November

American Eagle Energy Corporation ("AMZG") engages in the acquisition, exploration, development and production of oil and gas properties in North Dakota and Montana.

In August 2014, AMZG raised US$175 million in senior secured notes in connection with the refinancing of its existing credit facility.  By February 2015, crude oil prices had declined by approximately 45% and AMZG’s liquidity was limited due to its inability to draw on its existing revolver.

Canaccord Genuity was initially hired by AMZG in February 2015 to explore capital raising alternatives.  In April 2015, the scope of Canaccord Genuity’s engagement was expanded to include a sale of AMZG’s assets.  On May 8, 2015, AMZG filed for bankruptcy protection under Chapter 11 in the US Bankruptcy Court for the District of Colorado.  At the time of its bankruptcy filing, AMZG’s liabilities exceeded US$215 million.

On October 22, 2015, after receiving several bids, the Court approved the sale of substantially all of AMZG’s assets to Resource Energy Can-Am LLC. This transaction represents the first successful bankruptcy sale of an E&P company entirely to a third-party purchaser in 2015 among the 39 North American E&P companies that had filed for bankruptcy during that calendar year.

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