Waskahigan Oil & Gas Corp plans critical meeting to discuss major shareholder decisions

On May 26, 2025, Waskahigan Oil & Gas Corp, based in Canada, announced a special meeting of its shareholders scheduled for June 4, 2025. This meeting is significant as it comes in light of the company’s newly approved plan involving a spin-out of its subsidiary, Fox Creek Energy Ltd, and a complete restructuring of its operations. This restructuring includes various transactions aimed at resolving existing debts and liabilities, particularly concerning Odaat Oil Corp, another subsidiary which had recently sold off its assets. The background to this meeting involves the court-approved plan for Waskahigan to execute a spin-off, which is said to facilitate their goal of reducing operational costs and uncertainties about future financial obligations. Recent activities indicate that Odaat has already liquidated its assets. Part of the agenda includes obtaining shareholder approval for a new arrangement that simplifies administrative processes by allowing a potential “going private” transaction if specific reverse takeover applications are not completed by the end of the year. Moreover, the implications of this meeting transcend just operational shifts; stakeholders may see major shifts on how their investments may be safeguarded or potentially benefitted through dividends post-transition. The resolution of debt and the potential sale of shares of Odaat adds complexity to the discussions, as shareholders ponder the best course of action to protect their interests amidst the company’s restructuring efforts. The meeting will address vital topics, including amendments to Articles of Incorporation that affect share classes and the designation of redeemable preferred shares. A resolution to allow Gregory J. Leia, the president and director, to purchase shares of Odaat has also raised questions among shareholders, particularly regarding the terms and conditions tied to such a sale. As the meeting approaches, shareholders are encouraged to participate actively, emphasizing the importance of their input in guiding Waskahigan Oil & Gas Corp’s future.