EDMONTON – Thousands of jobs in the oil patch are at risk if governments try to impose the wrong approach to cutting back a highly potent greenhouse gas, says an industry lobby group. “Let’s take the best opportunities as opposed to being very prescriptive,” Tim McMillan, head of the Canadian Association of Petroleum Producers, said … Read more
CALGARY, Oct. 30, 2017 /CNW/ – (TSXV: CWC) CWC Energy Services Corp. (“CWC” or the “Company“) is pleased to announce that it has entered into a definitive agreement to acquire the service and swabbing rig assets and ongoing operations of C&J Production Services-Canada Ltd. (“C&J Canada“) from C&J Energy Services, Inc. (“C&J Parent“) for total consideration of … Read more
FOR: NUVISTA ENERGY LTD.TSX SYMBOL: NVADate issue: October 31, 2017Time in: 8:24 PM eAttention:
CALGARY, ALBERTA–(Marketwired – Oct. 31, 2017) – NuVista Energy Ltd.
(“NuVista” or the “Company”) (TSX:NVA) is pleased to announce results for the
three a…
Oct 31, 2017 by Anthony DiPaola (Bloomberg) Saudi Arabia, OPEC’s biggest oil producer, is also a leader when it comes to slashing the crude price the country needs to balance its budget. The kingdom will need oil to trade at $70 a barrel next year to break even, the Washington-based International Monetary Fund said Tuesday in … Read more
October 31, 2017 (Bloomberg) Russia probe rattles U.S., all calm in Catalonia, and euro-area inflation slows. Here are some of the things people in markets are talking about today. U.S. noise Markets are caught between the latest fallout from the Russia election probe and imminent announcements on U.S. tax reform and the outlook for monetary policy. The … Read more
Oct 31, 2017 by Heesu Lee and Grant Smith (Bloomberg) Oil headed for its first back-to-back monthly gain since last year amid signs that efforts by OPEC and its allies to clear a glut are progressing, and that they’ll stick with the strategy next year. Futures were little changed in New York and are up 4.8 … Read more
October 31, 2017 by Theophilos Argitis (Bloomberg) Canada’s economy unexpectedly contracted in August, adding to signs of cooling following a torrid pace of growth in the first half of this year. Highlights of August GDP Report Canada’s GDP shrank 0.1% versus estimates for a 0.1% gain. It was the first monthly decline since Oct. 2016 … Read more
The Petroleum Services Association of Canada’s (PSAC) will be presenting its 2018 Canadian Drilling Activity Forecast and Industry Outlook Today in Calgary. The PSAC forecast is considered a key benchmark for activity levels in Canada’s oil and gas industry. In addition to the 2018 forecast, PSAC will present on the well count for the balance … Read more
DUBAI, United Arab Emirates — The Middle East’s oil producers are bracing for continued pressure from lower oil prices, with the International Monetary Fund projecting cumulative budget deficits of $320 billion over the next five years.
Approximately …
FOR: RAISE PRODUCTION INC.TSX VENTURE SYMBOL: RPCDate issue: October 30, 2017Time in: 6:22 PM eAttention:
CALGARY, ALBERTA–(Marketwired – Oct. 30, 2017) – Raise Production Inc. (TSX
VENTURE:RPC) (“Raise” or the “Company”) announces receiving a Notifi…
Safety Boss Inc. is pleased to announce our recent relocation to the Edmonton area effective October 1st. Our new 20,000 sqft operational center located in Strathcona County will allow us to better serve our customers in the Greater Edmonton, Fort Saskatchewan and Fort McMurray areas. Our goals are to continue providing quality services, increase our … Read more
CALGARY, Oct. 30, 2017 /CNW/ – Vermilion Energy Inc. (“Vermilion”, “We”, “Our”, “Us” or the “Company”) (TSX, NYSE: VET) is pleased to report operating and unaudited financial results for the three and nine months ended September 30, 2017. The unaudited financial statements and management discussion and analysis for the three and nine months ended September 30, 2017, will be available … Read more
October 30, 2017 AM Reuters LONDON (Reuters) – The oil market is now well into a cyclical upswing and within the next year the narrative about “rebalancing” is likely to be replaced by one about “tightening”. Rebalancing started well before the production pact between the Organization of the Petroleum Exporting Countries (OPEC) and its allies went into … Read more
FOR: PRAIRIESKY ROYALTY LTD.TSX SYMBOL: PSKDate issue: October 30, 2017Time in: 4:01 PM eAttention:
CALGARY, ALBERTA–(Marketwired – Oct. 30, 2017) – PrairieSky Royalty Ltd.
(“PrairieSky” or the “Company”) (TSX:PSK) is pleased to announce its third
qu…
October 30, 2017 (Bloomberg) The OPEC trade is back, and Saudi Arabia is in the driver’s seat. Just before the de facto OPEC leader doubled down on its plan to drain the oil glut, propelling Brent crude prices beyond $60 a barrel for the first time since 2015, hedge funds were almost as bullish on … Read more
October 27, 2017 (Bloomberg) Not even a record high can shake Canadian stocks of their ‘Eeyore’ complex. The S&P/TSX Composite Index closed up 0.4 percent to 15,953.51 on Friday, surpassing the record on Feb. 21 after outpacing its global peers since early September. Financials have accounted for more than half of the advance, with industrials, consumer discretionary … Read more
October 30, 2017 (Bloomberg) Oil extended a two-year high above $60 a barrel in London amid growing signs that OPEC and Russia will press on with supply curbs, and as pipeline flows from Iraq were disrupted. Brent crude futures added 0.3 percent. Saudi Arabian Crown Prince Mohammed bin Salman last week backed extending production cuts by … Read more
October 30, 2017 by Natasha Doff (Bloomberg) Russia probe threatens to overshadow Trump’s Fed pick, HSBC’s Asia bet pays off, and it’s a big week for bond markets. Here are some of the things people in markets are talking about today. Somebody special U.S. President Donald Trump stoked yet more intrigue around who he will chose … Read more
As social media madness continues to progress, the phenomenon has acquired a bit of a reputation. Companies operating in highly regulated industries like the energy industry often perceive social media as more of a risk than a strategic asset, with its dynamic and fluid nature seeming like more of a legal or PR nightmare waiting … Read more
You are the risk management system that protects your coworkers your friends and the corporation. Invest in your risk intelligence. Training is a big part of making the world a safer place. With constant changes to safety regulations, we make sure you are up to date on all aspects of Process Safety 2018 Annual Training Passes PURCHASE … Read more
We hope that you will join us this year in celebrating 50 years of innovation at Global Petroleum Show (GPS) June 12 – 14, 2018. GPS prides itself in being the most important energy event in North America attracting more than 50,000 international and domestic oil & gas executives, high-level government officials, National Oil Companies … Read more
Written by Hamish Knox; President of Sandler in Calgary, Canada Creating accountable, sales focused organizations in Calgary Imagine that you’re at the end of discovery with your prospect. You’ve uncovered compelling, emotional reasons for your prospect to take action, quantified those reasons, confirmed your prospect is willing and able to invest and … Read more
CALGARY — Cenovus Energy Inc. (TSX:CVE) is naming Alex Pourbaix as its new president and chief executive.
Pourbaix retired from TransCanada Corp. earlier this year where he was most recently chief operating officer.
He starts the new job on Nov. 6 and…
November 2, 2017. Thank you for joining us for this timely webinar with MNP’s Mark Bernard, CPA, CA, on the impact of proposed federal tax changes to oilfield services companies. During Mark’s presentation, you will hear what the changes could mean to your tax strategies, the steps to consider before the end of the year … Read more
October 28, 2017 Reuters A former federal politician was elected on Saturday as leader of the right-leaning opposition in Canada’s oil-rich Alberta province, becoming the first permanent head of a new conservative movement formed from splintered factions. Jason Kenney, a former federal cabinet minister, was elected with 61.1 percent of the vote, the United Conservative … Read more
October 27, 2017 Reuters The U.S. rig count fell for a third month in a row even as drillers added a rig last week for the first time in October, extending the drilling decline that started after crude prices fell below $50 a barrel this summer.Drillers added one oil rig in the week to Oct. 27, … Read more
October 27, 2017 by Jessica Summers (Bloomberg) Brent surged above $60 a barrel for the first time in more than two years amid enthusiasm that OPEC may extend its supply-restraint deal and indications that the situation between Iraq and the Kurds remains fragile. The global benchmark jumped to levels last seen in July 2015 and … Read more
Canada’s drilling rigs decreased by 11 to the current 191 active drilling rigs according to data collected by Baker Hughes for the week of October 27th. From one week ago, Alberta rig counts decreased from 141 to 136, the Saskatchewan rig count decreased by 5 from 30 to 25. Oil drilling declined by 11 to … Read more
OTTAWA — Political cynics had plenty of fodder this week, with the curious timing of multibillion-dollar spending announcements and morphing Liberal views on veils.
Parliament Hill was completely caught up in the twists and turns of Finance Minister B…
WINNIPEG — The federal and Manitoba governments moved closer to a clash over carbon pricing Friday, as Prime Minister Justin Trudeau said his government will impose a carbon tax in Manitoba if need be.
“There will be a federal backstop and if any prov…
VANCOUVER — Kinder Morgan Canada Ltd. (TSX:KML) wants the National Energy Board to clear the way for work on the Burnaby, B.C., portion of its Trans Mountain pipeline expansion project.
A statement released by the company says it wants a determination…
CALGARY, ALBERTA — (Marketwired) — 10/27/17 — (Canadian dollars except as indicated) This news release contains “forward-looking information and statements” within the meaning of applicable securities laws. For a full disclosure of the forward-looking information and statements and the risks to which they are subject, see the “Cautionary Statement Regarding Forward-Looking Information and Statements” later in this news … Read more
Strong cash position, proven technology and significant cost reductions position MEG well to continue highly-economic growth All financial figures in Canadian dollars ($ or C$) unless otherwise noted CALGARY, Oct. 26, 2017 /CNW/ – MEG Energy Corp. (TSX:MEG) today reported third quarter 2017 operating and financial results. Highlights include: Quarterly production volumes of 83,008 barrels per day … Read more
18 percent increase in upstream production from the second quarter of 2017 Petroleum product sales of 500,000 barrels per day remain at near record levels Returned $386 million to shareholders in the form of dividends and share purchases CALGARY, Oct. 27, 2017 /CNW/ – Third quarter Nine months millions of Canadian dollars, unless noted 2017 2016 % 2017 2016 … Read more
SAN RAMON, Calif.–(BUSINESS WIRE)–Chevron Corporation (NYSE: CVX) today reported earnings of $2.0 billion ($1.03 per share – diluted) for third quarter 2017, compared with $1.3 billion ($0.68 per share – diluted) in the third quarter of 2016. Included in the quarter was a gain on an asset sale of $675 million and an asset write-off … Read more
LONDON (Reuters) – Oil prices fell on Friday after Brent rallied to just below $60 a barrel the previous session but support from Saudi Arabia’s crown prince for extending OPEC-led output cuts created a floor. Brent fell 38 cents to $58.92 a barrel by 1215 GMT, after Thursday’s rise to $59.55, its highest since July … Read more
October 27, 2017 by Grant Smith (Bloomberg) Brent oil traded near the highest level in more than two years as Saudi Arabia’s Crown Prince Mohammed bin Salman backed the extension of OPEC-led output cuts. Futures slipped 0.6 percent in London, paring the weekly gain to 2.1 percent. The prince said Thursday that “of course” he wanted … Read more
October 27, 2017 by Lorcan Roche Kelly (Bloomberg) GOP tax plan remains on track, Amazon shakes the health-care industry, and third-quarter GDP data due. Here are some of the things people in markets are talking about today. Tax plan Yesterday’s successful adoption of budget resolution by the House means the path to passing a tax-reform bill remains … Read more
CALGARY — Imperial Oil Ltd. reported a smaller third-quarter profit compared with a year ago when it benefited from the sale of its retail sites.
The energy company says it earned $371 million or 44 cents per diluted share in its third quarter compare…
WINNIPEG — Manitoba’s Progressive Conservative government will announce a carbon tax of $25 a tonne Friday — to be implemented sometime next year — and keep it at that rate, a government source familiar with the file confirmed to The Canadian Press.
T…
OTTAWA — The National Energy Board says Canada’s addiction to fossil fuels will peak in two years, but the change won’t affect economic growth.
For the first time, the board’s annual energy futures report says that with climate change policies and gro…
ST. PAUL, Minn. — Enbridge Energy must publicly disclose its projections for potential oil spills from its proposed Line 3 replacement pipeline across northern Minnesota, regulators decided Thursday.
The modeling data set includes the probability of l…
SAINT JOHN, N.B. — Irving Oil has been ordered to pay $4 million after pleading guilty to 34 counts stemming from the investigation into the 2013 rail disaster in Lac Megantic, Que.
The charges under the Transportation of Dangerous Goods Act result fr…
FOR: SURGE ENERGY INC.TSX SYMBOL: SGYDate issue: October 26, 2017Time in: 4:20 PM eAttention:
CALGARY, ALBERTA–(Marketwired – Oct. 26, 2017) –
THIS PRESS RELEASE IS NOT FOR DISTRIBUTION IN THE UNITED STATES OR TO U.S. NEWS
AGENCIES
Surge Energy Inc. …
The Petroleum Services Association of Canada’s (PSAC) will be presenting its 2018 Canadian Drilling Activity Forecast and Industry Outlook on Tuesday, October 31, 2017 in Calgary. The PSAC forecast is considered a key benchmark for activity levels in Canada’s oil and gas industry. In addition to the 2018 forecast, PSAC will present on the … Read more
CALGARY — Alberta’s energy regulator has approved an oilsands giant’s plans to manage its vast tailings ponds despite ongoing concerns about their reliability.
“(Opponents) raised concerns with the aquatic closure outcome and uncertainties with the pr…
CALGARY — Husky Energy Inc. (TSX:HSE) lowered its capital spending guidance as it reported a profit of $136 million in its latest quarter.
The energy company says it has cut its capital spending guidance to $2.2 billion- to $2.3-billion due in part to…
CALGARY, ALBERTA, CANADA – EventWorx Corporation, a newly formed event management company in Canada, has acquired the Oil Sands Trade Show and Conference, Atlantic Canada Petroleum Show, and PetroChem Canada from dmg events (Canada) inc., a wholly-owned subsidiary of DMGT (Daily Mail Group & Trust plc). The Oil Sands Trade Show and Conference is Canada’s premier … Read more
October 26, 2017 by Grant Smith (Bloomberg) Oil steadied near $52 a barrel as Saudi Crown Prince Mohammed bin Salman backed the extension of OPEC production cuts beyond March 2018. Futures were little changed in New York after falling 0.6 percent on Wednesday. Prince Mohammed said in an interview with Bloomberg News in Riyadh that … Read more
October 26, 2017 by Fatma Abusief (Bloomberg) Solar power is getting so cheap that even Gulf Arab states awash in crude oil are embracing the renewable resource. Their motive is as much to keep selling fossil fuels as it is to rein in their carbon emissions. With almost 30 percent of the world’s oil reserves … Read more
October 26, 2017 by Lorcan Roche Kelly (Bloomberg) Decision day at the ECB, budget vote expected in House, and Saudi crown prince backs oil production cut extension. Here are some of the things people in markets are talking about today. ECB day The European Central Bank is expected to announce today how it intends to bring … Read more
FOR: CANADIAN UTILITIES LIMITEDTSX SYMBOL: CUTSX SYMBOL: CU.XDate issue: October 26, 2017Time in: 7:45 AM eAttention:
CALGARY, ALBERTA–(Marketwired – Oct. 26, 2017) – Canadian Utilities Limited
(TSX:CU)(TSX:CU.X) –
Canadian Utilities Limited today an…
FOR: CRESCENT POINT ENERGY CORP.TSX SYMBOL: CPGNYSE SYMBOL: CPGDate issue: October 26, 2017Time in: 6:37 AM eAttention:
All financial figures are approximate and in Canadian dollars unless otherwise
noted. This press release contains forward-looking i…
CALGARY — Suncor Energy Inc. (TSX:SU) says improved oil prices and record oilsands production helped push up earnings in the third quarter.
The Calgary-based energy producer says operating earnings came in at $867 million or $0.52 per share in the qua…
FOR: SUNCOR ENERGY INC.TSX SYMBOL: SUNYSE SYMBOL: SUDate issue: October 25, 2017Time in: 9:00 PM eAttention:
CALGARY, ALBERTA–(Marketwired – Oct. 25, 2017) – Suncor today announced it has
received approval from the Alberta Energy Regulator (AER) for …
FOR: SUNCOR ENERGY INC.TSX SYMBOL: SUNYSE SYMBOL: SUDate issue: October 25, 2017Time in: 8:00 PM eAttention:
CALGARY, ALBERTA–(Marketwired – Oct. 25, 2017) –
Unless otherwise noted, all financial figures are unaudited, presented in
Canadian dollars (…
BISMARCK, N.D. — An American Indian activist and former U.S. congressional candidate in North Dakota accused of inciting a riot during protests against the Dakota Access oil pipeline says he’ll seek to present a “necessity defence” — justifying a crim…
CALGARY — TransCanada Corp. is offloading its only solar power holdings in a $540-million deal as it moves against the industry trend of investing more in renewables.
The company said Wednesday it was selling the eight facilities in Ontario with 76 me…
October 25, 2017 by Lorcan Roche Kelly (Bloomberg) Positive data from Europe, cracks in GOP unity in Washington, and a warning on bonds. Here are some of the things people in markets are talking about today. European data Third-quarter GDP growth for the U.K. came in at a slightly faster-than-expected 0.4 percent, according to the Office … Read more
October 25, 2017 by Rakteem Katakey (Bloomberg) Crude may still be languishing near $50, but Big Oil is on track to rejoin the world’s corporate elite by squeezing more cash from each barrel. The five biggest oil producers generated about $34 billion of cash from operations in the third quarter, according to estimates from Jefferies … Read more
MNP Breakfast Session: Quality Data = Better Business Decisions How can you de-risk your large IT projects? Look at your data and its potential quality issues. By integrating data quality with operational applications and business analytics, organizations can reconcile disparate data, remove inaccuracies, standardize on common metrics, and create a strategic, trustworthy, and valuable data … Read more
October 25, 2017 by Alexandria Arnold (Bloomberg) Wednesday’s Bank of Canada meeting is set to revive a six-month surge in the loonie that’s stalled in recent weeks, according to the country’s biggest lenders. That’s good news for speculators who remain near the most bullish on the currency since 2012. Bank of Nova Scotia Chief Foreign-Exchange … Read more
October 25, 2017 (Bloomberg) Oil was little changed before the release of U.S. inventory data, while OPEC and its allies reassured traders that they’ll complete their strategy to clear a global crude surplus. Futures slipped 0.3 percent in New York after rising 1.1 percent on Tuesday. Government data Wednesday is forecast to show that inventories … Read more
Canada Action invites you to join us at our Canada Action Volunteer coordination kick-off event! Join the positive discussion surrounding Canadian resource development in the interest of improving the lives of all Canadians. It will take place on November 2nd, at Fort Calgary, from 6:00 to 8:00 pm. You can expect to have interactive … Read more
FOR: PIERIDAE ENERGY LIMITEDTSX VENTURE SYMBOL: PEADate issue: October 25, 2017Time in: 11:35 AM eAttention:
CALGARY, ALBERTA–(Marketwired – Oct. 25, 2017) –
NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR DISSEMINATION IN
UNITED STATES
P…
FREDERICTON — Irving Oil says any New Brunswick carbon plan needs to allow the province’s businesses to remain competitive.
Premier Brian Gallant’s government announced in Tuesday’s throne speech that his Liberal government would bring in carbon prici…
FOR: TRANSCANADATSX SYMBOL: TRPNYSE SYMBOL: TRPDate issue: October 25, 2017Time in: 9:00 AM eAttention:
CALGARY, ALBERTA–(Marketwired – Oct. 25, 2017) – News Release – TransCanada
Corporation (TSX:TRP)(NYSE:TRP) (TransCanada) today announced that it …
October 24, 2017 by Josh Wingrove (Bloomberg) Canada’s government is projecting smaller deficits as stronger-than-expected growth gives Prime Minister Justin Trudeau more wiggle room to boost spending on families and the middle class. The Liberal government cut its deficit projection for the fiscal year that ends March 31 to C$19.9 billion ($15.7 billion), down from C$28.5 … Read more
Learning to interpret information on Piping and Instrumentation Drawings (P&ID) will set you apart from your peers, whether you are an Operator, EIT, Engineer, or Manager In this fundamental course you will learn: ✔ How to interpret P&IDs ✔ How to understand the process flow ✔ The ability to redline errors or omissions ✔Understand Instrumentation and other P&ID … Read more
October 23, 2017 Globe Newswire CALGARY, Alberta, Oct. 23, 2017 (GLOBE NEWSWIRE) — Yangarra Resources Ltd. (“Yangarra”) and NCS Multistage Holdings, Inc. (Nasdaq:NCSM) (“NCS Multistage”) have completed a 135-stage well in the Cardium Formation in 116 operating hours. The well was completed in a single coiled-tubing run with 7.4 million lb (3,374 tonnes) of proppant placed … Read more
October 24 by Josh Wingrove (Bloomberg) The Canadian government will unveil a budget update widely expected to show shrinking short-term deficits, as Finance Minister Bill Morneau looks to turn the page on questions about his own finances. Morneau will deliver his Fall Economic Statement at about 4 p.m. Tuesday in Ottawa. The midyear update to the … Read more
October 24, 2017 (Bloomberg) As OPEC negotiates the extension of its oil production cuts until the end of 2018, it’s also quietly started working on an exit strategy in an effort to reassure investors it won’t flood the market once the curbs finally expire, according to people familiar with the deliberations. The talks, still at … Read more
(Bloomberg) Tax bill coming ‘very shortly,’ it’s PMI day, and HSBC executive convicted of fraud. Here are some of the things people in markets are talking about today. Tax bill due House and Senate leaders, responding to President Donald Trump’s goal of delivering major tax cuts by the end of the year, have laid out an … Read more
October 24, 2017 by Angelina Rascouet (Bloomberg) Oil rose above $52 a barrel as OPEC was said to be working on an exit strategy alongside discussions on extending production cuts to the end of next year. Futures gained 0.8 percent in New York after advancing a second session Monday. OPEC was said to be working on … Read more
EDMONTON — Suncor Energy (TSX:SU) has applied to the Alberta Energy Regulator for approval of its Meadow Creek West project.
According to the AER, the project would recover 6,359 cubic metres per day (40 000 barrels per day) from the McMurray Formatio…
It wasn’t much of a bouquet — just a single lonely dandelion.
But it had been plucked from the middle of a barren stretch of oilsands coarse tailings. University of Saskatchewan biologist Susan Kaminskyj knew right away that made it something special….
