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FACILITYCalgary June28/22

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

+ Al Jess to Pres. @ JOEY Restaurant Group

+ Cam Armstrong to Interim VP Operations @ CWC Energy Services Corp.

+ Cedric Ritchie, former Pres., CEO & Chairman @ Scotiabank, died

+ Jocelyn Trottier to Exec. VP @ GDI Integrated Facility Services Inc.

+ Kirsten Richter to Interim CFO @ Genesis Land Development Corp.

+ Marcia Nelson to Deputy Minister of Executive Council @ Government of Alberta

+ Muthu Chandrasekaran to Sr. VP Energy Pipelines @ Pure Technologies Inc.

+ Peter Harder to Government Representative @ Senate of Canada

+ Richard Montes, VP Finance & CFO @ Marsa Energy Inc., resigned

+ Robert Scott to National Advisory Services Leader @ Grant Thornton LLP

+ Ron Alexander, Pres. @ Detector Exploration Ltd., resigned

+ Ron Sutley, VP Operations @ CWC Energy Services Corp., retiring

+ Ross Prokopy to Managing Dir., Energy Investment Banking – Calgary @ Raymond James Ltd.

+ Sandy Quilty to Interim CFO @ Marsa Energy Inc.

+ Steven Landry to CEO @ AutoCanada Inc.


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




BOARDROOM changes, purges, appointments etc.

+ Dan Tsubouchi to Director @ Petrowest Corporation

+ Pat Priestner to Non-Executive Chairman @ AutoCanada Inc.

+ Peter Harder, Director @ Northland Power, resigned

+ Rodney Nunn to Director @ Westport Innovations Inc.

+ Ron Alexander, