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U.S. oil drillers cut rigs for third week in a row: Baker Hughes

September 22, 2017 Reuters U.S. energy firms cut the number of oil rigs operating for a third week in a row as a 14-month drilling recovery stalled as companies pared back on spending plans when crude prices were softer. Drillers cut five oil rigs in the week to September 22, bringing the total count down to … Read more

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Calgary and Saint John mayors urge NEB to reverse Energy East pipeline ruling

CALGARY — Mayors from both ends of the proposed Energy East pipeline are calling for the National Energy Board to reverse its requirement that upstream and downstream emissions be included in its review of the $15.7-billion conduit.

Saint John Mayor Don Darling, who said he was in Calgary to attend a wedding, paired up with Calgary Mayor Naheed Nenshi at a joint news conference to voice their support for the project which they say will create jobs and prosperity across Canada.

Project proponent TransCanada Corp. (TSX:TRP) of Calgary put its application on hold for 30 days earlier this month after the national agency said it would consider indirect greenhouse gas emissions in evaluating the proposed 4,500-kilometre oil pipeline from Hardisty, Alta., to Saint John, N.B.

Darling said the ruling is unfair and amounts to changing the rules three years after the company started the process.

Nenshi said the change was “madness” because upstream and downstream industries already have their own environmental processes.

Environmental groups, however, support the NEB ruling which has also been backed by the federal government.

 

The Canadian Press

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Oil Treads Water With OPEC’s Silence on Supply-Cut Extension

September 22, 2017 (Bloomberg)  Oil traders couldn’t make up their mind after an OPEC gathering concluded with no decision on an extension or deepening of supply cuts. Futures toggled within a 49-cent range in New York on Friday, switching between small gains and losses. As an OPEC committee meeting wrapped up, Russian Energy Minister Alexander … Read more

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NAFTA talks in Canada could result in energy agreement with Mexico

OTTAWA — An agreement to have Mexico join a NAFTA clause governing oil exports may be one of the first significant products of the renegotiation talks this weekend in Ottawa.

When NAFTA was originally signed 23 years ago, Mexico rejected parts of the energy chapter because its oil industry was entirely owned and operated by the government.

However, President Enrique Pena Nieto is looking to solidify the reforms he started in 2013, opening up the Mexican oil industry to international investment and participation.

As such, Mexico has asked to sign Article 605, which limits government interference in oil exports to any of the participating NAFTA countries.

Known as the “proportionality clause”, it was a holdover from the Canada-U.S. Free Trade Agreement and means Canada and the U.S. cannot reduce access to each other’s oil, natural gas, coal, electricity or refined petroleum products without an equivalent reduction in domestic access to the same product.

So if Canada wanted to cut oil exports to the U.S. by 20 per cent it would have to cut domestic supplies by 20 per cent as well, except in specific circumstances such as the need to protect national security.

For Mexico, joining this clause has one main benefit, said Duncan Wood, head of the Mexico Institute at the Wilson Center, a Washington, D.C. think tank.

“They want to armour plate the (oil industry) reforms through an international agreement against the possibility of a left-wing victory next year,” said Wood.

Pena Nieto isn’t eligible to run in the presidential elections next year and the leading candidate is Andres Manuel Lopez Obrador, a left-wing politician who is campaigning against Pena Nieto’s oil industry reforms and has pledged to reverse many of them.

If Mexico becomes part of a fully integrated North American energy market in NAFTA, it would be difficult for anyone to undo those changes said Wood.

Mexico’s ambassador to Canada said Friday that his country wasn’t able to fully participate in NAFTA’s energy chapter in 1994, but with the industry reforms, that has changed.

“Now it is open for private, foreign direct investment,” Dionisio Perez Jacome said at an event in Calgary.

“We are ready to talk about it, to include it, so that the agreement reflects that reality.”

Those talks could conclude in this third round of NAFTA negotiations, which begins Saturday.

For Canada, this change isn’t all that significant, said Jeff Rubin, senior fellow at the Centre for International Governance Innovation and a  former chief economist at CIBC World Markets.

It will give foreign companies, including Canadian energy firms, some confidence in their existing or planned investments in Mexico.

Rubin said Canadian pipeline companies like Enbridge and TransCanada stand to benefit by getting involved in building pipelines to move U.S. oil and gas into Mexico.

If it is more certain Mexico won’t nationalize the oil industry again, those investments can be made with less risk.

However there are significant critics of Article 605. The Council of Canadians listed it as one of the top three things they’d like to see eliminated from NAFTA.

Council chair Maude Barlow told The Canadian Press on Friday it is “disappointing” that Canada seems set not to cancel the article, but extend it to Mexico.

The council said the provision cedes Canada’s sovereign control of its oil industry and allows the U.S. to dictate that Canada must continue to produce and export as much oil as the U.S. wants.

Barlow said it locks Canada into continuing to produce more and more fossil fuels from the oilsands, even if that goes against Canada’s domestic climate change goals and priorities.

Environment Minister Catherine McKenna said Friday NAFTA will not be used as a vehicle to stop Canada from protecting its environment and Canada is pushing for strong environmental standards in the agreement.

“The right for Canada to regulate to protect the environment is a top priority,” she said.

-follow @mrabson on Twitter.

 

 

Mia Rabson, The Canadian Press


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Canadian firm applies to build $10-billion Jordan Cove LNG project in Oregon

CALGARY — The Canadian company whose proposal to build an LNG export terminal in Oregon was derailed by U.S. regulators last year has resubmitted its application for a bigger, more expensive project.

Calgary-based Veresen Inc. (TSX:VSN) said Thursday its Jordan Cove project is now estimated to cost about US$10 billion to build, up from US$7.5 billion under its previous proposal, and would have capacity of 7.8 million tonnes per year, up from six million.

The project includes a liquefied natural gas terminal in Coos Bay, Ore., and a 370-kilometre pipeline that will bring natural gas originating in the U.S. Rockies and British Columbia from a southern Oregon hub to the terminal.

Veresen CEO Don Althoff said the new proposal submitted to the U.S. Federal Energy Regulatory Commission has undergone changes to overcome landowner complaints that led to FERC’s ruling in 2016 that its negative impacts outweighed its public benefits.

FERC also found that demand for the project had not been adequately demonstrated.

“Our significant efforts to optimize the design to minimize its environmental footprint and accommodate landowner requests, as well as the support of our world-class LNG buyers, should result in the receipt of the positive regulatory decisions required to build Jordan Cove,” Althoff said in a statement.

The company said Friday it would not provide further comment.

AltaCorp Capital analyst Dirk Lever said the routing changes should make FERC approval more likely.

“(The previous application denial) really came down to eminent domain. To build the pipeline, you’re … going on people’s property. So they changed the routing so it goes on less people’s property,” he said.

The new Jordan Cove application eliminates a 420-megawatt power plant, makes more than 50 pipeline route adjustments and promises to use trenchless drilling techniques to minimize environmental impacts at water crossings, Veresen said.

Lever said a soon-to-close $9.7-billion friendly takeover of Veresen by Calgary-based rival Pembina Pipeline (TSX:PPL) improves chances the LNG project will be built because the resulting company will be much larger with more financial clout.

He said Jordan Cove would be the first LNG export facility on the U.S. West Coast, where it will have an advantage over existing facilities on the U.S. Gulf Coast because it is closer to key Asian markets.

Veresen said it hopes to make a final investment decision on the project in 2019 and start shipping LNG in 2024 provided that FERC issues a draft environmental impact statement early next year and approves the project by the end of next year.

Canada’s LNG export industry has stumbled recently, with the $28-billion Aurora LNG project cancelled earlier this month and the $36-billion Pacific NorthWest LNG project near Port Edward, B.C., shut down in July, both due to poor market prospects for LNG.

A small project called Woodfibre LNG is the only Canadian West Coast LNG export project approved by its owners.

 

Follow @HealingSlowly on Twitter.

Dan Healing, The Canadian Press

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Western Energy Services Corp. Announces Concurrent Debt and Equity Financings

FOR: WESTERN ENERGY SERVICES CORP.
TSX SYMBOL: WRG

Date issue: September 22, 2017
Time in: 8:22 AM e

Attention:

CALGARY, ALBERTA–(Marketwired – Sept. 22, 2017) –

NOT FOR DISTRIBUTION TO THE UNITED STATES NEWSWIRE SERVICES OR FOR
DISSEMINATION IN THE UNITED STATES

Western Energy Services Corp. (“Western”) (TSX:WRG) is pleased to announce that
it has entered into agreements with Alberta Investment Management Corporation
(“AIMCo”) providing for a $215 million second lien senior secured term loan
facility and a private placement (the “Private Placement”) of 9,100,000 common
shares of Western (“Common Shares”) at a price of $1.25 per Common Share, for
aggregate gross proceeds of $11,375,000 (together the “AIMCo Financings”).

Western has concurrently entered into an agreement with a syndicate of
underwriters (the “Underwriters”) led by Peters & Co. Limited, pursuant to
which the Underwriters have agreed to purchase, on a bought deal basis,
9,100,000 Common Shares at a price of $1.25 per Common Share, for aggregate
gross proceeds of $11,375,000 (the “Bought Deal Financing”).

Additionally, Western has received commitments from certain of its lenders to
effect amendments to its senior secured credit facilities (the “Credit
Facility”). Upon closing of the proposed amendments to the Credit Facility, the
maturity date will be extended to December 2020.

Western expects that the net proceeds of the AIMCo Financings and the Bought
Deal Financing, along with cash on hand and funds available under the Credit
Facility, will be used to redeem its outstanding 77/8% senior unsecured notes
(the “Senior Notes”).

AIMCo Financings

Second Lien Term Loan

AIMCo, on behalf of certain of its clients, has agreed to provide Western with
a $215 million second lien senior secured term loan facility (the “Term Loan”).
Funds under the Term Loan will be made available to Western in a single draw,
which is to occur no later than February 15, 2018. The Term Loan will mature
five years from the date that Western elects to draw the funds (the “Draw
Date”). Interest will be paid semi-annually, at the rate of 7.25% per annum.
Amortization payments equal to 1% of the principal amount will be payable
annually, in equal quarterly installments, beginning on July 1, 2018, with the
balance due on maturity. Western may not prepay the Term Loan prior to the
second anniversary of the Draw Date, except with payment of a make-whole
premium. At any time following the second anniversary of the Draw Date and
prior to the third anniversary of the Draw Date, Western may prepay the Term
Loan at a price equal to 105% of the principal amount repaid. Thereafter,
Western may prepay the Term Loan with no prepayment premium. Amounts borrowed
under the Term Loan that are repaid or prepaid will not be available for
reborrowing.

In conjunction with the closing of the Term Loan, Western has agreed to issue
to AIMCo 7,099,546 warrants to purchase Common Shares (the “Warrants”). Each
Warrant will entitle AIMCo to acquire one Common Share at an exercise price per
Common Share equal to a 45% premium to the volume weighted average price of the
Common Shares for the five trading days ended prior to the date of issue of the
Warrants, at any time prior to three years following the date of issue of the
Warrants. Provided the volume weighted average price of the Common Shares is
greater than the exercise price of the Warrants for 60 consecutive calendar
days, Western will have the option to require AIMCo to exercise all or any
portion of the Warrants at any time or from time to time.

Closing of the Term Loan is subject to completion of definitive loan
documentation and satisfaction of certain conditions, including the approval of
the Warrants by the Toronto Stock Exchange and the concurrent closing of the
Private Placement, the Bought Deal Financing and the amendments to the Credit
Facility.

Peters & Co. Limited acted as financial advisor to Western in connection with
the Term Loan.

Private Placement

Western has also entered into an agreement with AIMCo whereby AIMCo has
committed to purchase, on a private placement basis, 9,100,000 Common Shares at
a price of $1.25 per Common Share for aggregate gross proceeds of $11,375,000.
Completion of the Private Placement is subject to certain conditions, including
the receipt of all necessary regulatory approvals (including that of the
Toronto Stock Exchange) and the concurrent closing of the Bought Deal Financing
and the Term Loan. Common Shares issued under the Private Placement will be
subject to a hold period of four months.

On a pro forma basis upon completion of the Private Placement and Bought Deal
Financing, AIMCo will own approximately 10% of Western’s outstanding Common
Shares (approximately 16% of Western’s outstanding Common Shares if the
Warrants are exercised in full).

Bought Deal Financing

Western has entered into an agreement for a bought deal financing through a
syndicate of Underwriters led by Peters & Co. Limited pursuant to which the
Underwriters have agreed to purchase, on a bought deal basis, 9,100,000 Common
Shares at a price of $1.25 per Common Share for aggregate gross proceeds of
$11,375,000.

The Common Shares will be distributed by way of a short form prospectus in all
provinces of Canada, except Quebec, and in the United States and certain other
jurisdictions as Western and the Underwriters may agree on a private placement
basis. Completion of the Bought Deal Financing is subject to certain
conditions, including the receipt of all necessary regulatory approvals
(including that of the Toronto Stock Exchange) and the concurrent closing of
the Term Loan and Private Placement.

Closing of the AIMCo Financings and Bought Deal Financing are expected to occur
on or about October 17, 2017. Proceeds of the AIMCo Financings and Bought Deal
Financing will be used, along with other funding, to redeem Western’s
outstanding Senior Notes.

Capital Structure Update

Western intends to redeem its Senior Notes due on January 30, 2019 no earlier
than January 30, 2018, at which time the Senior Notes will be redeemable at
par. Further updates on the timing and the mechanics of the Senior Note
redemption will be provided in due course.

“Since the beginning of the downturn in the oilfield service industry, we have
focused on managing our business to maximize returns for our stakeholders,”
said Alex MacAusland, President & CEO. “These financings represent a
continuation of this effort, positioning Western with an appropriate capital
structure to succeed in the current business environment. We are pleased to
have this opportunity to partner with AIMCo, and look forward to our continued
evolution as a strong and focused oilfield service company.”

“On behalf of our clients, AIMCo is very pleased to be able to enter into this
agreement with Western,” states Kevin Uebelein, AIMCo CEO. “Our team of
investment professionals are attuned to the challenges that face Alberta’s
energy industry and we are confident that the highly-experienced executive team
at Western Energy Services have put in place a strategic direction that will
see the company realize the full benefit of future growth opportunities.”

About Western

Western is an oilfield service company which provides contract drilling
services in Canada through its Horizon Drilling division and in the United
States through its wholly-owned subsidiary, Stoneham Drilling Corporation. In
Canada, Western also provides well servicing through its Eagle Well Servicing
division and provides oilfield rental services through its Aero Rental Services
division.

About AIMCo

AIMCo is one of Canada’s largest and most diversified institutional investment
managers with more than $100 billion of assets under management. Established on
January 1, 2008, AIMCo’s mandate is to provide superior long-term investment
results for its clients. AIMCo operates at arms-length from the Government of
Alberta and invests globally on behalf of 32 pension, endowment and government
funds in the Province of Alberta.

Forward-Looking Statements and Information

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”, “may”, “will”,
“project”, “should”, “believe”, “plans”, “intends” and similar expressions are
intended to identify forward-looking information or statements. More
particularly and without limitation, this press release contains
forward-looking statements and information relating to the expected closing
date of the AIMCo financings and Bought Deal Financing, the expected Draw Date
of the Term Loan, the use of proceeds thereof, the proposed amendments to the
Credit Facility, and the expected redemption of all remaining Senior Notes.
These forward-looking statements and information are based on certain key
expectations and assumptions made by Western, including the assumption that
Western will be able to negotiate definite documentation for the Term Loan and
the amendments to the Credit Facility, obtain all regulatory approvals for the
financings and satisfy all other conditions precedent to the completion of the
proposed transactions. Although Western believes that the expectations and
assumptions on which such forward-looking statements and information are based
are reasonable, undue reliance should not be placed on the forward-looking
statements and information as Western cannot give any assurance that they will
prove to be correct. Since forward-looking statements and information 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 inability to obtain regulatory approvals, risks associated with
general economic conditions, the demand for Western’s services, volatility in
market prices for oil and natural gas and the effect of this volatility on the
demand for oilfield services generally, currency exchange rate risk, compliance
with covenants and/or repayment obligations under the Credit Facility and
Senior Note indenture, changes in legislation, dependence on, and concentration
of, major customers, and the creditworthiness and performance by the Western’s
counterparties and customers.