FOR: PENGROWTH ENERGY CORPORATIONTSX SYMBOL: PGFNYSE SYMBOL: PGHDate issue: October 23, 2017Time in: 5:15 PM eAttention:
CALGARY, ALBERTA–(Marketwired – Oct. 23, 2017) – Pengrowth Energy Corporation
(TSX:PGF)(NYSE:PGH) is pleased to report that it ha…
Tesla’s enigmatic leader, Elon Musk is building a series of massive tunnels at Space X outside of LA through his boring company called, what else? The Boring Company. This initiative is the precursor to his ambitious plan for a series of tunnels throughout the US—and presumably the globe—for a super-fast commute. And proof of concept … Read more
FOR: PETROLIA INC.TSX VENTURE SYMBOL: PEADate issue: October 23, 2017Time in: 2:34 PM eAttention:
QUEBEC CITY, QUEBEC–(Marketwired – Oct. 23, 2017) – Petrolia Inc. (TSX
VENTURE:PEA) (“Petrolia” or the “Company”) is pleased to announce that it has
bou…
October 23, 2017 by Angelina Rascouet (Bloomberg) Oil traded near $52 a barrel as OPEC reported record compliance with pledged production cuts and U.S. drilling slowed again. December futures were little-changed in New York. OPEC and its partners including Russia achieved a record-high level of compliance to output cuts during September, according to a statement … Read more
October 23, 2017 by Lorcan Roche Kelly (Bloomberg) Abe wins landslide, Catalan crisis rumbles on, and Yellen still in running for the Fed. Here are some of the things people in markets are talking about today. Victory Prime Minister Shinzo Abe’s ruling coalition maintained its two-thirds majority in yesterday’s election for the 465-seat lower house. The win helped … Read more
Canada’s drilling rigs decreased by 10 to 202 active drilling rigs according to data collected by Baker Hughes for the week of October 20th. From one week ago, Alberta rig counts decreased from 144 to 141, the Saskatchewan rig count decreased by 10 from 40 to 30. Oil drilling declined by 5 to 107 and … Read more
In less than seven years, STEP Energy Services (‘STEP’) has become a leader within the pressure pumping sector of the oil and gas industry. This position is due in part to their ability to see possibilities for their clients, supported by a commitment to safety, their dedication to building and maintaining trust with their … Read more
FOR: TRANSCANADATSX SYMBOL: TRPNYSE SYMBOL: TRPDate issue: October 23, 2017Time in: 11:00 AM eAttention:
CALGARY, ALBERTA–(Marketwired – Oct. 23, 2017) – News Release – TransCanada
Corporation (TSX:TRP) (NYSE:TRP) (TransCanada) will hold a teleconfer…
Written by Hamish Knox; President of Sandler in Calgary, Canada Creating accountable, sales focused organizations in Calgary There’s a hole in your lead gen Dear Owner, Dear Owner There’s a hole in your lead gen Dean Owner a hole Don’t get nervous. The hole (probably) isn’t in the campaign you just paid … Read more
October 20, 2017 (Bloomberg) U.S. shale drillers are tapping on the brakes in the wake of a growing investor revolt that’s held down company values, even as they’ve scored historic production numbers. The evidence is stacking up: The latest rig count showed the biggest one-week drop in the Permian Basin in 19 months, while Schlumberger … Read more
October 22, 2017 (Bloomberg Gadfly) Brent crude’s brief flirtation with a $60 price level already seems to be fading. OPEC and its friends are facing their last chance to swing sentiment in the oil market this year. They shouldn’t get too precious about it. What ministers say at their Nov. 30 meeting may have little … Read more
FORT MCMURRAY, Alta. — A contract worker died Friday at Suncor Energy’s Millennium oilsands mine north of Fort McMurray.
Alberta labour spokesman Trent Bancarz said the man in his 30s was digging a trench when he was buried.
His name was not released
…
October 20, 2017 Reuters NEW YORK (Reuters) – Oil prices were flat on Friday in see-saw trade, under pressure from weak U.S. demand but drawing support from a sharp decline in Iraqi crude exports due to tensions in the Kurdistan region. U.S. light crude was 10 cents higher at $51.39. Brent crude was up 24 cents … Read more
October 20, 2017 (Bloomberg) Schlumberger Ltd. and Baker Hughes, the world’s two biggest oilfield service companies, say North America’s growth engine is slowing. The investment appetite by explorers in North America “seems to be moderating” with the priority now being preservation of cash flow rather than the pursuit of continued production growth, Schlumberger said in an … Read more
October 20, 2017 Reuters The U.S. oil rig count fell for a third week in a row, extending a two-month drilling decline, although producers have sharply ramped up bets against a fall in oil prices, which could spur another investment surge.The oil rig count fell seven to 736 in the week to Oct. 20, the lowest … Read more
October 20, 2017 Reuters LONDON, Oct 20 (Reuters) – U.S. natural gas stocks continue to tighten, but most traders appear unconcerned, with futures prices for gas delivered this winter close to the lowest levels since the start of the year. Working gas stocks in underground storage were 35 billion cubic feet (bcf) below the five-year average … Read more
October 19, 2017 PR Newswire (TSX:PMT) – CALGARY, Oct. 19, 2017 /PRNewswire/ – Perpetual Energy Inc. (“Perpetual”) is pleased to announce the appointment of Mr. Ryan Shay to the Board of Directors. Mr. Shay brings over 20 years of experience in the oil and gas industry, retiring in June 2016 from his position as Managing Director, Head of Investment Banking for Cormark Securities. … Read more
October 19, 2017 Globe Newswire CALGARY, Alberta, Oct. 19, 2017 (GLOBE NEWSWIRE) — (TSX-V:BBI) Blackbird Energy Inc. (“Blackbird” or the “Company”) is pleased to announce the appointment of Karen Minton as Chief Financial Officer of the Company, effective immediately. “I am delighted to have Karen join the Blackbird team and look forward to working with her. Karen … Read more
October 20, 2017, by Sharon Cho and Grant Smith (Bloomberg) A surge in crude prices faded as Iraq sought to restore flows from fields in a disputed region after violence had curbed output in OPEC’s second-biggest producer. Futures fell as much as 1.1 percent in London, further eroding the gain of 3.4 percent from last … Read more
October 20, 2017 by Lorcan Roche Kelly (Bloomberg) Fed chair shortlist whittles down to two, the Senate adopts budget resolution, and it’s weekend election watch. Here are some of the things people in markets are talking about today. Powell or Taylor? Advisors close to President Donald Trump are steering him toward choosing either Federal Reserve Board Governor … Read more
October 20, 2017 by Theophilos Argitis (Bloomberg) Canadian consumer price inflation in September jumped to its highest level since April on gasoline prices, but the gain was less than expected. Highlights of Consumer Price Report Annual inflation accelerated to 1.6%, due to higher gasoline prices, versus economist expectations for 1.7% Excluding gasoline, annual inflation rate … Read more
October 19, 2017 (Bloomberg) Finance Minister Bill Morneau will divest all shares in his family’s company as questions about his personal finances cloud the outlook for the Canadian government’s push to overhaul the tax code. Morneau announced Thursday afternoon in Ottawa that he will place his family’s assets in a blind trust and divest roughly … Read more
FOR: SUNCOR ENERGY INC.TSX SYMBOL: SUNYSE SYMBOL: SUDate issue: October 19, 2017Time in: 6:30 PM eAttention:
CALGARY, ALBERTA–(Marketwired – Oct. 19, 2017) – Suncor will release its third
quarter financial results on Wednesday, Oct. 25, 2017 before 8…
OTTAWA — Natural Resources Minister Jim Carr says the federal cabinet was never going to include downstream emissions as a factor when it reviewed the application for the now defunct Energy East pipeline.
In a bid to stem political fallout from Energy…
ANCHORAGE, Alaska — America within a few years could be extracting oil from federal waters in the Arctic Ocean, but it won’t be from a remote drilling platform.
Federal regulators are taking comments on a draft environmental statement for the Liberty …
October 19, 2017 by Lorcan Roche Kelly (Bloomberg) Catalan crisis intensifies, tax debate heats up, and U.K. hit by feeble data. Here are some of the things people in markets are talking about today. Not backing downCatalan President Carles Puigdemont refused to drop his claim to independence for the region in a letter delivered just ahead of a deadline … Read more
October 19, 2017 by Javier Blas, Grant Smith and Annmarie Hordern (Bloomberg) OPEC sent its strongest signal yet for an extension of production cuts until the end of 2018, saying preparations for the next meeting are taking their lead from Russian President Vladimir Putin’s tentative backing for a further nine months of curbs. If the Organization … Read more
October 19, 2017 (Bloomberg) Oil dropped in New York, snapping four days of gains, as traders took profit amid disruption in Iraq and U.S. product inventories grew. Futures fell as much as 1.7 percent after rising almost 3 percent the past four sessions. Gasoline stockpiles expanded for a fourth week, while distillate supplies rose for … Read more
COMING IN NOVEMBER!! Next month, Enerpoint iMedia Corp. (EnergyNow.ca & EnergyNow SHOWCASE Digital Directory) is launching EnergyNow.com . Similar in look to EnergyNow.ca in Canada, EnergyNow.com will also be an online news, data, features and events media service focusing on energy industry information in the U.S. If your business is looking to grow your U.S. … Read more
CALGARY — Cenovus Energy Inc. (TSX:CVE) says it has agreed to sell its Palliser crude oil and natural gas assets in southeastern Alberta to Torxen Energy and Schlumberger for $1.3 billion.
The cash sale is expected to close in the fourth quarter, subj…
FOR: CRESCENT POINT ENERGY CORP.TSX SYMBOL: CPGNYSE SYMBOL: CPGDate issue: October 19, 2017Time in: 10:00 AM eAttention:
CALGARY, ALBERTA–(Marketwired – Oct. 19, 2017) – Crescent Point Energy Corp.
(“Crescent Point” or the “Company”) (TSX:CPG)(NYSE:C…
CALGARY — Export Development Canada says exports are growing significantly as both the U.S. and the global economy continue to improve.
The crown corporation said in a report out Thursday that overall exports are expected to grow eight per cent in 20…
FOR: ALTAGAS LTD.TSX SYMBOL: ALADate issue: October 19, 2017Time in: 7:45 AM eAttention:
CALGARY, ALBERTA–(Marketwired – Oct. 19, 2017) –
Highlights
(all financial figures are unaudited and in Canadian dollars unless otherwise
noted)
/T/
— Achieved…
October 18, 2017 While telling people that they understand the importance of the pipelines, Notley and Trudeau piled up the regulatory bricks to ensure they were not viable TransCanada’s withdrawal of its proposal to build the Energy East and Eastern Mainline oil pipelines is a huge loss to Canada and Canadian workers – a $16 … Read more
October 18, 2017 Inter Pipeline Ltd’s 82,000 barrel per day Mid Saskatchewan crude oil pipeline has lost power following stormy weather in western Canada, a company spokeswoman said on Wednesday.The regional gathering pipeline delivers light and heavy crude into Kerrobert, Saskatchewan. “We do not know the length of this particular outage, it is based on … Read more
CALGARY — Kinder Morgan Canada Ltd. (TSX:KML) said Wednesday that it’s already facing potentially months of delay on the Trans Mountain pipeline expansion project because of the timing of permits and regulatory approvals.
“If you just took the delays …
EDMONTON — Canada’s energy producers say they remain committed to targeted cuts of a potent greenhouse gas, even after a study suggesting those reductions may have to be much larger than previously thought.
But Patrick McDonald of the Canadian Associa…
FOR: PENGROWTH ENERGY CORPORATIONTSX SYMBOL: PGFNYSE SYMBOL: PGHDate issue: October 18, 2017Time in: 3:13 PM eAttention:
CALGARY, ALBERTA–(Marketwired – Oct. 18, 2017) – Pengrowth Energy Corporation
(TSX:PGF) (NYSE:PGH) today announces that it has en…
By David Yager Oilfield Services Executive Advisory – Energy Policy Analyst October 17, 2017 While a few in Alberta’s oilpatch may still support Rachel Notley’s NDP government, they rarely mention it at work. Most oil workers who voted NDP last election are silent or have contracted amnesia. As the countdown to the next election continues, … Read more
October 18, 2017 by Heesu Lee and Alex Longley (Bloomberg) Oil extended gains as signs of declining U.S. stockpiles pointed to healthy demand while investors weighed disruptions to supply because of global geopolitical tensions. Futures in New York rose as much as 0.8 percent after adding 2.5 percent in the past three sessions. Flows of … Read more
October 18 by Noah Smith (Bloomberg View) What’s the most powerful country in the world? There’s a good case to be made that it’s China. There are many kinds of power — diplomatic, cultural, military and economic. So an easier question to ask is: What’s the world’s largest economy? That’s almost certainly China. Many might … Read more
October 18, 2017 by Kevin Orland (Bloomberg) Encana Corp. Chief Executive Officer Doug Suttles says drillers in Texas’s prolific Permian Basin can no longer impress investors with how much acreage they’re snapping up or how quickly they’re boosting production. Instead, investors will focus on how profitably companies are able to produce from their current holdings, … Read more
October 18, 2017 by Lorcan Roche Kelly (Bloomberg) China’s Communist Party congress begins, confusion over Obamacare, and U.K. internal divisions hinder Brexit talks. Here are some of the things people in markets are talking about today. Xi ambitions China’s President Xi Jinping’s three-hour speech to the twice-a-decade Communist Party gathering in Beijing laid out a sweeping vision to transform … Read more
VANCOUVER — Enbridge Inc. (TSX:ENB) says it has decided not to have sheriffs seize the assets of a Vancouver-based environmental group over unpaid court costs.
Karen Mahon of Stand.earth, formerly known as Forest Ethics, said sheriffs arrived at the g…
October 17, 2017 Josh Wingrove, Andrew Mayeda and Eric Martin (Bloomberg) The ministers leading Nafta negotiations are set to wrap up the latest round of high-level talks after Canada and Mexico rejected what they see as hardline proposals by the U.S. U.S. Trade Representative Robert Lighthizer, Mexican Economy Minister Ildefonso Guajardo and Canadian Foreign Minister Chrystia … Read more
Also Announces Relocation of Its Calgary Facility CALGARY, Alberta, Oct. 17, 2017 (GLOBE NEWSWIRE) — Drillform Technical Services Ltd. announces commercial availability of its Bulldog 90 Automated Floor Wrench, an iron roughneck that provides superb performance, automation, and operational efficiency for drilling rigs. “Drillform is dedicated to bringing technically advanced & practical equipment design to … Read more
NEWS RELEASE: For Immediate Release New printer combines workhorse capabilities with high-precision printing MILWAUKEE, Wis. (October 12, 2017) — Brady (NYSE:BRC), a global leader in industrial and safety printing systems and solutions, announced today the launch of the BradyPrinter i7100 Industrial Label Printer. This new industrial printer is optimized for printing on a variety of … Read more
FOR: TOTAL ENERGY SERVICES INC.TSX SYMBOL: TOTDate issue: October 17, 2017Time in: 5:10 PM eAttention:
CALGARY, ALBERTA–(Marketwired – Oct. 17, 2017) – Total Energy Services Inc.
(“Total”) (TSX:TOT) is pleased to announce that Glenn Dagenais has been…
FOR: SOURCE ENERGY SERVICES LTD.TSX SYMBOL: SHLEDate issue: October 17, 2017Time in: 3:42 PM eAttention:
And an Expected Increase in its Revolver Limit Under its Credit Facilities
CALGARY, ALBERTA–(Marketwired – Oct. 17, 2017) –
NOT FOR DISTRIBUTION …
October 16, 2017 (HOUSTON) – Gardner Denver Petroleum & Industrial Pumps (P&IP), the only total solutions provider to the drilling, well servicing and frac pumps market, today announced a significant sale of PXL2000HP drilling pumps to an industry-leading contract driller located in the Rocky Mountain Region. “We are thrilled to see expansion of these high pressure pumps in … Read more
October 17, 2017 Reuters LONDON (Reuters) – Oil prices firmed on Tuesday, building on gains made as fighting between Iraqi and Kurdish forces threatened supplies from northern Iraq while tension rose between the United States and Iran. After months of rangebound trading, during which OPEC-led supply cuts supported crude but rising U.S. output capped markets, prices … Read more
October 17, 2017 (Bloomberg) Fed candidate Taylor impresses Trump, North Korea sounds nuclear threat, and U.K. inflation hits highest in over five years. Here are some of the things people in markets are talking about today. Fed decisionPresident Donald Trump was left with a favorable impression of Stanford University economist John Taylor after the pair met for an hour … Read more
EDMONTON — New research suggests industry and government are badly underestimating Alberta’s emissions of one of the most potent greenhouse gases.
The difference between official estimates and the measured results suggests the province’s energy indust…
FOR: ENBRIDGE GAS DISTRIBUTION INC.
Date issue: October 17, 2017Time in: 9:00 AM eAttention:
TORONTO, ONTARIO–(Marketwired – Oct. 17, 2017) – Enbridge Gas Distribution is
challenging students to find ways to save energy, while earning great prizes
fo…
CALGARY — The U.S. State Department has issued a presidential permit allowing Enbridge Inc. (TSX:ENB) to ship more oil on its Line 67 pipeline after a five-year review.
Enbridge says it welcomes the news, which will allow it to ramp up the flow on the…
For a front line supervisor to be successful, the right structure, behaviors and reporting systems must be in place. By: MARK RIGDON, CMRP, Manager T.A. Cook Consultants Inc. Often, the front line supervisor (FLS) has to walk a tightrope when it comes to productivity. They are responsible for completing work according to schedule, but the … Read more
CALGARY – This week marks 35 years of BDC Small Business Week™ festivities in Calgary. As a city fueled by entrepreneurial spirit, these five days provide a unique opportunity to shine a spotlight on the small but mighty businesses that make Calgary great. “When people think of business they think of global companies and tall office … Read more
October 16, 2017 Reuters A Canadian court wrapped up a final hearing on Kinder Morgan Canada Ltd’s Trans Mountain crude oil pipeline expansion on Friday, a two-week proceeding that marks a major hurdle for the embattled project.The proposed expansion of the existing Trans Mountain pipeline from Canada’s oil-rich Alberta province to the west coast has … Read more
FOR: PETROLIA INC.TSX VENTURE SYMBOL: PEADate issue: October 16, 2017Time in: 2:54 PM eAttention:
QUEBEC CITY, QUEBEC–(Marketwired – Oct. 16, 2017) – Petrolia Inc. (TSX
VENTURE:PEA ) (“Petrolia” or the “Company”) is pleased to announce that it has
ob…
Canada’s drilling rigs increased by 3 to 212 active drilling rigs according to data collected by Baker Hughes for the week of October 13th. From last week, Alberta rig counts increased from 139 to 144, the Saskatchewan rig count remained at 40. Oil drilling remained the same at 112 and gas rigs went from 97 … Read more
CALGARY — A shift in global oil markets sentiment is under way, replacing decades of scarcity fears with confidence in surpluses, capping oil prices and forcing changes in the way the industry works, observers say.
“We’re moving from a mindset where o…
October 16, 2017 (Bloomberg) Crude extended gains from the highest close in two weeks as speculation mounted over potential output disruptions in a region that’s home to Iraq’s oldest producing oil fields. Futures in London rose as much as 2.1 percent after adding 2.8 percent last week. Iraqi soldiers seized facilities including a refinery after mobilizing late … Read more
October 15, 2017 (Bloomberg) Oil demand will grow at a “healthy pace” over the next five years as renewables show the fastest expansion of any type of energy, the head of the Organization of Petroleum Exporting Countries said. Crude demand will climb an average 1.2 million barrels a day through 2022 and slow to 300,000 … Read more
October 16, 2017 (Bloomberg) Captains of global finance survey economic landscape, euro-area political season in full swing, and oil struggle takes hold in Iraq. Here are some of the things people in markets are talking about today. Global outlook Finance and monetary chiefs around the world took stock of the global economy over the weekend … Read more
KENNER, La. — An oil rig explosion on a lake north of New Orleans, apparently caused when cleaning chemicals ignited, injured seven people and left authorities searching for another who was missing.
There were “a lot of injuries,” many of them serious…
So, you’ve finally come to terms with the fact that great marketing isn’t something that just “happens.” Great marketing needs a goal, a strategy, and an experienced collaborator who knows the in’s and out’s of how to stand up, and stand out. But, when you don’t have an internal marketing department, determining the solution to … Read more
A supplier and packager of innovative process technologies, Tundra Process Solutions (‘Tundra’) is unique in the depth and diversity of services and expertise that it provides. “We can provide a complete solution to the full scope of a project,” explains Blaine Barnes, VP of Marketing at Tundra. “We’re able to provide that complete package solution … Read more
Written by Hamish Knox; President of Sandler in Calgary, Canada Creating accountable, sales focused organizations in Calgary Language matters when we set our goals because our brain is listening. Using the right language will keep you focused on the path to the mountaintops you established, but that language is scary. In this case … Read more
A Commentary by Wendy Ferguson – BHRLR, CPHR My sources indicate that Alberta’s dire employment situation has just started to turn around. I chose to inform you about the reality of our current labour market when yesterday I read CBC’s absurdly titled article, “Job vacancies soar in Alberta, led by surge in energy sector” to … Read more
FOR: CRESCENT POINT ENERGY CORP.TSX SYMBOL: CPGNYSE SYMBOL: CPGDate issue: October 16, 2017Time in: 10:38 AM eAttention:
CALGARY, ALBERTA–(Marketwired – Oct. 16, 2017) – Crescent Point Energy Corp.
(“Crescent Point” or the “Company”) (TSX:CPG)(NYSE:C…
October 13, 2017 (Bloomberg) Oil climbed to the highest level in two weeks as dwindling U.S. crude stockpiles and near-record Chinese imports signaled the worldwide glut is eroding. Futures advanced 1.7 percent in New York Friday, posting the the biggest weekly gain in a month. In China, the world’s second-biggest oil market, crude imports in … Read more
October 13, 2017 Reuters The U.S. oil rig count fell for a second week in a row, extending a two-month drilling decline, even as crude prices rallied to over $50 per barrel. Drillers cut five oil rigs in the week to Oct. 13, bringing the total count up to 743, the lowest since early June, … Read more
October 13, 2017 Globe Newswire CALGARY, Alberta, Oct. 13, 2017 (GLOBE NEWSWIRE) — RMP Energy Inc. (“RMP” or the “Company“) (TSX:RMP) is pleased to announce that the holders of common shares of the Company (the “Shareholders“) approved today by an overwhelming majority (over 99 percent) the previously-announced transformational asset disposition (the “Transaction“) pursuant to which the … Read more
VANCOUVER — Ottawa’s decision to approve the Trans Mountain pipeline was made on a broad base of evidence, a lawyer for Alberta’s attorney general has told the Federal Court of Appeal.
Doreen Mueller said the governor in council considered economic, e…
OTTAWA — Any hope the Liberals had of a quiet Thanksgiving break melted away quickly this week, even with MPs back in their ridings and all the party leaders politicking in distant places.
The hullabaloo over the government’s tax proposals degenerated…
VICTORIA — British Columbia has introduced pollution prevention regulations to hold transport companies moving petroleum products across the province responsible for the costs of responding to and cleaning up spills.
Environment Minister George Heyman…
EDMONTON — Alberta Premier Rachel Notley says the federal government is being unfair in the way it assesses pipeline projects, but her government will not go to court for now to try to make it right.
Notley, speaking after last week’s cancellation of …
FOR: RENEWABLE INDUSTRIES CANADA
Date issue: October 13, 2017Time in: 5:33 PM eAttention:
OTTAWA, ON –(Marketwired – October 13, 2017) – Renewable Industries Canada
is pleased to host the 2017 Renewable Industries Forum in Ottawa next week on
Octobe…
OTTAWA — Almost two years ago, the first assignment given to Natural Resources Minister Jim Carr was to produce a national energy strategy.
Prime Minister Justin Trudeau, in his mandate letter to Carr in November 2015, asked that the strategy include …
VICTORIA — The City of Victoria is about to become the third Vancouver Island municipality to send what it calls a climate accountability letter to 20 of the world’s largest fossil fuel companies.
