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Abandonment Expenses are for the Joint Account

Source: ABlawg

Abandonment Expenses are for the Joint Account




By: Nigel BankesPDF Version: Abandonment Expenses are for the Joint Account Case Commented On: Spyglass Resources Corp v Bonavista Energy Corporation, 2017 ABQB 504 (CanLII) In this decision Justice Jones rejected a series of technical arguments raised by the receiver of Spyglass (Ernst and Young) to resist payment of abandonment costs. The receiver had argued that Bonavista had abandoned co-owned assets for its own account rather than the joint account and that Bonavista was not able to set-off revenues attributable to Spyglass’s interest against Spyglass’s share of abandonment obligations. Spyglass and Bonavista were co-owners of a number of oil and gas properties and associated pipelines, and some natural gas processing facilities. Operations on the oil and gas properties and associated pipelines were governed by the terms of the CAPL (Canadian Association of Petroleum Landmen (sic)) Operating Procedure (either the 1981 or the 1990 form) and PASWC (Petroleum Accountants Society of Western…



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