Exhibit 25.1

 
 

SECURITIES AND EXCHANGE COMMISSION

Washington, DC. 20549

 

 

FORM T-1

 

 

STATEMENT OF ELIGIBILITY

UNDER THE TRUST INDENTURE ACT OF 1939

OF A CORPORATION DESIGNATED TO ACT AS TRUSTEE

☒ Check if an Application to Determine Eligibility of a Trustee Pursuant to Section 305(b)(2)

 

 

ODYSSEY TRANSFER AND TRUST COMPANY

(Exact name of Trustee as specified in its charter)

 

 

84-2639448

I.R.S Employer

Identification Number

 

860 Blue Gentian Rd, Suite 320  
Eagan, MN   55121
(address of principal executive offices)   (Zip Code)

Rebecca Paulson

ODYSSEY TRANSFER AND TRUST COMPANY

860 Blue Gentian Rd, Suite 320

Eagan, MN 55121

(651) 392-1654

 

 

PHOENIX ENERGY ONE, LLC

(Issuer with respect to the Securities)

 

 

 

Delaware   83-4526672
(State or other jurisdiction of
incorporation or organization)		   (I.R.S. Employer
Identification No.)
18575 Jamboree Road, Suite 830
Irvine, California		   92612
(Address of Principal Executive Offices)   (Zip Code)

 

 

Senior Subordinated Junior Lien Notes

(Title of the Indenture Securities)

 

 
 

FORM T-1

 

Item 1.

GENERAL INFORMATION. Furnish the following information as to the Trustee.

(a) Name and address of each examining or supervising authority to which it is subject.

 

  i.

State of Minnesota

Minnesota Department of Commerce

Financial Institutions Division

85 7th Place East | Suite 280 |

Saint Paul, MN 55101

(b) Whether it is authorized to exercise corporate trust powers.

 

  i.

Yes

 

Item 2.

AFFILIATIONS WITH OBLIGOR. If the obligor is an affiliate of the Trustee, describe each such affiliation.

None

 

Item 3-15

Not Applicable

 

Item 16

List of Exhibits: List below all exhibits filed as a part of this statement of eligibility and qualification.

 

  1.

A copy of the articles of association of the Trustee as now in effect (Exhibit 1 to Form T-1 filed with Registration Statement No. 333-296428)

 

  2.

A copy of the certificate of authority of the Trustee to commence business (contained in articles of association)

 

  3.

A copy of the authorization of the Trustee to exercise corporate trust powers. (contained in articles of association)

 

  4.

A copy of the existing bylaws of the Trustee, or instruments corresponding thereto (Exhibit 4 to Form T-1 filed with Registration Statement No. 333-296428)

 

  5.

A copy of each Indenture referred to in Item 4 (not applicable)

 

  6.

The consent of the Trustee required by Section 321(b) of the Trust Indenture Act of 1939 (attached hereto as Exhibit 6)

 

  7.

Report of condition of the Trustee published pursuant to law or the requirements of its supervising or examining authority (attached hereto as Exhibit 7)

SIGNATURE

Pursuant to the requirements of the Trust Indenture Act of 1939 the trustee, Odyssey Transfer and Trust Company, a trust company organized and existing under the laws of the State of Minnesota, has duly caused this statement of eligibility to be signed on its behalf by the undersigned, thereunto duly authorized, all in the City of Eagan, in the State of Minnesota, on the 22nd day of October, 2026.

 

Odyssey Transfer and Trust Company, as Trustee

/s/ Rebecca Paulson

Name:

  

Rebecca Paulson

Title:

  

President

EXHIBIT 6

(See Attached)

SIGNATURE

Pursuant to the requirements of the Trust Indenture Act of 1939 the trustee, Odyssey Transfer and Trust Company, a trust company organized and existing under the laws of the State of Minnesota, has duly caused this statement of eligibility to be signed on its behalf by the undersigned, thereunto duly authorized, all in the City of Eagan, in the State of Minnesota, on the 22nd day of October, 2026.

 

Odyssey Transfer and Trust Company, as Trustee

By:

  

/s/ Rebecca Paulson

Name:

  

Rebecca Paulson

Title:

  

President

EXHIBIT 7

(See Attached)

LOGO

ODYSSEY HOLDINGS CORP.

CONSOLIDATED STATEMENTS OF FINANCIAL POSITION

(IN CANADIAN DOLLARS)

 

 

 

     Notes      December 31,
2025		      December 31,
2024		  

Assets

         

Current assets

         

Cash

       $ 22,812,924      $ 13,429,682  

Investments

      6        20,427,500        18,500,000  

Accounts receivable

      14        12,559,121        6,351,454  

Prepaid expenses and deposits

         630,167        438,255  
     

 

 

     

 

 

  
        56,429,712        38,719,391  

Investments

      6        5,500,000        9,500,000  

Restricted cash

      5        825,004        864,788  

Right-of-use assets

      7        2,017,358        2,327,085  

Intangible assets

         227,324        47,278  

Property and equipment

         78,825        78,025  

Deferred tax asset

         26,500        66,000  
     

 

 

     

 

 

  
      $ 65,104,723      $ 51,602,567  
     

 

 

     

 

 

  

Liabilities and Shareholders’ Equity

         

Current liabilities

         

Accounts payable and accrued liabilities

      14      $ 10,718,724      $ 5,817,310  

Deferred revenue

      8        1,160,047        673,201  

Current lease liability

      9        1,247,309        1,266,656  

Current tax liability

         1,346,840        1,299,836  
     

 

 

     

 

 

  
        14,472,920        9,057,003  

Lease liability

      9        969,009        1,379,484  
     

 

 

     

 

 

  

Shareholders’ equity

         15,441,929        10,436,487  

Share capital

      11        5,038,363        2,888,863  

Contributed surplus

         4,037,716        4,570,578  

Cumulative translation adjustment

         3,406        175,698  

Retained earnings

         40,583,309        33,530,941  
     

 

 

     

 

 

  
        49,662,794        41,166,080  
     

 

 

     

 

 

  
      $  65,104,723      $  51,602,567  
     

 

 

     

 

 

  

Commitments and contingencies (Note 16); Subsequent event (Note 17)

The accompanying notes are an integral part of these consolidated financial statements.

Approved by the Board of Directors:

 

LOGO     

LOGO

 

     

 

 

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