+ Enbridge Inc. and Enterprise Products Partners LP completed their 512 mile twin-loop Seaway Pipeline
+ Enerflex Ltd. closed its acquisition of Axip Energy Services LP for US$430 million
+ Exxon Mobil Corporation announced it will invest US$1 billion to upgrade and expand its Antwerp refinery
+ Holloway Lodging Corporation closed its acquisition of Royal Host Inc. (includes 17 hotels, development parcels and Travelodge and Thriftlodge flags)
+ Kelt Exploration Ltd. closed its $165 million Montney assets acquisition
+ Legacy Oil + Gas Inc. closed its acquisition of Corinthian Exploration Corp.
+ Mapan Energy Ltd. agreed to acquired a portfolio of deep basin oil & gas assets in Alberta and BC from Royal Dutch Shell Plc for $132.5 million
+ McCoy Corporation changed its name to McCoy Global
+ Newton Energy Corporation agreed to sell its UK sub. to Hutton Energy Plc
+ Paris Energy Inc. agreed to acquire Mapan Energy Ltd.
+ SilverWIllow Energy Corporation reduced its staff and continues looking for strategic alternatives
+ Sturgeon Refinery cost over-runs (Alberta Government share is $7 billion) in the news as PC leadership candidates all agree to suck it up …
+ Trident Resources Corp. sold 10% of its Canadian operations for $107 million
STRANGE STUFF CORNER
+ in answer to my query last week about drop-downs, here’s the answer – provided by Jennifer Hanna at MNP LLP: I read your "Strange Stuff" column this morning about the "drop down" transaction and thought this might be helpful... Usually a drop down is used for a few different reasons: 1) makes the assets easier to package and sell later on (and may give a better tax result), 2) if a limited partnership is used it can ring-fence liability for the dropped-down assets, reducing the chances of the parent company getting sued and losing its other assets if something goes wrong with the new assets, and 3) can refresh "successored" tax pools for newly acquired oil and gas assets (oil and gas related exploration and development expenses) associated with oil and gas properties, making it easier to claim deductions against production from different assets... Lots of companies drop assets into separate subsidiary companies for liability purposes. Using partnerships does much the same thing but is often more tax effective. Up until a few years ago there was also a tax strategy called a "deferral partnership" but these aren't done any more. Not sure if any of these was the reason for that particular drop down. It's usually pretty routine so not usually something that companies send out a press release for.
INFRASTRUCTURE / P3 / GREEN
+ Enmax’s 800Megawatt Shepard Energy Centre delayed; target of Dec./14 extended to June 30/15
+ City Council revisiting its decision to close and redevelop McCallLake golf course lands .. tic toc
+ ElbowParkSchool flood-damage restoration now estimated at $16.5 million
+ the Government of Canada kicked in $9 million when it transferred the Canso Causeway (and swing bridge) to the government of Nova Scotia
CHARITY GOLF TOURNAMENTS
+ July 10; Coast Hotels 12th Annual Golf Classic, Westwood Plateau, Coquitlam, BC info/register
+ Aug 18; Special Olympics Calgary Golf Classic, Country Hills Golf & Country Club – save the date
+ Sept. 18-19; 25th Annual Peter Gzowski Invitational Golf Tournament for Literacy [gala on the 18th, golf day on the 19th), The Hamptons Golf Club, info/register
FACILITYCalgarynewsletters may not be reproduced, distributed, transmitted, displayed, published or broadcast, directly or indirectly, in any medium without prior written permission. Mark Kolke, Editor/Publisher. All rights reserved. MaxComm Communications.
- this site is maintained and updated weekly - last updated May 30, 2023
