Alberta新政策阻礙加拿大石油資產交易

The Alberta Energy Regulator made a surprise rule change Monday evening, requiring a more stringent solvency test for buyers of oil and natural gas assets. While the move is meant to ensure purchasers can cover well cleanup costs, some dealmakers say it will also hinder transactions.

“It’s going to create dampened activity on asset dispositions,” said Sonny Mottahed, managing partner and chief executive officer of Calgary-based Black Spruce Merchant Capital Corp. “People are caught off guard and they’re very surprised.”

The rule change – meant to be an interim measure – is in response to an Alberta court decision last month. That ruling, which the regulator is appealing, let the receiver of bankrupt oil company Redwater Energy Corp. walk away from some assets it deemed unprofitable, plus the related clean-up responsibilities. The case triggered a broader discussion over how environmental liabilities should rank among debts of an insolvent producer.