A majority of Victoria councillors have approved sendi…
October 13, 2017 by Grant Smith, Wael Mahdi and Angelina Rascouet (Bloomberg) OPEC expects its efforts to clear the surplus in oil inventories to finally succeed by the end of the third quarter of next year, said people familiar with the group’s internal forecasts. The Organization of Petroleum Exporting Countries and allies including Russia have … Read more
October 12, 2017 (Bloomberg) Torrid second-quarter growth of 4.5 percent belies what’s coming up next for the Canadian economy: an outright contraction. That’s the view of Macquarie Capital Markets analyst David Doyle, who’s calling for the fortunes of the fastest-growing Group of Seven economy so far this year to reverse sharply in the third quarter. “Increasing evidence … Read more
October 13, 2017 by Grant Smith (Bloomberg) Oil is heading for the biggest weekly gain since mid-September as a drop in U.S. crude stockpiles and near-record Chinese imports added to signs the global market is rebalancing. Futures added 1.9 percent in New York. China’s crude imports last month jumped to the second-highest on record, customs … Read more
October 13, 2017 by Lorcan Roche Kelly (Bloomberg) ECB said to extend and amend, Trump to give verdict on Iran deal, and commodities are rallying. Here are some of the things people in markets are talking about today. QE changes The European Central Bank is considering reducing its pace of asset purchases to €30 billion ($36 billion) per month … Read more
October 13, 2017 by Katherine Greifeld (Bloomberg) Currency traders see the Mexican peso as a clear loser as negotiations over the North American Free Trade Agreement drag on, with the U.S. proposing a clause that could spell the end of the accord. Implied one-month volatility has been rising for the peso and falling for the … Read more
FOR: ENBRIDGE INC.TSX SYMBOL: ENBNYSE SYMBOL: ENBAND ENBRIDGE INCOME FUND HOLDINGS INC.TSX SYMBOL: ENFAND ENBRIDGE ENERGY PARTNERS, L.P.NYSE SYMBOL: EEPAND SPECTRA ENERGY PARTNERS, LPNYSE SYMBOL: SEPDate issue: October 12, 2017Time in: 5:15 PM eAttent…
REGINA — The Saskatchewan government has given Husky Energy the OK to restart a pipeline after a major oil spill along the North Saskatchewan River that fouled the water source for three cities.
The government said in an email to media on Thursday tha…
FOR: PRAIRIESKY ROYALTY LTD.TSX SYMBOL: PSKDate issue: October 12, 2017Time in: 4:01 PM eAttention:
CALGARY, ALBERTA–(Marketwired – Oct. 12, 2017) – PrairieSky Royalty Ltd.
(“PrairieSky”) (TSX:PSK) announced today that its Board of Directors has
decl…
FOR: TOTAL ENERGY SERVICES INC.TSX SYMBOL: TOTDate issue: October 12, 2017Time in: 3:58 PM eAttention:
CALGARY, ALBERTA–(Marketwired – Oct. 12, 2017) – Total Energy Services Inc.
(“Total”) (TSX:TOT) will conduct a conference call and webcast followin…
LONDON — Oil company Shell has signed an agreement to buy electric vehicle charging firm NewMotion. It did not disclose terms.
The company, which will become a wholly owned subsidiary of Royal Dutch Shell, operates more than 30,000 private electric ch…
As a key component of parent Enterprise Group, Hart Oilfield Rentals brings a unique business approach to the group; just as other subsidiary’s Westar Oilfield Rentals, Calgary Tunnelling and Artic Therm. Simply, if you are building a mining or oil business Hart rents customized equipment for project sites, drilling & completions and facilities that require … Read more
FOR: PENGROWTH ENERGY CORPORATIONTSX SYMBOL: PGFNYSE SYMBOL: PGHDate issue: October 12, 2017Time in: 1:00 PM eAttention:
CALGARY, ALBERTA–(Marketwired – Oct. 12, 2017) – Pengrowth Energy Corporation
(TSX:PGF) (NYSE:PGH) is pleased to announce that it…
October 12, 2017 by Ben Sharples and Grant Smith (Bloomberg) Oil slid as investors waited to see if U.S. government data will confirm that crude stockpiles rose last week, and as the International Energy Agency warned of a ceiling for prices next year. Futures lost 0.9 percent in New York after climbing 4.1 percent in … Read more
October 12, 2017 (Bloomberg Gadfly) The world’s oil majors, beset by intimations of demand for their favorite product leveling off, seek comfort from an invisible friend. Compared to oil and coal, natural gas looks less fossilized. Long-term outlooks routinely show demand rising while it flattens for oil and falls for coal. This makes sense: Gas … Read more
October 12, 2017 (Bloomberg) All eyes on Fed transition, U.K. prepares for the worst on Brexit, and Wall Street earnings season kicks off. Here are some of the things people in markets are talking about today. Who and when? There are two big questions facing the Federal Reserve at the moment. The September meeting minutes published … Read more
MINNEAPOLIS — Enbridge Energy disputed a state agency’s recommendation against the company’s proposal for replacing its aging Line 3 oil pipeline across northern Minnesota, insisting in filings Wednesday that the project is needed to ensure adequate c…
October 11, 2017 (Bloomberg) Oil pared gains after an industry report was said to show a surprise increase in U.S. crude inventories. Prices pulled back in after-market trading following the release of data from the American Petroleum Institute Wednesday, which was said to show crude stockpiles increased by 3.1 million barrels last week. A Bloomberg survey estimated … Read more
October 11, 2017 by Catherine Traywick and Eric Martin (Bloomberg) NAFTA negotiators are gathering in Washington for their fourth round of talks to update the trade deal, and energy is on the agenda — if only for two hours. U.S., Mexican and Canadian representatives will hold just one energy session late Friday during seven days … Read more
October 11, 2017 by Jennifer Epstein, Josh Wingrove and Eric Martin (Bloomberg) President Donald Trump and Canadian Prime Minister Justin Trudeau put up a front of accommodation and cooperation at the White House that belies the alarms being raised by industry and farm groups over changes to Nafta being pushed by the U.S. Trump called … Read more
WINNIPEG — Manitoba Premier Brian Pallister says it appears the federal government has the right to force a carbon tax on the provinces, but there may be some wiggle room when it comes to the exact amount.
Pallister released a legal opinion on the iss…
CALGARY — Plentiful cheap natural gas is no guarantee that a Canadian LNG export industry will develop, says an executive with Progress Energy Canada, a division of Malaysia’s state-owned Petronas which cancelled its $36-billion Pacific NorthWest LNG …
EDMONTON — Federal Conservative Leader Andrew Scheer says Prime Minister Justin Trudeau should not go after critics of the cancelled Energy East pipeline project, but should look to his own actions.
Scheer spoke in Edmonton about Trudeau’s recent soci…
October 10, 2017 by Meenal Vamburkar (Bloomberg) British Columbia’s opposition to Kinder Morgan Inc.’s $5.8 billion oil pipeline expansion won’t stop Canada’s westernmost province from welcoming natural gas exporters. Kinder’s plan to haul more crude to the Pacific shore threatens coastal fisheries and tourism, Carole James, the province’s finance minister, said in an interview Tuesday … Read more
October 11, 2017 by Robert Tuttle (Bloomberg) Canadian oil-sands producers enjoying the strongest market for heavy crude since 2008 will soon face a renewed glut. Suncor Energy Inc. expects its Fort Hills oil-sands mine to begin producing by year end, reaching as much as 175,000 barrels a day within a year. The startup will roughly … Read more
October 11, 2017 (Bloomberg) All eyes on Madrid as Catalonia blinks, changing tax laws is never easy, and Uber faces more U.S. criminal probes. Here are some of the things people in markets are talking about today. Pulling back The Spanish government has maintained its hard line on Catalan secession after the president of the region yesterday … Read more
October 11, 2017, by Grant Smith (Bloomberg) Oil held gains near $51 a barrel as OPEC Secretary-General Mohammad Barkindo reiterated a rapid market re-balancing is under way, while U.S. production was again disrupted by a storm. Futures added 0.7 percent in New York after advancing 3.3 percent the previous two sessions. The global economic recovery has … Read more
At its monthly peak, Oilweek magazine was 130 pages of insight and influence. Its editors and writers covered the gamut, from Alberta’s glorious highs – oil being sold for $147.27 (U.S.) a barrel in July, 2008 – to its crippling lows – oil for less than $30 a barrel in February, 2016. But, last … Read more
FOR: CORRIDOR RESOURCES INC.TSX SYMBOL: CDHDate issue: October 11, 2017Time in: 8:00 AM eAttention:
HALIFAX, NOVA SCOTIA–(Marketwired – Oct. 11, 2017) – Corridor Resources Inc.
(TSX:CDH) (“Corridor” or the “Company”) announced today it has finalized …
October 10. 2017 (Bloomberg) Saudi Arabia has promised to do “ whatever it takes” to end the global oil gut. If it cuts supplies in November by as much as it pledges, the kingdom will reduce production and exports alike by more or less a million barrels a day compared with last year. And that’s … Read more
The federal government has narrowed down to nine the candidates for $950 million in funding for supercluster sites. The government hopes to create dense business areas with the initiative where large and small companies can collaborate with research institutes and organizations to commercialize ideas. Here’s a look at the shortlist of sites of the more than 50 proposals — up to five will be selected for funding.
The Oceans Supercluster (Atlantic Region): Maximize the economic potential and sustainable development of Canada’s ocean economy. Address shared innovation needs by investing in digital ocean technologies for industries such as aquaculture, capture fishery, offshore oil and gas, and clean energy to improve productivity and global competitiveness.
The proposal is backed by Petroleum Research Newfoundland and Labrador — one of over 25 firms, including Emera Inc., Clearwater, Aspin Kemp & Associates, radient360 and Dalhousie University.
The “AI-powered Supply Chains” Supercluster (Quebec): Define a new global supply chain platform and bolster Canadian leadership in AI and data science. Empower Canada as a leading exporter — for example through demand forecasting, products customization and flow optimization — to profoundly impact the retail, manufacturing and infrastructure sectors.
The proposal is backed by Optel Group — one of over 80 firms, including Agropur, Aldo, Alimentation Couche-Tard, Bell Canada, CGI Group, Cascades and Polytechnique Montreal.
The “Mobility Systems and Technologies for the 21st Century” Supercluster (Quebec): Leverage digital technologies to advance Canadian industrial leadership in next generation mobility products and services. Focus on innovation and commercialization to serve market needs in aerospace, ground transportation and advanced manufacturing.
The proposal is backed by CAE Inc. — one of over 170 firms, including Pratt & Whitney Canada Corp., UrtheCast Corp., Marinvent Corp. and Polytechnique Montreal.
The “Clean, Low-Energy, Engaged, and Remediated” Supercluster (Ontario): Transform Canada’s mining sector and position Canada as a global leader in clean resources, clean technology and responsible sourcing of metals. Tackle global challenges of energy intensity, water use, and environmental footprint through collaborative innovation, initiate export pathways and create new skilled jobs.
The proposal is backed by the Canada Mining Innovation Council — one of over 90 firms, including Agnico Eagle Mines Ltd., Barrick Gold Corp., Teck Resources Ltd., Motion Metrics and University of British Columbia.
The “Building an Advanced Manufacturing” Supercluster (Ontario): Supercharge manufacturing competitiveness in Canada by building an Industry 4.0 ecosystem. Drive collaboration between technology and manufacturing sectors to create and diffuse new solutions by scaling production and speeding adoption.
The proposal is backed by Communitech Corp. and MaRS Discovery District — one of over 100 firms, including Linamar Corp., Maple Leaf Foods, Miovision Technologies Inc., Myant Inc. and the University of Waterloo.
The “Protein Innovations Canada” Supercluster (Prairies): Position Canada as the world’s paramount supplier of plant-based proteins and related products. Capture the massive export market opportunity for safe, nutritious plant-based food and feed by stimulating collaboration on novel technologies and value-added supply-chain infrastructure.
The proposal is backed by Ag-West Bio Inc. — one of over 60 firms, including AGT Food and Ingredients, Dow AgroSciences Canada Inc., ISM, DuPont Pioneer, Bioriginal Food & Science Corp. and the University of Saskatchewan.
The “Smart Agri-food” Supercluster (Prairies): Make Canada the preferred global supplier of sustainable, high-quality, safe food. Advance market competitiveness by building information technologies, including data analysis and quality verification platforms, to add informatics, connectivity and traceability in the crop, livestock and agri-food processing sectors.
The proposal is backed by Agrium — one of over 50 firms, including Telus Corp., Farmers Edge, BIXSco. and Olds College.
The “Smart, Sustainable and Resilient Infrastructure” Supercluster (Prairies): Transform Canada’s built environment to make it more resilient, sustainable, productive and cost-effective. Revolutionize the design, construction and operations of infrastructure and make Canada a world leader with the use of advanced digital communications, cutting edge tools, and interconnected applications and services.
The proposal is backed by Stantec Consulting Ltd. — one of over 25 firms, including PCL Construction Management Inc., Ledcor Group, Barry Johns Architecture Ltd., Athabasca University and Southern Alberta Institute of Technology.
The “Digital Technology” Supercluster (British Columbia): Make Canada faster, smarter and more collaborative in inventing, developing and applying digital technologies. Advance data collection, analysis and visualization to drive competitiveness across environment and resource tech, precision health and manufacturing.
The proposal is backed by Telus — one of over 70 firms, including Avcorp Industries Inc., D-Wave Systems Inc., Timberwest Forest Corp., Microsoft Canada Development Centre and six post-secondary institutions.
The Canadian Press
HALIFAX — Nova Scotia is preparing for the end of natural gas from the Sable Offshore Energy Project.
Energy Minister Geoff MacLellan is proposing changes to the Gas Distribution Act that would allow Nova Scotia’s oil and gas regulator to assess and recover the costs of shipping natural gas into the province by pipeline.
MacLellan says the move is necessary to ensure a continued supply of natural gas as the dismantling of the Sable project begins next year off Nova Scotia.
John Hawkins, president of Heritage Gas — the province’s sole natural gas distributor — says allowing the Utility and Review Board to determine the shipping costs to be charged on bills is in consumers’ best interests.
He says allowing the board to recover those costs would help stabilize prices, and the net effect could be lower costs to consumers.
The Sable project, a consortium of five companies majority-owned by ExxonMobil Canada, is made up of seven offshore platforms, 22 wells and 340 kilometres of subsea pipeline.
Work to shut down the facility is slated to start early next year and run for two years before all 22 wells are plugged and abandoned.
The Canadian Press
FOR: TRICAN WELL SERVICE LTD.
TSX SYMBOL: TCW
Date issue: October 10, 2017
Time in: 6:02 PM e
Attention:
CALGARY, ALBERTA–(Marketwired – Oct. 10, 2017) – Trican Well Service Ltd.
(“Trican”) (TSX:TCW) intends to release its Third Quarter 2017 results on
Wednesday, November 1, 2017 after the close of the market.
The Company will host a conference call on Thursday, November 2, 2017 at 10:00
a.m. MT (12:00 p.m. ET) to discuss the Company’s results for the 2017 Third
Quarter.
To listen to the webcast of the conference call, please enter:
https://edge.media-server.com/m6/p/agmn6tnz in your web browser or visit the
Investors section of our website at www.tricanwellservice.com/investors and
click on “Reports”.
To participate in the Q&A session, please call the conference call operator at
1-844-358-9180 (North America) or 478-219-0187 (outside North America) 15
minutes prior to the call’s start time and ask for the “Trican Well Service
Ltd. Third Quarter 2017 Earnings Results Conference Call”.
The conference call will be archived on Trican’s website at
www.tricanwellservice.com/investors.
Headquartered in Calgary, Alberta, Trican provides a comprehensive array of
specialized products, equipment and services that are used during the
exploration and development of oil and gas reserves.
Please visit our website at www.tricanwellservice.com.
– END RELEASE – 10/10/2017
For further information:
Trican Well Service Ltd.
Dale Dusterhoft
Chief Executive Officer
ddusterhoft@trican.ca
OR
Trican Well Service Ltd.
Michael Baldwin
Senior Vice President, Corporate Development
mbaldwin@trican.ca
OR
Trican Well Service Ltd.
Robert Skilnick
Chief Financial Officer
robert.skilnick@trican.ca
OR
Trican Well Service Ltd.
(403) 266-0202
(403) 237-7716 (FAX)
2900, 645 – 7th Avenue S.W.
Calgary, Alberta T2P 4G8
COMPANY:
FOR: TRICAN WELL SERVICE LTD.
TSX SYMBOL: TCW
INDUSTRY: Energy and Utilities – Equipment, Energy and Utilities –
Oil and Gas
RELEASE ID: 20171010CC0056
Press Release from Marketwired 1-866-736-3779
All press releases are written by the client and have NO affiliation with the news copy written by The Canadian Press. Any questions that arise due to the content or information provided in the press release should be directed to the company/organization
issuing the release, not to The Canadian Press.
October 10, 2017 CALGARY, Oct. 10, 2017 /CNW/ – Keyera Corp. (TSX:KEY) (“Keyera”) today announced that it has entered into a 20-year midstream agreement (the “Agreement”) with Chevron Canada Limited (“Chevron”) to fractionate and handle natural gas liquids from Chevron’s Kaybob Duvernay operations near Fox Creek, Alberta. The Agreement includes an area of dedication that is in excess of … Read more
October 6, 2017 CALGARY, Oct. 6, 2017 /CNW/ – Painted Pony Energy Ltd. (“Painted Pony” or the “Corporation“) (TSX: PONY) announces the resignation of Peter A. Williams as a Director of the Corporation. Mr. Williams has been a key contributor to Painted Pony since he joined the Board of Directors in May 2014, specifically as … Read more
October 10, 2017 CALGARY — The company behind the proposed Trans Mountain pipeline expansion has dropped a request that the National Energy Board allow it to conduct some construction activity on the multi-billion dollar project. Last week, lawyers representing Kinder Morgan Canada subsidiary Trans Mountain asked the board for permission to install mats to deter … Read more
FOR: FOREMOST INCOME FUND
Date issue: October 10, 2017Time in: 12:44 PM eAttention:
CALGARY, ALBERTA–(Marketwired – Oct. 10, 2017) – Foremost Income Fund
(“Foremost” or the “Fund”) reviews the monthly limit for Unit redemptions
pursuant to section 6….
NAFTA tensions, Bombardier spat pose challenges for Trudeau on four-day visit to U.S. and Mexico October 10, 2016 The prime minister plans to talk trade, security and gender equality during his four-day trip to the United States and Mexico, which begins today. But there is little doubt one of those subjects will get more attention than the others. … Read more
October 10, 2017 by Ben Sharples and Grant Smith (Bloomberg) Oil traded near $50 a barrel in New York before data forecast to show a third weekly drop in U.S. crude inventories, while Saudi Arabia said it will sell customers considerably less crude than they’re asking for. Futures rose 0.8 percent after advancing 0.6 percent … Read more
October 10, 2017 by Lorcan Roche Kelly (Bloomberg) Catalonia’s moment of truth, U.S. spat with Turkey exposes old wounds, and U.K. data show the glass is half full. Here are some of the things people in markets are talking about today. Secession session The Catalan parliament meets today to consider a declaration of independence that would elicit a … Read more
FOR: MIDWEST ENERGY EMISSIONS CORP.
OTCQB Symbol: MEEC
Date issue: October 10, 2017
Time in: 8:30 AM e
Attention:
Purchase Order Covers Proprietary SEA(TM) Technology Installation on Four
Boilers
LEWIS CENTER, OH –(Marketwired – October 10, 2017) – Midwest Energy
Emissions Corp. (OTCQB: MEEC) (“ME2C” or the “Company”), a leader in mercury
emissions control in North America, has secured a new purchase order with a
Canadian customer for the installation of the Company’s proprietary Sorbent
Enhancement Additive (SEAâäó) Technology. This purchase order represents the
Company’s first customer located outside the United States and initially
covers the front end of four new electric generating units (EGUs).
“Our expansion into the Canadian market with this new customer marks a
significant milestone for the company and showcases the value of our total
solution approach to mercury capture, both in the U.S. and abroad,” said
Richard MacPherson, President and CEO of ME2C. “As a result of several
successful demonstrations and a strong patent portfolio throughout North
America, we’re pleased with this geographic expansion which should help smooth
out seasonal fluctuations. This purchase order being announced today for the
supply of front end product represents the first step with this utility in
Canada, and we anticipate expansion to additional EGU’s in their fleet. The
initial purchase order is valued at approximately $700,000.
MacPherson, continued: “For the remainder of the year, we remain focused on
executing upon our key initiatives, which consist of leveraging our total
solution approach to mercury capture to earn new customers throughout North
America, further penetrating existing customer fleets, and growing our
geographic footprint in the U.S., Canada, and other key international
markets.”
About Midwest Energy Emissions Corp. (ME2C)
Midwest Energy Emissions Corp. (OTCQB: MEEC) delivers patented and proprietary
solutions to the global coal-power industry to remove mercury from power plant
emissions, providing performance guarantees, and leading-edge emissions
services. The U.S. Environmental Protection Agency (EPA) MATS rule requires
that all coal- and oil-fired power plants in the U.S., larger than 25
mega-watts remove roughly 90% of mercury from their emissions starting April
15, 2015. ME2C has developed patented technology and proprietary products that
have been shown to achieve mercury removal levels compliant with MATS at a
significantly lower cost and with less operational impact than currently used
methods, while preserving the marketability of fly-ash for beneficial use. For
more information, please visit www.midwestemissions.com.
Safe Harbor Statement
With the exception of historical information contained in this press release,
content herein may contain “forward-looking statements” that are made pursuant
to the Safe Harbor Provisions of the Private Securities Litigation Reform Act
of 1995. Forward-looking statements are generally identified by using words
such as “anticipate,” “believe,” “plan,” “expect,” “intend,” “will,” and
similar expressions, but these words are not the exclusive means of
identifying forward-looking statements. These statements are based on
management’s current expectations and are subject to uncertainty and changes
in circumstances. Investors are cautioned that forward-looking statements
involve risks and uncertainties that could cause actual results to differ
materially from the statements made. Matters that may cause actual results to
differ materially from those in the forward-looking statements include, among
other factors, the gain or loss of a major customer, change in environmental
regulations, disruption in supply of materials, capacity factor fluctuations
of power plant operations and power demands, a significant change in general
economic conditions in any of the regions where our customer utilities might
experience significant changes in electric demand, a significant disruption in
the supply of coal to our customer units, the loss of key management
personnel, availability of capital and any major litigation regarding the
Company. In addition, this release contains time-sensitive information that
reflects management’s best analysis only as of the date of this release. The
Company does not undertake any obligation to publicly update or revise any
forward-looking statements to reflect future events, information or
circumstances that arise after the date of this release. Further information
concerning issues that could materially affect financial performance related
to forward-looking statements contained in this release can be found in the
Company’s periodic filings with the Securities and Exchange Commission.
– END RELEASE – 10/10/2017
For further information:
Company Contact:
Richard MacPherson
Chief Executive Officer
Midwest Energy Emissions Corp.
Main: 614-505-6115
rmacpherson@midwestemissions.com
Investor Relations Contact:
Greg Falesnik
Managing Director
MZ Group – MZ North America
Main: 949-385-6449
greg.falesnik@mzgroup.us
www.mzgroup.us
COMPANY:
FOR: MIDWEST ENERGY EMISSIONS CORP.
OTCQB Symbol: MEEC
INDUSTRY: Energy and Utilities – Coal, Energy and Utilities – Utilities,
Environment – Air Pollution Control, Environment – Regulations and Law
RELEASE ID: 20171010CC002
Press Release from Marketwired 1-866-736-3779
All press releases are written by the client and have NO affiliation with the news copy written by The Canadian Press. Any questions that arise due to the content or information provided in the press release should be directed to the company/organization
issuing the release, not to The Canadian Press.
October 9, 2017 by Bruce Stanley and Debjit Chakraborty (Bloomberg) Oil producers are succeeding in re-balancing an oversupplied market, though they may need to take further steps to sustain the recovery into 2018, OPEC Secretary-General Mohammad Barkindo said. Saudi Arabia and Russia are currently leading consultations between the Organization of Petroleum Exporting Countries and other … Read more
Developing a Sustainable Economic Engine for Your Business When you think of traditional sales training, you most likely have visions of intense weekend seminars, providing attendees with tricks and strategies to make more sales. Let’s be honest – this is simply not a sustainable way to grow consistent business revenue or human behaviour. Sandler Training … Read more
October 9, 2017 (Bloomberg) Saudi Aramco plans to make “the deepest customer allocation cuts in its history” in oil supplies in November to help reduce global inventories and balance the market. State-run Saudi Arabian Oil Co., known as Aramco, will make an “unprecedented” cut of 560,000 barrels a day in its allocations to customers next month, … Read more
OTTAWA — The prime minister accused opponents on Saturday of “stoking national divisions” through their reactions to TransCanada’s decision to cancel its Energy East Pipeline plans.
Justin Trudeau said in a Facebook post that critics who attribute the proposed project’s cancellation to government regulation “ignores the obvious.”
“Aside from its being intellectually dishonest, the reflexive stoking of regional tensions is a political dead end. The Conservative party, formerly the Reform Party, trod that road in its infancy. It was a road better left abandoned,” Trudeau stated in the post.
Trudeau also pointed out that when Energy East was first proposed, the global supply of crude was relatively tight.
He ended the post with a warning that festering regional tensions bound the country in “paralyzing unity debates” from the 1970s through the 1990s.
“Let’s not go backwards, simply because speaking from anger is an easy response to disappointing news,” Trudeau said.
Conservative M-P Michelle Rempel, who represents a Calgary riding, responded that if there are regional divisions that arise from government policy, Trudeau must take the blame.
“I’ve watched them go the wall for Bombardier, yet my province has been suffering for two years now and there’s been very little focus in doing anything for it,” Rempel said in an interview Saturday.
The pipeline would have carried western crude from the Alberta oilsands to the Irving Oil refinery in Saint John, NB, as well as an export terminal, but TransCanada cancelled it Thursday, citing changed circumstances.
TransCanada said in a letter to the National Energy Board that it was abandoning the project because of the board’s decision to allow hearings to consider greenhouse gas emissions from producing and processing the oil it transports in the pipeline.
The premiers of Alberta and New Brunswick have expressed disappointment, while Quebec politicians, along with Indigenous and environmental groups, welcome the project’s demise.
Conservative Leader Andrew Scheer responded with his own Facebook post late Saturday, where he called Energy East a “nation-building project” and disputed Trudeau’s claim the pipeline was cancelled for business reasons.
“TransCanada, the proponent for the Energy East Pipeline, has said explicitly that it was the regulatory changes introduced by Trudeau that caused the firm to cancel the project,” Scheer said in his Facebook post.
“(Trudeau) should take responsibility, and explain why he wanted this project cancelled, instead of shifting the blame.”
Trudeau noted Saturday that his government has approved two major oil export pipelines that are under now under construction, and that a third is expected to move forward soon. He said Canadians “deserve better than a discussion in which leaders leap to capitalize on perceived regional slights, regardless of context or facts.”
“We don’t get far — we never have gotten far — by pitting one region against another, or one group against another. We succeed when we work together, as Canadians. And that absolutely requires a give and take,” Trudeau said in the post.
Rempel said that when she in the previous Conservative government, former prime minister Stephen Harper urged ministers to make sure their policy decisions were always in the best interest of the entire country.
“A strong Alberta has always been a strong Canada, just as a strong Quebec has always been a strong Canada,” Rempel said.
Some industry analysts have questioned the need for the Energy East project after other pipelines were green-lighted, such as TransCanada’s Keystone XL project, which received U.S. approval to transport oil from Alberta to the U.S. Gulf Coast.
But the Canadian Association of Petroleum Producers said all the pipelines are needed, predicting in June that national oil production will climb by 33 per cent by 2030.
The Canadian Press
Western Canada’s fleet of drilling rigs dropped 4 to 209 actively drilling rigs according to data collected by Baker Hughes for the week of October 6. From one week ago, Alberta rig counts decreased to 139 from 144, the Saskatchewan rig count increased by 1 to 40. Oil drilling dropped by 1 to 112; gas … Read more
FOR: QUESTERRE ENERGY CORPORATIONTSX SYMBOL: QECOSLO SYMBOL: QECDate issue: October 09, 2017Time in: 2:24 AM eAttention:
CALGARY, ALBERTA–(Marketwired – Oct. 9, 2017) –
THIS NEWS RELEASE IS NOT FOR DISSEMINATION OR DISTRIBUTION IN THE UNITED STATESOF…
NEWS RELEASE: For Immediate Release PaintStripe™ Floor Marking Stencils Win Occupational Health & Safety 2017 New Product of the Year Award New floor marking stencils allow for easy layout and completion of floor marking projects MILWAUKEE, Wis. (October 3, 2017) — Brady (NYSE:BRC), a global leader in industrial and safety printing systems and solutions, announced today that the PaintStripe Floor … Read more
Good Morning from Craig’s Corner. I have recently completed finalizing terms for our new down hole tool insurance program exclusive to Gallagher and myself. The need for a Canadian solution to down hole tool needs kept coming into conversations with current clients and prospects so I went to work and created a program for them … Read more
October 6, 2017 (Bloomberg) Oil took a downward turn as concerns eased about Tropical Storm Nate’s threat to offshore crude platforms and coastal refineries while prices broke through a key technical barrier. Futures slipped 3 percent in New York, bringing this week’s decline to the steepest since May. While BP Plc, Chevron Corp. and other … Read more
CALGARY — The company behind the proposed Trans Mountain pipeline expansion has dropped a request that the National Energy Board allow it to conduct some construction activity on the multi-billion dollar project.
Last week, lawyers representing Kinder Morgan Canada subsidiary Trans Mountain asked the board for permission to install mats to deter fish spawning after the board told it last month to stop doing so.
The lawyers said if the request was not granted, construction on the $7.4-billion project could be delayed by a year.
Lawyer Terri-Lee Oleniuk at Osler, Hoskin & Harcourt has now written to the NEB saying the window for “safely and effectively” installing the mats has passed and the company is withdrawing the request.
The board told the company to stop installing the deterrent mats because they’re considered construction activity, and the company does not yet have all conditions approved for pipeline construction.
Oleniuk says in a letter issued Friday that Trans Mountain intends to remove the existing mats and notes that doing so while the fish are spawning could constitute serious harm under the Fisheries Act.
First Nations, environmentalists and the B.C. government have expressed opposition to the project, which would nearly triple the capacity of the pipeline running from Edmonton to Burnaby, B.C., saying the expansion could have serious implications for the environment.
The Canadian Press
NEWS RELEASE For Immediate Release: October 5, 2017 The Canadian Association of Oilwell Drilling Contractors (CAODC) is “extremely disappointed, but not surprised” at TransCanada’s cancellation of the Energy East Pipeline and Eastern Mainline projects. In a statement released earlier this morning, TransCanada announced the cancellation of the Energy East Pipeline and Eastern Mainline projects. This August, … Read more
OTTAWA — Parliament Hill was a swirl of fresh faces and a storm of news this week in the rush to get things done and square events away before the Thanksgiving break.
In a sea of pageantry, the next Governor General, astronaut Julie Payette, was sworn in to her new position, replacing David Johnston. Premiers and Indigenous leaders from across the country then gathered nearby for a meeting with the prime minister — a meeting that led to a more solid picture of what legalization of cannabis will eventually look like.
The next day, the NDP’s new leader, Jagmeet Singh, took a victory lap through his party’s caucus room, inspiring a jubilance not seen since the days of Jack Layton.
Personalities aside, there were impactful developments on pipelines, asylum seekers and tuberculosis. Here’s how politics affected Canadians’ everyday lives this week:
PIPELINE APOPLEXY
TransCanada has followed through on its hints this summer and cancelled its $16-billion plans for the Energy East pipeline — an announcement that prompted a vicious round of finger-pointing, blame-casting and, in some corners, celebration.
Whether the cancellation was because of market forces (as the Liberals contend) or unreasonable public policy (as the Conservatives argue), environmental activists and the mayor of Montreal claimed victory.
The animosity exposed unresolved quandaries for Canadian public policy. Will companies in the West find other, better, ways to export oil and gas, and will the public buy in? Will climate policy lead to depressed demand and low prices — and eventually mean Canada turns forcefully away from the natural resources that have buoyed its economy for an eternity? If not oil and gas, then what?
And as political leaders in Western Canada lash out at their eastern counterparts, is there any hope of forging a national consensus on how or whether the oil industry can or should coexist and prosper alongside a warming earth?
THE FATE OF ASYLUM SEEKERS
Canadians are beginning to learn about what is happening to the thousands of asylum seekers who walked across the Canada-U.S. border illegally over the past few months.
Their refugee claims are now working their way through a clogged system. Progress is slow. And about half of the claims are being rejected.
Government officials said this week they have finalized about 240 cases of about 8,000, and the rejection rate is about 50 per cent. That’s normal for Haitian claims, and most of the claimants over the summer were Haitians crossing into Quebec.
At the same time, the federal government is scrambling to live up to a commitment to bring 1,200 Yazidi women and girls into Canada as refugees from northern Iraq, where they had been too often forced into sex slavery.
Ottawa promised a year ago to bring them in, and this week Immigration Minister Ahmed Hussen said 800 had arrived. The Conservatives are questioning his numbers, however, second-guessing whether the 800 are actually Yazidis.
The minister insists that the delay in the Yazidi effort has nothing to do with the resources required to process the asylum seekers at the border. But it’s clear that setting up a new home in Canada is not a walk in the park.
TACKLING TUBERCULOSIS
It’s almost unheard of as a problem in most of Canada, but tuberculosis is a scourge in the Inuit population. This week, the federal government rolled out a plan to eliminate what can be a deadly infectious lung disease.
Inuit in Nunavut are 270 times more likely to have TB than the rest of the population, a long-standing problem propelled by poverty and overcrowded, substandard housing.
The eradication plan involves setting up a task force with Inuit organizations, combining their prevention and treatment approaches, and incorporating housing into their plans.
In the last federal budget, about $1 million was earmarked for TB prevention in the Inuit population — meant to amplify ongoing efforts to improve diagnosis, prevention and new medical treatments.
But the TB problem is so entrenched that the government is still grappling with its long legacy. For decades, Inuit infected with the disease were flown south to receive treatment. They often never returned, dying or lost without their family supports. Officials are now trying to track down their graves.
Heather Scoffield, Ottawa Bureau Chief, The Canadian Press
October 6, 2017 Reuters The U.S. oil rig count fell for a fourth time in the last five weeks as a 14-month drilling recovery stalled as energy firms reduced spending plans in response to recent crude price declines.The oil rig count fell by two to 748 in the week to Oct. 6, General Electric Co’s Baker … Read more
CALGARY — It’s more vital than ever that three other pipelines to oil export markets proceed as planned in the wake of TransCanada Corp. (TSX:TRP) shelving its Energy East pipeline on Thursday, says AltaCorp Capital analyst Dirk Lever.
Lever says Canadian producers will have to transport any incremental new oil production over the next year or so using railcars, and the pipeline transportation system out of Western Canada will remain tight for years.
“We already know the next incremental barrel of production has got to go by rail because the pipelines are effectively full,” he said Friday.
In a report in July, RBC Capital Markets predicted oilsands production would grow by 900,000 barrels per day in the next five years thanks to startup of Suncor Energy Inc.’s (TSX:SU) 194,000-bpd Fort Hills mine and several smaller projects, including an 80,000-bpd expansion at Canadian Natural Resources Ltd.’s (TSX:CNQ) Horizon mine and upgrader.
It pointed out that about three-quarters of the new bitumen production is not going to be upgraded, which means it will have to be diluted to create a product composed of 30 to 40 per cent lighter petroleum in order to flow in a pipeline. That will increase the demand for pipeline volumes beyond what is required for the heavy oil alone, it said.
Opponents of pipeline projects who look at the oil forecasts and conclude they aren’t needed sometimes overlook the diluent component of shipping bitumen, said Tim McMillan, CEO of the Canadian Association of Petroleum Producers.
“We will exceed our current and projected pipeline capacity by 2030 with (Energy East) gone … not just on a strategic level but by volume,” he said.
Lever said Energy East could come off the shelf and be proposed again for regulatory approval if any of the other pipelines don’t go ahead or if market conditions change to encourage higher production growth.
“Energy East was more than what was needed,” he said of the proposal to ship 1.1 million bpd from Alberta to New Brunswick.
“Producers weren’t going to pay for that much excess capacity so I’m not surprised it fell to the wayside. If one of those (other pipelines) falls away, then Energy East would be needed.”
He said the next capacity increase is expected to come with Enbridge Inc.’s (TSX:ENB) Line 3 pipeline replacement project, which is under construction in Canada and awaiting its last U.S. regulatory approvals in Minnesota. It is expected to add 370,000 bpd of capacity by early 2019.
But that additional room will only just accommodate new output from oilsands expansions and the situation will remain tight until the Trans Mountain expansion pipeline to the West Coast proposed by Kinder Morgan is in service, expected to add 590,000 bpd by late 2019, Lever said. That project is being actively opposed in court by the B.C. government and other intervenors.
TransCanada hasn’t yet approved its Keystone XL pipeline into the U.S. but Lever said its 830,000-bpd capacity would likely provide enough room for Canadian oil production growth until about 2030, when the industry expects Canadian production to reach five million barrels per day.
Lever pointed out that having excess pipeline capacity is important because it gives producers options to supply different markets and offers the pipeline operators flexibility to schedule maintenance downtime.
Follow @HealingSlowly on Twitter.
Dan Healing, The Canadian Press
FOR: KELT EXPLORATION LTD.
TSX Symbol: KEL
Date issue: October 06, 2017
Time in: 4:30 PM e
Attention:
CALGARY, AB –(Marketwired – October 06, 2017) – Kelt Exploration Ltd.
(“Kelt” or the “Company”) (TSX: KEL) has subscribed to TransCanada
Corporation’s Dawn Long Term Fixed Price (LTFP) service and in addition, has
entered into various natural gas sales contracts in order to provide the
Company with exposure to diversified gas price hubs and reduce exposure to a
single market.
Effective November 1, 2017, Kelt’s gas market sales portfolio will consist of
the following contracts:
/T/
—————————————————————————-
Percent
Market Term (Sales) Volume @ Market Price
(MMBtu/d) Nov/1/17
—————————————————————————-
Nov/1/17 âÇô Oct/31/27 23,695 31% DAWN USD Daily Index
—————————————————————————-
Nov/1/17 âÇô Oct/31/20 15,000 20% MALIN USD NGI FOM Index less
US$0.70/MMBtu
—————————————————————————-
Nov/1/17 âÇô Oct/31/20 11,990 16% SUMAS USD Monthly Index less
US$0.679/MMBtu
—————————————————————————-
Nov/1/17 âÇô Oct/31/18 3,000 4% SUMAS USD Monthly Index less
US$0.76/MMBtu
—————————————————————————-
Nov/1/17 âÇô Oct/31/18 * 10,330 14% CHICAGO City Gate USD Gas Daily
Index
—————————————————————————-
Nov/1/17 âÇô Oct/31/18 11,305 15% AECO CAD Daily (5A) Index
—————————————————————————-
TOTAL (effective 75,320 100%
Nov/1/17)
—————————————————————————-
* The Company also has access to priority interruptible transportation
service (“PITS”) equating to 25% (2,580 MMBtu/d) of its firm service volume
on the Alliance pipeline system under which Kelt can increase the amount of
gas sales from its British Columbia properties into the Chicago market.
/T/
During 2017, Kelt expects that its oil and NGLs production will contribute
approximately 76% of its aggregate operating income and gas production will
contribute the remaining 24%.
Due to the recent volatility in AECO gas prices, Kelt has elected to
temporarily shut-in approximately 21.4 MMcf/d of dry gas production (3,770
BOE/d including associated NGLs) at its Grande Cache and West Pouce Coupe
properties in Alberta. AECO CAD Daily (5A) Index prices have averaged
$1.55/GJ, $1.65/GJ and $0.93/GJ during the months of July, August and
September 2017, respectively. The Company has elected to shut-in production at
its dry gas properties due to the weakness in the current AECO price primarily
caused by transportation bottlenecks on the entire Western Canadian pipeline
transportation system. Kelt expects to keep this production shut-in until AECO
prices improve or until November 1, 2017, at which time the Company can direct
its gas to non-AECO priced contracts in its gas market sales portfolio. The
impact to 2017 guidance based on previously forecasted commodity prices during
a 30-day shut-in period with respect to these production volumes would reduce
Kelt’s 2017 average production guidance of 22,500 BOE per day by 310 BOE per
day (1.4%) and previously forecasted 2017 funds from operations of $124.0
million would be reduced by approximately $750,000 (0.6%).
In addition, the Company currently has approximately 4.8 MMcf/d of gas
production (1,000 BOE/d including associated NGLs) behind pipe in British
Columbia awaiting new compression. In light of the current low gas price
environment, the Company has delayed adding compression in order to bring the
behind pipe production on-stream and expects to time the production additions
with its new gas price contracts starting in November 2017.
FLOW-THROUGH EQUITY FINANCING
Kelt has determined to issue, by way of a non-brokered private placement, 1.4
million common shares on a “flow-through” basis in respect of Canadian
Development Expenses (“CDE”) at a price of $7.75 per share resulting in gross
proceeds of $11.0 million (the “Private Placement”). Along with certain other
subscribers, directors, officers and employees of the Company have subscribed
to purchase approximately 8.3% of the Private Placement.
Kelt shall, pursuant to the provisions in the Income Tax Act (Canada), incur
eligible CDE (the “Qualifying Expenditures”), after the closing date and prior
to December 31, 2017 in the aggregate amount of not less than the total amount
of the gross proceeds raised from the Private Placement. Kelt shall renounce
the Qualifying Expenditures so incurred to the purchasers of the flow-through
common shares with an effective date on or prior to December 31, 2017. The
Private Placement is subject to certain conditions including normal regulatory
approvals and specifically, the approval of the Toronto Stock Exchange. The
common shares issued in connection with the Private Placement will be subject
to a statutory hold period of four months plus one day from the date of
completion of the Private Placement, in accordance with applicable securities
legislation.
Closing for approximately 89% of the Private Placement is expected to occur on
or about October 11, 2017. The remaining 11% of the Private Placement is
expected to close on or around October 27, 2017.
This press release does not constitute an offer to sell or a solicitation of
any offer to buy the common shares in the United States. The common shares
have not been and will not be registered under the U.S. Securities Act of 1933
and may not be offered or sold in the United States absent registration or an
applicable exemption from the registration requirements of such Act.
OPERATIONS UPDATE
Proceeds from the Private Placement will be used to increase the Company’s
budgeted drilling and completion expenditures during the remainder of 2017.
Kelt expects to increase its 2017 capital expenditure budget with the drilling
of five wells on its second pad at Pouce Coupe, Alberta, targeting Montney
Oil, where wells from the first multi-well pad at Pouce Coupe paid out in
under a year during 2017 (in the current commodity price environment). These
five new wells are expected to be completed in January 2018 and will be put on
production thereafter into the Company’s expanded compression and pipeline
infrastructure recently installed at Pouce Coupe.
At Inga, British Columbia, Kelt believes it has fully delineated the Upper
Montney on its lands and expects to drill and complete five development wells
off a pad. This operation is expected to commence in 2017 and is expected to
be completed in the first quarter of 2018. The Company expects to drill its
fifth Middle Montney well at Inga in the fourth quarter of 2017 as it
continues to delineate the Middle Montney with encouraging results from the
first four wells. Kelt has drilled its first Upper Middle (IBZ) well at Inga
and expects to complete and test this well by the middle of November 2017.
At Wembley/Pipestone, Alberta, Kelt is targeting the Montney formation in the
volatile oil window where the reservoir is expected to be over-pressured. The
Company has completed its first exploration well located at 00/04-01-072-08W6.
The well was completed using the ball drop hydraulic fracturing method. The
horizontal lateral of the well was approximately 2,900 metres and the well was
completed using slick-water comprising 50 fracture stages. The well cost
approximately $5.7 million to drill and complete. After flowing the well back
on a 12 day clean-up, the well, over the last five days of the test, produced
average sales volumes of approximately 1,567 BOE per day (64% oil, 20% NGLs
and 16% gas). The high NGLs (35% are condensate/pentane) are a result of the
high heat value of the gas and the ensuing deep-cut recoveries at the Wembley
Gas Plant where Kelt has an ownership interest. The well has now been tied in
to the Wembley Gas Plant, however, due to a compressor failure at the plant,
the well is not expected to be put on production until mid-November 2017.
Given the encouraging results from its first exploration well, the Company
expects to follow-up with at least three more wells on its large
Wembley/Pipestone land block prior to the end of 2018.
Kelt expects to release its 2017 third quarter results on or about November 9,
2017. At that time, the Company expects to provide shareholders with 2018
guidance including forecasted capital expenditures, production and funds from
operations.
ADVISORY REGARDING FORWARD-LOOKING STATEMENTS
This press release contains forward-looking statements and forward-looking
information within the meaning of applicable securities laws. The use of any
of the words “expect”, “anticipate”, “continue”, “estimate”, “objective”,
“ongoing”, “may”, “will”, “project”, “should”, “believe”, “plans”, “intends”
and similar expressions are intended to identify forward-looking information
or statements. In particular, this press release contains forward-looking
statements pertaining to the following: the composition of Kelt’s gas
marketing contract sales portfolio effective November 1, 2017; the expected
duration of the temporary shut-in by Kelt of certain dry gas properties; the
Company’s plans to incur and renounce Qualifying Expenditures and the expected
closing and closing dates of the Private Placement; the various expected
drilling and completion operations to be carried out in 2017 and 2018; and the
timing of the release of Kelt’s third quarter results and 2018 guidance.
Statements relating to “reserves” or “resources” are deemed to be forward
looking statements, as they involve the implied assessment, based on certain
estimates and assumptions, that the reserves described exist in the quantities
predicted or estimated and that the reserves can be profitably produced in the
future. Actual reserves may be greater than or less than the estimates
provided herein. Test results and initial production rates disclosed herein
may not necessarily be indicative of long-term performance or of ultimate
hydrocarbon recovery.
