Alberta to relax rule on buying oil and gas wells
Toronto Star|July 16, 2024
Companies won't need to cover bankrupt owners’ unpaid municipal taxes before purchasing assets
BOB WEBER
Alberta to relax rule on buying oil and gas wells

The Alberta government plans to relax a rule that requires energy companies seeking to buy viable wells from bankruptcy proceedings to first pay all the failed producer's outstanding taxes.

"I have informed the Alberta Energy Regulator and the Orphan Well Association that my office will be amending the order in a way that will protect the value of productive assets and ensure that they can be acquired by responsible operators," said Energy Minister Brian Jean in an email.

"We believe that a significant minority of the assets sent to the (association) in the recent past will be found attractive by industry."

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