Readers are cautioned that the foregoing list of risks and uncertainties is not
exhaustive. Additional information on these and other risk factors that could
affect Western’s operations or financial results are included in Western’s
annual information form and may be accessed through the SEDAR website
(www.sedar.com). The forward-looking statements and information contained in
this press release are made as of the date hereof and Western does not
undertake any 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.

The securities referenced herein have not been and will not be registered under
the U.S. Securities Act of 1933, as amended, or any state securities laws. This
press release is not an offer of any securities for sale in the United States.
The securities may not be offered or sold in the United States absent
registration or an exemption from registration. The securities will not be
publicly offered in the United States.

– END RELEASE – 22/09/2017

For further information:
Western Energy Services Corp.
Alex R.N. MacAusland
President and CEO
403.984.5916
OR
Western Energy Services Corp.
Jeffrey K. Bowers
Senior VP Finance and CFO
403.984.5916

COMPANY:
FOR: WESTERN ENERGY SERVICES CORP.
TSX SYMBOL: WRG

INDUSTRY: Energy and Utilities – Oil and Gas
RELEASE ID: 20170922CC0004

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.

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How Electric Cars Can Create the Biggest Disruption Since IPhone

September 21, 2017 (Bloomberg) It’s 10 years since Apple Inc. unleashed a surge of innovation that upended the mobile phone industry. Electric cars, with a little help from ride-hailing and self-driving technology, could be about to pull the same trick on Big Oil. The rise of Tesla Inc. and its rivals could be turbo charged … Read more

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Shale Billionaire Hamm Slams `Exaggerated’ U.S. Oil Projections

Harold-Hamm

September 21, 2017 (Bloomberg)  Billionaire oilman Harold Hamm says the government was way too optimistic with its prediction of more than 1 million new barrels a day in U.S. production, and the snafu is “distorting” global crude prices. This year’s rise is likely to be closer to about 500,000 barrels, far off an initial forecast … Read more

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Enbridge Follows TransCanada With Sale of Long-Term Bonds

September 21, 2017 (Bloomberg) Enbridge Inc. sold C$1 billion ($811 million) of 60-year bonds on Thursday, following in the footsteps of fellow Canadian pipeline giant TransCanada Corp. The Calgary-based pipeline operator priced fixed-to-floating rate subordinated notes due 2077 that could be automatically converted into preference shares in case of bankruptcy. The notes, redeemable after September 2027, … Read more

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OPEC and Allies Gives Mixed Signals Over Further Action on Cuts

OPEC

September 21, 2017 (Bloomberg)  On the eve of a gathering in Vienna, OPEC and its allies gave mixed signals on what they might do next in their bid to clear a global oil glut. Ministers from nations that together pump more than half the world’s oil at times made conflicting statements about whether they would … Read more

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Oil settles flat as unease builds ahead of OPEC meeting

Oil-Prices

September 21, 2017 PM Reuters NEW YORK (Reuters) – Oil prices settled nearly flat on Thursday, the eve of a meeting of major oil-producing countries in Vienna to discuss whether they will extend production limits that have helped reduce the global crude glut. Ministers from the Organization of the Petroleum Exporting Countries, Russia and other producers meet … Read more

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SAVE THE DATE: 2018 PSAC STARS and SPURS Gala in Support of STARS – January 20, 2018 with Guest Star Performer Brett Kissel

PSAC Stars and Spurs 2018 Feature

2018 PSAC STARS & SPURS Gala January 20, 2018 PSAC STARS and SPURS Gala in Support of STARS with Guest Star Performer Brett Kissel BMO Centre, Calgary, Alberta – Ticket Information Coming Soon For the past 23 years, The Petroleum Services Association of Canada (PSAC) has hosted this signature fundraising event which is highly recognized and supported … Read more

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Hefty fine for Calgary energy company charged in workplace accident

Husky-Energy

LLOYDMINSTER, Sask. — Calgary-based Husky Oil Operations Ltd., (TSX:HSE) has been fined $100,000 for an accident that injured a worker at its complex in Lloydminster, Sask.

The Saskatchewan Ministry of Labour Relations and Workplace Safety says the company pleaded guilty Sept. 18 in Lloydminster provincial court to contravening a subsection of occupational health and safety regulations.

That subsection deals with the failure to implement a safety plan to protect workers from traffic hazards.

A charge was laid after the worker was hit by a truck at Husky’s sand disposal facility in August 2015.

The penalty includes a fine of $71,429 and a surcharge of $28,571.

One additional charge against the energy company was withdrawn in court.

The Canadian Press

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Keyera Closes $400 Million Private Placement Debt Financing

September 20, 2017 CNW CALGARY, Sept. 20, 2017 /CNW/ – Keyera Corp. (TSX:KEY) (“Keyera”) announced today that it has closed its previously announced CAD$400 million private placement of 10-year senior unsecured notes (the “Notes”) with a group of institutional investors in Canada and the United States. The Notes will bear interest at 3.68% and mature on September 20, 2027. Proceeds from the Notes will be … Read more

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Quebec Government publishes draft hydrocarbon regulations

CALGARY, ALBERTA–(Marketwired – Sept. 20, 2017) – Questerre Energy Corporation (“Questerre” or the “Company”) (TSX:QEC)(OSLO:QEC) reported today that the Ministry of Energy and Natural Resources in Quebec has published the proposed regulations to govern oil and gas activities in the province. A copy of the draft regulations can be found online at: http://www2.publicationsduquebec.gouv.qc.ca/dynamicSearch/telecharge.php?type=13&file=1738-A.PDF. Michael Binnion, President … Read more

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Energy contract lawsuits expected to jump in Harvey’s wake

HuricaneHarvey-Feature

September 20, 2017 Reuters HOUSTON (Reuters) – Lawyers expect a spate of force majeure contract lawsuits after Hurricane Harvey tore through Southeast Texas and parts of Louisiana last month, paralyzing a fifth of U.S. fuel output and pushing some oil production offline. Hurricanes and other natural disasters can affect the energy industry’s ability to honor contracts … Read more

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Five Things World Business Will be Talking About Today

September 21, 2017 (Bloomberg)  The Fed goes hawkish, the Bank of Japan remains dovish, and Hurricane Maria batters Puerto Rico. Here are some of the things people in markets are talking about today. Fed lifts dollar Yesterday’s Federal Reserve announcement that it would start shrinking its balance sheet in October, as expected, and projections for an interest-rate … Read more

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Oil Above $50 as Fuel-Stockpile Drop Counters Crude-Supply Gain

Oil Above $50 as Fuel-Stockpile Drop Counters Crude-Supply Gain

September 21, 2017 (Bloomberg)  Oil held above $50 a barrel as a decline in U.S. fuel inventories countered a bigger-than-forecast increase in crude stockpiles. November futures dropped 0.5 percent in New York after climbing 1.6 percent Wednesday. Gasoline supplies dropped a third week to the lowest level since November 2015, while distillate stockpiles fell by … Read more

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Harvest Operations Corp. Announces Closing of U.S. $285 Million 3% Senior Note Offering

FOR: HARVEST OPERATIONS CORP.

Date issue: September 21, 2017
Time in: 11:46 AM e

Attention:

CALGARY, ALBERTA–(Marketwired – Sept. 21, 2017) – Harvest Operations Corp.
(“Harvest” or the “Company”) is pleased to announce that it has closed its
offering of U.S.$ 285 million senior unsecured notes due 2022 with a coupon
rate of 3% (the “Notes”).

Harvest intends to use the net proceeds of the offering to repay in full
Harvest’s outstanding approximately U.S.$282,500,000 aggregate principal amount
of 67/8% Senior Notes due October 1, 2017.

Approval in-principle has been received from the Singapore Exchange Securities
Trading Limited (the “SGX-ST”) for the listing and quotation of the Notes on
the SGX-ST. The SGX-ST assumes no responsibility for the correctness of any of
the statements made, opinions expressed or reports contained in this
announcement. Approval in-principle from, admission to the Official List of,
and the listing and quotation of the Notes on, the SGX-ST are not to be taken
as an indication of the merits of the Company or the Notes.

/T/

Regulation S Aggregate
Rule 144A CUSIP and ISIN Principal
CUSIP and ISIN Numbers Amount
Title of Security Numbers Outstanding
—————————————————————————-
3% Senior Notes CUSIP: 41754W AR2 CUSIP: C42970 AE0 $285,000,000
due 2022
ISIN: US41754WAR25 ISIN: USC42970AE03

/T/

The Notes have not been registered under the Securities Act of 1933, as amended
(the “Act”), and may not be offered or sold in the United States absent
registration or an applicable exemption from the registration requirements
under the Act. The offering has been made solely by means of a private
placement either to qualified institutional buyers pursuant to Rule 144A under
the Act, or to certain persons outside of the United States pursuant to
Regulation S under the Act.

This press release is neither an offer to sell nor a solicitation of an offer
to buy any security and shall not constitute an offer, solicitation or sale of
any security in any jurisdiction in which such offering, solicitation or sale
would be unlawful.

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. Forward-looking statements in this press
release may include, but are not limited to, the expected use of proceeds. 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 – 21/09/2017

For further information:
INVESTOR & MEDIA CONTACT:
Greg Foofat
Manager Investor Relations & Corporate Communications
Harvest Operations Corp.
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: 20170921CC0039

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.

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Oil Traders Empty Key Crude Storage Hub as Demand Booms

oil-storage-tank-feature

September 20, 2017 (Bloomberg)  Oil traders are emptying one of the world’s largest crude storage facilities, located near the southernmost tip of Africa, as the physical market tightens amid booming demand and OPEC production cuts. Total SA, Vitol Group and Mercuria Energy Group Ltd. are selling crude they hoarded in Saldanha Bay, South Africa, during … Read more

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Oil Jumps as Fuel Draw Adds to Talk of More OPEC Cuts

September 20, 2017 (Bloomberg)  Oil closed above $50 a barrel for the first time since July as a drop in fuel supplies became the latest positive nudge following brightening demand prospects and signals that OPEC will intensify output cuts. Futures jumped 1.9 percent in New York. U.S. gasoline inventories shrank last week to a level not … Read more

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Manitok Energy Inc. Acquires Corinthian Oil Corp.

CALGARY, Sept. 20, 2017 /CNW/ – Manitok Energy Inc. (“Manitok“) (TSX-V:MEI.V – News) is pleased to announce that it has completed its previously announced three-cornered amalgamation pursuant to an amalgamation agreement (the “Amalgamation Agreement“) dated effective September 12, 2017 among the Corporation, Corinthian Oil Corp. (“Corinthian“) and 2065718 Alberta Inc. (“Acquireco“), a wholly owned subsidiary of Manitok (the “Transaction“). Pursuant to … Read more

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Business Leaders Can Solve Global Problems: Michael R. Bloomberg

September 20, 2017 by Michael R. Bloomberg (Bloomberg View)  As attention focuses on the UN General Assembly in New York, it’s important to remember that in a global economy, America’s relationship with the world does not depend solely on the state of politics along Pennsylvania Avenue. The ties that bind nations together today are deeply … Read more

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OPEC Has Success at Last, But Oil Revival May Be Short-Lived

OPEC Has Success at Last, But Oil Revival May Be Short-Lived

September 20, 2017 (Bloomberg)  When OPEC and its allies gather this week, they’ll have the best evidence yet that their efforts to clear a global oil glut are succeeding. It may prove short-lived. Crude prices have rebounded to a three-month high and the world’s bloated fuel inventories are shrinking, signaling that nine months of production … Read more

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Five Things World Business Will be Talking About Today

September 20, 2017 (Bloomberg)  It’s Fed day, no deal on bipartisan Obamacare fix, and pound rallies on strong retail sales. Here are some of the things people in markets are talking about today. Decision day At 2 p.m. Eastern Time the Federal Reserve will publish its latest monetary-policy decision. While markets are expecting no change to rates, … Read more

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Oil Advances on Signs U.S. Stockpile Gains Easing After Harvey

Oil Advances on Signs U.S

September 20, 2017 (Bloomberg)  Oil rose on signs the pace of U.S. stockpile gains is slowing as refiners resume operations after Hurricane Harvey, boosting crude demand. Futures climbed as much as 1.3 percent in New York after declining 0.9 percent Tuesday. Inventories expanded by 1.44 million barrels last week, the American Petroleum Institute was said to … Read more

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Trudeau’s Spilling Less Red Ink Than Planned, But Only For Now

Trudeau-Morneau Image Feature

September 19, 2017 (Bloomberg)  Justin Trudeau is in less deficit trouble than he thought. Whether it will last depends largely on him. Canada’s Liberal government recorded a C$17.8 billion ($14.5 billion) shortfall in its first full fiscal year, beating Finance Minister Bill Morneau’s most recent budget projections by C$5.3 billion on lower-than-expected program spending and higher … Read more

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Oil Rises as U.S. Stockpiles Are Said to Rise Less Than Expected

 September 19, 2017 (Bloomberg)  Oil rose as an industry report was said to show U.S. stockpiles climbed less than expected. The price spike in after-hours trading helped erase almost all of the regular session’s loss on Tuesday. U.S. crude inventories increased by 1.44 million barrels last week, the American Petroleum Institute was said to report Tuesday. That’s less than … Read more

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Suncor investigating after more than 100 birds die at new oilsands mine

CALGARY — Oilsands giant Suncor Energy says it is mystified by the discovery Sunday of dead and dying birds at a nearly complete northern Alberta mine that hasn’t produced its first official barrel of oil yet.

On Tuesday, the Alberta Energy Regulator announced it was dispatching an inspector to the nearly completed Fort Hills oilsands mine north of Fort McMurray after Suncor reported finding 123 waterfowl and songbirds near a tailings pond.

“On Sunday … a group of birds were discovered in the north end of our Fort Hills tailings area and had to be euthanized,” said Suncor (TSX:SU) spokeswoman Nicole Fisher in an email.

“The majority of birds impacted were horned larks (a migratory species). The larks are not native to the area so we are engaging with wildlife experts as well as the regulator to determine what additional measures we can put in place.”

She said the company has launched an investigation to figure out why the birds were in the area despite the presence of working bird deterrent systems, including cannon, radar and scarecrows.

AER spokesman Ryan Bartlett says the birds were found on or near a tailings pond, a body used to separate oil, sand and chemicals from water used in oilsands ore transportation and processing.

He says the mine, which is operated by Suncor, is continuing to monitor and collect the injured and dead birds and an AER inspector is on route.

The incident recalls previous bird deaths at oilsands tailings ponds. Syncrude Canada was fined $3 million when more than 1,600 ducks were killed in a pond in 2008 but no charges were laid in 2010 when 550 birds had to be destroyed due to an early winter storm that forced them to land on ponds at Syncrude and Suncor.

In August, Syncrude Canada was charged with failing to properly store a hazardous substance in connection with the 2015 deaths of 31 great blue herons at its oilsands mine, an incident not related to its tailings ponds.

“This is a macabre version of Groundhog Day, where the government and industry keep promising that they’ll do better while the birds keep dying in toxic lakes,” said Greenpeace Canada energy strategist Keith Stewart.

“We’ll hear lots of excuses over the next few days, but the reality is that it is going to keep happening until the federal government actually enforces the laws designed to protect wildlife from toxic substances.”

Alberta Energy spokesman Mike McKinnon said the government considers harm to wildlife by tailings ponds preventable and will carefully consider the AER’s report to see if additional actions are needed to prevent future incidents.

“Regulations that increased oversight of tailings ponds were put in place in 2008 and improved in 2013 that included stronger wild life deterrent requirements,” he said in an email.

The $17-billion Fort Hills oilsands project is expected to begin production later this year and ramp up to capacity of 194,000 barrels per day of bitumen within 12 months. Its reserves are expected to allow it to operate for 50 years.

It is owned 50.8 per cent by Suncor, 29.2 per cent by French oil company Total and 20 per cent by Vancouver mining firm Teck Resources (TSX:TECK.B).