Although Kelt believes that the expectations and assumptions on which the
forward-looking statements are based are reasonable, undue reliance should not
be placed on the forward-looking statements because Kelt cannot give any
assurance that they will prove to be correct. Since forward-looking statements
address future events and conditions, by their very nature they involve
inherent risks and uncertainties. Actual results could differ materially from
those currently anticipated due to a number of factors and risks. These
include, but are not limited to, the risks associated with the oil and gas
industry in general (e.g., operational risks in development, exploration and
production; delays or changes in plans with respect to exploration or
development projects or capital expenditures; the uncertainty of reserve
estimates; the uncertainty of estimates and projections relating to
production, costs and expenses; failure to obtain necessary regulatory
approvals for planned operations; health, safety and environmental risks;
uncertainties resulting from potential delays or changes in plans with respect
to exploration or development projects or capital expenditures; volatility of
commodity prices, currency exchange rate fluctuations; imprecision of reserve
estimates; and competition from other explorers) as well as general economic
conditions, stock market volatility; and the ability to access sufficient
capital. We caution that the foregoing list of risks and uncertainties is not
exhaustive.
In addition, the reader is cautioned that historical results are not
necessarily indicative of future performance. The forward-looking statements
contained herein are made as of the date hereof and the Company does not
intend, and does not assume any obligation, to update or revise any
forward-looking statements, whether as a result of new information, future
events or otherwise unless expressly required by applicable securities laws.
NON-GAAP MEASURES
This press release contains certain financial measures, as described below,
which do not have standardized meanings prescribed by GAAP. As these measures
are commonly used in the oil and gas industry, the Company believes that their
inclusion is useful to investors. The reader is cautioned that these amounts
may not be directly comparable to measures for other companies where similar
terminology is used.
“Operating income” is calculated by deducting royalties, production expenses
and transportation expenses from oil and gas revenue, after realized gains or
losses on associated financial instruments. The Company refers to operating
income expressed per unit of production as an “Operating netback”. “Funds from
operations” is calculated by adding back transaction costs associated with
acquisitions and dispositions, provisions for potential credit losses,
settlement of decommissioning obligations and the change in non-cash operating
working capital to cash provided by operating activities. Funds from
operations and operating income or netbacks are used by Kelt as key measures
of performance and are not intended to represent operating profits nor should
they be viewed as an alternative to cash provided by operating activities,
profit or other measures of financial performance calculated in accordance
with GAAP.
MEASUREMENTS
All dollar amounts are referenced in thousands of Canadian dollars, except
when noted otherwise. This press release contains various references to the
abbreviation BOE which means barrels of oil equivalent. Where amounts are
expressed on a BOE basis, natural gas volumes have been converted to oil
equivalence at six thousand cubic feet per barrel and sulphur volumes have
been converted to oil equivalence at 0.6 long tons per barrel. The term BOE
may be misleading, particularly if used in isolation. A BOE conversion ratio
of six thousand cubic feet per barrel is based on an energy equivalency
conversion method primarily applicable at the burner tip and does not
represent a value equivalency at the wellhead and is significantly different
than the value ratio based on the current price of crude oil and natural gas.
This conversion factor is an industry accepted norm and is not based on either
energy content or current prices. References to oil in this press release
include crude oil and field condensate. References to natural gas liquids
(“NGLs”) include pentane, butane, propane, and ethane. References to gas in
this press release include natural gas and sulphur. Such abbreviation may be
misleading, particularly if used in isolation.
ABBREVIATIONS
/T/
MMcf million cubic feet
MMcf/d million cubic feet per day
MMBtu million British Thermal Units
GJ Gigajoule
BOE barrel of oil equivalent
BOE/d barrel of oil equivalent per day
NGLs natural gas liquids
AECO Alberta Energy Company “C” Meter Station of the Nova Pipeline
System
NGI Natural Gas Intelligence
FOM first of month
USD United States dollars
CAD Canadian dollars
CDE Canadian Development Expenses
TSX Toronto Stock Exchange
KEL stock trading symbol for Kelt Exploration Ltd. common shares on the
TSX
/T/
– END RELEASE – 06/10/2017
For further information:
For further information, please contact:
KELT EXPLORATION LTD.
Suite 300, 311 âÇô 6th Avenue SW
Calgary, Alberta, Canada T2P 3H2
DAVID J. WILSON
President and Chief Executive Officer
(403) 201-5340
SADIQ H. LALANI
Vice President and Chief Financial Officer
(403) 215-5310
Visit our website at: www.keltexploration.com
COMPANY:
FOR: KELT EXPLORATION LTD.
TSX Symbol: KEL
INDUSTRY: Energy and Utilities – Oil and Gas
RELEASE ID: 20171006CC008
Press Release from Marketwired 1-866-736-3779
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issuing the release, not to The Canadian Press.
ST. JOHN’S, N.L. — The company that runs the Hibernia platform off Newfoundland has pleaded guilty after it continued to operate despite a leak in 2013 that spilled about 6,000 litres of crude oil into the North Atlantic.
The Hibernia Management and Development Company was fined $80,000 and ordered to pay $170,000 into the federal Environmental Damages Fund.
The company “deeply regrets this spill occurred,” spokeswoman Margot Bruce-O’Connell said Friday in an emailed statement. “The Hibernia offshore and onshore workforce is committed to operating in an environmentally responsible manner.
“The cause of the incident was due to equipment failure, although the offshore loading system equipment was newly installed in 2012.”
Hibernia is located 315 kilometres east of St. John’s and sits in 82 metres of water.
Newfoundland and Labrador’s offshore petroleum regulator announced in 2015 it had laid charges in connection with the spill.
An agreed statement of facts says about 6,000 litres of crude oil leaked from Hibernia’s offshore loading system starting on Dec. 27, 2013.
It describes “a persistent sheen” that the company observed on the surface of the sea close to a valve it didn’t realize was seeping. Instead of shutting down operations, it finished loading a tanker on Dec. 28.
The leak was ultimately blamed on “undetected valve failures” — including a “false closure signal” emitted by one particular valve. A supply vessel fully sealed it about five days later on Jan. 1, 2014.
Bruce-O’Connell said the company improved its operating, inspection and maintenance procedures after the spill.
It was convicted under the Canada-Newfoundland Atlantic Accord Implementation Act.
“Operations ceased, but resumed without ensuring that it could be done without causing pollution,” the Canada-Newfoundland and Labrador Offshore Petroleum Board said Friday in a statement.
The shareholders of the Hibernia Management and Development Company are ExxonMobil Canada (33 per cent), Chevron Canada Resources (27 per cent), Suncor (20 per cent), Canada Hibernia Holding Corporation (8.5 per cent), Murphy Oil (6.5 per cent) and Statoil Canada Ltd. (five per cent).
The Canadian Press
October 6, 2017 (Bloomberg) The way energy companies are issuing debt, it feels like spring is in the air — the spring of 2014. Back then, the industry was riding high on $100-a-barrel oil, and companies were selling mountains of debt to fund ambitious growth strategies. It was a time when “almost anybody could bring an energy … Read more
Oct 6, 2017 Frederic Tomesco and Sandrine Rastello (Bloomberg) Politicians and environmental campaigners in Quebec are shedding few tears over TransCanada Corp.’s decision to pull the plug on its Energy East pipeline project. “Very proud” of the outcome, Montreal Mayor Denis Coderre, who is running for re-election next month, said Thursday in a tweet. Patrick … Read more
October 6, 2017 by Kevin Orland and Robert Tuttle (Bloomberg) TransCanada Corp.’s cancellation of the Energy East pipeline leaves Canadian oil producers more dependent than ever on the Keystone XL and Trans Mountain proposals, two projects facing ardent opposition in their own right. Energy East would have given oil producers in Alberta and Saskatchewan, who are … Read more
October 6, 2017 (Bloomberg) Oil is set for the first weekly decline since early September on rising global output as Tropical Storm Nate moves toward the U.S. Gulf. Futures fell 1 percent in New York, bring the weekly drop to 2.7 percent. OPEC output climbed marginally in September, U.S. production reached a two-year high last week … Read more
October 6, 2017 by Lorcan Roche Kelly (Bloomberg) It’s jobs day, a storm disrupts Gulf of Mexico oil production, and the British PM is under pressure. Here are some of the things people in markets are talking about today. Payrolls Analysts expect employers in the U.S. to have added 80,000 positions in September when the data are released … Read more
October 5, 2017 Globe Newswire CALGARY, Alberta, Oct. 05, 2017 (GLOBE NEWSWIRE) — (TSX:ECA) (NYSE:ECA) Encana successfully started up the Sunrise processing plant on September 27, under budget and more than one month ahead of original schedule. Sunrise is the second of three processing plants that support Encana’s condensate-focused growth plan in the Montney. In parallel … Read more
SAINT JOHN, N.B. — At what would have been the eastern end of the Energy East Pipeline, rookie Mayor Don Darling is in mourning.
The veteran businessman, elected mayor just last year, presides over a declining city in a declining province, and had been counting on Energy East to help turn the corner.
“This is a disappointment. It’s an economic blow. I’m frustrated,” Darling said Thursday.
The $15.7 billion pipeline project would have carried western crude to the Irving Oil refinery in Saint John and an export terminal for destinations abroad. TransCanada cancelled it Thursday, citing “changed circumstances.”
While Quebec politicians like Montreal Mayor Denis Coderre and environmental activists celebrated the demise of the project, Darling lamented the loss of jobs and revenue.
“This a huge economic blow to Saint John, to New Brunswick and to the country,” Darling said.
The Energy East Saint John Partners Forum had estimated the project would increase the provincial GDP by $6.5 billion, and create thousands of jobs over several decades.
Ian Whitcomb, president of the Saint John-based Irving Oil, called it the loss of a “once in a lifetime opportunity.”
Darling said his once-affluent city — the oldest incorporated city in Canada — was looking to Energy East as a source of momentum to get the economy moving.
He said in the short term, the city of 67,000 people is facing a $4.5 million shortfall this year and needs to make tough decisions if it is to avoid raising the city’s tax rate — already the highest in the region.
The 2016 census showed the population of Saint John fell by 3.6 per cent over the previous five years — falling from 70,063 to 67,575 — and losing its status as the largest city in the province.
A New Brunswick sociologist, Hassan Arif, likened the city to Detroit in a 2012 column for HuffPost, saying Saint John’s decline isn’t as severe but it faced similar challenges: They were both declining cities with growing suburbs, with concentrated urban poverty and a shrinking tax base. Both have multiple vacant and abandoned buildings.
Even before the Energy East announcement, Darling was openly expressing his concerns about his city’s financial woes.
In a Facebook post Wednesday, Darling said “I’m tired, beat up, frustrated and sad. I’m all those things because we need to change,” he wrote. “We are in a mess, this didn’t happen overnight, it’s been years in the making.”
On Thursday, Darling said the Energy East project was “truly a test of our country and our ability to come together and we failed.”
He blames the regulatory process and opponents of the project in Quebec.
“The fact that one of the provinces in our country appeared to do everything it could to block this project in any fashion — I think that was obviously a factor,” he said.
Darling said his city needs help from the province and Ottawa — either a large project or a number of smaller ones to stimulate the economy.
“We need help. We need to work with the provincial government and Premier (Brian) Gallant is signalling that he is accepting my challenge that Saint John needs a new deal,” he said. “We have to match actions with the reality and urgency we’re facing as a community.”
Gallant said Thursday energy is still a huge opportunity for Saint John, noting that the province is looking at various forms of renewable energy such as tidal power.
“There will be a new deal for Saint John,” Gallant said. “As the industrial base of our economy, we need Saint John to be firing on all cylinders.”
Darling said the city would take the next 30 days to more clearly define what help it needs from the other levels of government.
“All we want is a fighting chance to put Saint John on a more sustainable path,” he said.
Kevin Bissett, The Canadian Press
CALGARY — The former U.S. secretary of energy in the Obama administration says there are no easy answers when it comes to winning public support for critical energy infrastructure projects.
American nuclear physicist Ernest Moniz, who was energy secretary from 2013 to 2017, gave a speech in Calgary focusing on the need for innovation to reduce greenhouse gas emissions while still ensuring a supply of energy needed to maintain the North American standard of living.
He says there’s no “cookie-cutter solution” to overcome public opposition to projects such as the Energy East pipeline cancelled Thursday by Calgary-based TransCanada Corp. (TSX:TRP).
Moniz says the key to winning social licence to build is listening to the community and educating it about the liabilities and benefits the project might offer.
He says the recent interest by China in improving its greenhouse gas emissions will have an indirect benefit for Canada in that it will drive a resurgence in world demand for liquefied natural gas.
He expects that will translate into at least four more new U.S. LNG export facilities in the next five years, some possibly sourcing Canadian gas, and could provide a market for a Canadian LNG industry.
Although about 20 LNG projects have been proposed for British Columbia, only one small project has been approved and two large projects have been cancelled or put on hold because of deteriorating global LNG prices.
“I do expect the LNG market to grow substantially. There is a little bit of an oversupply for a few years but longer term, I think it will be a big market,” Muniz said.
“For Canada, well, obviously it’s a question of getting product on the water, so there are routes through the United States but Canada has to figure out how to get it either west or east or south.”
He says the boom in shale oil and gas production in the United States makes it important for Canada to diversify its energy customer base by finding more routes to ocean export points.
The Canadian Press
VANCOUVER — A lawyer representing British Columbia in its fight against the Trans Mountain pipeline expansion says the federal cabinet’s approval of the project is “lopsided” because it put Alberta’s economic needs ahead of B.C.’s concerns about oil spills.
Thomas Berger said outside the Federal Court of Appeal on Thursday that the $7.4-billion project would disproportionately impact the interests of B.C. residents in the event of a marine spill of diluted bitumen.
While Alberta would get the lion’s share of benefits through development of its oil resources and access to Pacific Rim markets, B.C. would bear the entire environmental risk, he told The Canadian Press in an interview.
In its approval of the project last November, the governor in council breached its statutory duty to provide reasons for deciding it was not likely to cause significant adverse environmental effects, Berger said on behalf of the attorney general of B.C., which is an intervener in the case.
“The governor in council made its choice but it did not give any reasons. All we got was the conclusion. It’s like getting a judge’s verdict without getting any reasons,” Berger said.
“I urged the court to rule that the cabinet had to obey the command of Parliament, which is the order in council must set out the reasons for making the order,” the former B.C. Supreme Court judge said.
“I told the court, ‘This isn’t technical, it’s fundamental,’ ” Berger said.
The federal government’s explanatory note accompanying the order in council approving Trans Mountain says detailed reasons for the decision are set out in four reports, including one by the National Energy Board.
“The citizen shouldn’t have to search through hundreds of documents to find out the reason why the cabinet made the choice it did,” Berger said. “That’s why Parliament said cabinet’s reasons must be set out in the order in council.”
Alberta, which favours the pipeline project on the grounds it would create jobs and investment opportunities, is scheduled to make its arguments in the Federal Court of Appeal next week.
Several First Nations, two environmental groups and the cities of Vancouver and Burnaby are also against the pipeline expansion that the federal government approved last November.
Indigenous groups have maintained a seven-fold increase in tanker traffic would substantially increase the risks of diluted bitumen spills, with no known means of adequately cleaning it up, and put endangered southern resident killer whales in peril.
First Nations groups also say the federal government failed to adequately consult with them or gain their consent for expanding the pipeline.
Trans Mountain, a subsidiary of Kinder Morgan Canada, aims to double an existing Alberta-to-B.C. pipeline with nearly 1,000 more kilometres of pipeline in new and existing corridors.
British Columbia’s former Liberal government supported the project, saying Kinder Morgan had met five government conditions including a revenue-sharing agreement worth up to $1-billion.
However, the New Democrat government, which formed an alliance with the Green party to support its minority government this year, has said it would oppose the pipeline expansion.
Earlier Thursday, TransCanada announced it had cancelled its plans for the $15.7-billion Energy East pipeline which was to carry oil from Alberta and Saskatchewan to refineries Quebec and New Brunswick.
Last September, the Federal Court of Appeal overturned Ottawa’s approval of Enbridge’s Northern Gateway pipeline project, two years after the federal cabinet granted a permit
— Follow @CamilleBains1 on Twitter.
Camille Bains, The Canadian Press
TORONTO — TransCanada Corp. has cancelled its $15.7-billion proposed Energy East pipeline, with CEO Russ Girling citing non-specific “changed circumstances” Thursday morning. Supporters of the Calgary-based company’s project — which would build and operate a 4,500-kilometre pipeline from Alberta to the East Coast — are casting the blame on costs and delays from federal government regulatory meddling, while other point to simple market forces. Here’s a timeline of events in the controversial pipeline’s history.
Aug. 1, 2013: TransCanada announces at the height of the oil boom that it is officially moving ahead with the Energy East pipeline project, promising jobs, tax revenue, and energy security.
Oct. 29, 2014: A report released by environmental groups questions whether Energy East is necessary to supplant Eastern Canada’s oil imports from the foreign suppliers frequently mentioned by TransCanada. The company has said repeatedly that eastern Canadian refiners rely on imports for 86 per cent of their daily needs.
May 13, 2015: More than 60 organizations call on the National Energy Board to suspend TransCanada’s application for the Energy East Pipeline. Groups including Greenpeace Canada, the Council of Canadians and the David Suzuki Foundation said in a letter to the federal pipeline regulator that it should suspend the review process while waiting for new information from the company.
July 31, 2015: TransCanada warns the $12-billion price tag for its Energy East pipeline project is expected to grow. The company says a decision in April to relocate a proposed marine terminal at Cacouna, Que., due in part to concern for beluga whales near the site, will increase costs.
Aug. 19, 2015: TransCanada says concerns raised about Energy East in a report about the potential impact of the project on whales and some fisheries in the Bay of Fundy are unfounded. A report released by the Conservation Council of New Brunswick said noise from tanker traffic causes heightened levels of stress for the North Atlantic right whale, the most endangered large whale in the world.
Oct. 8, 2015: Environmental group Environmental Defence says the National Energy Board is rushing the process for Energy East by gathering oral traditional evidence from aboriginal bands before it has received a complete application.
Dec. 17, 2015: TransCanada files an amended application and cost estimate of $15.7 billion for Energy East. The company says the filing with the National Energy Board makes nearly 700 changes to the route in response to concerns for environmentally sensitive areas.
Feb. 3, 2016: The National Energy Board directing TransCanada to rework its application to build the contentious Energy East pipeline because the document is too hard to understand — even for experts.
March 1, 2016: National cohesion on Energy East drifts further out of reach after the Quebec government announced plans to seek an injunction against TransCanada. Environment Minister David Heurtel said his government got no response from the company to two letters it sent in late 2014 advising that the project must pass a provincial environmental impact assessment.
March 7, 2016: Protesters in Quebec disrupt hearings into the Energy East project seconds after they officially started. The province’s environmental regulation agency quickly suspended hearings into the project, which were meant to conduct an environmental assessment of the risks and benefits and produce a report to Quebec’s environment minister.
June 16, 2016: The National Energy Board says it has officially started the clock on its review of Energy East. The NEB now has 21 months to hold hearings along the 4,500-kilometre route from Alberta to New Brunswick and report to government whether the pipeline is in the national interest.
Aug. 30, 2016: All future National Energy Board hearings into TransCanada’s Energy East pipeline project are suspended until the board rules on motions demanding two of three panel members resign. The NEB board received the motions after a news report revealed the two members met with ex-Quebec premier Jean Charest, who was at the time a paid consultant for TransCanada.
Sept. 9, 2016: The National Energy Board sidelines all three Energy East reviewers following complaints that two of them met privately with a TransCanada consultant the year before and discussed the proposed oil pipeline.
Jan. 27, 2017: The new National Energy Board panel tasked with reviewing the Energy East pipeline decides to throw out all of the decisions made by the previous panel. The board said all hearing steps and related deadlines for the TransCanada Corp. project are no longer applicable as the new panel begins its review.
Aug. 23, 2017: In a decision cheered by environmentalists but considered a setback by the oil industry, the National Energy Board says it will allow wider discussion of greenhouse gas emission issues in upcoming hearings for the Energy East Pipeline. It says it will for the first time consider the public interest impact of upstream and downstream GHG emissions from potential increased production and consumption of oil resulting from the project.
Oct. 5, 2017: TransCanada announces it is no longer going ahead with the Energy East pipeline project.
The Canadian Press
REGINA — The premiers of Alberta and Saskatchewan say Energy East would have been a nation-building project and that TransCanada’s decision to cancel the pipeline is a bad day for the West.
Alberta Premier Rachel Notley says Energy East — which would have carried Alberta oil to tidewater — would have benefited all of Canada with new jobs, investment, energy security and the ability to displace imported oil.
Saskatchewan Premier Brad Wall says the reasons for the decision fall at the feet of Prime Minister Justin Trudeau and the federal government.
Wall says they’ve been “at best, ambivalent about the project” and then changed the rules for the regulator review at the last moment.
He says the expectation from the federal government, and some powerful central Canadian interests, is that the West “will just grin and bear this latest blow” to its economy and people.
Calgary-based TransCanada (TSX:TRP) said it’s abandoning the project after a careful review of changed circumstances.
“We have a company that committed more than a billion dollars to a project and made earnest efforts to address the concerns of the public and regulators. A company that made 700 changes to its plans as part of that response,” Wall said in a statement Thursday.
“Make no mistake, other companies’ decisions to invest in Canada will be informed by this debacle.”
Supporters say Energy East was necessary to expand Alberta’s markets and decrease its dependency on shipments to the United States. Detractors raised questions about the potential environmental impact.
“We are deeply disappointed by the recent decision from TransCanada,” Notley said in a statement. “We understand that it is driven by a broad range of factors that any responsible business must consider. Nonetheless, this is an unfortunate outcome for Canadians.”
Notley suggested more clarity is needed going forward.
“The National Energy Board needs to send a clear message on what the future of project reviews look like in Canada,” she said.
“Our government understands that deliberation on upstream emissions and land-use integrity is important and must continue. Investors need confidence and we look forward to seeing that certainty in place soon.”
The Canadian Press
TransCanada announced Thursday that it wasn’t going ahead with the Energy East pipeline, bringing on a wave of comments either condemning or celebrating the outcome. Here is what some are saying:
“Today is not a good day for Canada. It is not a good day for the federation. It is a very bad day for the west. TransCanada made the decision to cancel Energy East – but make no mistake, the reasons for it fall at the feet of Prime Minister Justin Trudeau and the federal government. They have been, at best, ambivalent about the project and then moved the goalposts at the last moment by asking the regulator to consider the impact of upstream greenhouse gas emissions.” — Saskatchewan Premier Brad Wall
—
“I am satisfied that TransCanada is abandoning this project. Given the low level of social acceptability of such a project, it was the only option.” — Montreal Mayor Denis Coderre
—
“We are deeply disappointed by the recent decision from TransCanada. We understand that it is driven by a broad range of factors that any responsible business must consider. Nonetheless, this is an unfortunate outcome for Canadians.” — Alberta Premier Rachel Notley
—
“TransCanada Pipelines’ decision to cancel the Energy East Pipeline project was a business decision…Our government would have used the same process to evaluate the Energy East Pipeline project that saw the Trans Mountain expansion and Line 3 projects approved. Nothing has changed in the Government’s decision-making process.” — Minister of Natural Resources Jim Carr
—
“This is a sad day for Canada. The construction of the Energy East pipeline was a once-in-a-lifetime opportunity. This was a $15-billion private-sector investment that would have enabled further investment and development in our country, creating thousands of skilled jobs and generous tax revenues and royalties for all levels of government along with creating energy security for our country.” — Ian Whitcomb, President of Irving Oil
—
“The message from today’s cancellation of TransCanada’s proposed Energy East pipeline is loud and clear: new tar sands pipelines don’t make sense – economically or environmentally – in a world that is addressing climate change and moving away from fossil fuels.” — Environmental Defence campaigner Patrick DeRochie
—
“We’re disappointed. We supported the Energy East pipeline because it would have provided supply options and access to western Canadian crudes for our Montreal refinery and also would have provided access to new markets which is critical for Canadian producers.” — Sneh Seetal, spokeswoman for Suncor Energy
—
“Both the Northern Gateway fight and this Energy East one show that when First Nations stand together, supported by non-Indigenous allies, we win…So that’s two tar sands expanding mega-pipelines stopped in their tracks but it will be a hollow victory if either Kinder Morgan, Line 3 or Keystone XL are allowed to steamroll over Indigenous opposition and serve as an outlet for even more climate-killing tar sands production.” — Grand Chief Serge Simon of the Mohawk Council of Kanesatake on behalf of the Treaty Alliance Against Tar Sands Expansion
—
“Energy East really would have allowed us to become more energy independent as a nation to provide Canadian consumers with Canadian energy plus giving us more access to tidewater, so today is a very disappointing day.” — Calgary Mayor Naheed Nenshi
—
“The Building Trades regrets the opportunities that have been lost in Atlantic Canada, Québec, Ontario and on the Prairies. What have been lost are high quality, high paying jobs in all of those regions on the construction of this world-class, nation building project.” — Robert Blakely, operating officer of Canada’s Building Trades Unions
The Canadian Press
OTTAWA — The Opposition Conservatives are tearing a strip off the Liberal government over TransCanada’s decision to cancel the Energy East pipeline project.
