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Veracity Energy Services Ltd. is experienced with insolvencies and managing receivership files and associated due diligence for purchasers, sellers and financial entities. Veracity has executed over 100 corporate, field and environmental reviews for various clients. Veracity has supplied services to 5 Financial Institutions in the past 4 years. Some notable projects include:


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Trident Exploration Corp.

Veracity Energy managed care and custody of Trident Exploration (12,000BOE) in receivership. Shut in remaining 1200 wells and associated facilities. Emptied tanks and de-pressurized pipeline and vessels. Identified high risk pipelines and purged free of liquids.

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SanLing Energy Ltd.

Veracity has been engaged by the receiver to manage the (RCAM) Reasonable Control and Measures of Sanling Energy's assets. 


Houston Oil and Gas Ltd.

Veracity assisted BDO Canada with the insolvency of Houston Oil and Gas. Managed care and custody of the assets (focusing on the high risk field deficiencies) through to the sales process.


Bow River Energy Ltd.

Assisted BDO with the insolvency of Bow River (1100boe) through until the completion of the sales process. Managed field operations on the producing assets in Alberta and Saskatchewan

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Quattro Exploration Ltd.

Quattro Receivership for Hardie and Kelly Inc. 

Management of operations and decommissioning activities of sour Milo/Clark Lake Field which included a ten (10) inch sour gas pipeline and sales line to the Ft Nelson gas plant.

Operational Supervision of production from the Cecil, Oak and Rigel wells and facilities.

Due Diligence visits and reports for prospective acquisitions and receivership.




Minimizing Abandonment Cost In Area Based Closure Project

Veracity was hired by a client to abandon 18 wells, 25 pipeline segments, a metering site and a compressor site in Central Alberta. Veracity provided a scope of work and cost estimate to complete the project as Prime Contractor. Veracity then bid out the environmental and well servicing services to various parties to refine the cost structure and scope of work.


In a few short weeks, Veracity engaged an environmental services company to complete the phase 1 ESAs and identify good working practices for site reclamation in the area.

In April, Veracity drafted all well programs, bid out all services, submitted non-Routine abandonment applications and commenced land work for access, crossings, consents and notifications.

In May, Veracity provided the client with updated detailed programs, budget and proposed project schedule. In June, Veracity met with the client, the environmental service company, the Special Areas representative (landowner) and several service companies on site to elicit input and begin operations. Veracity received approvals for nonroutine applications and completed the Phase 1 ESA’s. 

In less than a month, Veracity completed the project. Cost initiatives such as the creation of a central storage area to minimize trucking and disposal costs. Veracity encountered unexpected fill in wells during operations which would have required clean-outs and have resulted in a significant increase in total costs. In order to maximize efficiency Veracity worked directly with the Regulator to expedite the non routine approvals.

The area was a highly sensitive minimal disturbance area, so Veracity engaged a Special Areas Agent in conjunction with an environmental services group prior to commencing field operations. This ensured any field work would incorporate all suggestions prior to operations thereby minimizing environmental impact and cleanup costs. The project was completed 12% under budget.



Tight Timelines Foster Ingenuity In

Sour Gas Plant  Decommissioning Project 

In early 2017, Veracity was engaged by a Receiver to manage exploration assets in an insolvency. During property reviews, it became evident the sour gas producing assets at NE BC were both uneconomic and non-compliant.


Due to the site’s remoteness, the site had limited access via an ice bridge that was expected to be impassable by the end of March. Veracity provided the Receiver an action plan along with a detailed budget to carry out decommissioning of the main sour gas facility and associated gathering lines and sour gas sales line under a river.

As prime contractor, Veracity solicited service company bids, selected contractors and notified all interested stakeholders including the regulator.


Commencing field operations in early 2017, Veracity bled down the sour gathering lines, headers, facilities and the main sales line to the gas plant. Due to the time required to re-activate the sales line bleed down sour stack, flow was reversed back to the production facility.

Subsequently, all lines were pigged and chased to preserve pipeline integrity.


Finally, the pipelines were purged with a blanket of nitrogen for safety and to minimize corrosion. A major cost initiative was using alternative techniques to purge the pipelines. Although more cumbersome, Veracity was able to minimize costs and the risk of crossing the ice bridge with using specialty trucks. Project costs were approximately 10% under budget.



Blending Facility Review Exposes Critical Flaws

Veracity was engaged by the senior management team of a midstream operator in the summer of 2013. The facility was 80% complete and was riddled with cost overruns and design flaws. Veracity initiated a facility review and found numerous operational deficiencies along with identifying the source of the cost inefficiencies.


Veracity presented the findings to the client and shortly after were brought in as an operations sponsor to assist with the re-design of key aspects of the facility and oversee the construction activities to a successful conclusion. Following that, Veracity commissioned the facility and operated the asset on behalf of the client until the summer of 2016​ without any significant incidents.


The facility was then sold to a midstream competitor at a value that exceeded the client’s expectations. Our facility experience along with our operating knowledge and experience proved invaluable from the onset through to the sale of this asset.



Due Diligence Discovery Supports Discounted Asset Sale

Veracity had been engaged by a junior oil and gas company to evaluate a Central Alberta property, including a sour gas facility that was marketed via a receivership process.  

The acquiring company had access to capital and industry proficiency but due to time constraints required an expedited due diligence review.

During the field review and site visit Veracity's skilled team uncovered a substantial undisclosed Maintenance Capital Deficiency (to the tune of 55% of the asking price). 

The former operator had deferred maintenance capital due to financial constraints prior to entering the receivership process, this presented numerous safety and environmental concerns at the sour gas facility.


Due to Veracity's investigation, associated monies were identified to bring the facility to a compliant state. The information from the review was then used to negotiate an accepted offer far below the “normal” asset metrics.

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