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FACILITYCalgary June28/22

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SHAKERS AND MOVERS 
moving, retired, resigned, died or got the boot

+ Carey Ford to Interim CFO @ Precision Drilling Corporation

+ Doug Lautermilch, Pres. & CEO @ Gemini Corporation, resigned

+ Dr. Karen Grimsrud to Chief Medical Officer of Health @ Government of Alberta

+ Dylan Jones, Pres. & CEO @ Canada West Foundation, stepping down

+ Dylan Jones to Deputy Minister, Western Economic Diversification @ Government of Canada

+ Erik van Noort, VP @ Harvest Operations Corp., let go

+ George Govier, former head of Alberta Energy and Utilities Board, died

+ Harpeet Dhaliwal to CFO @ Renaissance Oil Corp.

+ Heather Tremain to CEO @ Options for Homes

+ Jane Bird to Sr. Business Advisor, Vancouver @ Bennett Jones LLP

+ Jason Vollmer to VP & Chief Accounting Officer @ MDU Resources Group Inc.

+ Jay Mehr to Pres. @ Shaw Communications Inc.

+ Jeff Tooth to COO @ Harvest Operations Corp.

+ Jeremy Crichton, CFO @ Renaissance Oil Corp., left the company

+ Jim Little to Exec. VP & Chief Marketing Officer @ Shaw Communications Inc.

+ John Aldred, Founder of Enerflex Systems, philanthropist, died

+ Nadine Chakar to Head, Global Operations & Data Management @ Manulife Financial Corporation

+ Nancy Phillips to CEO ViaWest @ Shaw Communications Inc.

+ Peter Johnson to Exec. VP & Chief Strategy Officers @ Shaw Communications Inc.

+ Peter Sametz to Pres. & CEO @ Gemini Corporation

+ Phil Reist, VP @ Harvest Operations, let go

+ Pierre-Gerlier Forest to Palmer Chair for the School of Public Policy @ University of Calgary

+ Rick Leitao to Director of Accounts, Canadian market @ Alcatel

+ Robert McNally, Exec. VP & CFO @ Precision Drilling Corporation, resigned

+ Ryan Doull to CEO @ Doull Site Assessments Ltd.

+ Stephanie Nerlich to Chief Marketing Officer @ MDC Partners Inc.

+ Stephen Entwistle, CFO @ Bird Construction Inc., retired

+ Todd Ziniuk to Acting COO @ CERF Incorporated

+ Vito Culmone to Exec. VP & CFO @ Shaw Communications Inc.

+ Wayne Gingrich to CFO @ Bird Construction Inc.

+ Zoran Stakic to Exec. VP & CTO @ Shaw Communications Inc.


[send us your appointment notices  kolke@facilitycalgary.com]




BOARDROOM changes, purges, appointments etc.

+ Gilbert Brulotte to Chair @ Canadian Construction Association

+ Glen Shyba, Director @ Timbercreek Senior Mortgage Investment Corporation, resigned

+ Javier San Juan to Director @ The Cadillac Fairview Corporation Limited

+ Pedro Reinhard, Director @ Royal Bank of Canada, resigned

+ Stephen Hughes to Director @ Groundstar Resources Limited




 SAVE THE DATE / upcoming events

+ Mar. 15-16; Canadian School of Hydrocarbon Measurement, Telus Convention Centre, Calgary info; registration

+ Mar. 17; Calgary Foundation - Zita Cobb luncheon, BMO Centre, Stampede Park, Calgary; info/register

+ Mar. 17; Feasta Eireannach (St. Patrick's Day event/party) to support St. Mary's University, Rodney's Oyster House, Calgary; register

+ Mar. 30-Apr.1; Congress 2016, National Privacy & Data Governance Congress, Carriage House, Calgary; info

+ Apr. 3; RICS 2016 Summit of the Americas, Washington, DC; info/register

+ Apr. 4-7; Gas Indonesia, Summit & Exhibition 2016; Jakarta; info/register

+ Apr. 6-8; Economic Developers Alberta, 2016 Annual Professional Conference & AGM, Delta Kananaskis Lodge, Kananaskis; info/register

+ Apr. 12-13; 2016 Smart City Symposium, The Banff Centre, Banff; info/register

+ May 10; Land & Development Conference, Metro Toronto Convention Centre, Toronto; info/register

+ May 10-12; 4th Annual Canada LNG Export Conference & Exhibition, Vancouver Convention Centre, Vancouver; info/register

+ May 12; BOMA GALA; TransCanada BOMA Excellence Awards Gala, Westin, Calgary

+ May 12; Edmonton Real Estate Forum, Shaw Conference Centre, Edmonton; info/register