Deputy Tory leader Lisa Raitt is blaming the decision squarely on what she described as the “disastrous” Liberal policies of Prime Minister Justin Trudeau.
“Today is the result of the disastrous energy policies promoted by Justin Trudeau and his failure to champion the Canadian energy sector,” Raitt told a news conference on Parliament Hill.
New Liberal regulations on Canadian energy projects have forced companies to adhere to standards not enforced in other countries, giving exporters in Venezuela, Saudia Arabia and Algeria a competitive advantage, she continued.
“Justin Trudeau claims to support the middle class, but the truth is that the very people that the prime minister is claiming to help are the people most hurt by his misguided policies.”
Energy Minister Jim Carr shrugged off Raitt’s broadsides, insisting that the TransCanada decision was motivated entirely by business considerations influenced by the state of commodity prices. He also noted that the government already approved two other projects, the Trans Mountain and Line 3 expansions.
“I guess their role as the official Opposition is to try to score partisan political points,” Carr said.
“I think it’s my role to explain the government of Canada’s position, nor should we be involved in some kind of race to the bottom comparing oil exports and imports from one country to another…. the regulatory process, which is our responsibility as the government of Canada, is unchanged and I think that’s the most important point to make.”
Carr pointed to the Trans Mountain expansion and the Line 3 project, both of which he said represent more than $11.6 billion in investment that will support “thousands” of jobs.
That Trans Mountain approval happens to be under a legal microscope this week as Indigenous and environmental groups and British Columbia cities argue the process failed to take into account the impact the pipeline could have on everything from killer whales to waterways.
The $7.4 billion pipeline, a project by a subsidiary of Kinder Morgan, is aimed at more than doubling the capacity of an existing line between Edmonton and Burnaby, B.C. The $7.5-billion, 1,660-kilometre Line 3 project by Enbridge Inc., meanwhile, would expand an existing pipeline between Hardisty, Alta., and Wisconsin, the goal being to increase export capacity to Chicago, the U.S. Gulf Coast and eastern refineries in both countries.
“Our government would have used the same process to evaluate the Energy East pipeline project that saw the Trans Mountain expansion and Line 3 projects approved,” said Carr. “Nothing has changed in the government’s decision-making process.”
There are signs of growth in the energy sector despite “market challenges” fostered by the persistently low price of oil, he added.
“Canada is open for business. We offer a stable and predictable investment climate, world-class energy reserves, proximity to global markets, a skilled workforce and enabling services and technology.”
Energy East had been proposed as a way to move Alberta oilsands production as far east as an Irving Oil operation in Saint John, N.B.
Supporters say Energy East was necessary to expand Alberta’s markets and decrease its dependency on shipments to the United States. Detractors raised questions about the potential environmental impact.
Calgary-based TransCanada (TSX:TRP) had announced last month that it was suspending its efforts to get regulatory approvals for the mega projects.
It will now inform the federal and provincial regulators that it will no longer be proceeding with its applications for the projects.
“After careful review of changed circumstances, we will be informing the National Energy Board that we will no longer be proceeding with our Energy East and Eastern Mainline applications,” CEO Russ Girling said in a statement.
He added that TransCanada will also withdraw from a Quebec environmental review.
The Canadian Press
OTTAWA — TransCanada’s decision to cancel the Energy East pipeline project exposed deep divisions across the political landscape Thursday, highlighting the ever-present clash between energy development and environmental protection.
The premiers of Alberta and New Brunswick and Calgary Mayor Naheed Nenshi all expressed disappointment over the decision, while the Opposition Conservatives blasted Prime Minister Justin Trudeau’s Liberal government for “disastrous” energy policies that they blame for lost jobs and investment.
Quebec politicians, along with Indigenous and environmental groups, welcomed the project’s demise, branding it as a harbinger of the inevitable death of fossil fuels and a reminder of the need for further green energy development.
The political implications for the federal Liberals, who are trying to strike a difficult balance between energy and the environment, were mixed. Where charges of environmental negligence followed the approvals of the Trans Mountain and Line 3 projects, this time the government was savaged for being soft on jobs and economic growth.
The main political fight is over whether the pipeline was cancelled mainly because of changes that meant emissions caused from extracting oil before it goes into the pipeline (upstream) as well as burning it for fuel after it exits the pipeline (downstream), will now be considered as part of the decision about whether a project is in the national interest.
Previously the NEB process only included looking at emissions caused from actually building and operating a pipeline, but has added upstream and downstream emissions at the behest of the government, which promised to make the NEB review process more vigorous and transparent.
Natural Resources Minister Jim Carr contended today that both the TransMountain pipeline expansion between Alberta and B.C. and the overhaul of Enbridge’s Line 3 between Alberta and Wisconsin, were approved with upstream emissions as part of the package.
“Our government would have used the same process to evaluate the Energy East pipeline project,” he said. “Nothing has changed in the government’s decision-making process.”
Energy East had already been delayed a year after the first review process was dumped in September 2016 following allegations the original review panel had a conflict of interest with TransCanada. The second review, announced by the NEB in August, was to include both upstream and downstream emissions.
Shortly after that, TransCanada announced it was putting the application on hold pending further analysis of the NEB’s new review requirements. On Thursday, it said it would shelve the project.
Deputy Tory leader Lisa Raitt blamed the decision on “the disastrous energy policies promoted by Justin Trudeau and his failure to champion the Canadian energy sector.”
New Liberal regulations on Canadian energy projects have forced companies to adhere to standards not enforced in other countries, giving exporters in Venezuela, Saudi Arabia and Algeria a competitive advantage, she said.
“Justin Trudeau claims to support the middle class, but the truth is that the very people that the prime minister is claiming to help are the people most hurt by his misguided policies.”
Trudeau however said in question period Thursday this was a business decision because “the market conditions have changed fundamentally” since the pipeline was proposed, including a steep drop in oil prices.
Jeff Rubin, former chief economist at CIBC World Markets and a senior fellow at the Centre for International Governance Innovation, agreed, saying the economics are just not there for this pipeline with oil at less than half the price it was three years ago.
“There is neither the supply nor the demand for the product it would deliver,” he said.
He said many of the new pipelines being proposed were to respond to an expected doubling of production in the oilsands, which is not happening because of the lower price of oil and is not expected to happen as the world begins to shift away from oil towards renewable resources.
Benjamin Dachis, associate director of research at the C.D. Howe Institute, said the government’s policies didn’t help but were far from the only or even main reason for Energy East’s demise.
“TransCanada clearly made a decision on the market fundamentals,” said Dachis.
Dachis also pointed to a significant decision by the energy board in September that drastically reduces the cost of shipping natural gas through that pipeline.
TransCanada’s proposal was to convert the existing Energy East pipeline to oil from natural gas because the higher cost of shipping the gas through the pipeline meant it was under capacity. But the NEB’s decision to cut that cost changes that entirely, which means keeping the pipeline as a natural gas pipeline is now far more lucrative, said Dachis.
Trans Mountain and Line 3 together represent more than $11.6 billion in investment that will support “thousands” of jobs, Carr said. And he rejected the argument that the Liberals’ changes to the regulatory framework played a role.
Carr shrugged off Raitt’s criticism, saying there are signs of growth in the energy sector despite “market challenges” posed by sagging oil prices.
“Canada is open for business. We offer a stable and predictable investment climate, world-class energy reserves, proximity to global markets, a skilled workforce and enabling services and technology.”
Mike Blanchfield and Mia Rabson, The Canadian Press
The media is becoming fixated on the repair/rebuilding of just about every public piece of infrastructure in the known universe. And that’s a good thing. Not to mention replacing pipes of all varieties (oil, water, gas etc.) and the attendant support structures. Infrastructure bellwethers such as SNC Lavalin (TSX: SNC) is trading near it’s 52-week … Read more
October 5, 2017 (Bloomberg) President Vladimir Putin began talks with Saudi King Salman bin Abdulaziz, who’s making a historic first visit to Russia by a monarch of the Gulf kingdom as the two energy superpowers seek an understanding on whether to extend an agreement curbing oil supplies. The Kremlin summit is a “landmark event” that will … Read more
October 5, 2017 by Grant Smith (Bloomberg) Oil traded near $50 a barrel in New York as traders weighed a flood of U.S. crude exports against the possibility of extended production cuts by OPEC and Russia. Futures were little changed after settling at a two-week low on Wednesday. Overseas shipments from the U.S. jumped to … Read more
October 5, 2017, by Meenal Vamburkar (Bloomberg) TransCanada Corp. has scrapped its Energy East Pipeline and Eastern Mainline projects, oil and natural gas conduits that have faced regulatory hurdles in Canada and stiff opposition from environmental groups. As a result of the decision, TransCanada expects an estimated C$1 billion ($801 million) after-tax, non-cash charge to be … Read more
CALGARY — TransCanada Corp. (TSX:TRP) says it is cancelling its $15.7-billion proposed Energy East pipeline because of “substantial uncertainty” caused by a regulatory panel’s decision to include upstream and downstream emissions in its assessment of the project.
CEO Russ Girling cited non-specific “changed circumstances” for the decision in a brief news release Thursday morning, without giving further explanation.
But in a letter to the National Energy Board posted Thursday on the NEB website, TransCanada says it’s halting the project because of a National Energy Board panel’s decision in September to allow hearings to consider greenhouse gas emissions from producing and processing the oil it transports in the pipeline, an unprecedented expansion of the scope of the inquiry.
In the letter, it says despite offers from the province of New Brunswick and the federal government to cover the cost of the analysis, it creates “substantial uncertainty around the scope, timing and cost associated with the regulatory review” of Energy East and the associated Eastern Mainline projects.
“After completing its careful review of these factors, the existing and likely future delays resulting from the regulatory process, the associated cost implications and the increasingly challenging issues and obstacles facing the projects, the applicants will not be proceeding further with the projects (which would include not constructing the proposed marine terminal in New Brunswick),” the company’s letter says.
“The applications for the projects are hereby formally withdrawn.”
The decision comes a month after TransCanada asked the NEB to put regulatory hearings on hold.
“It’s a blow. It’s being portrayed as a business decision but it’s more than that,” said Chris Bloomer, CEO of the Canadian Energy Pipeline Association, adding the decision means about 400,000 barrels per day of foreign oil will continue to be imported into Eastern Canada.
“It really is a result of this constant, and I’ll say this, drip, drip, drip of regulatory uncertainty that are impacting these kinds of infrastructure decisions.”
But Adam Scott, a senior adviser at the environmental group Oil Change International, had a different interpretation.
“Realizing that Energy East would never be allowed if its full climate impact was accounted for, TransCanada has walked away from the project,” he said in a statement. “Energy East was a disaster waiting to happen.”
The proposed project is a 4,500-kilometre pipeline designed to carry 1.1 million barrels of oil a day from Alberta and Saskatchewan to refineries in Montreal and Saint John, N.B. The project includes converting an existing natural gas pipeline to carry crude and building new segments of pipeline to complete the route.
A year ago, its first round of NEB hearings collapsed after protesters shut down hearings in Montreal and accused the panellists of bias, prompting the board to start the review process from scratch with a new, three-member panel early this year.
Some industry analysts have questioned the need for the Energy East project after TransCanada’s 830,000-bpd Keystone XL project received U.S. approval to transport oil from Alberta to the U.S. Gulf Coast and Kinder Morgan won federal approval of its Trans Mountain pipeline project to nearly triple capacity of its 1,150-kilometre line from Edmonton to Burnaby, B.C., to 890,000 bpd.
Enbridge Inc.’s rebuild of its Line 3 export pipeline to the U.S. is expected to add another 375,000 bpd of capacity.
But the Canadian Association of Petroleum Producers says all the pipelines are needed, predicting in June that national oil production will climb by 33 per cent by 2030 to reach 5.12 million bpd — CEO Tim McMillan said Thursday pipeline capacity will be exceeded under that forecast if Energy East is not in place.
Suncor Energy Inc. (TSX:SU), Canada’s largest oil, gas and refining company by market capitalization, had hoped Energy East would allow it to replace U.S. and offshore oil at its 137,000-barrel-per-day Montreal refinery, said spokeswoman Sneh Seetal.
“We’re disappointed,” she said. “We supported the Energy East pipeline because it would have provided supply options and access to western Canadian crudes for our Montreal refinery and also would have provided access to new markets which is critical for Canadian producers.”
The line would have brought western oil as far east as Irving Oil’s New Brunswick works. “This is a sad day for Canada,” said Irving president Ian Whitcomb in a statement.
The project has opened deep rifts in political circles, with New Brunswick and Alberta premiers expressing disappointment Thursday and Quebec politicians like Montreal Mayor Denis Coderre celebrating its demise.
In its news release, TransCanada said it will record a non-cash charge of about $1 billion in its fourth-quarter results to account for funds invested in the failed venture.
Girling assured investors that he expects TransCanada will continue to focus on its $24-billion near-term capital program, which he said will support growth in its annual dividend.
RBC Capital Markets analyst Robert Kwan said in a report the news was “neutral” from an investor point of view because of market skepticism that the project would proceed.
TransCanada shares closed up one per cent at $61.55 on Thursday on the Toronto Stock Exchange.
Follow @HealingSlowly on Twitter.
Dan Healing, The Canadian Press
October 5, 2017 by Lorcan Roche Kelly (Bloomberg) Puerto Rico is running out of money, Spain says Catalan independence can’t happen, and the Russia-Saudi Arabia meet begins. Here are some of the things people in markets are talking about today. Money’s tight Puerto Rico’s general-obligation bonds due in 2035 dropped to 32 cents on the dollar … Read more
FOR: THE FRASER INSTITUTE
Date issue: October 05, 2017Time in: 8:00 AM eAttention:
VANCOUVER, BC –(Marketwired – October 05, 2017) – A Supreme Court of Canada
ruling has made it unclear how First Nations can use and develop their own
land, threateni…
FOR: TRANSCANADA
TSX SYMBOL: TRP
NYSE SYMBOL: TRP
Date issue: October 05, 2017
Time in: 7:30 AM e
Attention:
CALGARY, ALBERTA–(Marketwired – Oct. 5, 2017) – News Release – TransCanada
Corporation (TSX:TRP) (NYSE:TRP) (TransCanada) announced today it will no
longer be proceeding with its proposed Energy East Pipeline and Eastern
Mainline projects.
Following is a statement from TransCanada President and Chief Executive Officer
Russ Girling:
After careful review of changed circumstances, we will be informing the
National Energy Board that we will no longer be proceeding with our Energy East
and Eastern Mainline applications. TransCanada will also notify Quebec’s
Ministere du Developpement durable, de l’Environnement, et Lutte contre les
changements climatiques that it is withdrawing the Energy East project from the
environmental review process.
We appreciate and are thankful for the support of labour, business and
manufacturing organizations, industry, our customers, Irving Oil, various
governments, and the approximately 200 municipalities who passed resolutions in
favour of the projects. Most of all, we thank Canadians across the country who
contributed towards the development of these initiatives.
We will continue to focus on our $24 billion near-term capital program which is
expected to generate growth in earnings and cash flow to support an expected
annual dividend growth rate at the upper end of an eight to 10 per cent range
through 2020.
As a result of its decision not to proceed with the proposed projects,
TransCanada is reviewing its approximate $1.3 billion carrying value, including
allowance for funds used during construction (AFUDC) capitalized since
inception and expects an estimated $1 billion after-tax non-cash charge will be
recorded in the company’s fourth quarter results. TransCanada stopped
capitalizing AFUDC on the project effective August 23, 2017, as disclosed on
September 7, 2017. In light of the project’s inability to reach a regulatory
decision, no recoveries of costs from third parties are expected.
With more than 65 years’ experience, TransCanada is a leader in the responsible
development and reliable operation of North American energy infrastructure
including natural gas and liquids pipelines, power generation and gas storage
facilities. TransCanada operates one of the largest natural gas transmission
networks that extends more than 91,500 kilometres (56,900 miles), tapping into
virtually all major gas supply basins in North America. TransCanada is the
continent’s leading provider of gas storage and related services with 653
billion cubic feet of storage capacity. A large independent power producer,
TransCanada currently owns or has interests in approximately 6,200 megawatts of
power generation in Canada and the United States. TransCanada is also the
developer and operator of one of North America’s leading liquids pipeline
systems that extends over 4,300 kilometres (2,700 miles), connecting growing
continental oil supplies to key markets and refineries. TransCanada’s common
shares trade on the Toronto and New York stock exchanges under the symbol TRP.
Visit TransCanada.com to learn more, or connect with us on social media and 3BL
Media.
FORWARD LOOKING INFORMATION
This publication contains certain information that is forward-looking and is
subject to important risks and uncertainties (such statements are usually
accompanied by words such as “anticipate”, “expect”, “believe”, “may”, “will”,
“should”, “estimate”, “intend” or other similar words). Forward-looking
statements in this document are intended to provide TransCanada security
holders and potential investors with information regarding TransCanada and its
subsidiaries, including management’s assessment of TransCanada’s and its
subsidiaries’ future plans and financial outlook. All forward-looking
statements reflect TransCanada’s beliefs and assumptions based on information
available at the time the statements were made and as such are not guarantees
of future performance. Readers are cautioned not to place undue reliance on
this forward-looking information, which is given as of the date it is expressed
in this news release, and not to use future-oriented information or financial
outlooks for anything other than their intended purpose. TransCanada undertakes
no obligation to update or revise any forward-looking information except as
required by law. For additional information on the assumptions made, and the
risks and uncertainties which could cause actual results to differ from the
anticipated results, refer to the Quarterly Report to Shareholders dated July
27, 2017 and 2016 Annual Report filed under TransCanada’s profile on SEDAR at
www.sedar.com and with the U.S. Securities and Exchange Commission at
www.sec.gov.
– END RELEASE – 05/10/2017
For further information:
Media Enquiries:
Terry Cunha / Mark Cooper
403.920.7859 or 800.608.7859
OR
TransCanada Investor & Analyst Enquiries:
David Moneta / Stuart Kampel
403.920.7911 or 800.361.6522
COMPANY:
FOR: TRANSCANADA
TSX SYMBOL: TRP
NYSE SYMBOL: TRP
INDUSTRY: Energy and Utilities – Oil and Gas
RELEASE ID: 20171005CC0005
Press Release from Marketwired 1-866-736-3779
All press releases are written by the client and have NO affiliation with the news copy written by The Canadian Press. Any questions that arise due to the content or information provided in the press release should be directed to the company/organization
issuing the release, not to The Canadian Press.
FOR: RAISE PRODUCTION INC.TSX VENTURE SYMBOL: RPCDate issue: October 04, 2017Time in: 5:42 PM eAttention:
CALGARY, ALBERTA–(Marketwired – Oct. 4, 2017) – Raise Production Inc. (TSX
VENTURE:RPC) (“Raise” or the “Company”) announces the expansion of it…
OTTAWA — A federal watchdog has dismissed a complaint from a civil liberties group alleging Canada’s spy agency overstepped the law while monitoring environmental activists.
The British Columbia Civil Liberties Association is now asking the Federal Court to toss out the Security Intelligence Review Committee’s decision.
The association filed a complaint with the review committee in 2014 after media reports suggested the Canadian Security Intelligence Service and other government agencies considered opposition to the petroleum industry as a threat to national security.
The complaint letter also cited reports that CSIS had shared information with the National Energy Board about so-called “radicalized environmentalist” groups seeking to participate in the board’s hearings on Enbridge’s Northern Gateway pipeline project, which would have seen Alberta crude flow westward to Kitimat, B.C.
In addition, the association alleged that CSIS had shared information with oil companies and held secret conferences with these petroleum industry players at its headquarters.
The complaint cited records, released through the Access to Information Act, that suggested certain organizations were viewed as potential security risks simply because they pushed for environmental protections.
The association argued CSIS’s intelligence gathering violated the law governing the spy service, which forbids CSIS from collecting information about Canadians unless there are reasonable grounds to suspect they constitute a threat to national security.
The review committee held closed-door hearings in Vancouver in August 2015. The association called witnesses from environmental and public-interest organizations including LeadNow, ForestEthics Advocacy Association, the Dogwood Initiative and the Sierra Club of British Columbia.
In the newly filed application to the Federal Court, the civil liberties association says the review committee’s decision to dismiss the complaint — a copy of which was received by the association Sept. 1 — contains errors of law and should be set aside. It wants the court to order the committee to take a fresh look at the complaint.
The B.C. association is also challenging the committee’s decision to prohibit the association from publicly disclosing or speaking about the evidence of its own witnesses or its final submissions.
The prohibition means the association is uncertain as to whether it can make public the review committee’s 58-page decision, since it includes summaries of evidence.
Paul Champ, a lawyer for the association, recently asked the review committee for clarity on this point. The committee said in a Sept. 25 letter that it had nothing further to add.
The review committee is the only real tool of oversight that Canadians have to ensure that CSIS is using its powers reasonably and within the bounds of the law, Champ said Wednesday.
“This decision is deeply troubling because it keeps individual complaints and decisions essentially secret and inhibits public dialogue and debate about national security matters.”
— Follow @JimBronskill on Twitter
Jim Bronskill, The Canadian Press
Petronas has put a massive package of oil and gas assets in Alberta on the sales block but it has no intention of abandoning the country despite the recent cancellation of its plan to build a West Coast LNG terminal, a spokeswoman says.
According to a posting on the BMO Capital Markets website, the Malaysian state-owned energy company’s subsidiary, Calgary-based Progress Energy Canada Ltd., has hired the bank to sell oil and gas drilling rights, wells, pipelines and three gas processing plants mainly located in northwestern Alberta.
“Definitely, I can say from the outset that withdrawing from Canada is not what is happening,” said Progress spokeswoman Eryn Rizzoli on Wednesday.
“The potential sale of our Deep Basin assets, which represents a small portion of Progress Energy’s resource base, would allow us to focus on our North Montney (B.C.) development, which represents significant growth opportunities in Canada,” she added in a followup email.
Petronas bought Progress Energy in 2012 and has been one of the most active drillers in northeastern B.C. in recent years as it establishes natural gas production to feed its proposed Pacific NorthWest LNG export terminal near Port Edward, B.C.