 

Follow @HealingSlowly on Twitter.

 

Dan Healing, The Canadian Press

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Happiness and Office – How to fit both in one picture: See Some Great Tips HERE

Author: Vartika Kashyap, Marketing Manager at ProofHub Spend more time smiling than frowning, and more time praising than criticizing. – Richard Branson Richard Branson has made a fortune for himself in the business world by following the simple mantra – do whatever makes you happy. In his own words,”Many assume my business success has brought me … Read more

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Artificial Intelligence Startup Ambyint Announces $11.5 Million Series A Investment to Boost Oil & Gas Production Optimization

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Cenozon Launches Industry-First HydroFlow App – Offers Pipeline Operators 6 Months Free Automatic Notification of Abnormal Water Flow Events

Cenozon_Tagline_Feature

September 19, 2017 (Calgary, Alberta): Cenozon Inc., a leading end-to-end supplier of comprehensive oil and gas software solutions, today announced the release of its HydroFlow application. First of its kind in the industry, HydroFlow monitors and automatically notifies operators of abnormal water flow events occurring near their pipelines and facilities – all in real-time. Developed … Read more

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U.S. natural gas prices rise as winter stocks look tight

September 19, 2017 Reuters LONDON (Reuters) – U.S. natural gas stocks look somewhat tight after low prices this summer worked off the excess stocks that built up in the first half of the year. Current stocks are in line with the five-year seasonal average but that may not be enough given the increase in exports … Read more

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Doing it Right! Started After Alberta, Canada, Norway’s massive oil and gas wealth fund hits $1 trillion in value

Norway Flag Feature

HELSINKI — Norway’s sovereign wealth fund, the world’s largest of its kind, has hit a milestone value of $1 trillion, beating all expectations since its creation over 20 years ago.

Fund manager Norges Bank Investment Management said the value was recorded early Tuesday. It said the fund has been boosted by a rise in stock markets and a weaker U.S. dollar, which increases the dollar value of its holdings in other currencies.

Norway first deposited oil and gas profits into the fund in 1996 and CEO Yngve Slyngstad said nobody expected it to hit the trillion dollar mark at the time, calling the growth “stunning”.

The fund invests oil and gas proceeds mainly into stocks but also bonds and property worldwide to secure wealth for the Nordic nation’s 5.3 million people.

The Associated Press

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Big Oil Becomes Greener With Progress in Cutting Pollution

September 18, 2017 (Bloomberg)  It’s no secret that oil majors are among the biggest corporate emitters of pollution. What may be surprising is that they’re reducing their greenhouse-gas footprints every year, actively participating in a trend that’s swept up most corporate behemoths. Sixty-two of the world’s 100 largest companies consistently cut their emissions on an … Read more

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GE Working on Robot That It Says Can Save $200 Billion of Power

General-Electric-GE-Feature

September 18,  2017 (Bloomberg)  General Electric Co. is working on a way to use artificial intelligence in electricity grids, a technology that it expects will save $200 billion globally by improving efficiency. “We’re also putting a lot into the machine learning side, a lot,” said Steven Martin, chief digital officer at GE’s energy connections business, … Read more

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Far From the Texas Coast, Hurricane Harvey Hits Oil Refiners

September 19, 2017 (Bloomberg)  Three weeks after Hurricane Harvey ravaged the massive fuel-making industry along the Texas coast, the region’s recovery from storm damage is starting to disrupt plans for crucial maintenance at refineries thousands of miles away from the flood zones. Harvey knocked out almost one-quarter of U.S. refining capacity in late August, sending … Read more

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Bank of Canada Tracking Impact of Stronger Dollar, Lane Says

September 19, 2017 (Bloomberg)  The Bank of Canada gave the strongest indication yet it is concerned about the Canadian dollar’s recent gains, with a top official saying policy makers will closely monitor the currency’s impact on the economy. In the bank’s first public remarks since raising interest rates two weeks ago, Deputy Governor  Timothy Lane spoke to … Read more

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Oil Rises Above $50 as Iraq Raises Prospect of More OPEC Action

Oil Rises Above $50 as Iraq Raises Prospect of More OPEC Action

September 19, 2017 (Bloomberg)  Oil extended gains above $50 a barrel in New York as Iraq raised the prospect of OPEC taking further steps to clear a global supply glut. West Texas Intermediate futures added 0.8 percent. Iraqi Oil Minister Jabbar al-Luaibi said there’s support in the Organization of Petroleum Exporting Countries to deepen output … Read more

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September 19, 2017 (Bloomberg)  Trump to address United Nations, Toys ‘R’ Us seeks bankruptcy, and the Fed meeting begins. Here are some of the things people in markets are talking about today. Call for action President Donald Trump will use his first address to the United Nations today to call on world leaders to form an alliance … Read more

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B.C. asked oil, gas industry to ‘refine’ climate plan recommendations: documents

VANCOUVER — British Columbia’s former Liberal government asked oil and gas corporations to “refine” the language of recommendations made by an advisory panel before it finalized its Climate Leadership Plan, documents show.

Meeting agendas and presentations obtained under freedom-of-information legislation by the left-leaning Canadian Centre for Policy Alternatives provide insight into the extent of industry consultation on the plan.

The government-appointed Climate Leadership Team released recommendations in the fall of 2015 that included increasing the carbon tax rate and moving up the timeline to reduce emissions.

None of the recommendations were fully adopted by the government when it released the plan in August 2016.

The documents show that after the climate team released its proposals, the Ministry of Natural Gas arranged meetings with companies and industry groups at the Calgary office of the Canadian Association of Petroleum Producers in January and February 2016.

Three working groups made up of industry members and government officials were created to tackle three distinct issues: the carbon tax; methane and fugitive emissions; and electrification.

The documents say the methane and electrification working groups were instructed to “refine the language” of the related Climate Leadership Team recommendations, while the carbon tax working group was tasked with determining “the art of the possible (how much and how fast).”

While the government said at the time it would consult with industry, these meetings have only now been made public, and only after many freedom-of-information requests, said Shannon Daub, associate director of the CCPA’s office in British Columbia.

“They should have been far more transparent about what they were doing,” she said.

The government’s Climate Leadership Team was appointed in spring 2015 and included First Nations, environmental groups, climate scientists and industry representatives. It spent months working before releasing 32 recommendations in November 2015.

Clean Energy Canada executive director Merran Smith, who sat on the team, said she was surprised and disappointed to see how government consulted with the oil and gas industry.

“It’s the government’s responsibility to design good climate policy, good energy policy that has the best interests of British Columbians in mind,” she said.

“They abdicated that responsibility by basically asking one sector, the oil and gas sector, to rewrite the recommendations that were given to them by their own team of experts.”

Brad Herald, vice-president of Western Canada operations at the Canadian Association of Petroleum Producers, said the industry had no final say over the substance or language of the climate plan.

“They were seeking input from us. We offered that input, the same as we do in many other forums as the regulated community. Ultimately, they were the decision-makers in the space as they were with the Climate Leadership Team.”

Former Natural Gas Minister Rich Coleman said the consultations ensured the plan would meet B.C.’s greenhouse gas reduction targets while maintaining strong economic growth. The meetings were not intended to be secretive, he added.

“Our folks who were responsible for climate action were sent out to consult with everybody, including the petroleum industry, plus forestry and all the rest,” he said.

Environment Minister George Heyman said his government will announce in the next five to six weeks a new team of stakeholders to review the recommendations of the Climate Leadership Team and how to bring them forward.

The new NDP government intends to set emissions targets for 2030 and benchmarks for the transportation and building industries, he said.

The documents list over two dozen representatives from at least 16 corporations and industry groups who attended the Calgary meetings, including Shell, Suncor and Chevron. Shell referred questions to CAPP while Suncor did not respond to requests for comment.

Chevron said it participated in a January 2016 session to gather feedback on “draft recommendations” of the Climate Leadership Team.

“Chevron supports broad consultation on significant policy issues such as this and believes it appropriate that industry be consulted in helping the B.C. government achieve its emissions targets,” it said in a statement.

CCPA also submitted FOI requests for meeting minutes and summaries but none were released.

— Follow @ellekane on Twitter.

Laura Kane, The Canadian Press

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NEB inspectors cite Enbridge’s B.C. pipeline expansion construction failures

CALGARY — The National Energy Board is ordering a subsidiary of Enbridge Inc. (TSX:ENB) to take measures to improve worker safety and environmental protection after several infractions were spotted during field inspections of a B.C. pipeline expansion project.

The agency says it issued three orders to Spectra Energy Transmission concerning construction of its High Pine natural gas pipeline expansion project near Chetwynd, B.C.

The NEB says the new pipeline poses no immediate environmental or public safety concerns.

The company is cited for failure to construct bridges over watercourses according to specification, failure to protect environmentally sensitive areas near streams, lakes and wetlands from disturbance, and inadequate sediment and erosion control measures at watercourse crossings.

The NEB inspectors ordered the company to complete 27 measures. These included halting unsafe pipe handling activities, assessing the adequacy of project oversight, immediately ceasing travel on bridges and ramps that span two watercourses, and submitting company action plans to address management of construction activities.

The expansion project was approved a year ago. The pipeline moves 240 million cubic feet of natural gas per day to the British Columbia Lower Mainland and into the United States.

The Canadian Press

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AssetWorks’ Annnounces Their ELD is Now Certified On the Federal Motor Carrier Safety Administration (FMCSA) Registered ELDs List

Assetworks-Feature

AssetWorks, a leading provider of fleet management software, has certified their ELD as compliant with Federal Motor Carrier Safety Administration (FMCSA) ELD mandate requirements. After cautiously testing, developing and deploying the ELD devices, AssetWorks can provide the confidence to their customers that their ELD meets all of the requirements of the ELD Mandate. AssetWorks is … Read more

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If Ottawa wants to change the rules, it should pay for added Energy East pipeline regulatory costs: N.B. premier

Brian Gallant

FREDERICTON — New Brunswick’s premier says if Ottawa wants to change the rules of the regulatory process for the Energy East pipeline, it should pay the added costs.

In an open letter to Prime Minister Justin Trudeau, Brian Gallant says the proposed project is in jeopardy because the National Energy Board has said it would consider the impact of indirect greenhouse gas emissions caused by the project.

The premier says Ottawa should pay for the analysis of upstream and downstream emissions, along with similar analyses of other ways of supplying oil. Gallant says that’s one of the ways the federal government can demonstrate it is willing to give the project a reasonable hearing.

“Many people believe that the pipeline may ultimately be rejected due to political considerations,” Gallant says in the letter released Monday.

“I believe that this project is in jeopardy and that is not in the interests of this country.” 

TransCanada has put its application to build the $15.7-billion pipeline from Hardisty, Alta., to Saint John, N.B., on hold.

The Calgary-based company is calling the changes to the regulatory process “significant,” and has also warned that the entire project and related Eastern Mainline pipeline project could be cancelled.

 

The Canadian Press

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TSGI Corporation – The Niche Experts in SR&ED Services

tsgi logo feature

With experience in one hand and a passion for technology in the other, TSGI Corporation (‘TSGI’) occupies a unique vantage point on the Canadian energy industry landscape. Scientific Research & Experimental Development (‘SR&ED’) specialists, TSGI helps organizations across Canada benefit from the >$3B/yr government tax credit program. Located in Calgary, TSGI works with companies in … Read more

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Dynacorp Announces New Chief Operating Officer

dynacorp-logo

Dynacorp announces new Chief Operating Officer for the organization with a message from CEO Justin Morin: “On behalf of the Board of Directors of Dynacorp, Mr. Permann has been promoted to Chief Operating Officer for the entire Dynacorp Partnership & Organization. He will oversee the entire Canadian Operations for Dynacorp. This role is one of … Read more

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Five Things World Business Will be Talking About Today

September 18, 2017 (Bloomberg)  Geopolitical risks dissipate, China plans to open up its capital markets, and there are Brexit battles on the home front. Here are some of the things people in markets are talking about today. Pressure campaign U.S. Secretary of State Rex Tillerson said that the country is seeking “a peaceful solution” to the nuclear standoff … Read more

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Precision Drilling Hits US$150,000 Donation Target in Support of U.S. Gulf Coast Relief Efforts

Precision-Drilling-Feature

FOR: PRECISION DRILLING CORPORATION
TSX SYMBOL: PD
NYSE SYMBOL: PDS

Date issue: September 18, 2017
Time in: 1:11 PM e

Attention:

CALGARY, ALBERTA–(Marketwired – Sept. 18, 2017) – Precision Drilling
Corporation (“Precision” or “The Company”) (TSX:PD)(NYSE:PDS) is pleased to
announce that it has successfully raised US$150,000 in support of relief
efforts in the Houston and Gulf Coast region thanks to the generous donations
from The Company’s employees and directors. As previously announced, Precision
donated US$50,000 to the American Red Cross and pledged to match employee
donations to organizations involved in supporting relief efforts up to
US$50,000.

Over the past two weeks, Precision employees have also graciously volunteered
their personal time in addition to participating in The Company’s paid leave
charitable work program to help with flood recovery efforts. The Company would
like to thank those who donated and also thank those who have, and continue to
participate in efforts to aid individuals who were affected by Hurricane Harvey.

About Precision

Precision is a leading provider of safe and High Performance, High Value
services to the oil and gas industry. Precision provides customers with access
to an extensive fleet of contract drilling rigs, directional drilling services,
well service and snubbing rigs, camps, rental equipment, and wastewater
treatment units backed by a comprehensive mix of technical support services and
skilled, experienced personnel.

Precision is headquartered in Calgary, Alberta, Canada. Precision is listed on
the Toronto Stock Exchange under the trading symbol “PD” and on the New York
Stock Exchange under the trading symbol “PDS”.

– END RELEASE – 18/09/2017

For further information:
Carey Ford
Senior Vice President & Chief Financial Officer
403.716.4566
OR
Ashley Connolly
Manager, Investor Relations
403.716.4725
OR
Precision Drilling Corporation
800, 525 – 8th Avenue S.W.
Calgary, Alberta, Canada T2P 1G1
Website: www.precisiondrilling.com

COMPANY:
FOR: PRECISION DRILLING CORPORATION
TSX SYMBOL: PD
NYSE SYMBOL: PDS

INDUSTRY: Energy and Utilities – Equipment, Energy and Utilities –
Oil and Gas
RELEASE ID: 20170918CC0034

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.

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Oil Trades Near $50 a Barrel After Decline in U.S. Drilling

Oil Trades Near $50 a Barrel After Decline in U.S

September 18, 2017 (Bloomberg)  Oil traded near $50 a barrel in New York, close to a three-month high, as a further reduction in U.S. drilling added to signs the global crude surplus is abating. West Texas Intermediate futures slipped 0.5 percent after advancing 5.1 percent last week. Rigs targeting crude fell by seven to 749, … Read more

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Opportunity for Canada to Leverage Current Industry Trends and Expand It’s Petrochemical Role Locally and Globally

Canada has always played a significant role in the global petrochemical market place. The landscape however is changing, as new sources of local feedstock are now readily available and expanding demand for refined products is growing. Canada is in a strong position to leverage these current industry trends to expand and diversify its role on … Read more

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Invest in Your Operations People That Manage Risk on a Daily Basis – See Our Upcoming Events – Sign Up Today

ACM_Logo_feature

ACM helps the world’s largest operating and engineering companies as they strive to make the world a safer place. Today, as the largest company focused on process safety, ACM runs a business that provides standards-driven risk management by offering education, consulting services and software solutions to individuals and organizations, over a wide variety of industries, that … Read more

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The Benefits of Sales “Never” Management – What is that? Find Out HERE: Sandler Training

Sandler-Training

    Written by Hamish Knox; President of Sandler in Calgary, Canada Creating accountable, sales focused organizations in Calgary     A few weeks ago a client came in for a training session looking a little down. Gently asking what was up, they shared that their sales team hadn’t been accountable to doing a new activity … Read more

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IEA Sees Risk of Volatile Oil Prices on Weak Upstream Investment

IEA Logo Feature

September 17, 2017 (Bloomberg)  A dearth of new investment in oil production is stoking a risk of tighter crude supply and unstable prices, even as demand growth is expected to slow over the next five years, according to a senior International Energy Agency official. The worldwide cushion of spare production capacity will shrink without further … Read more

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OPEC, Stop Messing About. Give Us Data on Your Cargo: Gadfly

September 11, 2017 (Bloomberg Gadfly)  OPEC oil producers have made it clear that “doing whatever it takes” doesn’t include making deeper output cuts. It is time for the oil producer group to switch its focus from managing production to managing exports, and let the market take the strain in monitoring compliance. Exemplary compliance with output … Read more

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Trump Said Open to Staying in Climate Accord if Conditions Right

September 17, 2017 (Bloomberg) The U.S. administration hasn’t changed its position on the Paris climate accord, which continues to be that it will stay in the pact if it can find the right conditions, Secretary of State Rex Tillerson said. The top diplomat’s comments came a day after the European Union said President Donald Trump’s … Read more

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Public trust job one for head of Alberta environmental monitoring program

EDMONTON — Fred Wrona really, really wants you to trust him.

