The syndicate of lenders filed an involuntary petition against Spyglass Resources Corp. in the Court of Queen's Bench of Alberta on November 26, 2015. The lenders requested the Court to place the Spyglass Resources into Receivership and appoint Ernst & Young as receiver to manage the company's affairs.

The Court of Queen's Bench of Alberta has granted the application filed by syndicate of lenders to appoint Ernst & Young Inc. as receiver on November 26, 2015. Ernst & Young Inc. will manage company's day to day affairs and manager over the assets, undertakings and property of Spyglass and its subsidiaries. Effective today, all of the Corporation's directors have resigned as directors of the Corporation and its subsidiaries.