this site is refreshed with a new issue every Tuesday morning
updated January 12, 2016
TODAY'S HEADLINES
Condor buying Marsa | crude at 12-yr. low | Enerplus $193 million sale | LNG licence granted | Oil & Gas Summit 2016 in Calgary today| royalty review delayed | Suncor proxy battle for COS extended |TransCanada launches NAFTA challenge on KeystoneXL + Kristine Robidoux interview | VIEWPOINT article | upcoming events & corp. meetings + climate change, infrastructure, oil sands, REIT news + this week’s financings + executive and board appointments >>>> and the Playboy mansion is for sale … US$200 million
CONVERSATIONS
Mark Kolke interviews interesting people. He seeks a glimpse of what drives them, how they see the world and what they see in Calgary's future.
This week's conversation with Kristine Robidoux, Partner @ Gowling Lafleur Henderson LLP
Last week's conversation with David Pickersgill, renaissance guy, retired concrete industry executive, board member and busy volunteer
+ Calgary downtown office vacancy rate starting 2016 is 17.6% [CBRE report], compared to 11.8% in 1st qtr. 2015 .. yikes; clearly a tenant's market, but there aren't many new tenants in this market right now; expect some flight to quality and sharp-deals for renewing or renegotiating tenants. To get a copy of my 'Strategy Paper on negotiating office leases in 2016 - Calgary/office', send an email to: mark.kolke@calgaryofficespace.com with Strategy Paper in the subject line
+ Condor Petroleum Inc. agreed to acquire Marsa Energy Inc.
+ Crescent Point Energy Corp. announced its 2016 CapEx Budget is $950 million
+ current energy prices – live link to Bloomberg energy prices; crude touches 12-yr. low on market concerns over shaky Chinese economy; WTI US$31/barrel
+ Enerplus Corporation agreed to sell a portfolio of Alberta (Ansell, Minehead and Hanlan-Robb areas) natural gas assets for $193 million
+ FACILITYCalgary's new OP-ED page; click VIEWPOINT; guest articles welcome
+ Gear Energy Ltd. initiated a process to sell its British Columbia assets
+ Jericho Oil Corporation closed its acquisition of JV interests in central Oklahoma
+ Kinder Morgan’s $6.8 billion expansion plan for Trans Mountain pipeline is facing opposition from the B.C. government; claiming to the NEB that the project has insufficient spill prevention and reaction provisions; it seems Premier Clark in B.C. hasn’t been noticing the economy, oil price … holding out to squeeze more for her province when there’s little left to squeeze. I expect the NEB will have more sense … tic toc …
+ LNG Canada Development Inc. obtained approval from the NEB for a 40-year natural gas export licence for its planned Kitimat terminal
+ Petroamerica Oil Corp. got shareholder approval for its plan of arrangement with Gran Tierra Energy Inc.
+ Royalty Review delayed again; Notley government stalling – report expected in late January, not as earlier represented …tic toc …
+ Saudi Aramco is reported to be mulling an IPO in the coming months; would likely be world’s largest based on reserves of 261 billion barrels
+ Seven Generations Energy Ltd. announced a 30% reduction in its 2016 CapEx Budget to $900 million
+ Suncor Energy Ltd. extended its takeover bid for Canadian Oil Sands until January 27th; no increase in the bid as yet, war of words between the parties is heating up which is, I suppose, appropriate for a proxy-fight … tic toc …
+ TransCanada Corporation filed a Notice of Intent to start a NAFTA related legal action against the U.S. Government; action commenced in U.S. Federal Court in Houston is under Chapter 11 (yes, seriously, that’s the chapter) of the NAFTA Treaty, claiming US$15 billion in costs and damages; meanwhile TransCanada has indicated it will take a $2.5-2.9 billion write down as a result of the Presidential Permit denial …tic toc …
+ TriWest Capital Partners closes its acquisition of ATCO Emissions Management from ATCO Structures & Logistics Ltd.; terms not disclosed
+ Vermilion Energy Inc. announced its $2016 CapEx Budget is $285 million
+ White Water Management Ltd. and Orion Rentals Ltd. merged; will operate as White Water Management
THIS WEEK IN FINANCINGS
- proposed & closed
+ Jericho Oil Corporation closed $6.929 million common share & warrants financing
+ Pembina Pipeline Corporation is on the market to raise $150 million in a preferred share offering
+ Perisson Petroleum Corporation is on the market to raise US$40 million in equity
+ Robix Alternative Fuels Inc. closed $3,832,895 common shares & warrants financing
+ Terra Firma Capital Corporation closed $5.3 million equity financing
+ Tilting Capital Corp. closed $678,000 tranche of its convertible debt financing
+ Toronto-Dominion Bank is on the market to raise $700 million in a preferred share offering
CLIMATE CHANGE / LEED / RENEWABLE ENERGY
+ TransAlta Renewables Inc. closed its $540 million investment in Sarnia Cogeneration Plant, Le Nordais wind farm and Ragged Chute hydro facility portfolio; 611MW of power generation assets
INTERESTING REAL ESTATE NEWS, other places
+ Canderel Management Inc. and Fiera Properties closed their acquisition of 3500 Steeles Ave. E in Markham, ON; 550,000 sq. ft. office building; terms not disclosed
+ Park Lawn Company Limited completed a JV transaction with Mattamy Development Corporation; for development of 57 Linelle Street, Toronto - Mattamy acquired 80% interest in the land for $8.2 million
+ Playboy mansion in West Los Angeles is on the market for US$200 million; condition of the sale provides a life-estate for Hugh Hefner (89) who bought the property in 1971 for $1.0 million
OIL SANDS NEWS
+ Suncor Energy Ltd. extended its takeover bid for Canadian Oil Sands until January 27th
INFRASTRUCTURE / P3
+ Aecon Group and SNC-Lavalin JV were awarded $2.75 billion contract by Ontario Power Generation to refurbish Darlington Nuclear refurbishment
+ Algonquin Power & Utilities Corp. closed its US$327 million acquisition of three regulated water utilities in California and Montana
+ City Of Calgary is planning a makeover of Century Gardens for $13 million. Huh??? While our downtown drug-dealers will appreciate those improvements, seriously – who thinks this is a good idea or good use of taxpayer dollars? I think a bulldozer and sod with lots of cameras plugged into Calgary Police Service would cost a great deal less and actually provide a safe summertime environment daytime …
QUOTES
+ It is not enough to be busy. So are the ants. The question is: what are we busy about? – Henry David Thoreau
+ The world of reality has its limits; the world of imagination is boundless. – Jean-Jacques Rousseau
this week in REITS
+ American Hotel Income Properties REIT closed its US$3.9 million acquisition of 133-room rail crew hotel in Nebraska
+ Automotive Properties REIT agreed to acquire Audi Barrie property for $11.1 million
+ Mohawk Medical Properties REIT closed its acquisition of the Carling Broadview Medical Centre in Ottawa; terms not disclosed
