Alberta's oil and gas regulatory regime has once again
clashed with the Companies' Creditors Arrangement Act
("CCAA"). In CCAA proceedings initiated by Verity Energy
Ltd. ("Verity"), the Albert Court of Queen's Bench
held that the Alberta Energy Regulator ("AER") was
estopped from refusing to transfer licenses for certain oil and gas
assets, notwithstanding the fact that the AER has a statutory
discretion to approve the transfer of such licenses.
The Court held that the estoppel arose from the AER's
counsel's comments to the Court at Verity's application for
a Sale Approval and Vesting Order when counsel indicated he was
supporting the application for the transfer of assets without also
disclosing either to Verity or the Court that the AER intended to
impose additional conditions on the license transfers.
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