Whitebark Energy Ltd (ASX:WBE) continues to take steps aimed at retaining the Wizard Lake Oil & Gas Project in Alberta, Canada, as it maintains encouraging production rates. Earlier in the year, the company’s 100%-owned Canadian subsidiary, Salt Bush Energy Ltd (SBE), filed a Notice of Intention to Make a Proposal pursuant to Subsection 50.4(1) of the Canadian Bankruptcy and Insolvency Act. Whitebark intends to retain the Wizard Lake asset and, via its subsidiary Ironbark Energy (IBE), has bid C$2 million comprised of C$336,000 in cash and C$1,664,000 in forfeit of an existing loan made by Whitebark to SBE. The process was initially open for a period until March 31, 2021, and was extended by a further 45 days to May 13, 2021, with no competing bids for the assets received during this time.