“The main piece that I’m working on is rebuilding public trust and confidence,” says the man charged with keeping track of Alberta’s land, water and sky.

As the province’s chief scientist, it’s his job to oversee the province’s much-maligned environmental monitoring program.

Since it was formed in 2012, that program has been kicked around like a soccer ball by critics from industry to First Nations. Originally an arms-length agency, it was yanked under the government’s wing by the New Democrats about 18 months ago, only to face another round of barbs, this time from scientists who feared a loss of independence.

So Wrona, a respected former Environment Canada water specialist who’s been with Alberta’s monitoring effort since the start, spends a lot of time talking about trust.

“I’ve been working very hard with communities to build trust, trying to reinstigate something that we used to have … which is a much better relationship with stakeholders, with government, with industry.”

Albertans will soon have plenty of chances to decide if the province’s monitoring is worthy of that trust.

Scientists have been in the field for five years now. Their first set of overall assessment reports — on lakes and rivers around the oilsands — is expected this fall.  

Next year, an ambitious set of plans on how monitoring will be expanded from the oilsands region to the entire province will be released. Wrona also wants to issue regular state-of-the-environmental reports.  

He says the monitoring department has a mandate to report directly to the public, not just to the minister.

“What I need to do is ensure we’re getting monitoring information out in a timely way. It’s one thing to monitor, but telling somebody about it three years from now in a report, it really doesn’t help from an enforcement point of view.

“I need to start looking at getting a monitoring system that’s much more efficient and reactive, as things are happening in real time.”

That system is gearing up. Scientists are being hired to reinforce capacity that had declined badly.

“It had eroded,” Wrona says. “I’ve been give the responsibility to help rebuild.”  

Partnerships and co-appointments with universities across the province are being explored — although he’s cautious about similar arrangements with industry.

“There’s a lot of scientific knowledge and capacity that sits within industry. What we need to do is look at how we tap into that expertise while being very cognizant of the fact we have to maintain public trust.”

Relationships are being rebuilt. Wrona is particularly proud of a panel that is meant to ensure First Nations are heard when research is being designed and interpreted.

“I don’t know of any other jurisdiction that has this type of arrangement — and responsibility.”

Ambition is one thing. Budgets are another.

All this work is paid for from two sources: a $50-million-a-year cheque from industry that gets shared among several agencies and $24.5 million from the province. That’s not likely to increase.

Still, he’s looking down the road at future challenges. Climate change is one.

The alpine snowpacks Alberta depends on for most of its water could be threatened. The province’s protected areas will also be affected.

“We have areas that we’re setting up for conservation and protection, but the environment is changing,” Wrona says. “Understanding the trajectories or where these are going, that’s sort of a smoking gun.”

But trust comes first.

“We have to be seen as authoritative, credible and objective.”

Bob Weber, The Canadian Press

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Oil Caps Best Week Since July as Demand Forecasts Improve

September 15, 2017 (Bloomberg) Oil had its biggest weekly gain since late July as Texas refineries recovering from Hurricane Harvey processed more crude and global demand forecasts brightened. Futures rose 5.1 percent this week in New York, settling just below the $50-a-barrel threshold that’s kept the industry in thrall. The increase was buoyed by higher … Read more

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Canada Weekly Rig Count Increases by 10 to 212 for Week Ending September 15th

oil-sill-feature-image

September 15, 2017 The rig count in Western Canada decreased by 10 this week to 212, according to data collected by Baker Hughes for the week ending September 8th. Last year at this time, only 132 rigs were active. From one week ago, Alberta rig counts decreased to 141 rigs from 134, the Saskatchewan rig … Read more

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Bonavista Energy Corporation Confirms Dividend for October 16, 2017

FOR: BONAVISTA ENERGY CORPORATION
TSX SYMBOL: BNP

Date issue: September 15, 2017
Time in: 4:05 PM e

Attention:

CALGARY, ALBERTA–(Marketwired – Sept. 15, 2017) – Bonavista Energy Corporation
(“Bonavista”) (TSX:BNP) confirms that a quarterly dividend of $0.01 per common
share will be paid in cash on October 16, 2017 to common shareholders of record
on September 29, 2017. The ex-dividend date is September 28, 2017.

Bonavista’s dividend policy is reviewed quarterly and is based on future
commodity prices, foreign exchange rates, our commodity hedging program,
current operations and future investment opportunities. This dividend has been
designated as an “eligible dividend” for Canadian income tax purposes.

Bonavista is focused on creating premium shareholder value through the
efficient development of high quality oil and natural gas assets.

Forward Looking Statements

Corporate information provided herein contains forward-looking information. The
reader is cautioned that assumptions used in the preparation of such
information, particularly those pertaining to cash dividends, which are
considered reasonable by Bonavista at the time of preparation, may be proven to
be incorrect. Actual results achieved during the forecast period will vary from
the information provided herein and the variations may be material. There is no
representation by Bonavista that actual results achieved during the forecast
period will be the same in whole or in part as those forecasts.

– END RELEASE – 15/09/2017

For further information:
Jason E. Skehar
President & CEO
OR
Dean M. Kobelka
Vice President, Finance & CFO
OR
Berk Sumen
Investor Relations Lead
OR
Bonavista Energy Corporation
1500, 525 – 8th Avenue SW
Calgary, AB T2P 1G1
(403) 213-4300
www.bonavistaenergy.com

COMPANY:
FOR: BONAVISTA ENERGY CORPORATION
TSX SYMBOL: BNP

INDUSTRY: Energy and Utilities – Oil and Gas
RELEASE ID: 20170915CC0044

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.

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National Accounting Firm MNP Joins Tundra Process Solution to Sponsor the Acceleration Centre for Entrepreneurs

MNP_logo_Feature

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Canada Gas Set to Strike Back Against U.S. Shale as Glut Eases

Canada Gas Set to Strike Back Against U.S. Shale as Glut Eases

September 14, 2017 (Bloomberg)  Canadian natural gas, locked in a fierce battle for market share with U.S. shale, may stage a modest recovery as output from some longtime producers wanes and pipeline maintenance ends. While Canadian gas will almost always trade for less than U.S. gas — due mostly to the cost of moving the … Read more

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Five Things World Business Will be Talking About Today

September 15, 2017 (Bloomberg)  North Korea fires again, pound rallies, and bitcoin falls. Here are some of the things people in markets are talking about today. Missile launchNorth Korea fired an intermediate-range missile that passed over Japan before crashing into the Pacific after traveling far enough to put the U.S. territory of Guam in range. The launch, which … Read more

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Oil Trades Near 5-Week High After Reaching $50 on Demand Growth

Oil Trades Near 5-Week High After Reaching $50 on Demand Growth

September 15, 2017 (Bloomberg) Oil headed for a second weekly advance on forecasts for accelerating crude demand and as U.S. Gulf Coast refineries continued to recover from Hurricane Harvey. Futures were little changed in New York, up 5.4 percent this week, after trading above $50 a barrel on Thursday for the first time in five … Read more

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Crescent Point Energy Confirms September 2017 Dividend

FOR: CRESCENT POINT ENERGY CORP.
TSX SYMBOL: CPG
NYSE SYMBOL: CPG

Date issue: September 15, 2017
Time in: 11:26 AM e

Attention:

CALGARY, ALBERTA–(Marketwired – Sept. 15, 2017) – Crescent Point Energy Corp.
(“Crescent Point” or the “Company”) (TSX:CPG) (NYSE:CPG) confirms that the
dividend to be paid on October 16, 2017, in respect of September 2017
production, for shareholders of record on September 30, 2017, will be CDN$0.03
per share.

These dividends are designated as “eligible dividends” for Canadian income tax
purposes. For U.S. income tax purposes, Crescent Point’s dividends are
considered “qualified dividends.”

Crescent Point is a leading North American light and medium oil producer that
seeks to maximize shareholder return through its total return strategy of
long-term growth plus dividend income.

CRESCENT POINT ENERGY CORP.

Scott Saxberg, President and Chief Executive Officer

Crescent Point shares are traded on the Toronto Stock Exchange and New York
Stock Exchange, both under the symbol CPG.

– END RELEASE – 15/09/2017

For further information:
Crescent Point Energy Corp.
Ken Lamont
Chief Financial Officer
(403) 693-0020 or Toll free (U.S. & Canada): 888-693-0020
(403) 693-0070 (FAX)
OR
Crescent Point Energy Corp.
Brad Borggard
Vice President, Corporate Planning and Investor Relations
(403) 693-0020 or Toll free (U.S. & Canada): 888-693-0020
(403) 693-0070 (FAX)
www.crescentpointenergy.com

COMPANY:
FOR: CRESCENT POINT ENERGY CORP.
TSX SYMBOL: CPG
NYSE SYMBOL: CPG

INDUSTRY: Energy and Utilities – Oil and Gas
RELEASE ID: 20170915CC0029

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.

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Police report repeated damage to Enbridge pipeline project in Hamilton

Hamilton police are investigating multiple instances of tampering at an oil pipeline project in the city.

Investigators provided few details about the incidents involving the Line 10 pipeline, which runs through Hamilton and is owned by Enbridge Inc. (TSX:ENB).

The damage consisted of holes drilled into the pipeline, adding there have been multiple instances of trespassing in the past week, police said Thursday in a release. No other information was available.

A 35-kilometre stretch of the Line 10 pipeline, which transports crude oil, is under construction as Enbridge looks to replace 30-centimetre steel pipe installed in 1962 with a more robust 50-centimetre variety.

Shortly before police announced the investigation, a group purporting to fight on behalf of Indigenous people and the environment sent an email to the Canadian Press taking responsibility for various instances of damage to the Line 10 pipeline.

The group contends it has been “sabotaging” sections of pipe since the replacement work began. They claim to have drilled holes of varying sizes in some sections of pipe and poured corrosive chemicals in others, but did not say if this occurred during the past week.

“We do this in solidarity with the Indigenous peoples of this area. A people who have been displaced, threatened and murdered since early colonial arrivals — who still continue to face this violence,” the email said, adding that previously laid sections of Line 10 would have to be replaced because of prospective damage.

Hamilton police would not comment on whether the group or its members were under investigation.

Enbridge said in a statement that the recent damage involved tampering with stored pipe, but did not immediately address the claims from the group.

“We treat these situations very seriously and will support the prosecution of anyone involved,” the company said. “Safety of the public, the environment and our workers is our top priority at Enbridge. Pipelines are no different than power lines or railway lines, and tampering with energy infrastructure puts people and the environment at risk.”

Enbridge has said the replacement pipe will run parallel to the existing line, within the same right-of-way, for the majority of its length.

The decommissioned segment of Line 10 will be “taken out of service safely and permanently, but left in place” when the new line is brought into service, it said in documents outlining the project.

Police are urging anyone who witnesses trespassing on the Line 10 construction corridor to report it immediately.

 

Michelle McQuigge, The Canadian Press

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ACM Facility Safety – Making The World A Safer Place Through Process Safety & Risk Management, Training and Risk Intelligence using PHA Analytics

ACM_Logo_feature

    Our mission is to make the world a safer place through culture, process safety, and technology. Today, as one of the largest companies focused on providing process safety solutions, ACM runs a business that provides standards-driven risk management by offering education, risk consulting services, and software solutions to individuals  and organizations, over a … Read more

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Knowing the emissions impact of pipelines is important in overall decision: Carr

Jim Carr

OTTAWA — Natural Resources Minister Jim Carr says the federal government has no intention of scaling back its push to study all emissions impacts from new pipeline proposals.

Carr is commenting a week after Trans Canada Corp., said it would suspend an application to build its $15.7 billion Energy East pipeline to re-evaluate its business case after the National Energy Board laid out a tougher review process that will include looking at indirect emissions related to the pipeline, from production to end use.

The minister says the government made clear in January 2016 that greenhouse gas emissions would be reviewed as part of an interim overhaul of the environmental assessment process, pending a full review and restructuring.

That review was completed earlier this year and a decision on the permanent process is expected this fall.

Carr says the government is not bending on including emissions as a factor to be considered when deciding if a project is in the national interest.

He says the interim principles helped inform the government’s decision to give the green light to projects like the Kinder Morgan Trans Mountain Expansion and it’s up to the company, not the government, to decide if the market forces are there to continue with any particular project.

The Canadian Press

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Partners pull plug on Aurora LNG project near Prince Rupert for economic reasons

CALGARY — In the latest setback to B.C.’s liquefied natural gas export industry prospects, the partners developing the Aurora LNG project say they are ending a feasibility study after four years.

Nexen Energy, a Calgary-based subsidiary of Chinese oil giant CNOOC Ltd., says it has decided with Japanese partner INPEX Gas British Columbia Ltd. to stop work on the proposal effective immediately.

The company says in a statement the current “macro-economic environment” doesn’t support building a large LNG business as proposed at Digby Island, west of Prince Rupert, B.C.

In July, a consortium led by Malaysia’s state-owned Petronas cancelled its $36-billion Pacific NorthWest LNG project near Port Edward, B.C., citing a downturn in market conditions.

The project would have included a natural gas export terminal on Lelu Island on the province’s northern coast and a 900-kilometre pipeline to bring the natural gas in from northeastern B.C.

The Aurora project was awaiting word on a B.C. environmental assessment certificate. Phase 1 was tentatively set to begin construction in 2020 and begin supercooling natural gas and shipping it to world markets by 2025.

Like Petronas, CNOOC says the Aurora partners will continue to produce natural gas from their Horn River wells in northeastern B.C. while monitoring the North American market to evaluate future investments.

In a statement Thursday, B.C.’s energy minister said Nexen and their partners were always clear that the project would be based entirely on global market conditions and low commodity prices.

“We will continue to work with industry to ensure that LNG development creates jobs and training opportunities for British Columbians, provides a fair rate of return for our resources, engages with First Nations as partners, and protects our air, land and water,” Michelle Mungall said.

In a recent report, the National Energy Board warned that Canada is a late entrant to the global LNG market and the next seven years will be critical to the development of the industry.

The Canadian Press

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Harvest Operations Corp. Announces U.S. $285 Million 3% Senior Note Offering and Pricing

FOR: HARVEST OPERATIONS CORP.

Date issue: September 14, 2017
Time in: 3:52 PM e

Attention:

CALGARY, ALBERTA–(Marketwired – Sept. 14, 2017) – Harvest Operations Corp.
(“Harvest” or the “Company”) is pleased to announce that it has agreed to issue
and sell U.S.$ 285 million senior unsecured notes due 2022 with a coupon rate
of 3% (the “Notes”). The Notes have been rated Aa2 and AA by Moody’s Investors
Service and S&P Global Ratings, respectively.

The Notes will be unconditionally and irrevocably guaranteed by Harvest’s
parent company Korea National Oil Corporation (“KNOC”). Closing of the offering
is expected on September 21, 2017.

HSBC Securities (Canada) Inc., CIBC World Markets Inc. and Citibank Global
Markets Inc. are acting as joint bookrunners and lead managers for the
offering.

Approval in-principle has been received for the listing and quotation of the
Notes on the Singapore Exchange Securities Trading Limited (SGX).

