CALGARY Major Canadian oil companies could face tens of millions of dollars in liabilities as a result of tiny Lexin Resources Ltd.s insolvency and its inability to clean up over 1,500 oil and gas wells in Alberta, which has doubled the number of orphan wells in the province.
Receivership documents reviewed by the Financial Post show 51 companies including major Calgary-based producers Canadian Natural Resources Ltd., Exxon Mobil Canada and Husky Energy Inc. may be held at least partially liable for Lexins wells as a result of their ownership in some of those assets.
These companies were copied on correspondence between the Alberta Energy Regulator and Lexin before the regulator took the unprecedented step of pushing Lexin into rece…
Read the full article at: http://business.financialpost.com/news/energy/major-oil-companies-caught-in-orphan-wells-crisis-as-tiny-lexin-resources-goes-insolvent
