Repsol Oil & Gas Canada Inc. (ROGCI), an oil and gas exploration and production company based in Calgary, Alberta, was granted an initial order for liquidation under the Canada Business Corporations Act (CBCA). The liquidation, effective November 2, 2023, was driven by Repsol's parent company, Repsol Exploración, S.A.U. (REXSA), which sought to exit the Canadian oil and gas E&P industry to benefit from a Spanish tax deduction.

In the liquidation process, REXSA sold ROGCI’s upstream oil and gas assets to Peyto Exploration & Development Corp. for $468 million on September 7, 2023. The sale is part of Repsol's broader strategy to concentrate on key areas, particularly the United States. The divestment allows Repsol to focus on regions with competitive advantages and aligns with its plan to reduce CO2 emissions by 75% by 2025?.

Ernst & Young (EY) served as the liquidator, with legal counsel from Bennett Jones for ROGCI, MLT Aikins for EY, and BDP for Peyto. RBC Capital Markets acted as Repsol's financial advisor for the transaction.