Harvest intends to use the net proceeds of the offering to repay in full
Harvest’s outstanding approximately U.S. $282,500,000 aggregate principal
amount of 67/8% Senior Notes due October 1, 2017.

The Notes have not been registered under the Securities Act of 1933, as amended
(the “Act”), and may not be offered or sold in the United States absent
registration or an applicable exemption from the registration requirements
under the Act. The offering will be made solely by means of a private placement
either to qualified institutional buyers pursuant to Rule 144A under the Act,
or to certain persons outside of the United States pursuant to Regulation S
under the Act.

This press release is neither an offer to sell nor a solicitation of an offer
to buy any security and shall not constitute an offer, solicitation or sale of
any security in any jurisdiction in which such offering, solicitation or sale
would be unlawful.

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. Forward-looking statements in this press
release may include, but are not limited to, the expected date of closing of
the offering and the expected use of proceeds. 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 – 14/09/2017

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
Website: www.harvestoperations.com

COMPANY:
FOR: HARVEST OPERATIONS CORP.

INDUSTRY: Energy and Utilities – Oil and Gas
RELEASE ID: 20170914CC0035

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.

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September 14, 2017 (Bloomberg)  Decision day at the Bank of England, the world’s biggest IPO may be delayed, and Trump seeks another deal with Democrats. Here are some of the things people in markets are talking about today. Bank of England At 7:00 a.m. Eastern Time the Bank of England will announce its latest monetary-policy decision, … Read more

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Oil Rises to Five-Week High Near $50 on Stronger Demand Outlook

Oil Rises to Five-Week High Near $50 on Stronger Demand Outlook

September 14, 2017 (Bloomberg)  Oil rose to a five-week high near $50 a barrel after the International Energy Agency and OPEC boosted their forecasts for crude demand. Futures gained 1.3 percent in New York, nearing $50 for the first time since Aug. 10. Global demand will climb this year by the most since 2015, the … Read more

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Careers: No Matter What Your Level: – Master the One-on-One Meeting

Careers Feature

 The one-on-one meeting between supervisor and staff is an invaluable tool for managing, but requires much attention to detail. Julia B. Austin explains best practices for getting the most out of the 1:1 by Julia B. Austin Whether you’re a CEO or a line manager, your team is just as important as a group as its … Read more

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Northern premiers want end of federal Northern Affairs

EDMONTON — The premiers of the three northern territories say they want the end of the federal department of northern affairs.

Premier Bob McLeod of the Northwest Territories says he and his colleagues want to be able to deal with Ottawa on the same basis as the provinces.

The request comes after the Trudeau government split the old department of Indigenous and Northern Affairs into two.

McLeod says dropping the northern affairs portfolio entirely would give those who live in the North more control over their own affairs.

He says his territory remains unhappy about federal decisions on Arctic energy development and protected areas, as well as foot-dragging on the implementation of an agreement to give the N.W.T. province-like powers.

Still, McLeod says he’s hoping for a positive response to the territory’s application for infrastructure money to start building roads into resource-rich parts of the North.

The Canadian Press

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Report questions the need to build new pipelines from the oilsands

TORONTO — A new report by the Centre for International Governance Innovation is questioning the need for new pipelines to carry oilsands production to tidewater for export.

Jeff Rubin, a senior fellow at the centre and a former chief economist at CIBC, says in the report that the claim that additional pipeline capacity to tidewater will unlock higher prices is not corroborated by either past or current market conditions.

Rubin says overseas markets pay even lower prices for bitumen than in North America, so there is no economic case for additional pipeline capacity to tidewater or expanded oilsands production. He says international commitments to reduce global carbon emissions over the next three decades will also reduce the size of future oil markets.

The report follows a move by TransCanada to ask the National Energy Board to put its application for the 4,500-kilometre Energy East pipeline on hold after the regulator said it would consider indirect greenhouse gas emissions in evaluating the pipeline.

Rubin recommends the National Energy Board consider a rapidly decarbonizing global economy as the base case when modelling future oil demand and use the heavy oil price benchmark Western Canadian Select when evaluating projects.

His report also noted that pension plans need to stress test their long-term investments in the oilsands against expected declines in global consumption.

The Canadian Press

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​​​​​Proposed Federal Tax Changes – What They Mean for Oilfield Businesses and What You Can Do – MNP

oil-sill-feature-image

On July 18, 2017, federal Finance Minister Bill Morneau introduced legislation to close “tax loopholes” that were allowing private corporations to receive certain levels of income at rates preferential to that of an employed taxpayer. As oilfield service companies tend to fall into this category, the proposed changes will have an impact on the sector … Read more

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Implied emissions cost of Energy East would consume half the project’s profit: Fraser Institute

Energy East Pipeline

By Kenneth P. Green Sept. 13, 2017 It seems that hardly a week goes by without some new announced barrier to the construction of pipelines to allow Canadian oil to flow to markets other than the glutted United States.The National Energy Board (NEB) recently issued a news release announcing the topics to be considered in its … Read more

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Kuwait Says OPEC May Decide on Extending Cuts in March 2018

OPEC

Sep 13, 2017 (Bloomberg) OPEC and allied oil producers will keep reviewing options for their agreement to cut output, and a final decision on extending the deal beyond March could be postponed until the first quarter of 2018, Kuwait’s oil minster said. The Organization of Petroleum Exporting Countries will consider all its alternatives if the market … Read more

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Five Things World Business Will be Talking About Today

September 13, 2017 (Bloomberg)  U.K. unemployment at a multi-decade low fails to lift wages, the IEA sees strong oil-demand growth, and the E.U. president delivers his State of the Union speech. Here are some of the things people in markets are talking about today. Good news, bad news Unemployment in the U.K. dropped to 4.3 percent … Read more

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Oil Climbs as IEA Sees Fastest Demand Growth in Two Years

Oil Climbs as IEA Sees Fastest Demand Growth in Two Years

September 13, 2017 (Bloomberg)  Oil rose as the International Energy Agency forecast the strongest demand growth in two years, while OPEC was said to discuss prolonging output cuts further into 2018. Futures gained 1 percent in New York after rising 1.6 percent the previous two sessions. The IEA boosted its forecast on stronger-than-expected consumption in Europe … Read more

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China plans nationwide ethanol use by 2020

BEIJING — China plans to expand use of ethanol in gasoline nationwide by 2020 to curb smog and fossil fuel demand, the government said Wednesday, joining United States, Brazil and other nations that use blended fuel.

The announcement adds to a series of initiatives to clean up smog-choked Chinese cities and control surging demand for imported oil. The government is spending heavily to develop an electric car industry and has raised sales taxes on vehicles with larger engines.

Plans call for China to develop a demonstration facility by 2020 that can make 50,000 tons of ethanol a year from cellulose, according to the Cabinet’s National Energy Administration. It said that would expand to commercial scale by 2025.

“It is an ideal alternative to fossil fuel,” said an unidentified NEA official quoted by the official Xinhua News Agency.

China is the world’s biggest energy consumer and auto market. It started producing ethanol from corn in 2004 but banned use of food crops in 2007, prompting suppliers to switch to straw stalks and other materials. About one-fifth of gasoline produced in China has added ethanol, according to Xinhua.

Regulators later eased the ban on use of food crops in some areas. Xinhua said the latest plan is intended in part to use up aging stockpiles of corn.

Other governments including Brazil and the United States require gasoline to contain from 10 per cent to as much as 85 per cent ethanol to curb emissions and reduce petroleum demand.

The NEA gave no indication what level of ethanol would be required, but Xinhua said it would be 10 per cent.

On Saturday, a deputy industry minister said Beijing is developing a timetable to phase out production and sales of traditional fuel cars. France and Britain announced similar plans in July.

___

National Energy Administration (in Chinese): www.nea.gov.cn

The Associated Press

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TransCanada Releases Corporate Social Responsibility Report, Featuring Enhanced Disclosure on Key Sustainability Topics

FOR: TRANSCANADA
TSX SYMBOL: TRP
NYSE SYMBOL: TRP

Date issue: September 13, 2017
Time in: 9:00 AM e

Attention:

CALGARY, ALBERTA–(Marketwired – Sept. 13, 2017) – Media Advisory – TransCanada
Corporation (TSX:TRP)(NYSE:TRP) (TransCanada) today released its 2016 Corporate
Social Responsibility (CSR) report, providing a comprehensive update on the
company’s performance on environmental, social and governance topics that
matter most to the communities, Indigenous groups and stakeholders involved
with or affected by our business across North America.

This year’s edition of the report reflects the input gathered through our first
external validation process for our CSR program that was conducted last year.
It included surveys and interviews with more than 700 internal and external
stakeholders to ensure we are providing the information that is most relevant
to them. It is also our first CSR report that adheres to the Global Reporting
Initiative’s G4 Core requirements – the most widely used comprehensive
sustainability reporting standard in the world.

This enhanced level of disclosure includes new data and performance metrics
relating to pipeline safety, stakeholder and Indigenous engagement, and updated
information on our position, strategy and performance related to climate change
and greenhouse gas emissions.

Titled ‘Delivering Energy Responsibly,’ this year’s report is structured in a
shorter, more concise format than previous years, focusing on three pillars.
Highlights include:

A Healthy and Safe Environment and Community

/T/

— Conducted more than 100 emergency exercises and drills at our facilities

in 2016
— $5 billion+ invested in emission-less energy sources, including nuclear,
wind and solar
— $20 million+ towards R&D in 2016, to enhance the safety and efficiency
of our operations
— 4,000+ acres of pollinator habitat restored on TransCanada-owned
properties

/T/

An Engaged Community

/T/

— 11,000 employee volunteer hours logged
— $16 million+ invested in more than 1,200 non-profit organizations in

local communities
— Engaged with more than 500 Indigenous communities in Canada, the U.S.
and Mexico

/T/

A Thriving Economy

/T/

— Employed more than 7,100 people across North America
— Paid $555 million+ in property taxes in local communities

/T/

TransCanada is committed to delivering the energy that millions of people
across North America depend on every day in an economically, socially and
environmentally sustainable manner and we continue to receive recognition from
third-party agencies for our achievements. For the 16th year in a row, we have
been named to the Dow Jones Sustainability Index (DJSI) World Index and earned
a place on the DJSI North America Index for the fourth consecutive year. We
have appeared on Corporate Knights’ Best 50 Corporate Citizens in Canada list
for the last seven years and are recognized by Corporate Knights for having the
highest number of women in executive management in Canada’s energy sector.

For more information, you can view or download a copy of the 2016 CSR report on
our website here.

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 a network of natural gas pipelines 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.

– END RELEASE – 13/09/2017

For further information:
Media Enquiries:
Mark Cooper / James Millar
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: 20170913CC0014

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.

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Energy Head Office Calgary is smothered by a tax and regulatory system that is broken and unpredictable – says Calgary Chamber: See their solutions focused city election press release HERE

Calgary Chamber of Commerce Feature

This election we need to build a Calgary that works CALGARY – In light of the upcoming Municipal Election, on behalf of its members, today the Calgary Chamber launches a solutions-focused platform of ideas to help Calgary work better – A Calgary that Works at the website YYCWorks.ca “We need to build a Calgary that works – one that creates … Read more

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Shell Canada shuts some gas operations due to southern Alberta wildfire

September 12, 2017 Reuters Shell Canada, a subsidiary of Royal Dutch Shell Plc , is shutting some gas operations in its Waterton complex in southern Alberta as a precaution against an uncontrolled wildfire raging nearby, the company said on Tuesday. The Waterton complex includes natural gas wells and a processing plant and has production capacity of … Read more

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Canada’s Desjardins mulls withdrawal from Kinder pipeline expansion

Pipeline-construction-canada

September 12, 2017 Reuters Canadian lender Desjardins is considering backing out of its C$145 million ($113 million) commitment to Kinder Morgan Inc’s Trans Mountain pipeline expansion, two people present at a meeting with the financial institution told Reuters.At the meeting last Thursday, Desjardins senior executives told aboriginal leaders the lender will consider their request to pull … Read more

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Oil will keep flowing, but UN sanctions hit North Korea hard

TOKYO — North Korea will be feeling the pain of new United Nations sanctions targeting some of its biggest remaining foreign revenue streams. But the Security Council eased off the biggest target of all: the oil the North needs to stay alive, and to fuel its million-man military.

Though the United States had proposed a complete ban, the sanctions by the U.N. Security Council to punish North Korea for its sixth nuclear test cap Pyongyang’s annual imports of crude oil at the same level they have been for the past 12 months: an estimated 4 million barrels. Exports of North Korean textiles are prohibited, and other nations are barred from authorizing new work permits for North Korean workers, putting a squeeze on two key sources of hard currency.

The measures were approved unanimously Monday.

The measures to punish Pyongyang for its Sept. 3 nuclear test also ban the country from importing natural gas liquids and condensates, and limit the import of refined petroleum products to 2 million barrels a year.

That could be a significant restriction.

According to Chinese customs data, North Korea imports nearly 2.2 million barrels a year in petroleum products, but some U.S. officials believe the true number is much higher: about 4.5 million barrels. So the 2 million barrel cap could be cutting existing imports 10 per cent, or slashing them by more than half.

But how much impact the oil and fuel component of the sanctions will actually have — even if strictly enforced, which is always a concern — is an open question.

David von Hippel, an energy expert with the Nautilus Institute think-tank who has done extensive research on North Korea, said he doubts that oil sanctions will hit the regime very hard.

“The textile sanctions actually might have more impact, as they are probably a good source of value-added income — value added by people you don’t have to pay much — for the regime,” he said. “But I’m not sure that they will really have much effect on the nuclear weapons and missile programs, given the priority that those initiatives must have for the DPRK leadership.”

DPRK is short for North Korea’s official name, the Democratic People’s Republic of Korea.

Von Hippel co-authored a report for Nautilus earlier this month that found even a major reduction in Chinese oil exports to North Korea would likely have only a muted impact on military activities because Pyongyang can safely be assumed to have significant stockpiles of oil. The report estimated North Korea may have enough in reserve to supply its military for a year of normal operations or a month at a wartime pace.

There have been signs, including reduced supply and skyrocketing prices, that North Korea has already started diverting oil products away from gas stations and other consumer outlets.

Rajiv Biswas, Asia Pacific chief economist for IHS Markit, also said he expects that Pyongyang can weather the import reduction.

“The new U.N. sanctions on oil exports to North Korea are relatively moderate in scope compared to the original U.S. proposal regarding oil exports, and would be unlikely to have much impact on the operations of the North Korean military,” he said.

Biswas noted, however, that the situation with China remains both crucial and complicated.

Chinese gasoline exports to the North fell sharply — to just 120 tons in July, compared to 8,262 tons in June — following a decision by China’s state-owned oil company, China National Petroleum Corporation, to cut sales due to concerns that North Korea is too high a credit risk. At the same time, however, Chinese exports of diesel to North Korea increased from 367 tons in June to 1,162 tons in July.

One metric ton is roughly equal to roughly seven barrels of crude oil.

“The North Korean regime is still getting some fuel supplies from China, which can keep its most essential operations functioning,” he said.

North Korea’s top envoy to a leading U.N. disarmament body said Tuesday his country “categorically” rejects the new sanctions.

Ambassador Han Tae Song also lashed out at the United States during a session of the U.N.’s Conference on Disarmament, saying North Korea denounces Washington’s “evil intention” and would “make sure the U.S. pays a due price.”

The new measures are sure to cause North Korea more economic pain. Textiles are one of North Korea’s major exports, with a total export value estimated at $750 million in 2016, and the tens of thousands of North Koreans working overseas send a significant portion of their earnings home to the regime. The measures also clamp down on joint ventures, which could stifle the North’s ability to trade and to acquire capital and know-how.

But what Washington failed to get was equally telling.

Along with settling for the compromise on oil, the U.S. unsuccessfully tried to get a travel ban and freezes on the assets of North Korean leader Kim Jong Un and Air Koryo, the North’s flagship airline. The U.S. proposed slashing projects employing North Korean workers abroad, but instead accepted sanctions aimed at gradually scaling them back.