In July, however, it cancelled the project due to poor world market prospects for its liquefied natural gas.
According to a mid-year update posted on the Petronas website in August, Progress was producing 540 million cubic feet of natural gas per day or the equivalent of about 90,000 barrels of oil per day in the first half of 2017, bringing in revenue of C$261 million.
“Despite the decision not to proceed with the PNW LNG project, Petronas remains committed to monetize the natural gas resources in the North Montney area in Canada,” the report says.
“At 22.3 trillion cubic feet of proven resources, Canada holds the second-largest gas resources in Petronas’ portfolio after Malaysia.”
The BMO posting notes the assets for sale are prospective for Dunvegan, Cardium, Cadotte, Spirit River Group and Bluesky underground formations, not the Montney.
The assets for sale include a 63 per cent average working interest in drilling rights on 400,000 gross acres or 160,000 hectares in Alberta which currently produce about 5,500 barrels of oil equivalent per day, about 55 per cent of which is natural gas and 45 per cent is oil.
The lands being sold by Progress would likely be considered non-core assets in that they are too oil-weighted and too far away from the West Coast to be part of an LNG export strategy, said oil and gas analyst Patrick O’Rourke of AltaCorp Capital.
AltaCorp doesn’t cover Progress but tracks its drilling activity and O’Rourke said that has been in decline recently.
Follow @HealingSlowly on Twitter.
Dan Healing, The Canadian Press
October 4, 2017 by Grant Smith (Bloomberg) Oil steadied near $50 a barrel in New York as Russian President Vladimir Putin said the agreement with OPEC to stabilize global markets could last through to the end of next year. Futures pared losses after Putin said in Moscow that a possible extension of the deal to cut … Read more
Oct 4, 2017 by Lorcan Roche Kelly (Bloomberg) Race for Fed chair heats up, it’s PMI day, and the EU hits Amazon with tax bill. Here are some of the things people in markets are talking about today. Shortlist Advisors to President Donald Trump have given him a final list of candidates to take over as Federal Reserve chair … Read more
October 3, 2017 (Bloomberg) Not every oilman is gaining from the U.S. shale boom. Just ask Joe Warren. Warren, a partner at Brown & Borelli Inc., is caught in a historical hiccup, of sorts. More than a third of the 65 to 70 old-line vertical wells his company operates in Oklahoma are negatively affected by … Read more
October 4, 2017 by Robert Tuttle (Bloomberg) There’s a land grab quietly taking place in a little-known corner of the Canadian oil sands. Just 200 kilometers (125 miles) southwest of the Fort McMurray oil-sands hub in northern Alberta, investors are rushing to secure rights to land that produces crude at much lower costs than the … Read more
FOR: ALTAGAS LTD.TSX SYMBOL: ALADate issue: October 04, 2017Time in: 9:30 AM eAttention:
CALGARY, ALBERTA–(Marketwired – Oct. 4, 2017) – AltaGas Ltd. (“AltaGas”)
(TSX:ALA) today announced that it has completed its aggregate $450 million
issue of seni…
FOR: PETRUS RESOURCES LTD.
TSX SYMBOL: PRQ
Date issue: October 04, 2017
Time in: 7:00 AM e
Attention:
CALGARY, ALBERTA–(Marketwired – Oct. 4, 2017) – Petrus Resources Ltd.
(“Petrus” or the “Company”) (TSX:PRQ) continues to focus on expanding its core
Ferrier operating area, improving the Company’s balance sheet, lowering its
cost structure and growing the Company’s production and resulting funds from
operations. Petrus is pleased to announce the following recent developments
which demonstrate the Company’s commitment to achieving these objectives.
FERRIER FARM-IN
Petrus has entered into a farm-in agreement (the “Farm-in Agreement”) to drill
two extended reach horizontal (“ERH”) Cardium wells in Ferrier, the Company’s
core operating area. Upon drilling these wells, Petrus will also earn a working
interest in three additional sections of land in Ferrier. Petrus expects the
ERH wells will be drilled with a lateral length of approximately 2 sections.
The Company estimates that the Farm-in Agreement will contribute 16 gross (5.2
net) Cardium locations to its drilling inventory.
UPDATED 2017 OUTLOOK
In order to accommodate for the Farm-in Agreement, Petrus’ Board of Directors
has approved a $10 million increase to the Company’s capital budget for 2017 to
$60 to $70 million, increased from the $50 to $60 million previously approved
for 2017. The budget increase is expected to be funded through availability
under the Company’s existing credit facilities. The Company’s capital
expenditure program anticipates drilling 16 gross (11.8 net) Cardium wells in
Ferrier. The capital expenditure program also provides for investment in
facilities; the processing and compression capability of the Ferrier gas plant
is expected to double, reaching a capacity of approximately 60 mmcf/d in early
October 2017.
OPERATIONS UPDATE
Petrus’ estimated August monthly field production is 10,650 boe/d. Subsequent
to the end of the second quarter of 2017, Petrus drilled 3 gross (2.2 net)
wells in Ferrier. The wells are currently drilled but uncompleted (“DUC”) and
the fracture stimulations are scheduled to coincide with the completion of the
facility expansion. New production related to the 2.2 net DUC wells and the 2
net ERH wells related to the Farm-in Agreement are expected to be brought on
stream in the fourth quarter once additional processing capacity is available
at the Ferrier gas plant.
PROPERTY ACQUISITION & DISPOSITION ACTIVITY
Since the acquisition of Arriva Energy Inc. on September 9, 2014, Petrus has
drilled 26 wells in the Ferrier area and participated as a working interest
partner in 10 additional wells. In that same period, the Company has increased
net production in Ferrier from approximately 1,000 boe/d to over 7,300 boe/d
and increased its undeveloped land position in Ferrier by five times. This
growth is in part due to strategically divesting non-core assets which has
enabled the Company to acquire additional assets in Ferrier.
On August 15, 2017 Petrus closed the disposition of its working interest in
certain non-core oil and natural gas properties in the Company’s Foothills area
for cash consideration of $4.9 million. The assets disposed of included
approximately 150 boe/d of production along with related land and
infrastructure. The proceeds were utilized to repay indebtedness under the
Company’s credit facilities.
Petrus has initiated a non-core asset divestiture process for its Central
Alberta (Thorsby) and Foothills areas, and has engaged GMP Securities L.P.
(“GMP FirstEnergy”) as its exclusive financial advisor to assist with the
process. The process is expected to take place in the fourth quarter of 2017.
The divestiture of these non-core assets is expected to further enhance Petrus’
balance sheet and continue to strengthen the focus on the Company’s core
Ferrier operating area.
ABOUT PETRUS
Petrus is a public Canadian oil and gas company focused on property
exploitation, strategic acquisitions and risk-managed exploration in Alberta.
READER ADVISORIES
Forward-Looking Information
This press release contains forward-looking statements. More particularly, this
press release contains statements concerning plans related to the Company’s
2017 capital budget, including planned drilling and other operations, expected
increase in production, expected timing for the completion of the facility
expansion, expected source of funding of the 2017 capital budget and expected
timing of wells coming on production. The forward-looking statements contained
in this document are based on certain key expectations and assumptions made by
Petrus, including: (i) with respect to capital expenditures, generally, and at
particular locations, the availability of adequate and secure sources of
funding for Petrus’ proposed capital expenditure program and the availability
of appropriate opportunities to deploy capital; (ii) with respect to drilling
plans, the availability of drilling rigs, expectations and assumptions
concerning the success of future drilling and development activities and
prevailing commodity prices; (iii) with respect to Petrus’ ability to execute
on its exploration and development program, the performance of Petrus’
personnel, the availability of capital and prevailing commodity prices; and
(iv) with respect to anticipated production, the ability to drill and operate
wells on an economic basis, the performance of new and existing wells and
accounting risks typically associated with oil and gas exploration and
production; (v) oil and gas prices; (vi) currency exchange rates; (vii) royalty
rates; (viii) operating costs;
(ix) transportation costs; (x) the availability of opportunities to deploy
capital effectively; and (xi) with respect to the completion of the facility,
the availability of services, resources and approvals necessary to complete the
construction as well as the timeliness of the construction of the facility.
There are no assurances or guarantees that the non-core asset divestiture
process will result in a sale of such assets or, if a sale is undertaken, what
the terms or timing of such a sale will be. Although Petrus believes that the
expectations and assumptions on which the forward-looking statements are based
are reasonable, undue reliance should not be placed on the forward-looking
statements because Petrus can give no assurance that they will prove to be
correct. Since forward-looking statements address future events and conditions,
by their very nature they involve inherent risks and uncertainties. Actual
results could differ materially from those currently anticipated due to a
number of factors and risks. These include, but are not limited to, the failure
to obtain necessary regulatory approvals, risks associated with the oil and gas
industry in general (e.g., operational risks in development, exploration and
production; delays or changes in plans with respect to exploration or
development projects or capital expenditures; the uncertainty of reserve
estimates; the uncertainty of estimates and projections relating to production,
costs and expenses; health, safety and environmental risks; commodity price and
exchange rate fluctuations; and uncertainties resulting from potential delays
or changes in plans with respect to exploration or development projects or
capital expenditures). Readers are cautioned that the foregoing list is not
exhaustive of all possible risks and uncertainties.
The forward-looking statements contained in this document are made as of the
date hereof and Petrus undertakes no obligation to update publicly or revise
any forward-looking statements or information, whether as a result of new
information, future events or otherwise.
Oil and Gas Metrics
The term barrels of oil equivalent (“boe”) may be misleading, particularly if
used in isolation. A boe conversion ratio of six thousand cubic feet of natural
gas to one boe (6 mcf/bbl) is based on an energy equivalency conversion method
primarily applicable at the burner tip and does not represent a value
equivalency at the wellhead. All boe conversions in this report are derived
from converting gas to oil in the ratio of six thousand cubic feet of gas to
one barrel of oil. Given that the value ratio based on the current price of
crude oil as compared to natural gas is significantly different from the energy
equivalency of 6:1, utilizing a conversion on a 6:1 basis may be misleading as
an indication of value. The forward-looking statements contained in this
document are made as of the date hereof and Petrus undertakes no obligation to
update publicly or revise any forward-looking statements or information,
whether as a result of new information, future events or otherwise, unless so
required by applicable securities laws.
Potential Drilling Locations
This press release discloses drilling locations, which are unbooked locations
based on Petrus’ prospective acreage and internal estimates as to the number of
wells that can be drilled per section. Unbooked locations do not have
attributed reserves or resources (including contingent and prospective).
Unbooked locations have been identified by management as an estimation of the
Company’s multi-year drilling activities based on evaluation of applicable
geologic, seismic, engineering, production and reserves information.
There is no certainty that the Company will drill any unbooked drilling
locations and if drilled there is no certainty that such locations will result
in additional oil and gas reserves, resources or production. The drilling
locations on which the Company will actually drill wells, including the number
and timing thereof is ultimately dependent upon the availability of funding,
regulatory approvals, seasonal restrictions, oil and natural gas prices, costs,
actual drilling results, additional reservoir information that is obtained and
other factors. While certain of the unbooked drilling locations have been
de-risked by drilling existing wells in relative close proximity to such
unbooked drilling locations, the majority of other unbooked drilling locations
are farther away from existing wells where management has less information
about the characteristics of the reservoir and therefore there is more
uncertainty whether wells will be drilled in such locations and if drilled
there is more uncertainty that such wells will result in additional oil and gas
reserves, resources or production.
– END RELEASE – 04/10/2017
For further information:
Neil Korchinski, P.Eng.
President and Chief Executive Officer
403-930-0889
nkorchinski@petrusresources.com
COMPANY:
FOR: PETRUS RESOURCES LTD.
TSX SYMBOL: PRQ
INDUSTRY: Energy and Utilities – Oil and Gas
RELEASE ID: 20171004CC0006
Press Release from Marketwired 1-866-736-3779
All press releases are written by the client and have NO affiliation with the news copy written by The Canadian Press. Any questions that arise due to the content or information provided in the press release should be directed to the company/organization
issuing the release, not to The Canadian Press.
REGINA — The International Carbon Capture and Storage Centre is holding a global symposium in Regina to show off the technology that captures waste carbon dioxide from burning fossil fuels and buries it underground.
It’s a working meeting for about 150 invited delegates from 16 countries.
Mike Monea, president and CEO of the knowledge centre, says the aim is to expand the technology around the world.
Monea says carbon capture and storage works, and the next step is to find ways to deploy it around the world.
He says another goal is to reduce capital and operating costs.
The three-day conference, which wraps up Thursday, includes several presentations and a tour of SaskPower’s Boundary Dam coal-fired power plant in Estevan.
“We have been on a path for the last 30 years developing the regulations, policy, pipelining, capture systems, and we can show people what to do quickly in order to deploy CCS into their own country,” Monea said Tuesday.
The carbon capture facility at the Estevan plant went online in the fall of 2014.
It was forced down several times in 2015. SaskPower had to pay $7.3 million in penalties to Cenovus Energy (TSX:CVE) because the plant wasn’t operating enough to deliver all the captured carbon dioxide promised to the Calgary-based oil company.
SaskPower’s annual report that year said the power plant faced technical and mechanical issues which “prevented the plant from achieving an acceptable level of reliability and performance.”
However, in 2016, SaskPower CEO Mike Marsh said the facility was operating well and on track to capture 800,000 tonnes of carbon dioxide.
(CKRM, The Canadian Press)
The Canadian Press
OTTAWA — Canada will continue to produce oil and ship it across the country whether or not new pipelines are built, says the minister of natural resources says.
Building pipelines just means it can be shipped more safely, Jim Carr says in a recent interview with The Canadian Press.
Next week, Carr will play host to a major conference in Winnipeg looking at how Canada can and will adjust to a low-carbon energy world.
However, he says, even as Canada adapts to that new world, oil resources will be extracted and will continue to be shipped.
Getting more oil to the West Coast so it can be loaded on tankers and sold to China will be better for the country and getting it there on pipelines rather than rail cars is better for everyone, he says.
The federal government’s approval of the Trans Mountain pipeline is under a legal microscope this week as Indigenous and environmental groups and British Columbia cities argue the process was incomplete and failed to take into account the impact the pipeline could have on everything from killer whales to waterways.
The $7.4 billion pipeline project is being built by Trans Mountain, a subsidiary of Kinder Morgan, to more than double the capacity of an existing line between Edmonton and Burnaby, B.C.
The federal Liberals gave the green light to the project last fall, after making changes to the review process that Carr said included more Indigenous engagement.
“We approved it because more than 15,000 jobs will be created,” Carr said. “We approved it because we don’t feel comfortable sending 99 per cent of our oil and gas exports to one country, the United States.”
Whether there was enough Indigenous engagement is one of the key questions that will be answered by a court case underway in B.C. this week.
Carr said the government remains keen to have the line built. He said the judge will decide whether it can proceed, but the government believed the project was in the national interest when it approved it last fall and still thinks so today.
“Nothing has changed that would alter our judgment on why it was approved,” Carr said.
Next week’s Generation Energy conference in Winnipeg is a key moment for Carr in his tenure as natural resources minister, as his mandate letter calls for the creation of a national energy strategy. That includes working on energy security and making it easier to produce and transmit cleaner energy across the country.
Carr said many key policies and solutions in Canada have come from similar conferences. He also said there is no battle between moving to a low-carbon economy and continuing to produce oil in Canada.
“There are examples around the world where the production and distribution of conventional sources go hand in hand with investment in renewable sources of energy and that’s happening more and more now in Canada,” he said.
-follow @mrabson on Twitter.
Mia Rabson, The Canadian Press
MONTREAL — Canada is well-positioned to transition to a low-carbon economy as wind and solar projects will be the focus of energy investments over the next two decades, a national wind energy conference was told.
Almost three quarters of new energy capacity investments in the country through 2040 will be for the two renewable energy sources, said Alex Morgan, wind energy analyst at Bloomberg New Energy Finance.
Global investments over the period are expected to exceed US$10 trillion, with wind accounting for US$3.3 trillion and solar US$2.8 trillion for a combined 59 per cent.
Robert Hornung, president of the Canadian Wind Energy Association, said Canada has to use clean electricity as much as possible in all end uses as the country tries to meet the goals of the Paris Agreement on Climate Change.
“As the most cost-competitive form of non-emitting generation available today, wind energy will be at the forefront of this effort,” he told delegates Tuesday.
Hornung said Canada can completely decarbonize its electricity system. With its untapped reserves of wind, hydro, solar, geothermal and tide power resources, Canada is better positioned than almost any other country to have a 100 per cent climate-friendly grid.
“If Canada can’t do it, nobody can,” he said at the opening of the three-day conference in Montreal that will feature a speech on Thursday from Natural Resources Minister Jim Carr.
Canada is the world’s eighth largest producer of wind power with almost 12,000 megawatts of production, led by Ontario and Quebec.
The oil producing provinces of Alberta and Saskatchewan are expected to undergo the country’s biggest wind production growth by adding 7,000 megawatts by 2030 as they aim to reduce greenhouse gas emissions.
Because Saskatchewan Premier Brad Wall opposes the carbon tax, many assume he doesn’t want anything to do with renewable energy.
“But that’s not the case. In reality what we’re seeing in Saskatchewan is a very ambitious goal for bringing wind on in the province,” said Evan Wilson, CanWEA’s regional director in charge of Western Canada.
Wind is not ideological, added Jean-Francois Nolet, vice-president of policy and government affairs at CanWEA.
“The main driver for wind and why wind is built is costs, because it’s cheap and reliable,” he said in an interview.
Nolet said Bombardier’s trade battle with the U.S. is a warning sign about potential consequences of government subsidies on accessing the large American market to sell electricity.
He said Canada has to be careful about how electricity transmissions lines to the U.S. are funded and can’t risk being accused of dumping.
“If we see big subsidies for transmission projects for example, the Americans can question how is it fair?”
Any federal funding of big infrastructure projects related to north-south energy transmission would have to be done in a way that doesn’t block exports, which will be a big driver of renewable energy demand in eastern Canada, Nolet added.
Bombardier (TSX:BBD.B) faces huge tariffs after the Department of Commerce sided with Boeing’s complaint over exports of the CSeries commercial jet. It imposed 220 per cent preliminary countervailing duties on eventual exports and is expected to announce large preliminary anti-dumping duties on Thursday.
A final decision on export duties will depend on a ruling in December by the department or the U.S. International Trade Commission early next year on alleged harm to Boeing.
Ross Marowits, The Canadian Press
FOR: PETROLIA INC.TSX VENTURE SYMBOL: PEADate issue: October 03, 2017Time in: 5:56 PM eAttention:
…and Definitive Anticosti Settlement Agreements
QUEBEC, QUEBEC–(Marketwired – Oct. 3, 2017) – Petrolia Inc. (TSX VENTURE:PEA)
(“Petrolia” or the “Com…
FOR: TRICAN WELL SERVICE LTD.TSX SYMBOL: TCWDate issue: October 03, 2017Time in: 4:16 PM eAttention:
CALGARY, ALBERTA–(Marketwired – Oct. 3, 2017) – Trican Well Service Ltd.
(“Trican” or the “Company”) (TSX:TCW) is pleased to announce the appointment…
October 3, 2017 (Bloomberg) Royal Dutch Shell Plc and its partners Eneco Holdings NV and Mitsubishi Corp. are seeking to sell a stake in two Dutch offshore wind-farm projects that may cost $1.4 billion to develop, two people familiar with the plan said. The companies are looking to reduce their ownership in the Borssele III … Read more
October 3, 2017 (Bloomberg) Not every oilman is gaining from the U.S. shale boom. Just ask Joe Warren. Warren, a partner at Brown & Borelli Inc., is caught in a historical hiccup, of sorts. More than a third of the 65 to 70 old-line vertical wells his company operates in Oklahoma are negatively affected by … Read more
October 3, 2017 (Bloomberg) Dollar rises on U.S. strength, all eyes on Catalonia’s next move, and Saudi Arabia turns to Russia. Here are some of the things people in markets are talking about today. MAGA The dollar rose for a second day as positive U.S. economic data supported the case for Federal Reserve tightening before the end of … Read more
October 3, 2017 (Bloomberg) Corporate issuance in the Canadian dollar could be in for a record year after reaching C$31.5 billion ($25.2 billion) in the third quarter, the highest for that time of year. Debut Maple bonds from Apple Inc. and McDonald’s Corp., coupled with offerings from household names Bell Canada Inc. and Enbridge Inc., … Read more
October 3, 2017 (Bloomberg) Oil steadied near $50 a barrel in New York after slumping on Monday, as OPEC member Libya worked to revive output at its biggest oil field. West Texas Intermediate futures were little changed after dropping 2.1 percent to a one-week low on Monday. The Organization of Petroleum Exporting Countries pumped 32.83 million barrels … Read more
FOR: BIRCHCLIFF ENERGY LTD.TSX SYMBOL: BIRDate issue: October 03, 2017Time in: 8:00 AM eAttention:
CALGARY, ALBERTA–(Marketwired – Oct. 3, 2017) – Birchcliff Energy Ltd.
(“Birchcliff”) (TSX:BIR) is pleased to provide the following update.
Pouce Coupe…
October 2, 2017 Reuters The U.S. Energy Information Administration (EIA) is distorting oil prices by being far too optimistic in its forecasts for U.S. production, according to Harold Hamm, the chief executive of Continental Resources . Hamm, who also chairs the Domestic Energy Producers Alliance (DEPA), a lobbying group, blames EIA for both the outright decline … Read more
October 2, 2017 (Bloomberg) Oil’s bull market rally stumbled into some bad news. Futures fell the most in more than three weeks after Saudi Arabia and at least three other OPEC nations pumped more crude last month. Meanwhile, escalating prices spurred additional U.S. exploration, a bearish signal from a production point of view. The dollar … Read more
NORTHERN B.C. HIRING FAIRS ON OCTOBER 3rd & 4th! If you are in Fort St. John or Dawson Creek, stop by and chat with our human potential team about what possibilities are right for you. Candidates are asked to bring an updated resume and 5-year commercial driver abstract. Tuesday, October 3 | 12 p.m. – … Read more
FOR IMMEDIATE RELEASE: Gardner Denver Expands Parts On Demand to International Market with First Shipment to Middle East Oct. 2, 2017 (HOUSTON) – Gardner Denver Petroleum & Industrial Pumps (P&IP), the only total solutions provider to the drilling, well servicing and frac pumps market, today announced it has officially launched its Parts on Demand program in the Middle East. … Read more
NEWS RELEASE: For Immediate Release New software program provides all-in-one equipment and safety inspection management MILWAUKEE, Wis. (September 26, 2017) — Brady (NYSE:BRC), a global leader in industrial and safety printing systems and solutions, announced today the launch of BradyConnect Inspection Management software, a fully integrated safety, identification and business productivity solution. This cloud-based software … Read more
FOR: ALTAGAS LTD.TSX SYMBOL: ALADate issue: October 02, 2017Time in: 7:38 PM eAttention:
CALGARY, ALBERTA–(Marketwired – Oct. 2, 2017) – AltaGas Ltd. (“AltaGas”)
(TSX:ALA) today announced that it has agreed to issue an aggregate $450 million
of senio…
VANCOUVER — Canada’s decision to approve an expansion for the Trans Mountain pipeline was a “one-way street” that ignored the economic and title rights of Indigenous people, a lawyer said Monday in the Federal Court of Appeal.
Elin Sigurdson outlined arguments against the $7.4-billion project approved last November but now challenged by First Nations, two environmental groups and the cities of Vancouver and Burnaby.