+ May 17; Winnipeg Real Estate Forum, RBC Convention Centre, Winnipeg; info/register

+ May 31; Calgary Real Estate Strategy & Leasing Conference, TELUS Convention Centre, Calgary; info/register

+ June 7-9; Global Petroleum Show, Stampede Park, Calgary; info/register

+ Sept. 22-25; 2016 Calgary Home + Design Show, BMO Centre, Stampede Park, Calgary info/register

+ Oct. 4-5; CanWeld 2016, Edmonton Northlands, Edmonton

+ Oct. 9-13; 23rd World Energy Congress, Istanbul, Turkey; info/register

2017

+ Apr. 4-7/2017; Japan Gastech Conference & Exhibition, Tokyo; info/register/save the date

+ Oct. 16-24/2017; World Design Summit, ‘UNESCO City of Design’, Montreal


[send us your event notices and AGM notices to:  kolke@facilitycalgary.com ]



  GLOSSARY 

+ AEMERA – Alberta Environmental Monitoring Evaluation and Reporting Agency

+ AER - Alberta Energy Regulator

+ `BBL – barrel

+ BBLS/D – barrels per day

+ BOE – barrel of oil equivalent

+ Brent – North Sea crude benchmark price

+ CapEx – capital expenditures

+ CAPP - Canadian Association of Petroleum Producers

+ cap rate – capitalization rate

+ CBD – Central Business District

+ CCAA – Companies’ Creditors Arrangement Act

+ CEAA – Canadian Environmental Assessment Agency

+ COSIA - Canada's Oil Sands Innovation Alliance

+ CPPIB – Canada Pension Plan Investment Board

+ CREB - Calgary Real Estate Board

+ EBITDA – earnings before interest, taxes, depreciation and amortization

+ E & P – exploration and production

+ FERC – U.S. Federal Energy Regulation Commission

+ GJ - gigajoule

+ GOA - Government of Alberta

+ GTA – greater Toronto area

+ G&A – general and administrative

+ IEA – International Energy Agency

+ IPO – Initial Public Offering

+ JV – Joint Venture

+ KV – kilovolt (one thousand volts)

+ KW – kilowatt (one thousand watts)

+ LEED – Leadership in Energy and Environmental Design

+ MCF – thousand cubic feet

+ MCF/D – thousand cubic feet per day

+ mezz – mezzanine debt

+ MOU – Memorandum of Understanding

+ MW – megawatt (1 million watts)

+ NAFTA – North American Free Trade Agreement

+ NEB – National Energy Board

+ NGLs – natural gas liquids

+ P3 – Public Private Partnership

+ PADD – U.S. Petroleum Administration for Defense Districts

+ PSAC – Petroleum Services Association of Canada

+ RECA – Real Estate Council of Alberta

+ REIT – Real Estate Investment Trust

+ RFP – request for proposals

+ RFQ – request for qualifications

+ SAGD – steam assisted gravity drainage

+ S & P – Standard & Poors

+ sub – subsidiary

+ sub. – subordinated

+ tic toc – we’ll see …

+ UDI – Urban Development Institute

+ WTI – West Texas Intermediate crude benchmark price

+ WTO – World Trade Organization


FACILITYCalgary
current week data

this  site is refreshed with a new issue every Tuesday morning


updated March 15, 2016




 TODAY'S HEADLINES


NEWS | AIMCo mess-fix | AXIA re-org | Corus takeover approved | Imperial Oil exits fuel selling businesses | Jordan Cove LNG permit denied | Striker in play | Throne Speech + Andrea Freeman interview | upcoming events, appointments, oilsands/heavy + climate change + infrastructure + REIT NEWS + financings + VIEWPOINT guest article by Fred Atkins and Brianna Heinricks >>>>




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 Andrea Freeman, Partner & Creative Director @ MAKE Design Lab Inc.

Last week's conversation with Lindsay Blackett, CEO @ Chiniki First Nation

Click here to access the archive: archived conversations with fascinating people ...