The weakening of the sanctions reflects the longstanding rift between sanctions hawk Washington, and China and Russia, which advocate direct talks and more efforts to find a resolution through negotiations. The U.S. has rejected proposals from both countries that it stop joint military exercises with South Korea in exchange for a halt to North Korea’s nuclear and missile tests.

Both Beijing and Moscow had strong words for Washington.

China’s U.N. ambassador urged the council to adopt the freeze-for-freeze proposal and urged the U.S. to pledge not to seek regime change or North Korea’s collapse. Russia’s envoy said Washington’s unwillingness to have U.N. Secretary-General Antonio Guterres try to resolve the dispute “gives rise to very serious questions in our minds.”

___

Talmadge is the AP’s Pyongyang bureau chief. Follow him on Twitter at EricTalmadge and on Instagram @erictalmadge.

___

Associated Press writer Jamey Keaten in Geneva contributed to this report.

Eric Talmadge, The Associated Press



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Calgary Chamber Announces that Zen Earth Corp is a Finalist in the Environmental Stewardship Award

Zen Earth Logo

  On Friday it was announced that Zen Earth Corp is a finalist in the Calgary Chamber Environmental Stewardship Award. We are so excited about this news, the Calgary Chamber small business week week and the awards is bringing a bit of fun and recognition to our work. We have an amazing team of people, customers, … Read more

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Enbridge’s Line 3 oil pipeline upgrade challenged by Minnesota government

enbridge-logo-feature

September 11, 2017 Reuters Enbridge Inc’s upgrade of its Line 3 crude oil pipeline hit an obstacle on Monday after the U.S. state of Minnesota told a regulatory committee that it has no need for the project, and that the existing pipe should be shut.The testimony by Minnesota’s Department of Commerce is the latest challenge against … Read more

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British Columbia government raises carbon tax, corporate tax rate

BC_flag_feature

September 11, 2017 British Columbia’s New Democratic government said on Monday it would increase the Western Canadian province’s carbon tax rate by C$5 a tonne from April 1, 2018, and also raised the provincial corporate tax rate and taxes on higher earners.Unveiling an update to a February provincial budget drafted by the then right-of-center Liberal … Read more

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OPEC Data Are Said to Show August Output Falling as Saudis Cut

September 12, 2017 (Bloomberg) OPEC’s estimate of its oil production is expected to show a decrease in August from July as the group’s biggest member Saudi Arabia pared output, according to a person familiar with the matter. The 12 members of the Organization of Petroleum Exporting Countries bound by its agreement to cut output pumped … Read more

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Oil Steadies Near $48 as U.S. Refiners Return After Storms

Refinery Image-feature

September 12, 2017 (Bloomberg)  Oil steadied near $48 a barrel as refiners on the U.S. Gulf Coast continued to recover following two strikes from Hurricane Harvey, while Irma weakened further after moving inland. Futures slipped 0.5 percent in New York after rising 1.2 percent Monday. U.S. refiners closed by Hurricane Harvey more than two weeks ago … Read more

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Alberta sets up fund to help communities during coal phase-out transition

Alberta_flag_feature

EDMONTON — Alberta has set up a new grant program for communities looking to boost business as the province moves away from coal.

The Coal Community Transition Fund is open to municipalities and First Nations affected as Alberta phases out coal-fired electricity by 2030 to focus on renewables and natural gas.

Economic Development Minister Deron Bilous says the government wants to ensure these communities thrive through the transition.

The coal-mining town of Hanna, northeast of Calgary, has already received $450,000 through the program to work on economic diversification.

The application deadline for the coal transition fund is the end of November.

A provincial advisory panel is also expected to report back this fall on ways to create new jobs and retrain workers during the coal phase-out.

 

The Canadian Press

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Diesels on display in Frankfurt auto show despite scandal

FRANKFURT — Scandals. Recalls. Threats of bans. The diesel engine is a public enemy for many environmental activists and politicians.

And yet, when the world’s biggest automakers unveil new models at this year’s auto show in Frankfurt, among the new electric vehicles and digitally-enhanced prototypes there will also be diesel cars.

The carmakers at the show, mainly Germany’s big manufacturers, are hoping to modify diesel engines to make them cleaner rather than throw them out altogether. It’s a bid for stability in an industry roiled by change.

Here’s a quick look at the major themes and vehicles expected at the Frankfurt International Motor Show, which opens for journalists Tuesday and Wednesday and to the general public from Saturday through Sept. 24.

___

DIESEL DILEMMA

German carmakers, which have relied heavily on diesel, have been bruised by controversy over the technology since Volkswagen’s scandal, in which the company admitted to illegally rigging cars to turn off diesel emission controls when not on test stands. Subsequent investigation found that many diesels by other manufacturers met official test standards but emitted far more pollution during every day driving, often by exploiting legal loopholes that permitted them to turn off controls at certain temperatures. German carmakers are recalling some 5 million older diesel vehicles to tweak their engine control software in hopes of warding off pressure for diesel bans in some cities.

So expect a lot of emphasis on emissions-free technology such as battery-powered cars. Daimler will show off a fully electric, compact car under its EQ brand, which represents the company’s push into areas it has bundled under the acronym CASE: connected, autonomous, shared and services, and electric.

It also will unveil the Mercedes-Benz GLC F-Cell, a fuel-cell and battery plug-in hybrid that emits only water vapour. Fuel cell-powered cars are not yet a practical option for consumers, with only 33 hydrogen fuel stations in Germany, but it’s one possibility for the future in which government regulation will increasingly require low-emission vehicles.

___

DIESEL DESPITE THAT

But diesel remains in the mix —with what automakers say are better emissions controls to meet European Union standards in which cars will be tested under real-world driving conditions, as well as on test stands. Diesels get better mileage — a big consumer issue in Europe, where fuel taxes make gasoline painfully expensive. A litre of gasoline costs 1.31 euros in Frankfurt, or $5.97 a gallon. And diesels emit less carbon dioxide, meaning they help meet regulatory limits on the greenhouse gas believed to contribute to global warming. The new T-Roc small SUV from Volkswagen, for instance, will come with three possible gasoline engines to choose from — and three diesels. Automakers “won’t be shouting about it, but diesels will be part of their lineup,” says Ian Fletcher, principal analyst at IHS Market.

IHS estimates diesel’s market share will fall from 49.7 per cent in Europe to 46.9 per cent this year, and to 32.8 per cent by 2025.

Mercedes-Benz spent 3 billion euros to develop new diesels, which are already being used in its E-Class sedans.

___

THE HOME TEAM

Increasingly, carmakers are finding other ways to unveil new models than auto shows and that has become even more evident ahead of this year’s show. Volkswagen’s Porsche brand showed off its new Cayenne SUV at an extravagant event Aug. 29 with the Bohemian Symphony Orchestra Prague and dancers livestreamed from its home base in Stuttgart-Zuffenhausen. Automakers skipping the show this year include Fiat Chrysler’s namesake Fiat and its Jeep and Alfa Romeo brands, Peugeot and its DS luxury division, plus Nissan, Infiniti and Volvo.

Yet the Frankfurt show remains a very big deal for the home team: Daimler AG’s Mercedes-Benz luxury brand, Munich-based BMW AG, and Volkswagen, all of which will have giant display stands. Some 1,000 exhibitors will show off 300 premieres on 200,000 square meters of space. Chinese brands WEY and Chery will exhibit for the first time.

___

DIGITAL AND ELECTRIC DISRUPTION

Automakers will be eager to show off technologies that can help people get around without owning a car. That could include ordering rides through an app, sharing someone else’s car for a price, and autonomous vehicles.

Facebook COO Sheryl Sandberg, will speak at the opening ceremony, while Google is a sponsor for the media night. Computer security company Kaspersky Labs and AVL Software and Functions GmbH are showing off a product to protect cars from hackers. Daimler announced Wednesday it was investing in peer-to-peer car sharing company Turo and said it plans to fold its own car sharing pilot project, Munich-based Croove, ahead of Turo’s entrance into the German market in 2018.

___

HOT PRODUCT

The main reason to hold an auto show, of course, is to show off autos. Some of the models attracting the most industry attention will include: Audi’s A8 four-door sedan with an eight-speed transmission and all-wheel drive; the eighth generation of the Rolls-Royce Phantom; and a new version of Volkswagen’s Polo compact, which comes in gasoline and, yes, diesel versions.

Small SUVs remain a popular category for new vehicles. Car buyers like the higher seating position, while carmakers save development costs by putting a new body style on top of mechanical components they’ve already paid to develop for compact cars. They include: the SEAT Arona, Jaguar E-Pace, Kia Stonic, Citroen C3 Aircross, Skoda Karoq, and a so-far unnamed offering from Chery.

___

HYPERCARS

It wouldn’t be an auto show without freaky fast, completely unaffordable supercars to gawk at. Daimler has the Mercedes-Benz-AMG Project ONE, a two-seat hybrid with over 1,000 horsepower and a top speed of 350 kph (217 mph.) A teaser photo shows the silhouette of a car with a low silhouette and big wheel wells.

David McHugh, The Associated Press






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Canadian UAVs Launches Confined Space Inspection Services

Canadian UAVs Logo Feature

2017-09-11 —For Immediate Release Contact: Sean Greenwood +1 (403) 796-5102 CALGARY, Alberta, Sept. 8, 2017 – Canadian UAVs is proud to announce its latest line of asset integrity inspection services with its interior plant and asset inspections UAV (drone). Combined with its comprehensive exterior plant, stack and pipeline right of way inspection offering, Canadian UAVs now … Read more

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Cutting Your Marketing? Be Prepared…Your Revenue & Bottom Line Will be Cut Too! It’s That Simple!! Read Why HERE

William Joseph Communications

Whether successful or not, your business can always grow more, go further, be better. At least that’s how most forward-thinking businesses see it. To spark further growth, how do you cultivate and communicate your brand to new B2B and B2C consumers? Being authentic is a great start, but its your words and actions which help … Read more

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Trudeau Teams Up With Canadian Labor in Push for Nafta Reforms

September 11, 2017 (Bloomberg)  In Mexico City’s Nafta talks last week, few Canadians had a higher profile than Jerry Dias. He spoke to a labor rally and a conference. He met at length with Canada’s chief negotiator, Steve Verheul, over red wine and bar nuts. He held court with reporters regularly. Yet Dias is no … Read more

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Goldman Sees Spent Harvey Hurting Oil Use More Than Raging Irma

September 11, 2017 (Bloomberg)  As Hurricane Irma continues to leave destruction in its wake across Florida, Goldman Sachs Group Inc. says Harvey, the storm that struck Texas more than two weeks ago, remains a bigger concern for the oil market. While Irma, which made landfall in the Keys late Sunday as a Category 4 storm … Read more

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Five Things World Business Will be Talking About Today

September 11, 2017 (Bloomberg)  Irma loses power as it moves along the Florida coast, North Korea doesn’t launch, and there’s a Brexit vote in the U.K. parliament. Here are some of the things people in markets are talking about today. Irma weakens After making landfall in the Florida Keys yesterday morning as a Category 4 storm, Hurricane Irma weakened … Read more

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Oil Gains as Irma Weakens to Storm While U.S. Refining Returns

September 11, 2017 (Bloomberg)  Oil rose as Irma weakened to a tropical storm after hitting Florida, while Gulf Coast refining continued to recover following storm Harvey. Futures added 0.5 percent in New York after falling 3.3 percent on Friday. The intensity of Irma’s top winds have dropped to 70 miles (110 kilometers) per hour after … Read more

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Paralysis by MORE Analysis: Canada regulator’s plan for review of Energy East pipeline comes under fire

Energy East Pipeline

September 8, 2017 CALGARY, Alberta, Sept 8 (Reuters) – The Canadian energy regulator’s plan to assess indirect carbon emissions when considering TransCanada’s Energy East pipeline application sets a harsh precedent for future projects, the Alberta government and supporters of the pipeline said on Friday. TransCanada said on Thursday it may abandon the proposed 1.1 million … Read more

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U.S. oil drillers cut rigs for 3rd week in four as recovery stalls -Baker Hughes

September 8, 201  Reuters U.S. energy firms cut oil rigs for a third time in the past four weeks as a 14-month drilling recovery stalls with energy firms reducing spending plans in response to recent crude price declines.Drillers cut three oil rigs in the week to Sept. 8, bringing the total count down to 756, … Read more

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Canada Weekly Rig Count Up 1 to 202…Up 68 From Last Year – See Details HERE

oil-sill-feature-image

September 8, 2017 The rig count in Western Canada decreased by 16 this week to 202, according to data collected by Baker Hughes for the week ending September 8th. Last year at this time, only 134 rigs were active. From one week ago, Alberta rig counts decreased to 134 rigs from 130, the Saskatchewan rig … Read more

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Seeking asylum, selling pot, building pipelines: how politics mattered this week

OTTAWA — It’s been a week of strategizing by all three federal parties, with the Liberal caucus talkfesting in Kelowna, B.C., the Conservatives meeting in Winnipeg, and the NDP leadership candidates thumping their chests with new endorsements.

But against the backdrop of record-breaking hurricanes, a massive earthquake and a tsunami warning touching places where so many Canadians have spent happy days, the machinations of Canadian politics seemed small indeed.

The devastating weather events seeped into the caucus rooms, with the Liberals and the Conservatives scrapping over how or whether environmental protection should be integrated into economic policy.

Most of the politicians’ attention, however, was on tax policy, immigration and positioning for the fall session of Parliament.

As they plotted and brainstormed, there were some more concrete policy developments — involving asylum-seekers, legalizing marijuana and building oil pipelines.

Here’s how politics mattered this week:

ASYLUM IF NECESSARY, BUT….

Canada’s immigration door may well be open for Rohingya refugees and some of the “dreamers” who could soon see their status in the United States revoked, the federal government is indicating.

But for Salvadorans, Hondurans and Haitians thinking of walking illegally across the U.S. border into Canada? Not so much.

On Wednesday, the federal government said it would send Spanish-speaking MP Pablo Rodriguez to Los Angeles to make sure the Salvadoran and Honduran communities understand Canadian refugee rules — and their implications — before they risk crossing the border into Canada. The move mirrors the trip Haitian-born MP Emmanuel Dubourg made last month to Florida to head off the crush of Haitians heading to Canada to claim refugee status.

But on Thursday, Prime Minister Justin Trudeau struck a different tone. He suggested Canada’s willingness to bring in Rohingya refugees fleeing Myanmar. He also showed openness to accepting some of the 800,000 “dreamers” who arrived illegally in the United States as children and were allowed to stay, but now may have to leave.

A contradiction in attitude? Trudeau says no. Rather, he says Canada is open and compassionate to people who are truly refugees and who follow the right procedures.

The Conservatives aren’t buying it. Expect them to go hard on this file when Parliament resumes.

POT AND THE PROVINCES

Plans to legalize marijuana are ramping up (I won’t say ‘into high gear’) as the July 2018 deadline looms closer.

After some initial bristling this summer from some provinces about the federally imposed timeline and grumbling about the amount of resources from Ottawa, Ontario is now plunging ahead — the first province to roll out details about how it will meet Ottawa’s deadlines to have a system in place for the sale and regulation of cannabis.

The province plans to set up 150 storefronts run by Ontario’s liquor control board.

At the same time, the federal government is dedicating $274 million for policing and border control. And the Finance Department is forging a taxation regime that should be ready for consultation soon.

The momentum is unmistakable. But whether the provinces, the federal government and the public are all ready by next July is still an open question.

PIPELINE PREDICAMENT

The Liberals say frequently that they can — and must — marry economic development goals with environmental ambition and vow that oil pipelines will be built even as greenhouse gas emissions are reduced.

But on Thursday, TransCanada Corp., said it was putting its plans for the 4,500-kilometre Energy East pipeline on hold so that the company can figure out if it’s still viable after new regulatory expectations were rolled out last month.

The National Energy Board said in August that the approval process for Energy East will include — for the first time ever — an examination of emissions created at all stages of the project, from oil extraction to end use.

The hold on Energy East comes just weeks after Petronas cancelled its plans for a massive, $36-billion liquefied natural gas project in British Columbia.

Critics are quick to blame government red tape for driving away investment in natural resources and the Energy East news drew sharp condemnation from the Conservatives.

