+ Argent Energy Trust in default on its credit facility terms (they have a 60 day cure period); has engaged advisors to explore sale alternatives
+ Artis REIT engaged advisors to sell a portfolio of office towers (some or all of its Calgary properties)
+ Athabasca Oil Corporation entered a $450 million JV agreement with Murphy Oil Company Ltd. to develop light oil prospects in the Duvernay and Montney; Murphy to pay $250 million to Athabasca
+ current energy prices – live link to Bloomberg energy prices; WTI softening on China consumption concerns and rising OPEC supply …
+ Dan Doyle’s interesting piece – 60 Reasons Why Oil Investors Should Hang On is worth a read and a chuckle; it is probably more ‘off a little’ than ‘bang on’, but thought provoking general-isms without benefit of deeper in-country knowledge in places like Nigeria, Venezuela, Russia and China, but a fun read
+ Eagle Energy Trust completed its arrangement/conversion to a corporation; now Eagle Energy Inc.
+ Enbridge Inc. acquired Tupper Main and Tupper West gas plants and related infrastructure from Murphy Oil Corporation for $538 million
+ FACILITYCalgary’s new OP-ED page: ‘Is 2016 another cyclical problem, or an enormous opportunity’ by Mark Kolke - click VIEWPOINT guest articles welcome …
+ Gunvor Group closed its acquisition of the Kuwait Petroleum Europoort Refinery in Rotterdam, Netherlands; terms not disclosed
+ Hardisty crude-to-rail terminal expansion plans of USD Group seem scuttled; they withdrew their application following announcement by CEAA that stricter environmental safeguards would be required
+ High North Resources Ltd. in default; ATB placing them in receivership
+ LGX Oil + Gas Inc. engaged advisors to begin a strategic review process
+ National Energy Board and pipeline industry facing changes; Auditor General Audit Report and Trudeau government announcements indicate more extensive review process on future pipelines and ‘greenhouse gas’ re-assessment of pipelines and LNG export terminals already involved in an approval process … tic toc ….
+ Notley Government announced its Petrochemical Diversification Program; offers $500 million in royalty credits. General in nature, this is widely expected to be ‘the framework’ required for Williams Energy Canada’s new propylene plant and ‘soon to be announced’ polypropylene plants for Fort Saskatchewan
+ Notley Government released their ‘new’ royalty system report (it cost $3 million), essentially a ‘no change for 10 years’ on existing wells and oilsands, ‘small changes on new wells after 2017’; industry anxiety for six months of waiting seems to have been a waste of anxiety, and an unnecessary imposition of uncertainty by the government at a time when the industry is quaking from price shocks; link to New Royalty Framework
+ Notley Government announced 39 new Q.C. appointments – check it out - see who you know
+ Penn West Petroleum Ltd. announced its 2016 CapEx Budget is $50 million
+ Pekarsky Co. branching out; opened a full blown Toronto operation, led by Jessica Young
+ Petromanas Energy Inc. agreed to sell its Albanian assets to Shell Upstream Albania B.V. for US$45 million
+ Royal Dutch Shell got shareholder approval for its US$50 billion BG Group acquisition
+ Scotiabank closed its acquisition of Citigroup’s retail and commercial banking operations in Panama and Costa Rica for US$360 million
+ Spyglass Resources Corp. in receivership, court approved sale of assets
+ thank you to Premiere Office Movers – you’ve renewed your commitment to FACILITYCalgary for another year; we appreciate the relationship and your continued support!
+ Toombs Inc. – CORRECTION FROM LAST WEEK: Toombs Inc. sold their Vancouver business ONLY; they continue with Calgary and Edmonton operations, biz as usual … oops/sorry, we gave the wrong impression last week
+ Touchstone Exploration Inc. closed the sale of its Kerrobert, SK facilities
+ TransForce Inc. closed the sale of its waste management business unit to GFL Environmental Inc. for $800 million
+ Trican Well Service Ltd. agreed to sell its U.S. pressure pumping business to Keane Group for US$200 million
+ AND… last call: get my 'Strategy Paper on negotiating leases in 2016 - Calgary/office', send an email to: mark.kolke@calgaryofficespace.com with ‘Strategy Paper’ in subject line