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 QUOTES

+ Davos is where billionaires tell millionaires what the middle class feels. – Jamie Dimon

+ A journey is a person in itself; no two are alike. And all plans, safeguards, policing and coercion are fruitless. We find that after years of struggles that we do not take a trip; a trip takes us. – John Steinbeck




 SHAREHOLDER MEETINGS

+ Mar. 18; Mainstreet Equity Corp., Annual and Special Meeting of Common Shareholders, Calgary

+ Mar. 22; Valener Inc.; Annual Meeting of Shareholders, Montreal

+ Apr. 1; ShaMaran Petroleum Corp., Bondholders Meeting, Oslo, Norway

+ Apr. 5, Bank of Montreal, Annual Meeting of Shareholders, Toronto

+ Apr. 5; CIBC, Annual and Special Meeting of Shareholders, Vancouver, BC

+ Apr. 6; Royal Bank of Canada, Annual and Special Meeting of Common Shareholders, Montreal

+ Apr. 7; Cargojet Inc.; Annual General Meeting of Shareholders, Toronto

+ Apr. 7, New West Energy Inc., Special Meeting of Shareholders, Vancouver

+ Apr. 9; Scotiabank, Annual and Special Meeting, Ottawa

+ Apr. 19; Sienna Senior Living Inc., Annual and Special Meeting of Shareholders, Toronto

+ Apr. 25; Zaio Corporation, Annual General Meeting of Shareholders, Calgary

+ Apr. 26; Choice Properties REIT, Annual Meeting of Unitholders, Toronto

+ Apr. 28; SMART Technologies Inc., Special Shareholders Meeting, Calgary

+ May 2; Genesis Land Development Corp., Annual and Special General Meeting, Calgary

+ May 4; Agrium Inc., Annual Meeting of Shareholders, Calgary

+ May 18; Sofame Technologies Inc., Annual General and Shareholder Meeting, Pointe Claire, QB

+ May 25; Partners REIT, Annual and General Meeting of Unitholders, Toronto

+ June 15; Rock Energy Inc., Special Meeting of Shareholders, Calgary




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NEWS SUMMARY 
 March  8 - 15 


+ AIMCo busy making happy noises about a triumph that wasn’t; they, along with Fresno County Employees Retirement Association, generated a class action to recover money from Genworth Financial; good news, they are recovering US219 million; bad news, that was originally US$531 investment; seems to this reader that AIMCo didn’t do sufficient due-diligence in the first place, so it looks like they got suckered and stung for a big loss

+ Bank of Canada maintained its overnight rate at ½ of 1%

+ cleaning up old abandoned wells in the news; industry sources are lobbying government to invest cleanup money while idled companies and employees are available to do the work; Premier Notley has spoken out of both sides of her mouth on the issue … tic toc

+ Corus Entertainment Inc. got shareholder approval for its $2.65 billion takeover of Shaw Media

+ current energy prices – live link to Bloomberg energy prices; crude has slipped 3% over market concerns about supply glut and Iran’s rejection of an output freeze by OPEC members

+ Encana Corporation is reported to be looking to trim its balance sheet, looking at sale of non-core assets

+ Ensign Energy Services Inc. cut its fleet, retired 21 rigs

+ Forent Energy Ltd. and Perisson Petroleum Corporation agreed to an Amalgamation transaction; will operate as Perisson

+ FACILITYCalgary’s OP-ED page, guest article: ‘Mortgage Rule Change Not Well Thought Out’, by Frank Atkins and Brianna Heinricks -  click VIEWPOINT

+ GOA – Notley Government’s Throne Speech generally reported as good thinking with no exciting news; sending a private-sector-friendly message in its job creation strategy; read the full text

+ IAE reports that OPEC production was down 90,000 barrels a day last month; experts say ‘oil has bottomed out’

+ Imperial Oil Limited filed regulatory applications for expansion on its Cold Lake lease; a new $2 billion in-situ (SAGD) oil sands project is planned there, with construction to start in 2019, producing in 2022

+ Imperial Oil Limited agreed to sell its airport fuel sale operations across Canada to World Fuel Services Corp. for US$135 million

+ Imperial Oil Limited agreed to sell all its remaining 497 Esso retail locations it still owns to five buyers; $2.8 billion in transactions with Alimentation Couche-Tard Inc.(Ontario and Quebec), 7-Eleven Canada Inc. (Alberta and British Columbia, Harnois Group (Quebec), Parkland Fuel Corp. (Saskatchewan and Manitoba) and Wilson Fuel Inc. (Nova Scotia and Newfoundland)

+ methane is viewed by many industry watchers as many-fold more worrying that CO2 emissions; last week Prime Minister Trudeau and U.S. President Obama made an agreement to reduce methane emissions by 40-45% by 2025; praised by Rachel Notley, but given Mr. Obama is lame-duck limping out of office … tic toc

+ MNP LLP agreed to acquire NCI, a cybersecurity firm

+ Parkland Fuel Corporation acquired Propane Nord-Ouest for $22.5 million

+ Partners Group agreed to acquire Axis NetMedia Corporation for $272 million

+ Sojourn Energy Inc. engaged advisors to sell two non-core heavy oil projects; Lloydminster and Silverdale areas

+ stay tuned for an announcement: Williams Energy, Nova Chemicals and GOA are making an announcement on Wednesday AM about petrochemical diversification; expect an announcement of a propylene plant AND a polypropylene plant for the Heartland/Fort Saskatchewan area … two projects, in aggregate about $5-6 billion in capital cost … or I could be wrong. That’s my prediction.

