Alberta,
12
June
2017

Moving it out of the Courtroom

Lexin agrees to cooperate with receivership, director pays $175 000

Alberta Energy Regulator (AER) efforts to resolve legal challenges with Lexin Resources Ltd. have led to the company agreeing to voluntarily include four related corporate entities in a previously ordered receivership process.

Including these other entities will better enable the receiver to proceed with the timely and effective sale of Lexin-licensed assets, the AER said.

“I am optimistic that this cooperation will get us out of the courtroom and allow us to focus on reducing the burden placed on the Orphan Well Association, minimizing environmental risk, and getting the most economic benefit for Albertans,” said Jim Ellis, AER president and CEO.

Furthermore, Michael J. Smith, the director of Lexin, has accepted responsibility for Lexin’s noncompliances and agreed to pay $175 000 to the AER, and he will no longer control any licensee or approval holder in Alberta.

In February, the AER issued a corporate closure order suspending over 1600 licences for all Lexin wells, facilities, and pipelines. Information on the noncompliances that led to the closure order and receivership order is available on the AER’s Compliance Dashboard and in the statement of facts.

 

In the media
Reuters
Canada's Lexin to cooperate with receivership; adjourns suit against regulator
14
Jun
2017
in.reuters.com
Comments (0)
Thank you for your message. It will be posted after approval.
Writer
Resource Editor

SIGN UP WITH US!

Share this story
Share on: Twitter
Share on: Facebook
Share on: LinkedIn
Latest news