+ Summer is the annual permission slip to be lazy. To do nothing and have it count for something. To lie in the grass and count the stars. To sit on a branch and study the clouds. – Regina Brett
+ People don’t notice whether it’s winter or summer when they’re happy. – Anton Chekhov
SHAREHOLDER MEETINGS
+ June 21; Athabasca Oil Corporation, Annual General Meeting, Calgary
+ June 21; Falcon Oil & Gas Ltd., Annual General and Special Meeting, Calgary
+ June 22; Ithaca Energy Inc., Annual General Meeting, Aberdeen, Scotland
+ June 22; Marquee Energy Ltd., Annual General Meeting of Shareholders, Calgary
+ June 23; Penn West Petroleum Ltd., Annual and Special Meeting of Shareholders, Calgary
+ June 30; Sunshine Oilsands Ltd., Annual General Meeting of Shareholders, Hong Kong
+ July 20; Rock Energy Inc., Annual and Special Meeting of Shareholders, Calgary
+ July 26; Parkit Enterprise Inc., Annual General Meeting, Vancouver
+ Acceleware Ltd. announced a partnership with GE to test and commercialize its patent-pending "RF XL" heating technology to save oil sands production costs while reducing GHG emissions and water use
+ Bellatrix Exploration Ltd. agreed to acquire a portfolio of Ferrier area assets for $29.2 million
+ BIOX Corporation acquired a 50 million litre capacity biodiesel facility in Sombra, ON from Methes Energies Canada Inc. for US$4.5 million
+ Brazil’s Petrobras is finalizing negotiations to sell a major stake in its natural gas pipeline network; 81% to be sold for US$6 billion to Brookfield Asset Management Inc. let consortium
+ Brexit concerns continue – financial markets seem convinced British voters will elect to ‘not exit’ the EU when they go to the polls on June 23rd … tic toc
+ Brookfield Asset Management Inc. completed its spinoff of Brookfield Business Partners L.P. in a share distribution transaction
+ Cadillac Fairview opening new building today: Calgary City Centre in Eau Claire – 36 storey, 853,000 sq. ft. LEED PLATINUM tower is 92% leased
+ Calgary’s 3rd anniversary of ‘the big flood’ sees no long term resolution by the city and province on prevention; diversion plans, a pipe, and a dry dam – they’ve been explored and reports gather dust on ministers’ credenzas, as if $6 billion in damage will be forgotten, because they have. There are still Calgarians, High River and Sik-Sika residents waiting for claims to be settled and homes rebuilt, but for most of us the nightmare is forgotten. The GOA’s reluctance to put money and effort into prevention is poor economy … tic toc.
+ Chevron Canada Ltd. is cash hungry, shopping its Burnaby, BC refinery for sale
+ current energy prices – live link to Bloomberg energy prices; oil prices softened over the last week, up again yesterday (Brent at US$50/bbl) as Brexit worries ripple through the market
+ Devon Energy Corp. agreed to sell fields in Texax and Oklahoma for US$1 billion
+ Enerplus Corporation closed the sale a non-core NW Alberta asset portfolio for $95.5 million
+ Fort McMurray ‘return to normal’ news: Mac Island Park re-opened majority of its facilities, hospital re-opened with core services, council resumed meetings in its chambers, Service Canada re-opened, Canadian Red Cross set up a permanent location for providing financial support, provincial court house facility is back in operation, boil-water order lifted, Keyano College began accepting new student registrations, Wood Buffalo Housing and Development Corporation reopened housing to their tenants; the Trudeau government has again announced $300 million in ‘first installment’ relief funds, and this time it seems they’ve actually/finally cut the cheque. Meanwhile all wildfires are under control.
+ National Aboriginal Day (20th) today!
+ NEB deemed TransCanada Corporation’s submissions for Energy East Pipeline project as ‘complete’, and the clock has started ticking – NEB has 21 months to carry out its review … tic tic tic
+ rig count watch: U.S. oil rig count up for 3rd week in a row; Canadian activity 74 rigs of 667 working (11%), up from 10% last week, down from 18% a year ago
+ Russia offering 19.5% of Rosneft to raise cash; India and China sovereign firms are likely buyer(s)
+ state of emergency declared for areas of the Peace Region; Dawson Creek and Chetwynd hit with record rainfall – flooding, bridge and road damage … tic toc
+ Superior Plus Corp. acquired Caledon Propane for $8 million
+ Viking Air Ltd. acquired rights to support, repair and service Bombardier amphibious (water bomber) aircraft; will set up in 50,000 sq. ft. facility at YYC
+ what’s NEXT? CalgaryNEXT’s Plan A has morphed to Plan B – some sort of less costly hybrid plan cooked up by Mayor Nenshi to do 3 facilities rather than 1 (wasn’t that the point of Plan A?); maybe we need Plan C and, while we are at it … lets plan for a 2026 Winter Olympics bid – something council considered behind closed doors - approved $5 million for an exploratory exercise ...