Indigenous groups were required to go to tremendous lengths to ensure all the necessary information about their rights was before the National Energy Board process, Sigurdson said.
“Yet in return, despite their assurances of genuine engagement on Indigenous rights concerns on the post NEB phase of the review, Canada never performed the work that would assist them to understand the rights at issue or the impact on (First Nations), nor did the Crown provide responsive feedback,” said Sigurdson, who represents the Upper Nicola Band.
Trans Mountain, a subsidiary of Kinder Morgan Canada, aims to double an existing Edmonton-to-Burnaby, B.C., pipeline with an additional 987 kilometres of pipeline in new and existing corridors, build a pump station, new docks and a storage facility.
The project, that would triple the pipeline’s capacity and increase tanker traffic seven fold, risks the marine environment and threatens human health, Sigurdson.
Given those risks, the Canadian government’s approval of the project should have been subject to strenuous and careful scrutiny, she said.
“Canada never had the discussions nor did the work necessary to comprehend substantive concerns that remain outstanding.”
Scott Smith, a lawyer for the Tsleil-Waututh Nation, said Monday that because the NEB didn’t assess the effects of marine shipping from the project, his client’s rights were violated and the lives of endangered southern resident killer whales would be jeopardized.
He said an additional 348 tankers would annually ply Burrard Inlet, the heart of the nation’s territory, on their way to deliver diluted bitumen to markets with the catastrophic risk of spills that “Canada inexplicably refused to even consider.”
The Tsleil-Waututh, or “People of the Inlet,” are dependent on the area for sustenance, spirituality, economy and transportation, he said.
Smith said the NEB’s error in ignoring marine shipping was in turn repeated by the government, which failed to comply with legal requirements under environmental laws.
He said the Tsleil-Waututh came to the table prepared to discuss and consider compromise as was required under the engagement process but was stymied on issues it raised repeatedly.
“It encountered officials from Canada who were not decision makers and whose mandates were limited to listening and recording concerns and telling Tsleil-Waututh they would need to ‘agree to disagree’ on the core issues it raised. That is not the face of compromise.”
Earlier Monday, Chief Ian Campbell of the Squamish First Nation said that the federal government failed to fully consult or gain consent of First Nations for expansion of the pipeline, so they have had little choice but to turn to the courts in an effort to protect their land and water.
Campbell told a news conference the government didn’t adequately study the impacts that a spill of diluted bitumen could have in the band’s waters, which isn’t good governance.
Both the British Columbia and Alberta governments are interveners in the court action, on opposing sides of the argument. B.C. Premier John Horgan said during the election campaign this spring that “every tool in the toolbox” would be used to stop the expansion.
Alberta Premier Rachel Notley announced in May that her province had been granted intervener status, saying the pipeline network is safe and her government would continue to stand up for Alberta to get shovels in the ground.
Kinder Morgan has made progress on the pipeline expansion and said last month it had selected or reached agreements with six firms experienced in building pipelines and major infrastructure.
The hearing is expected to last about two weeks.
— Follow @CamilleBains1 on Twitter.
Camille Bains , The Canadian Press
FOR: RAISE PRODUCTION INC.TSX VENTURE SYMBOL: RPCDate issue: October 02, 2017Time in: 5:12 PM eAttention:
CALGARY, ALBERTA–(Marketwired – Oct. 2, 2017) – Raise Production Inc. (TSX
VENTURE:RPC) (“Raise” or the “Company”) announces award of Russian Fe…
FOR: HARVEST OPERATIONS CORP.
Date issue: October 02, 2017
Time in: 1:42 PM e
Attention:
CALGARY, ALBERTA–(Marketwired – Oct. 2, 2017) – Harvest Operations Corp.
(“Harvest” or the “Company”) is pleased to announce that it has repaid in full
Harvest’s outstanding approximately U.S.$282,500,000 aggregate principal amount
of 67/8% Senior Notes (the “Notes”) that were due October 1, 2017.
In connection with the repayment of the Notes, Harvest has filed Form 15-F with
the U.S. Securities and Exchange Commission (the “Commission”) in order to
terminate its reporting obligations under the U.S. Securities Exchange Act of
1934 as amended (the “Exchange Act”) in connection with the Notes.
In accordance with the Exchange Act, Harvest’s reporting obligations will be
suspended upon filing Form 15-F and will formally terminate in 90 days or such
shorter period as the Commission may determine.
HARVEST CORPORATE PROFILE
Harvest is a wholly-owned, subsidiary of Korea National Oil Corporation
(“KNOC”). Harvest is a significant operator in Canada’s energy industry
offering stakeholders exposure to exploration, development and production of
crude oil and natural gas (Upstream) and an oil sands project under
construction and development in northern Alberta (BlackGold).
KNOC is a state owned oil and gas company engaged in the exploration and
production of oil and gas along with storing petroleum resources. KNOC will
fully establish itself as a global government-run petroleum company by applying
ethical, sustainable and environment-friendly management and by taking
corporate social responsibility seriously at all times. For more information on
KNOC, please visit their website at www.knoc.co.kr/ENG/main.jsp.
ADVISORY
Certain information in this press release contains forward-looking information
that involves risk and uncertainty. For this purpose, any statements that are
contained in this press release that are not statements of historical fact may
be deemed to be forward-looking statements. Forward-looking statements often
contain terms such as “may”, “will”, “should”, “anticipate”, “expects” and
similar expressions. Such risks and uncertainties in respect of such
forward-looking information include, but are not limited to, risks associated
with: imprecision of reserve estimates; conventional oil and natural gas
operations; the volatility in commodity prices and currency exchange rates;
risks associated with realizing the value of acquisitions; general economic,
market and business conditions; changes in environmental legislation and
regulations; the availability of sufficient capital from internal and external
sources; and, such other risks and uncertainties described from time to time in
Harvest’s regulatory reports and filings made with securities regulators.
Readers are cautioned not to place undue reliance on forward-looking statements
as there can be no assurance that the plans, intentions or expectations upon
which they are based will occur. Such information, although considered
reasonable by management at the time of preparation, may prove to be incorrect
and actual results may differ materially from those anticipated. Harvest
assumes no obligation to update forward-looking statements should circumstances
or management’s estimates or opinions change. Forward-looking statements
contained in this press release are expressly qualified by this cautionary
statement.
– END RELEASE – 02/10/2017
For further information:
Harvest Operations Corp.
INVESTOR & MEDIA CONTACT:
Greg Foofat
Manager Investor Relations & Corporate Communications
Toll Free Investor Mailbox: (866) 666-1178
investor.relations@harvestenergy.ca
OR
Harvest Operations Corp.
1500, 700 – 2nd Street S.W.
Calgary, AB Canada T2P 2W1
www.harvestoperations.com
COMPANY:
FOR: HARVEST OPERATIONS CORP.
INDUSTRY: Energy and Utilities – Oil and Gas
RELEASE ID: 20171002CC0036
Press Release from Marketwired 1-866-736-3779
All press releases are written by the client and have NO affiliation with the news copy written by The Canadian Press. Any questions that arise due to the content or information provided in the press release should be directed to the company/organization
issuing the release, not to The Canadian Press.
Augmented reality enables people to interact with models before there are built. October, 2017 This NEW monthly feature on EnergyNow.ca will highlight innovative companies – people who are pushing the boundaries, risking all they have and working to transform their industry. Augmented reality changes the game – VizworX transforms how people interact with technology By Lynette Lefsrud, … Read more
October 1, 2017 (Bloomberg) Encana Corp. and Cenovus Energy Inc. led Canadian stocks to their biggest monthly rise since July last year and analysts see more gains to come as oil moves higher and the economy posts its fastest growth in six years. The 2.8 percent jump in September marks a reversal for the S&P/TSX Composite … Read more
October 2, 2017 (Bloomberg) Mass shooting in Las Vegas, Spanish markets drop after Catalan vote, and strong manufacturing data for Europe. Here are some of the things people in markets are talking about today. Las Vegas shooting Police say more than 20 people have been killed and more than 100 injured in a gun attack at … Read more
FOR: SEVEN GENERATIONS ENERGY LTD.TSX SYMBOL: VIIDate issue: October 02, 2017Time in: 10:18 AM eAttention:
CALGARY, ALBERTA–(Marketwired – Oct. 2, 2017) – Seven Generations Energy Ltd.
(TSX:VII) has completed its previously announced offering of US$7…
FOR: BTL GROUP LTD.
TSX VENTURE SYMBOL: BTL
Date issue: October 02, 2017
Time in: 9:29 AM e
Attention:
VANCOUVER, BRITISH COLUMBIA and LONDON, UNITED KINGDOM–(Marketwired – Oct. 2,
2017) – BTL GROUP LTD. (TSX VENTURE:BTL) (“BTL” or the “Company”) announces
that Guy Halford-Thompson, BTL’s co-founder, has stepped down from being CEO of
the Company, but remains a member of BTL’s board, and that Dominic McCann has
been appointed Chief Executive Officer of the Company.
Guy Halford-Thompson, co-founder of BTL said, “I am incredibly proud of what
we’ve achieved at BTL to date, having worked and continuing to work with some
of the biggest enterprises in the world and building the Company into a major
player in the blockchain technology space. Our proprietary blockchain
technology, Interbit, is recognized as a transformative enterprise grade
blockchain platform. Dominic brings an unprecedented level of experience to the
Company, which will be critical to BTL’s continued growth. I look forward to
working closely with Dominic and the BTL team, and continuing to contribute to
the BTL success story.”
Dominic McCann, who has been Executive Vice-President, Sales and Marketing at
BTL since July 3rd, will be taking on the role of BTL’s CEO with immediate
effect. Before joining BTL, Mr. McCann was at SAS Institute where he led the
Western Australian Energy & Financial Services sector prior to helping
establish the SAS Global Oil and Gas Business Unit across Europe, the Middle
East and Africa. Dominic has a technology focused management, sales &
consulting career having previously worked at Accenture, Dell, Morse and mhm
Group.
Dominic McCann, CEO of BTL said, “Guy has been instrumental in taking BTL to
where it is today and as the co-founder of the Company he will continue to play
an important role in moving the business forward. I very much look forward to
building on the success to date of our core product Interbit, and leading the
development and sales activities as we work to take Interbit to market.”
“On behalf of the Board I would like to thank Guy for his hard work and
dedication to BTL. We thank Guy for his leadership since the Company’s founding
and look forward to his continued contribution as a Board member,” said Brian
Hinchcliffe, Executive Chairman of BTL. “We will give Dominic all the support
required on the financial and market related opportunities that the Company has
in front of itself.”
The Company also announces that Gary Boddington, Chief Revenue Officer has
departed the Company in order to pursue other opportunities that have come
available to him. The Board of Directors of the Company would like to express
its gratitude to Mr. Boddington for his contributions to the Company and wish
him well in his future pursuits.
ABOUT BTL GROUP LTD. AND INTERBIT
Listed on the TSX Venture Exchange (TSX VENTURE:BTL) and operating from both
Canada and the UK, BTL is an enterprise technology platform provider that is
developing Interbit, a proprietary private blockchain. Via the Interbit
platform, BTL can help companies greatly reduce risks and costs by securely
streamlining existing IT infrastructures. To date, BTL has successfully
demonstrated how Interbit can innovate and transform existing business system
processes for leading companies in the finance, energy and gaming sectors.
Interbit is a fast, encrypted and scalable multi-chain technology platform. Via
its suite of APIs and smart contracts, Interbit allows businesses around the
world to improve efficiency in trading and operations, accelerate development
of internal systems, and embrace new revenue generating opportunities, while
providing the high levels of security, resilience and auditability required in
regulated enterprise environments.
With offices in Vancouver and Calgary, Canada and London, UK, BTL is
positioning itself as a front-runner in the blockchain ecosystem, partnering
with and enabling enterprises on Interbit in order to improve their existing IT
systems.
Website: www.btl.co
Twitter: https://twitter.com/blockchainltd
Videos: https://youtu.be/YFOH0YEHLak and https://youtu.be/V614_0UtHws
Certain statements in this release are forward-looking statements, which
include further development of BTL’s business relationships and business, the
development and success of BTL’s technologies and products, and other matters.
Forward-looking statements consist of statements that are not purely
historical, including any statements regarding beliefs, plans, expectations or
intentions regarding the future. Such information can generally be identified
by the use of forwarding-looking wording such as “may”, “expect”, “estimate”,
“anticipate”, “intend”, “believe” and “continue” or the negative thereof or
similar variations. Readers are cautioned not to place undue reliance on
forward-looking statements, as there can be no assurance that the plans,
intentions or expectations upon which they are based will occur. By their
nature, forward-looking statements involve numerous assumptions, known and
unknown risks and uncertainties, both general and specific, that contribute to
the possibility that the predictions, estimates, forecasts, projections and
other forward-looking statements will not occur. These assumptions, risks and
uncertainties include, among other things, the state of the economy in general
and capital markets in particular, the development of competitive technologies,
the marketplace acceptance of BTL’s technologies and products, as well as those
risk factors discussed or referred to in BTL’s annual Management’s Discussion
and Analysis for the year ended December 31, 2016 available at www.sedar.com,
many of which are beyond the control of BTL. Forward-looking statements
contained in this press release are expressly qualified by this cautionary
statement.
The forward-looking statements contained in this press release are made as of
the date of this press release. Except as required by law, BTL disclaims any
intention and assumes no obligation to update or revise any forward-looking
statements, whether as a result of new information, future events or otherwise.
Additionally, BTL undertakes no obligation to comment on the expectations of,
or statements made by, third parties in respect of the matters discussed above.
Neither the TSX Venture Exchange nor its Regulation Service Provider (as that
term is defined in the policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this release.
– END RELEASE – 02/10/2017
For further information:
For further information about BTL and
Interbit please contact:
OR
Angus Campbell, Inquiries
+44 (0) 20 7100 0850
Angus.Campbell@staturepr.com
OR
Brian Hinchcliffe, Executive Chairman
+1 914 815 2773
brian@btl.co
www.btl.co
COMPANY:
FOR: BTL GROUP LTD.
TSX VENTURE SYMBOL: BTL
INDUSTRY: Energy and Utilities – Oil and Gas
RELEASE ID: 20171002CC0023
Press Release from Marketwired 1-866-736-3779
All press releases are written by the client and have NO affiliation with the news copy written by The Canadian Press. Any questions that arise due to the content or information provided in the press release should be directed to the company/organization
issuing the release, not to The Canadian Press.
FOR: ALTAGAS LTD.TSX SYMBOL: ALADate issue: October 02, 2017Time in: 7:40 AM eAttention:
CALGARY, ALBERTA–(Marketwired – Oct. 2, 2017) – AltaGas Ltd. (“AltaGas”)
(TSX:ALA) announced today that commercial operations commenced at its 99 Mmcf/d
shallow-…
FOR: BONTERRA ENERGY CORP.TSX SYMBOL: BNEDate issue: October 02, 2017Time in: 7:00 AM eAttention:
CALGARY, ALBERTA–(Marketwired – Oct. 2, 2017) – Bonterra Energy Corp.
(www.bonterraenergy.com) (TSX:BNE) announces that the September 2017 monthly
cash …
Today’s competitive marketplace demands that organizations strive to be the lowest cost, highest quality supplier in order to garner more market share. Organizations that stagnate may have been market leaders once but resting on past results without driving positive change will move those that once led to the back of the pack. Implementing continuous improvement … Read more
Welcome to the next level of UAV/Drone Technology! This is a new generation of inspection tools for confined spaces. Elios is capable of providing HD & Thermal Imaging for Tanks, Vessels, and other confined spaces.Discover the first collision-tolerant drone, designed for the inspection and exploration of the most inaccessible places. Elios unleashes the potential … Read more
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WASHINGTON — American lawmakers are probing whether Russian oil money is funding anti-oil protest movements in North America, including environmental groups that have fought pipeline projects for Canada’s oilsands.
A U.S. House of Representatives committee already probing the question sent letters last week to online giants Facebook, Twitter, and Google, asking for data for any Russian purchases of anti-oil and anti-fracking ads.
This comes after the same committee requested a deeper investigation by the U.S. Treasury Department about donations from an alleged Russian-linked offshore entity, which provided tens of millions to a set of donors, which later funded smaller environmental groups.
”Russia’s meddling in the U.S. energy market is well documented in the public domain,” said the letters sent Tuesday to the social-media companies by Lamar Smith, Republican chairman of the U.S. House committee on science, space and technology.
”U.S. presidential candidates, European officials, and the U.S. intelligence community have all publicly noted evidence of Russia and its government corporations funding a covert anti-fracking campaign.”
That’s a reference to statements from former NATO chief Anders Fogh Rasmussen and former U.S. secretary of state Hillary Clinton — Clinton warned during a 2014 appearance in Canada about ”phoney environmental groups … funded by the Russians.”
There is a charged partisan context for this investigation.
The issue is tied not only to the battle over climate change, but also the question of Russian meddling in American affairs. While many lawmakers, especially Democrats, are keen to uncover Russian links to the Trump campaign, here Republicans are looking to expose its potential ties to America’s environmental left.
The social-media question is now entering the conversation.
The catalyst came with revelations from the multiple investigations into Russian election-meddling: last month Facebook revealed that Russian accounts purchased US$100,000 in ads for the American election. That was followed by data from Twitter about impostor accounts from Russia.
The ads being purchased have reportedly involved issues that deeply divide Americans. Social-media companies have been briefing members of Congress on the content of Russian-funded election material — and reports say the material involves Islam and terrorism; Black Lives Matter; and NFL protests during the national anthem.
Smith’s committee now wants data on environmental ads. It’s seeking material provided from Russia dating back to 2010, and has requested that the material in question be delivered by Oct. 10.
This comes three months after he another Republican committee chair requested a broader investigation. They sent a letter to the Treasury Department requesting an examination of Russian backing for anti-oil causes.
The June letter raised one specific example of a Bermuda-based corporation that shared a physical address with another company that had several ties to wealthy Russians and executives for Russian oil companies.
IRS filings show that same Bermuda-based company, Klein Ltd., gave $23 million to large environmental donor Sea Change Foundation in 2010 and 2011. That sum represents about one-third of what the San Francisco-based Sea Change received in donations those years.
Sea Change, in turn, has been an important donor to a variety of environmental causes. For example, it has donated several million to the Tides Foundation — although that sum is a small fraction of the overall revenue for Tides, which according to U.S. tax filings donated almost US$104 million in 2012 and almost $113 million in 2013.
In the case of Tides, the California-based group donated to a variety of environmental causes, including several that have fought Canadian oil pipelines like Keystone XL: the League of Conservation Voters, the Natural Resources Defence Council, the Sierra Club, and Bold Nebraska.
Its U.S. tax filings contain scores of references to contributions spent in Canada and Mexico. Its U.S. contributions include numerous grants like $75,000 for Bold Nebraska in 2014, and $117,000 to the Sierra Club in 2012.
A Keystone XL opponent called the committee’s work ridiculous. Bold Nebraska’s Jane Kleeb accused the Republican party of fighting environmentalists while covering up the real Russia scandal — the foreign help electing President Donald Trump.
”I have nothing to say about witch hunts,” Kleeb said.
”The Republicans are giving cover to Russia, who hacked our elections. While they engage in witch hunts on people who dare to go up against Big Oil and other corporations they protect.”
The original donor being targeted by the committee has called the allegations against it ”completely false and irresponsible.” A lawyer for Bermuda-based Klein Ltd., Roderick Forest, denied in an email to the Washington Times the committee chair’s characterization of it as a pass-through for foreign funds: ”We can state categorically that at no point did this philanthropic organization receive or expend funds from Russian sources or Russian-connected sources and Klein has no Russian connection whatsoever.”
The U.S. intelligence community has stated its belief that the Russian government wants to reduce American energy production.
It included that assessment in a report on election-meddling, ordered by Barack Obama, and released in its unclassified version this January. The report pointed to one example of the state-backed network Russia Today running anti-fracking programming.
The unclassified report said: ”This is likely reflective of the Russian government’s concern about the impact of fracking and U.S. natural gas production on the global energy market and the potential challenges to (Russia’s) Gazprom’s profitability.”
Alexander Panetta, The Canadian Press
Oct 1, 2017 (Bloomberg Gadfly) This isn’t the result the Saudis were looking for, and they might just decide to fight back. Saudi Arabia’s leadership of OPEC and non-OPEC production cuts comes at a cost. Not only is it trimming export volumes, it is also losing market share in key destinations, most gallingly, to countries … Read more
VANCOUVER — Several First Nations, municipalities and environmental groups that are opposed to the approval process of the Trans Mountain pipeline expansion in British Columbia will be arguing their position in the Federal Court of Appeal over the next two weeks.
The hearing beginning Monday in Vancouver consolidates numerous lawsuits filed by seven First Nations applicants, the cities of Burnaby and Vancouver, the Raincoast Conservation Foundation, and the Living Oceans Society, which claim the National Energy Board’s approval process was flawed and First Nations weren’t adequately consulted.
The $7.4 billion project proposed by Trans Mountain, a subsidiary of Kinder Morgan Canada, would triple the capacity of the Alberta-to-B.C. pipeline and increase tanker traffic off the west coast sevenfold. It received approvals from the federal government last year.
Eugene Kung, an environmental lawyer with West Coast Environment Law who has been involved in the case, said those fighting the pipeline want to see the federal government’s approval of the project overturned.
“At the very minimum that process needs to be redone in a way that takes into account in a very real way the risks and looks more deeply at the perceived need of the project,” Kung said.
Specific concerns with the project range from a lack of consideration of alternatives to the project, the implications for endangered species including southern resident orca whales, and adequate accommodations for each individual First Nation whose territory is affected by the pipeline.
First Nations allege the project infringes on their land claim rights and title and the government failed to meet its fiduciary duty to thoroughly consult affected communities.
“For the federal cabinet decision to stand, they will essentially have to win on every single one of those issues,” Kung said.
The Alberta and B.C. governments have been granted intervener status in the case, but will not be permitted to bring new information to the hearing.
The hearing has pitted the provinces against each other, with Alberta Premier Rachel Notley previously saying her government has taken measures to reduce the environmental effects of the oil and gas industry and that it’s important for the country that the project go forward.
While B.C.’s former Liberal government gave environmental certificates to the project earlier this year, the province’s new NDP Premier John Horgan said during his election campaign last spring he would use “every tool in the toolbox” to stop the expansion.
But Kung said with the provinces unable to present new information at the hearing, it’s unclear whether either party could have a significant influence on the case.
“Interveners are invited dinner guests but they’re not allowed to bring any additional food to the table, they can just discuss the food that’s already on the table,” he said.
What could hold greater weight in the case, Kung said, is a recent Federal Court of Appeal decision that the federal government failed to assess the effects of Kinder Morgan’s pipeline easement on the Coldwater Indian Band.
The ruling issued last week regarding the existing pipeline that was agreed upon 60 years ago says the government had a continuing duty to protect the band’s interests on its reserve from an exploitive bargain.
The Coldwater band is among the applicants in the upcoming hearings against the pipeline expansion.
Kung said the ruling adds additional uncertainty to the future of the project as it puts more weight on the federal government to not only consult First Nations but also to make decisions with their interests in mind.
Construction of the project was expected to begin this fall.
Kinder Morgan Canada said last month it had selected or signed agreements with six firms that have experience in building pipelines and major infrastructure projects in both provinces.
—Follow @Givetash on Twitter.
Linda Givetash, The Canadian Press
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