Henenghaixin Operating Corp. entered in an agreement to acquire all of oil and gas assets of Twin Butte Energy Ltd. (OTCPK:TBTE.F) on December 23, 2016. Receiver is holding a 10% initial deposit of the purchase price and the deposit is non-refundable if court approval for the sale is not obtained. As of March 27, 2017, Henenghaixin Operating Corp. changes its name to West Lake Energy Corp. Buyer intends to provide majority of current Twin Butte staff with offers of employment. The transaction is subject to regulatory, bankruptcy approval and Competition act approval. On January 18, 2017, transaction has been approved by bankruptcy court. The transaction is expected to close on January 31, 2017 with an outside closing date of February 28, 2017. Henenghaixin Operating has an option to extend the closing date to March 30, 2017. An additional deposit will be required to extend the closing date. As of January 18, 2017, transaction is expected to close on March 30, 2017. Proceeds received from the sale will be used to repay the bank debt of CAD 200.6 million. CIBC World Markets Inc. and Peters & Co. Limited acted as sales agents to market assets of Twin Butte Energy Ltd. and were engaged by the receiver. Aditya M. Badami and Howard A. Gorman of Norton Rose Fulbright Canada LLP acted as legal advisor for FTI Consulting. Deryck Helkaa, Dustin Oliver, Jamie Engen of FTI Consulting Canada Inc. acted as receiver for Twin Butte Energy. Xiaodi Jin, Steven Bodi , Patrick T. McCarthy, Richard Eisenbraun, Laurie Robson and Kamini Dowe of Borden Ladner Gervais acted as a legal advisor to West Lake Energy Corp.