THIS WEEK IN FINANCINGS
- proposed & closed
+ Artis REIT closed $115 million equity financing
+ Bonavista Energy Corporation closed $115 million equity financing
+ Brookfield Renewable Partners L.P. closed $60,014,287 overallotment of its recent equity financing
+ BTB REIT is on the market to raise $30 million in equity
+ Canacord Genuity Group Inc. closed $26,466,444 tranche of an equity financing
+ Canadian Spirit Resources Inc. is on the market to raise $640,000 in equity by a flow-through shares and common shares financing
+ Cardinal Energy Ltd. closed $67 million equity financing
+ Delphi Energy Corp. closed $60 million common share & warrants issue
+ Granite Oil Corp. closed $16.5 million equity financing
+ International Frontier Resources Corporation is on the market to raise $1.6 million by a common share & warrants financing
+ Keyera Corp. closed $60 million long term debt financing
+ NuVista Energy Ltd. is on the market to raise $21.5 million by a flow-through shares issue
+ NuVista Energy Ltd.is on the market to raise $70 million in sr. debt
+ Perisson Petroleum Corporation closed $100,000 final tranche of an equity financing
+ Pure Industrial REIT closed $149.8 million equity financing
+ Summit Industrial Income REIT closed $34.2 million equity financing
+ Toro Oil & Gas Ltd. is on the market to raise $11.3 million by a common shares & warrants financing
+ Toronto Hydro Corporation closed $200 million sr. unsecured debt financing
+ Veraz Petroleum Ltd. closed $122,000 tranche of an equity financing
+ 49 North Resources Inc. closed a $600,000 tranche of its common shares & warrants financing
OIL SANDS AND
HEAVY OIL NEWS
+ Acceleware Ltd. announced a partnership with GE to test and commercialize its patent-pending "RF XL" heating technology to save oil sands production costs while reducing GHG emissions and water use
+ Imperial Oil Limited has applied AER to terminate ‘experimental’ status of its Cold Lake SAGD project; will become part of regular ‘commercial operations’
INTERESTING REAL ESTATE NEWS, other places
+ J.P. Morgan Asset Management – Global Real Assets is selling its Southeast Financial Center in Miami; the 55 storey/1.3 million sq. ft. property is Florida’s largest office tower
+ Ivanhoé Cambridge acquired it’s partner’s 49%; now holds 100% of 1211 Avenue of the Americas in Midtown New York City
+ look ma, no steel! … construction has begun on North America’s tallest wood condo (92) tower, the ‘Origine’; 12 storey Quebec City project will use cross-laminated timber … house 92 condos in Quebec City. Advantages touted: 50% faster construction, lighter materials, lower foundation costs, LEED certification
this week in REITS
+ Artis REIT closed $115 million equity financing
+ BTB REIT is on the market to raise $30 million in equity
+ Dream Industrial REIT is reported to be shopping itself for sale …
+ H & R REIT agreed to sell its 50% interest in Scotia Plaza, in Toronto, to KingSett Canadian Real Estate Income Fund LP and AIMCo for $438.3 million; net proceeds to H & R is $229 million – the other 50% is held by DREAM Office REIT
+ John Morrison, Pres. & CEO @ Choice Properties REIT to retire
+ Pure Industrial REIT closed $149.8 million equity financing
+ RioCan REIT and Plaza Retail REIT entered into a 50/50 joint venture focused on redeveloping three properties located in Ontario and New Brunswick, currently owned by RioCan; Plaza will manage the three assets and oversee redevelopment; RioCan sold a 50% managing interest in the three properties for $11.5 million
+ Slate Retail REIT agreed to acquire Sunset Plaza in Johnson City, Tennessee for US$9.0 million
+ Stephen Sender to Trustee @ H & R REIT
+ Summit Industrial Income REIT closed $34.2 million equity financing
INFRASTRUCTURE / P3
+ Calgary, what’s NEXT? CalgaryNEXT’s 3-in-1 sports facility (fieldhouse, arena, football stadium) Plan A has morphed to Plan B – some sort of less costly hybrid plan cooked up by Mayor Nenshi to do 3 facilities rather than 1 (wasn’t that the point of Plan A?); maybe we need Plan C and, while we are at it … lets plan for a 2026 Winter Olympics bid – something council is considering behind closed doors
+ GOA is funding a study of ‘twinning Highway 3’ from Medicine Hat to the BC border
+ Green Line LRT project to north Calgary is still in the route/method hashing it out stage; now appears council will support an underground tunnel from downtown to avoid street level disruption or unsightly blight of an elevated train in the core … tic toc
+Hydro Ottawa agreed to acquire remaining 33% interest in Ottawa River Ring Dam at Chaudierre Falls from Hydro-Quebec; 27 MW facility