They argue that Trudeau’s environmental and economic goals are not compatible and environment is trumping the economy at a time when Canada can’t afford to be losing investment.

Heather Scoffield, Ottawa Bureau Chief, The Canadian Press

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IMPORTANT: How Proposed Tax Changes Could Impact Your Oilfield Business: WATCH & Link to More Info HERE

MNP_logo_Feature

How Proposed Tax Changes Could Impact Your Oilfield Business ​​On July 18, 2017, the Honourable Bill Morneau, federal Minister of Finance, released proposed changes to three areas of tax planning used by private corporations: income sprinkling, holding passive investments in a private corporation and converting income into capital gains. MNP has created a summary overview … Read more

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Is This the Last Straw for TransCanada? Energy East pause puts Liberal argument on environment and pipelines in question

OTTAWA — Federal government policies tying environmental impacts to regulatory approval of pipelines are sending investors fleeing for more certain ground, critics and pipeline proponents said Friday.

The comments come a day after TransCanada Corp., said it was asking the National Energy Board to suspend its application for the 4,500-kilometre Energy East pipeline between Alberta and New Brunswick for one month while it figures out if the NEB’s environmental assessment of the line will affect the economic argument for the project.

The NEB last month announced the outline of its new review process for Energy East and said for the first time the environmental assessment will include an examination of the greenhouse gas emissions created at all stages, from oil extraction to end use.

Canada West Foundation CEO Martha Hall Findlay, a former Liberal MP, said everyone wants to cut greenhouse emissions, but the government is not going to prove it can cut emissions and still build pipelines by “moving the goal posts in the middle of a major investment decision.”

She said her organization is supportive of putting a price on carbon as a means to cut emissions, but using the regulatory process to try and do it as well is the wrong policy.

Assessing the upstream and downstream emissions will not “make or break” the Energy East project, but it adds one more layer of delay to a project that has already been riddled with them, she added.

TransCanada had to redo its NEB application after the first attempt was deemed too complicated and then last fall the first assessment was suddenly halted and then shut down after complaints about conflicts of interest for some of the people chosen to make the decision.

The new process is the one that now adds upstream and downstream emissions to the table and has taken an entire year to get going again.

“My guess is this is the straw that broke the camel’s back,” said Germain Belzile, a senior associate researcher at the Montreal Economic Institute.

Belzile said he is very skeptical TransCanada will ever restart its application unless there are some major changes to the NEB process in the next month.

“I think it proves that even if the federal government says (pipelines can be built sustainably) what they are doing is creating an environment in which it is almost impossible to get a project approved in a timely manner.” he said.

Prime Minister Justin Trudeau said any big project has to balance jobs and economic growth against protecting the environment.

”So it’s up to companies and proponents to figure out the best path forward, but I think taking time to reflect and making sure it gets done right ends up saving time and energy in the long run,” he told reporters during a stop at a festival in St-Tite, Que., on Friday.

Natural Resources Minister Jim Carr was not available to speak about the issue Friday. He was in his Winnipeg constituency office, where he had a pre-scheduled meeting with NEB head Peter Watson.

The meeting was not intended to deal with Energy East but the matter was discussed briefly, a federal source said.

Carr is expected to unveil his government’s overhaul of the regulatory process, including environmental assessments, later this fall.

His spokesman, Alexandre Deslongchamps, said in a statement TransCanada’s decision is their own to make, but didn’t respond when asked whether Ottawa will reconsider the upcoming assessment plan in lieu of the decision to put the project on hold.

Last November, the Trudeau government approved two pipeline expansions to Enbridge’s Line 3 and Kinder Morgan’s Trans Mountain line. Construction began in August on the Line 3 expansion between Alberta and Wisconsin, but opposition to Trans Mountain from First Nations and the new B.C. government make its completion uncertain.

Hall Findlay said the big test for the Liberal assertion that protecting the environment doesn’t mean no new pipelines will be if Trans Mountain actually gets built.

Conservative natural resources critic Shannon Stubbs says Liberal energy policies are scaring investors and putting national unity at risk.

“This is just the latest example of energy proponents and investors in Canada not being able to do business because of the changes that the Liberals have brought in,” said Stubbs.

She added the government’s policies have led to a drop in investment in the energy sector in the last two years she says is the equivalent of losing three-quarters of Ontario’s auto manufacturing industry and all of Quebec’s aerospace industry.

“Rightfully that would be a national crisis,” said Stubbs. “We think the federal government should make the energy sector, the long term viability and sustainability of the sector, and oil and gas workers a priority.”

-follow @mrabson on Twitter.

Mia Rabson, The Canadian Press

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Five Things World Business is Talking About Today

September 8, 2017 (Bloomberg)  Florida braces for Irma, the euro advance continues, and U.S. consumers are hit by a huge cyberattack. Here are some of the things people in markets are talking about today. Hurricane Irma Irma’s on track to wreak havoc on Florida, after tearing through a chain of Caribbean islands, spurring Miami-Dade County’s biggest-ever … Read more

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Canada Wages Speed Up as Jobs Gain for 9th Month: Key Takeaways

September 8, 2017 (Bloomberg)  Canada’s labor market extended its longest run of gains since the 2008-2009 recession, with signs emerging that growing demand for jobs is also finally beginning to generate some wage gains. Highlights of the Jobs Report The country added 22.2k jobs in August, the ninth straight monthly gain, versus market expectations for … Read more

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Oil Set for First Weekly Gain Since July as U.S. Refiners Return

Oil Set for First Weekly Gain Since July as U.S. Refiners Return

September 8, 2017 (Bloomberg) Oil headed for the first weekly gain since July as Gulf Coast refiners ramp up crude processing after disruptions from Hurricane Harvey. Futures were little changed in New York, up 3.7 percent for the week. Only about 8 percent of U.S. refining capacity remains shut following the storm, which halted about 25 … Read more

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N.B. premier urges TransCanada to proceed with Energy East pipeline

new-brunswick-flag

CALGARY — New Brunswick Premier Brian Gallant says he will do whatever necessary to make sure the $15.7-billion Energy East pipeline proceeds and delivers crude — and jobs — to his province.

Gallant was responding to a surprise announcement Thursday that TransCanada Corp. (TSX:TRP) wants to suspend for now its application to build the proposed 4,500-kilometre pipeline, which would carry crude from Alberta and Saskatchewan to refineries in Saint John, N.B., and other parts of Eastern Canada.

TransCanada said it has filed a letter to the National Energy Board asking for a 30-day suspension for the project so it can study how the NEB’s decision last month to consider the Energy East’s contribution to upstream and downstream greenhouse gas emissions will affect “costs, schedules and viability.”

TransCanada is calling the changes to the regulator process “significant,” and warns that the entire project and related Eastern Mainline pipeline project could be cancelled.

It indicated that it may need to record a writedown of its investment in the project, if it is discontinued.

“Should TransCanada decide not to proceed with the projects after a thorough review of the impact of the NEB’s amendments, the carrying value of its investment in the projects as well as its ability to recover development costs incurred to date would be negatively impacted,”  the company said in a statement.

In a statement late Thursday, Gallant said he spoke with TransCanada CEO Russ Girling and was reassured that the company is still considering going ahead with the NEB process.

But a dour-sounding Gallant said the possible cancellation of the project would be a big blow to the province that hoped to see the creation of thousands of jobs linked to the pipeline.

“There’s no sugar coating it, TransCanada suspending its application in order to re-evaluate the viability of the Energy East pipeline project is not good news for those who want to see that pipeline built,” he stated. 

“We will do everything we can to have TransCanada continue the process, but there’s no doubt that it is possible they won’t.”

It’s another blow to the massive project after a review was derailed last year when members of the regulatory panel overseeing the NEB hearings resigned amid questions about a potential conflict of interest.

In January, the NEB invalidated nearly two years of decisions made by the previous panel and a new panel was appointed.

The Energy East review is taking place at the same time that the government considers a sweeping overhaul of the NEB following a report in May that said the system is broken and the NEB should be split into two agencies.

TransCanada had pitched Energy East as a “Canadian solution to a Canadian challenge.”

It said the 1.1 million barrels of crude that would be delivered across the country each day would displace hundreds of thousands of barrels of foreign oil currently imported into Eastern Canada daily.

The Canadian Press

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TransCanada seeking 30-day suspension of Energy East application: Has TransCanada Has Enough of the Political Nonsense?

Energy East Pipeline

CALGARY — The future of the Energy East pipeline has been thrown into question after TransCanada Corp. announced it wants to suspend for now its application to build the $15.7-billion project.

In a statement Thursday, Calgary-based TransCanada (TSX:TRP) says it filed a letter to the National Energy Board asking for a 30-day suspension for the proposed the 4,500-kilometre pipeline which would carry crude from Alberta and Saskatchewan to refineries in Eastern Canada.

The company says it wants to study how the NEB’s decision last month to consider the Energy East’s contribution to upstream and downstream greenhouse gas emissions will affect “costs, schedules and viability.”

TransCanada is calling the changes to the regulator process “significant,” and warns that the entire project and related Eastern Mainline pipeline project could be cancelled.

The NEB decision was cheered by environmentalists but considered a setback by the oil industry.

It’s another blow to the massive project after a review was derailed last year when members of the regulatory panel overseeing the NEB hearings resigned amid questions about a potential conflict of interest.

In January, the NEB invalidated nearly two years of decisions made by the previous panel and a new panel was appointed.

The Energy East review is taking place at the same time that the government considers a sweeping overhaul of the NEB following a report in May that said the system is broken and the NEB should be split into two agencies.

TransCanada had pitched Energy East as a “Canadian solution to a Canadian challenge.”

It said the 1.1 million barrels of crude that would be delivered across the country each day would displace hundreds of thousands of barrels of foreign oil currently imported into Eastern Canada daily.

 

The Canadian Press

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Indigenous protesters build tiny homes in Trans Mountain pipeline’s path

CHASE, B.C. — Members of the Secwepemc Nation in British Columbia say they are building the first of 10 tiny homes that will be placed directly in the path of Kinder Morgan’s $7.4-billion Trans Mountain pipeline expansion.

Kanahus Manuel of the Secwepemc Women’s Warrior Society says the house is a symbol of sustainability in the face of an environmentally damaging project and is based on homes built at the Standing Rock protest in the United States.

Manuel says she lived in a tiny home at the Dakota Access Pipeline protest for three months in 2016 and asked the designer of the building to create plans for buildings that could be placed in Trans Mountain’s path.

She says the mobile houses will be occupied by people struggling with a housing crisis in the Secwepemc Nation and will be 5.5 metres wide and 3.6 metres tall with a wood stove and solar panels.

Trans Mountain, a subsidiary of Kinder Morgan Canada, did not immediately respond to a request for comment but it announced yesterday that it had hired six contractors in advance of planned pipeline construction activities this month.

Fifty-one First Nations have signed mutual benefit agreements with Trans Mountain, including some bands that are part of the broader Secwepemc Nation, but the project still faces strong opposition from some Indigenous groups.

The Canadian Press

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Calfrac Well Services Raises Over $150,000 for Birdies for Kid’s Charities

Calfrac Logo Feature

Together with its valued partners, Calfrac holds a hole-in-one competition to raise money for Alberta-based children and youth charities CALGARY, ALBERTA, September 7, 2017 – Calfrac is pleased to announce that its 150 Putt Fore Charity held August 30 raised in excess of $150,000 for participating charities of the Shaw Charity Classic’sBirdies for Kids presented by AltaLink program. … Read more

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Drillform Announces Former Baker Hughes Executive as Latest Addition to its Board of Directors

CALGARY, Alberta, Sept. 07, 2017 (GLOBE NEWSWIRE) — Drillform Technical Services Ltd. (“Drillform”) is pleased to announce that Tom Whalen was appointed to Drillform’s Board of Directors effective September 1, 2017. Tom was President & Managing Director of Baker Hughes Canada from December 2013 to May 2016. Previously, he was Vice President of Baker’s Canadian … Read more

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Jaguar Land Rover to electrify all new vehicles by 2020

Jaguar-logo-feature

LONDON — Jaguar Land Rover says all of its new vehicles will be at least partially electrified by 2020.

The decision was announced Thursday in London and brings the British-based company in line with several other major producers moving away from relying solely on combustion engines.

Casey Parks, with the agency that handles the company’s North American communications, says the global change means all new cars will either be all-electric or hybrids.

CEO Ralf Speth said the company’s first fully electric performance SUV will go on sale next year as the Jaguar I-PACE.

He said the company, which is owned by India’s Tata Motors, is embracing “fully electric, plug-in hybrid and mild hybrid vehicles.”

The Associated Press

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Five Things World Business Will be Talking About Today

September 7, 2017 (Bloomberg)  Irma’s on the warpath, debt drama is delayed, and the ECB meeting looms. Here are some of the things people in markets are talking about today. Hurricane Irma Irma is heading towards Florida after smashing Puerto Rico as the category five storm accelerates through the Caribbean, threatening to turn into the most expensive … Read more

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If Enterprise Group was a Marijuana Stock, Investors Would Line Up

Enterprise Group logo Feature

Go ahead, buy some weed stock(s). No doubt it will eventually, be fun; maybe even profitable. With a very few exceptions, they’re not really investments yet, but early likely beats late. There’s even a (Canadian) Marijuana ETF: (TSX: HMMJ) opened in May 2017. The global medical cannabis market is expected to grow from $11.4 billion in 2015 … Read more

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Contractors picked for controversial Trans Mountain pipeline expansion: Construction starts this month

transmountain-logo

CALGARY — The company behind the controversial Trans Mountain pipeline expansion says it has picked contractors to work on the project extending between Alberta and British Columbia.

Kinder Morgan Canada says it has selected or signed agreements with six firms that have experience in building pipelines and major infrastructure projects in both provinces.

The company says contractors will directly hire individuals and sub-contractors, and there will be employment opportunities for local, regional and Aboriginal communities.

Construction on the $7.4-billion project is expected to begin this month, and the company says it will take about 28 months to complete.

The National Energy Board said last week the company has met the 157 conditions necessary for the expansion of a terminal in Burnaby, B.C.

The project would triple the capacity of an Alberta-to-B.C. pipeline and increase tanker traffic in the Vancouver area, but it has faced fierce opposition from several groups, including First Nations and environmentalists.

The Canadian Press

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Calfrac Well Services is Hiring – Canadian East Coast Hiring Fair! See Schedule & Dates HERE: Forward This to Anyone of Interest

Calfrac Logo Feature

Come see us at our East Coast Hiring Campaign! Calfrac has built a world-class oilfield services company with locations worldwide. We are currently hiring experienced field personnel who share our core values of ethics, energy and entrepreneurialism at our Red Deer and Grande Prairie, Alberta locations! We are currently recruiting talent in a number of … Read more

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Northland Power Announces Appointment of Chief Operations Officer

FOR: NORTHLAND POWER INC.
TSX Symbol: NPI.PR.B
TSX Symbol: NPI.DB.C
TSX Symbol: NPI
TSX Symbol: NPI.PR.A
TSX Symbol: NPI.PR.C
TSX Symbol: NPI.DB.B

Date issue: September 06, 2017
Time in: 6:12 PM e

Attention:

TORONTO, ON –(Marketwired – September 06, 2017) – Northland Power Inc.
(“Northland”) (TSX: NPI) (TSX: NPI.PR.A) (TSX: NPI.PR.B) (TSX: NPI.PR.C) (TSX:
NPI.DB.B) (TSX: NPI.DB.C) today announced an addition to the executive
leadership team.

Effective September 18th, 2017, Troy Patton will be joining Northland as Chief
Operations Officer. Troy brings to Northland more than 20 years of experience
in the power generation industry. Most recently, he served as the Chief
Executive Officer of Northern Power Systems, a US-based technology-focused
product company designing renewable energy solutions for the utility and
distributed power markets.

Prior to that, Troy was the Senior Vice President of Engineering and Products,
based in Denmark, at Vestas Wind Systems. Previously, Troy held senior roles
at General Electric in both the Gas Turbine and Wind Turbine businesses, after
a time as a Test Engineer at Pratt & Whitney Aircraft Engines. Troy began his
career in the US Navy nuclear program working as a Nuclear Power Plant
Operator on aircraft carrier and submarine vessels.

