receives Demand for Repayment and Notice of Intent to Enforce Security

Alston Energy Inc. announced that it has received a demand for repayment and notice of intent to enforce security from one of its secured creditors, Second Wave Petroleum Inc. Pursuant to a loan agreement dated February 24, 2011 between CanRock Energy Corp., a predecessor entity of the company and Second Wave (the Loan Agreement), the company pledged its assets as security for a vendor take-back loan in connection with an asset purchase from Second Wave. Pursuant to an amendment to the Loan Agreement entered into contemporaneously with the merger between the company and CanRock Energy Corp. in July 2012, the company agreed to make quarterly payments of principal and interest on this loan, with the final balance to be paid out by August, 2015. The company failed to make the most recent quarterly installment of principal and interest. As a result, the company is in default to Second Wave who has demanded full repayment and indicated its intention to enforce its security if such repayment is not made by December 6, 2013. The company is currently considering its options with respect to the notice provided by Second Wave and is continuing to pursue strategic alternatives in an attempt to preserve shareholder value and protect the interests of all creditors of the company.

Alston Energy Inc., Annual General Meeting, Dec 11, 2013

Alston Energy Inc., Annual General Meeting, Dec 11, 2013., at 10:00 Mountain Standard Time. Location: Dentons Canada LLP, 15th Floor. Agenda: To receive the report of the directors of the company; to receive and consider the audited financial statements of the company for the financial year ended december 31, 2012, and the report of the auditor thereon; to fix the number of directors of the company at five; to elect directors of the company for the ensuing year; to appoint auditors for the ensuing year and to authorize the directors to fix their remuneration; to consider and, if thought fit, to pass an ordinary resolution ratifying and approving the existing 10% rolling stock option plan of the company; and to transact such other business as may properly come before the meeting or any adjournment thereof.

 

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