+ Striker Exploration Corp. engaged advisors to review strategic alternatives

+ TransCanada Corporation reported to be in talks for acquisition of U.S. pipeline company with substantial shale gas activity …

+ Veresen Inc. approved $930 million expansion of its Cutbank Ridge Partnership; Saturn Phase 2 project will add through-put of 200 million cubic feet/day of compression and 400MMcf/day of processing liquids and LNG handling facilities

+ Veresen Inc., proponents of an LNG export facility for Jordan Cove, Oregon were denied their application by FERC; say they will re-apply when more sales contracts are secured




THIS WEEK IN FINANCINGS 
- proposed & closed

+ Advantage Oil & Gas Ltd. closed $100,031,709 equity financing

+ Algonquin Power & Utilities Corp. closed $150 million overallotment of its recent debt financing

+ CanWel Building Materials Group Ltd. is on the market to raise $21.75 million in equity

+ Holloway Lodging Corporation secured a $45 million credit facility

+ Ivrenet Inc. closed $250,000 convertible debt financing

+ Pacific & Western Bank of Canada closed $5.0 million equity financing

+ Raging River Exploration Inc. closed $108.1 million equity financing

+ Scotiabank closed $500 million preferred share offering

+ Shoal Point Energy Ltd. closed $335,000 equity financing

+ Tourmaline Oil Corp. is on the market to raise $185,161,300 in equity




 CLIMATE CHANGE / LEED / RENEWABLE ENERGY  

+ the GOA, through Climate Change and Emissions Management Corporation committed $10 million to SBI Bio Energy Inc. to continue its works to convert non-food plant oils and fats into renewable transportation fuels; funds are coming from the Carbon Tax




 this week in REITS 


+ Allied Properties REIT agreed to acquired ZommerMedia’s facilities in Toronto; 2.6 acres and buildings for $31 million in a sale/leaseback transaction

+ Smart REIT reached a conditional settlement with Target Corporation regarding two defaulted Target leases; terms no disclosed




INTERESTING REAL ESTATE NEWS, other places


+ Shape Properties are planning a massive (my words) redevelopment of Lougheed Town Centre in Burnaby, BC; plans for up to 23 residential towers …

+ Starwood’s deal to sell to Marriott may be trumped (no pun intended) by Chinese owners (Anbang Insurance Group) of the Waldorf Astoria who have made a richer US$13 billion competing bid … tic toc




 INFRASTRUCTURE / P3  


+ Brookfield Infrastructure let consortium agreed to acquired Australia port and railway assets of Asciano Limited for A$12 billion

+ Calgary Board of Education news – trustees approved a $540.2 million plan for upgrade projects and three new schools with needed schools in several areas still on the waiting list …

+ City of Calgary planning for the Green Line (downtown to far SE) LRT project expected to cost $4-5 billion will hinge on the Province’s share of the funding; the Feds are long ago committed to their 1/3rd, the City is ready to go, so the question is where the GOA is on this …

+ GOA is looking at restoring funding for STIP (Strategic Transportation Infrastructure Program), seeking input from municipalities for projects in the 2017-18 fiscal year and beyond … holding my breath here …




 OIL SANDS AND 
HEAVY OIL NEWS 

+ Imperial Oil Limited filed regulatory applications for expansion on its Cold Lake lease; a new $2 billion in-situ (SAGD) oil sands project is planned there, with construction to start in 2019, producing in 2022

+ Sojourn Energy Inc. engaged advisors to sell two non-core heavy oil projects; Lloydminster and Silverdale areas




BITS AND PIECES FROM ALL OVER


+ Apollo Group have struck a deal to acquire grocer Fresh Market for US$1.36 billion

+ Bill Gross is suing PIMCO for US$200 million, seeking recovery from the firm he founded, that fired him in 2014




 KUDOS 

+ to Sam Kolias, Chairman & CEO @ Boardwalk Rental Communities, awarded the 2016 Distinguished Business Leader Award by the Haskayne School of Business

+ to RESOLVE Campaign; opened Stepping Stone Manor, 30-unit assisted living project for homeless Calgarians


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