Warning Letter to Monroe Trading and Acquisitions LLC

CER File: XP2526-022

March 31, 2026

Registered with acknowledgement of receipt.

Varun Mehra
Director Natural Gas Marketing CA
Monroe Trading and Acquisitions LLC
1201 Fannin Street
Houston TX
USA 77002

RE: Warning Letter to Monroe Trading and Acquisitions LLC

Dear Varun Mehra:

The Canada Energy Regulator (CER) is the federal regulator of pipelines, energy development and trade in the Canadian public interest. As part of its mandate, the CER collects, monitors, analyzes, and publishes fact-based information on energy markets and supply, sources of energy, and the safety and security of pipelines and international power lines. The data and reports published by the CER provide timely and relevant information to Canadians, on commodity imports and exports, energy supply, and sources.

This letter is to inform you that the CER has serious concerns with Monroe Trading and Acquisitions LLC’s compliance with the requirements under National Energy Board Export and Import Reporting Regulations (Reporting Regulations). Reporting on the export of crude oil and refined petroleum products, natural gas, natural gas liquids and electricity from Canada is regulated under the Reporting Regulations.

In January 2024, the CER issued an All Company Letter^{Footnote 1} which reminded companies holding an export license, permit or order (authorization) exporting the above-mentioned commodities^{Footnote 2} to comply with the Reporting Regulations. Authorization holders must comply with the Reporting Regulations and file monthly reports on their activities. The Reporting Regulations also clearly outline the information requirements to be filed each month.

RELEVANT FACTS

Monroe Trading and Acquisitions LLC is the holder of ORDER GO–061–2025 and is subject to the Reporting Regulations. Order GO-061-2025 was issued on 16 September 2025 and is valid until 15 September 2027, for the export of gas.

When a company fails to file a report required by the Regulations by the prescribed due date, the CER’s Commodity Tracking System (CTS), which companies use to file reports, automatically tracks the late filing. CTS generates automated email reminders which state reports are due soon, or that reports are late.

The table below documents the instances where filings were not made or made late. Each of these instances is a non-compliance with the Reporting Regulations.

Compliance with the Reporting Regulations is mandatory, and the CER expects companies to file reports in a correct and timely manner on or before the due date. Companies are required to file their reports through the CTS.^{Footnote 3}

CONCLUSION

This warning letter, notifying you of Monroe Trading and Acquisitions LLC’s non-compliances with the Regulations, is issued in accordance with the CER’s Enforcement Policy.^{Footnote 4} The intent of this letter is to bring this matter to your attention, so you can take the necessary corrective action to ensure that timely submission of the required reports will be made in accordance with the Reporting Regulations.

Please be advised that this written warning, and the circumstances to which it refers, will form part of Monroe Trading and Acquisitions LLC’s compliance history.

Future non-compliances may result in further enforcement action, in accordance with the CER’s Enforcement Policy. Future enforcement action could include a Commission Order or Direction or administrative monetary penalties. You can find more information on the CER’s compliance and enforcement activities at https://www.cer-rec.gc.ca/en/safety-environment/industry-performance/reports-compliance-enforcement/index.html.

Should you have any questions regarding this review, please contact or .

Yours sincerely,

Jonathan Timlin
Vice-President
System Operations Business Unit

Encl. All Company Letter - https://www.cer-rec.gc.ca/en/about/how-we-regulate/guidance/cera/compliance-reporting-requirements-export-licences-export-permits-export-orders.pdf

Cc: Varun Mehra, Monroe Trading and Acquisitions LLC, care of Resident Agents Inc., 8 Green Ste R, Dover, DE 19901

Date modified:

2026-04-09