May 2, 2019
Calgary-based company says abandonment and reclamation obligations estimated at $329 million
The Alberta Energy Regulator says junior gas company Trident Exploration Corp. shut down abruptly Tuesday without responding to an order to properly manage its 4,700 wells — adding to the more than 3,000 orphan wells already awaiting remediation in the province.
Trident terminated 33 employees and 61 contractors on Tuesday, the company said in a news release.
The privately held Calgary-based company said its abandonment and reclamation obligations are estimated to be $329 million and it doesn't expect any financial recovery for shareholders or unsecured creditors.
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