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On March 30, 2015, Laricina was granted an order staying all creditor proceedings against Laricina until April 24, 2015 and PricewaterhouseCoopers Inc. (the Monitor) was appointed as the Monitor of Laricina under the Companies’ Creditors Arrangement Act (Canada) (the CCAA). Subsequent to the quarter a further order staying creditor proceedings until and including July 7, 2015 was granted.
While in the midst of the CCAA process, we have continued to operate albeit with a very different operating profile and our current financial objective is to advance the CCAA process as expeditiously as possible and complete the restructuring process.
Our operating strategy in the first quarter was to suspend the Germain commercial demonstration project (CDP), wind down and preserve the engineering documentation for Saleski Phase 1, continue the steam injection cycle in the C-zone wells at the Saleski pilot in anticipation of the next production cycle, and prepare for the suspension of operations at the Saleski pilot later in the year.
Our financial strategy during the quarter was to continue efforts to implement cost controls towards maintaining financial capacity to protect the long-term value of our assets in this difficult commodity and capital markets environment, and to seek greater financial capacity through the strategic alternatives process announced in Laricina’s third quarter report on October 31, 2014.
First Quarter 2015 Highlights