+ June 8, IFMA Annual Golf Tournament, Inglewood Golf Course
OIL SANDS NEWS
+ Imperial Oil Limited announced plans to build a new oil sands research centre in SE Calgary near its new Quarry Park Campus; a LEED Gold standard facility to open in 2017
+ Laricina Energy Ltd. shutting down its Germain project and halting its planned Saleski JV to save cash …
+ Shell Canada Limited withdrew its regulatory application for its Pierre River Mine to focus on existing oil sands operations
+ Southern Pacific Resources Corp, under CCAA protection, is looking for bidders to buy the company or restructure
QUOTES
“Treat this crisis as practice for the next crisis.” – John Parenti
“The Chinese use two brush strokes to write the word ‘crisis’. One brush stroke stand for danger; the other for opportunity. In a crisis, be aware of the danger – but recognize the opportunity.” – John F. Kennedy
+ Baytex Energy Corp. announced its revised 2015 CapEx Budget is $575 million, down from $650 million announced earlier
+ beef producers are reeling again as new case of BSE has caused reaction among customers; Peru, Taiwan and Belarus are now blocking Canadian beef over one (1) mad cow case
+ Bonterra Energy Corp. agreed to acquire a portfolio of Pembina Cardium oil and gas assets for $172 million
+ Cardinal Energy Ltd. agreed to acquire Pinecrest Energy Inc. for $23.5 million
+ Canadian National Railway Co. reached tentative agreement with unions to avert CN’s threatened lockout
+ Crius Energy KKC agreed to acquire TriEagle Energy LP for US$22 million
+ Elkwater Resources Ltd. is changing its name to Striker Exploration Corp.
+ Enerplus Corporation reduced its 2105 CapEx Budget to $480 million, off 24% from earlier announcements
+ Greek debt crisis softens as agreement with Eurozone finance ministers has been reached; US$273 billion bailout package .. tic toc goes the time bomb …
+ Imperial Oil Limited announced plans to build a new oil sands research centre in SE Calgary near its new Quarry Park Campus; a LEED Gold standard facility to open in 2017
+ Ivanhoe Energy announced it will make a filing under the Bankruptcy and Insolvency Act; Nasdaq de-listed their stock
+ Kelt Exploration Ltd. agreed to acquire Artek Exploration Ltd. for $307 million
+ Laricina Energy Ltd. shutting down its Germain project and halting its planned Saleski JV to save cash …
+ Lonestar West Inc. closed its $2.73 million acquisition of Firehawk Services Ltd.
+ Mart Resources Inc. engaged advisors to work with a Special Committee to conduct a strategic review process
+ Northern Frontier Corp. adopted a shareholder rights plan
+ Parkland Fuel Corporation agreed to acquire eleven Chevron-branded service stations in British Columbia for $17.1 million; Parkland will now operate 33 Chevron locations
+ Prentice Watch: the Premier is cutting everywhere he can find a headline – this week it is closure of Alberta’s offices in Ottawa, Chicago and Munich and suspending planned openings in California and Brazil for savings of $3.1 million annually
+ Pure Technologies Ltd.’ sub. agreed to acquired Wachs Valve and Hydrant Services LLC for US$18.5 million
+ Shell Canada Limited withdrew its regulatory application for its Pierre River Mine (a 200,000 barrel/day project) to focus on existing oil sands operations
+ Southern Pacific Resources Corp, under CCAA protection, is looking for bidders to buy the company or restructure
+ Talisman Energy Inc. got shareholder and court approval for $15 billion takeover of Talisman by Repsol S.A.
+ Trinidad Drilling Ltd. reduced its 2015 CapEx Budget to $175 million, down from $350 million announced earlier; cutting staff 20%, wages cut by 7%
FINANCINGS - proposed & closed
+ Africa Oil Corp. closed US$ 125 million equity financing
+ Caza Oil & Gas Inc. closed US$4 million tranche of a convertible debt financing
+ Cenovus Energy Inc. is on the market to raise $1.5 billion in equity
+ Horizon North Logistics Inc. secured $200 million credit facility
+ Industrial Alliance Insurance and Financial Services Inc. closed $250 million sub. debt financing
+ InterRent REIT closed $75 million equity financing
+ NCE Diversified Flow-Through LP completed a $50 million equity raise
+ Starlight U.S. Multi-Family (No. 4) Core Fund is on the market to raise US$28.75 million
+ Stetson Oil & Gas Ltd. is on the market to raise $2 million in convertible debt
+ TransCanada Corporation is on the market to raise $250 million by a preferred share issue
+ TriWest Capital Partners completed a $500 million equity raise for its fifth fund, ‘Fund V’
INFRASTRUCTURE / P3 / GREEN
+ Alberta Environment is postponing indefinitely its announcements on the $200 million Elbow River flood mitigation projects …
+ Canada signed an agreement with the United States and Michigan governments for the new publicly owned bridge between Windsor and Detroit; P3 project structure for design, finance, construct operate and maintain; no news yet on time-lines for the project or capital cost … tic toc ..
+ Northland Power Inc. closed the sale of its 2/3rd interest in Frampton Wind Farm to Boralex Inc. for $11.5 million
this week in REITS
+ CAPREIT closed $31 million acquisition of Grandin Tower in Edmonton (126 suites)
+ CAPREIT closed $47 million sale of four buildings in Toronto (260 suites)
+ InterRent REIT closed $75 million equity financing
+ Pure Industrial REIT closed US$57 million acquisition of three properties in North Carolina
+ Slate Retail REIT agreed to acquire 107,818 grocery-anchored shopping centre in Littleton, Colorado for US$15.62 million
+ Summit Industrial Income REIT closed $39.4 million acquisition of 50% interest in six-building portfolio in Montreal
+ WPT Industrial REIT closed its US$86.25 million acquisition of six distribution facilities in Memphis, Tennessee
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