“We are very pleased to add Troy to Northland’s executive team,” noted John
Brace, CEO of Northland. “Troy has a long and successful track record of
maximizing the value of large-scale energy assets. His operational, commercial
and technical breadth positions him well to lead our fleet of thermal, solar
and wind power facilities. Troy’s strong focus on people development, along
with his demonstrated proficiency in engaging teams to continuously improve
operational performance, deliver projects on time and on budget, and adapt to
changing business and market conditions align well with Northland’s values and
business objectives.”

ABOUT NORTHLAND

Northland is an independent power producer founded in 1987, and publicly
traded since 1997. Northland develops, builds, owns and operates facilities
that produce ‘clean’ (natural gas) and ‘green’ (wind, solar, and hydro)
energy, providing sustainable long-term value to shareholders, stakeholders,
and host communities.

The Company owns or has a net economic interest in 1,754 MW of operating
generating capacity and 584 MW (534 MW net to Northland) of generating
capacity under construction, representing an 85% equity stake in Nordsee One,
and a 100% equity stake in the 252 MW Deutsche Bucht (DeBu) project; both
offshore wind projects are located in the North Sea.

Northland’s cash flows are diversified over four geographically separate
regions and regulatory jurisdictions in Canada and Europe.

Northland’s common shares, Series 1, Series 2 and Series 3 preferred shares
and Series B and Series C convertible debentures trade on the Toronto Stock
Exchange under the symbols NPI, NPI.PR.A, NPI.PR.B, NPI.PR.C, NPI.DB.B, and
NPI.DB.C, respectively.

– END RELEASE – 06/09/2017

For further information:

For further information:
Sarah Charuk
Director of Communications
647-288-1105

COMPANY:
FOR: NORTHLAND POWER INC.
TSX Symbol: NPI.PR.B
TSX Symbol: NPI.DB.C
TSX Symbol: NPI
TSX Symbol: NPI.PR.A
TSX Symbol: NPI.PR.C
TSX Symbol: NPI.DB.B

INDUSTRY: Energy and Utilities – Alternative Energy, Energy and Utilities –
Utilities, Energy and Utilities – Clean Technology, Energy and
Utilities – Pipelines

RELEASE ID: 20170906CC009

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.

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TransCanada cites hurricane in extending deadline for Keystone commitments

CALGARY — TransCanada Corporation (TSX:TRP) is giving customers an extra month to sign up for space on its Keystone pipeline system due to flooding from hurricane Harvey in Houston and other parts of the U.S. Gulf Coast.

The company launched its open season in July to solicit binding commitments for transportation of an additional 225,000 barrels of crude oil per day on the Keystone and Keystone XL pipelines from Alberta to the market hub in Oklahoma, and on to the U.S. Gulf Coast.

The deadline has now been extended to Oct. 26 from the original Sept. 28.

The last remaining regulatory barrier to the Keystone XL pipeline resides with Nebraska but the company has said going ahead with construction is also conditional on receiving sufficient commercial support.

 

The Canadian Press

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Oilsands crude pellets touted as cure for industry’s bitumen transport ills

Oilsands crude pellets touted as cure for industry’s bitumen transport ills

CALGARY — A University of Calgary professor says new technology that transforms heavy crude from the oilsands into small pellets is the pill that could cure the industry’s transportation headaches.

Ian Gates says his newly-patented technique creates self-sealing balls of bitumen of various sizes that can then be moved by rail, road or ship with less risk of environmentally- harmful spills, thus reducing the need for new pipelines.

The invention will jump from the lab into a pilot project starting in November to prove whether it will work in the field.

Canadian National Railway unveiled a similar-sounding technology earlier this year, announcing it had filed a patent application for CanaPux, a process that turns bitumen into a semi-solid for transportation by mixing and coating it with polymer.

But Gates says his system is better because it can be implemented in the field without chemical additives or complex equipment. The resulting pellets can be refined or used in making asphalt by the end user just like regular bitumen.

Opponents of new oilsands pipelines such as the Trans Mountain expansion through B.C. have argued that bitumen will be hard to clean up if it leaks into water because it sinks, but Gates says it is possible to inject an air bubble into his pellets to make them float.

He says he and his team at the Schulich School of Engineering discovered the technology accidentally.

“We were trying to upgrade bitumen and learned how to degrade it instead,” says Gates.

“We put it on the shelf for quite a while, because who would want bitumen pellets? It turns out there’s a huge market for this stuff.”

 

The Canadian Press

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First Nation leaders to press Desjardins to stop funding oilsands pipelines

CALGARY — First Nation leaders opposed to the oilsands say they are meeting with senior executives at Desjardins Group Thursday to try and convince the credit union to make its moratorium on new pipeline funding permanent.

The decision to meet will send a clear statement and will be an important step in opposing both the Energy East and Trans Mountain pipeline projects, said Regional Chief Ghislain Picard of the Assembly of the First Nations of Quebec and Labrador.

“Desjardins taking a stand, you know, making the moratorium permanent, would certainly have a strong effect.”

The credit union imposed the moratorium in July to review its policies around the energy infrastructure.

Andre Chapleau, a spokesman for Desjardins, said by email that the review process continues as it listens to various stakeholders internally and externally, including First Nations, ahead of a permanent decision this fall.

Picard said Thursday’s meeting between Desjardins and several leaders from the Treaty Alliance Against Tar Sands Expansion will be an opportunity to bring the group’s message directly to the credit union.  

“The industry and its lobby is very strong, we know that they won’t give up that easily. But at the same time, we can be just as firm in terms of expressing our positions, and making sure that they be heard.”

The Treaty Alliance will also be pushing to have Desjardins sell its existing $145-million stake in Kinder Morgan’s credit facility for the Trans Mountain expansion project, part of the company’s $5.5 billion in credit facilities for the project.

Grand Chief Stewart Phillip of the Union of British Columbia Indian Chiefs said the campaign is about battling the oilsands industry on all fronts.

“The oil and gas industry had a pretty unfettered access to the financial community, to the investment community in regard to their grandiose expansion plans up until now,” said Phillip.

“Now there’s greater scrutiny, and it goes hand in hand with the undeniable, irrefutable evidence of the catastrophic impacts of climate change.”

The pressure helped lead Dutch bank ING Groep NV to sell off its US$120-million investment in the controversial Dakota Access Pipeline in the U.S. in March, and to later clarify that it doesn’t plan to fund any Canadian oilsands pipelines.

Kinder Morgan Canada, however, said in an emailed statement that it has received an outstanding level of support within the financial community, including with its public stock listing and closing of its billions in credit facilities.

The company counts Canada’s six biggest banks among the more than 20 financial institutions, including Desjardins, who agreed to lend it money.

Kinder Morgan Canada also said that while it has signed benefit agreements with the vast majority of Indigenous groups along the pipeline route, it doesn’t expect to receive consent from everyone.

“It is unrealistic to expect a interprovincial pipeline system that spans over 1,150 km, including dozens of Indigenous communities and two provinces would achieve unanimous consent.”

Even if the First Nations who oppose the project manage to convince Desjardins to divest, the impact will be minimal, says AltaCorp Capital energy infrastructure analyst Dirk Lever.

“They’re small players in this. It’s not that they don’t matter, but they matter a lot less than if TD and the Royal Bank decided they were out. That would be a huge message.”

Lever said pipelines, and the oil and gas industry in general, are just too big a business for the banks to consider not funding them.

“I’d be shocked if they did, I really would be. That would just be throwing in the towel on the industry.”

 

 

 

Ian Bickis, The Canadian Press

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Shell Seeks to Boost LNG Demand in Order to Build New Plants

September 5, 2017 (Bloomberg)  Europe’s biggest energy company is investing in projects to boost global gas demand and aims to continue feeding the market it’s nurturing with new liquefied natural gas export plants. Royal Dutch Shell Plc is supporting the development of gas use in heavy transport such as shipping and is also helping smaller … Read more

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Nafta Partners Tout Progress and Downplay Effect of Trump Threat

September 5, 2017 (Bloomberg)  Trade negotiators from the U.S., Canada and Mexico praised the work of their teams in the first weeks of talks on the North American Free Trade Agreement, sidestepping President Donald Trump’s threats to pull out of the deal. U.S. Trade Representative Robert Lighthizer, Mexican Economy Minister Ildefonso Guajardo and Canadian Foreign … Read more

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Oil Rises to 3-Week High as Refineries Restart After Harvey

Oil Rises to 3-Week High as Refineries Restart After Harvey

September 6, 2017 (Bloomberg)  Oil rose to a three-week high as key refineries and pipelines restarted from shutdowns forced by Hurricane Harvey, reviving crude demand in the heart of the U.S. energy sector. Futures added 1.2 percent in New York after closing 2.9 percent higher Tuesday, while in London Brent climbed to its highest since May … Read more

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France to ban oil, gas output on home soil in symbolic step

Flag of France Feature Image

PARIS — France’s government is unveiling a law to ban all production and exploration of oil and natural gas by 2040 on the country’s mainland and overseas territories.

The move is largely symbolic, however, as France’s oil and gas production represents just 1 per cent of national consumption — the rest is imported.

Current drilling permits will not be renewed, according to the draft bill obtained by The Associated Press. The bill is to be formally presented in a Cabinet meeting later Wednesday.

France currently has 63 oil and gas drilling on its territory.

The government claims such a ban is a world first. It is part of a larger plan to wean the country’s economy from fossil fuels, to encourage clean energy and fulfil France’s commitments under the Paris Climate Agreement to curb global warming.

The bill elaborated by Environment minister Nicolas Hulot also includes a definitive ban on all shale gas exploration and extraction.

Until now, only hydraulic fracturing, a process better known as fracking, was banned. All other potential methods and experimentations are now to be prohibited.

Hulot has already announced in July that France will stop producing power from coal — now 5 per cent of the total — by 2022.

In parallel, the country wants to reduce the proportion of its power from nuclear energy to 50 per cent by 2025, from the current 75 per cent.

The Associated Press


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TransCanada to extend Keystone System Open Season

FOR: TRANSCANADA
TSX SYMBOL: TRP
NYSE SYMBOL: TRP

Date issue: September 06, 2017
Time in: 9:20 AM e

Attention:

CALGARY, ALBERTA–(Marketwired – Sept. 6, 2017) – Media Advisory – TransCanada
Corporation (TSX:TRP)(NYSE:TRP) (TransCanada) today announced an extension of
the Keystone System Open Season to October 26, 2017 due to the historic
flooding and catastrophic impacts to Houston and parts of the U.S. Gulf Coast.

The Open Season, which was launched on July 27, 2017, is to solicit additional
binding commitments from interested parties for transportation of crude oil on
the Keystone Pipeline and for the Keystone XL Pipeline Project from Hardisty,
Alberta to markets in Cushing, Oklahoma, and the U.S. Gulf Coast.

Interested parties may submit binding bids for transportation capacity during
the Open Season that will close at 12 p.m. MT on October 26, 2017. Shipper
information regarding the Open Season is available by contacting:

/T/

Byron Levie
1.403.920.2947
byron_levie@transcanada.com
Lindsay Mackay
1.403.920.6321
Lindsay_mackay@transcanada.com

/T/

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 a network of natural gas pipelines 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.

– END RELEASE – 06/09/2017

For further information:
Media Enquiries:
Terry Cunha / Matt John
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: 20170906CC0026

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.

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‘The Canadian construction sector is for sale,’ as Aecon looks for a bidder

‘The Canadian construction sector is for sale,’ as Aecon looks for a bidder

Canada’s construction industry may soon have a better idea of how attractive it is to the increasingly globalized building sector as one of its biggest catches sits on the auction block awaiting bidders.

Toronto-based Aecon Group Inc. is in the process of courting suitors after it put it itself up for sale Aug. 25, a move analysts say will draw players across Europe, the U.S. and China looking to size up the company’s — and Canada’s — potential.

In its 140-year history, Aecon has been involved in landmark construction and engineering projects, including the CN Tower, Vancouver’s SkyTrain and the Halifax Shipyard. It currently has major contracts for Toronto transit and nuclear refurbishment, among others.

However, analysts say its value has taken a major hit from the drop off of energy and mining projects due to a commodities downturn in recent years. Aecon’s share price has plunged 23 per cent in the past year alone to hover around $14 just before it announced it was weighing its options.

“The Canadian construction sector is for sale right now, it’s pretty cheap,” said Frederic Bastien, an analyst at Raymond James.

Bastien said there’s only a handful of companies globally that could make a serious bid for the company and that it would likely cost at least $1.5 billion to take it over. Interested parties could include Spain’s ACS Group, U.S.-based AECOM and Italian firms Astaldi and Salini, he suggested.

However, he added, any firms looking to bid on Aecon will be making a bet on a recovery in the resource sectors, as well as banking on an increase in government infrastructure spending.

“You have to believe that the natural resources sector will pick up, you have to be attracted, obviously, to the infrastructure spending.”

The federal government has been looking to give the construction sector, and the economy, a further boost with promises of $180 billion in infrastructure spending over 12 years, but analyst Mona Nazir at Laurentian Bank Securities says the initial excitement has worn off as the spending has been slow.

“We still haven’t seen that huge surge, and I think the initial expectations for that single high-digit organic growth, or even double digit growth, those expectations have been tempered in the market.”

She said the proposed $35 billion infrastructure bank, while also slow to get going, could speed up projects once it gets established, while the impact of the hit to commodity prices is starting to dissipate.

CIBC analyst Jacob Bout added Germany’s Hochteif as a possibility, but noted big international construction firms have become more focused on the U.S. market as it heats up, while also adding that Canadian regulators might not be so welcoming to Chinese interests. 

AltaCorp Capital analyst Chris Murray speculated in a note that some of the most likely buyers are those who have already worked with Aecon, like U.S.-based Kiewit Corp and ACS Group.

He said he doesn’t see Canadian companies like SNC-Lavalin, WSP Global or Stantec making a run for Aecon because they’ve been increasingly turned focus to pure design work and away from construction, though at least one domestic company, privately-held construction firm Beattie LP has expressed an interest.

Murray said he expects to see strong interest for the company based on Aecon’s record backlog of projects, its very strong positioning in Canada and expectations that the country will remain one of the most robust infrastructure markets globally.

“With the announcement, we believe other bidders are likely to emerge making for a robust auction process for a very unique asset.”

Ian Bickis, The Canadian Press


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Don’t Miss This! Federal Tax Reform Presentation – What it Means for You and Your Business – Red Deer Oil & Gas Show – Wednesday, September 13th: Registration is FREE: See Details HERE

MNP_logo_Feature

  ​​​MNP will be presenting on​ the Federal Tax Reform Announcement and what it means for you and your business. Proposed regulatory changes to tax planning strategies, such as passive investments and converting income into capital gains, could have significant impact on the oil and gas sector. This timely presentation at the Red Deer Oil and … Read more

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The Updated 2017 RPS-PEICE Course Catalogue Now Available for Download

peice logo

The updated 2017 RPS-PEICE course catalogue now available for download. This 24 page brochure contains course details and outlines of the most popular courses and will be helpful when planning your fall training.  You can download your copy here. About RPS-PEICE RPS-PEICE is a leading provider of short (1 to 5 days duration) classroom courses, … Read more

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Petrolia Announces Mailing of Management Information Circular with respect to Annual and Special Meeting of Shareholders

FOR: PETROLIA INC.TSX VENTURE SYMBOL: PEADate issue: September 05, 2017Time in: 2:03 PM eAttention:
QUEBEC CITY, QUEBEC–(Marketwired – Sept. 5, 2017) – Petrolia Inc. (TSX
VENTURE:PEA) (“Petrolia” or the “Company”) announces that it has mailed its
man…

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Five Things World Business Will be Talking About Today

September 5, 2017 (Bloomberg)  North Korea “begging for war,” China bans initial coin offerings, and it’s a busy week in central-bank speak. Here are some of the things people in markets are talking about today. Korea crisis U.S. President Donald Trump agreed to back billions of dollars in new weapons sales to South Korea after … Read more

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