FACILITYCalgary

+ Alberta government considering rail-shipping bitumen to west coast for offshore export in face of U.S. resistance to oilsands product

+ Altus Group Income Fund acquired Brazos Tax Group

+ BP PLC selling $30 billion in assets to cover Gulf of Mexico clean up costs

+ ConocoPhillips to sell entire LUKOIL stake $3.44 billion

+ Enbridge Inc. experienced 3.3 million litre crude pipeline spill in Michigan

+ Fairborne Energy Ltd. acquired $71.5 million in Marlboro/Pine Creek producing assets

+ North West Upgrading to handle provincial royalty bitumen; will partner with CNRL to build $5 billion processing facility near Redwater

+ Petrominerales Ltd. acquired a 5.2% interest in InterOil Exploration & Production ASA

+ Qatar made its first shipment of LNG; bound for Brazil due to low North American prices

+ Royal Dutch Shell PLC announced it will sell US$ 8 billion in assets

+ Schlumberger Ltd  & Smith International Inc. merger got approval from European Commission and got clearance from U.S. Department of Justice

+ Storm Exploration Inc. announced its plan of arrangement with ARC Energy Trust to close Aug. 17; newco will be called Storm Resources Ltd.

+ Talisman Energy Inc. reported 2^nd qtr. cash flow of $812 million, down from $897 million last year

+ TransCanada Corp.’s Keystone XL pipeline project facing regulatory & political roadblocks in U.S.

+ weekly economic update from ATB Financial

+ readers are encouraged to forward news items, commentary, feedback & items for our 'on the move' section by writing to: research@maxcomm.ca  . We welcome your information – send us information on corporate news, key staff appointments, financings and notices of upcomg industry and charity events.

+ Bob Dudley to Pres. & CEO @ BP PLC, replacing Tony Hayward

+ Calvin McClary to Calgary Manager @ ISL Engineering and Land Services

+ David Blewden to CFO @ Sterling Resources Ltd.

+ Stephen Clark to CFO @ Mullen Group Ltd.

+ John Lau to Pres. & CEO, Asia Pacific @ Husky Energy Inc.

+ Randy Heaps to COO @ ISL Engineering and Land Services

+ Alhambra Resources Ltd. is on the market to raise US$6 million in new equity

+ CGX Energy Inc. increased its new equity financing to $17.5 million

+ H&R REIT closed $100 million convertible debt financing

+ MEG Energy Corp. raised $700 million in IPO equity financing

+ TransGlobe Energy Corporation secured a new US$ 100 million credit facility

+ Vantex Resources Ltd. closed $2,045,000 flow through equity financing

+ the race (or is it a crowded walk?) for the Mayor’s chair in this fall’s election is getting funny; with 6 weeks to go before the nomination deadline, the field is already 12 with Barb Higgins being the latest to enter the race. I remember a great woman candidate for mayor a couple of elections ago with a lot of experience and political credibility (Bev Longstaff) the citizens of Calgary didn’t support, so I see Higgins great smile and zero experience expressing a political opinion as lacking the required depth and, having Rod Love as her strategist ain’t the credibility it used to be.

+  the U.S. economy remains shaky, but not as shaky the economy of most countries in Europe, so don’t look for a legitimate economic recovery anytime soon; foreclosure stats in the U.S. are so robust that the percentage of home ownership is the lowest in a decade, unemployment remains above 10% and there is no good news on the horizon. While Canadian politicians and bankers remind us that things are better here (and obviously oil-driven better here in Calgary), the reality is this – our economy is always tied to the U.S. and nothing is going to change that any time soon.  This fall/winter retail performance (likely poor) and continued global uncertainty suggest softening of consumer confidence and housing prices will continue as long as political leaders focus on debt reduction rather than growing the economy.  U.S. mid-term elections are excused as the fear factor, but don’t expect a different political strategy in 2011.  Oil will be strong, natural gas will be weak, work hard, pay down debt – will be the message. 

+ capital projects for oilsands and pipelines are active because companies are investing now  while costs are down – which is good news for engineering firms now and construction firms later, but expect large amounts of infrastructure fabrication to be done offshore in Korea and China

+ the summer BBQ circuit has proven little in terms of politics; Mr. Ignatieff has failed to spark confidence in his agenda, so expect a continuation of Prime Minister Harper’s minority government.  On the provincial scene, Premier Ed Stelmach continues to believe hard work and a band-aid box agenda that bolsters rural concerns and preserves his status quo will work for Albertans. He is misjudging the mood of voters worse than Ralph Klein did in his final years. Winds of change are swirling and he’s ignoring all weather reports.  Ed’s a nice guy, but sadly lacks the intellect this province needs at the helm

+ Shield Infrastructure Group consortium  to design and build the Ontario Provincial Police Modernization project; 18 facilities located throughout Ontario - Bird Construction Income Fund is the construction partner

+ Li Ka-shing’s Cheung Kong Infrastructure Holdings Ltd. offered US$9.1 billion for Electricite de France SA’s United Kingdom power networks

+ Renovalia Energy is planning a $258 million 120 megawatt wind farm at Peace Butte near Medicine Hat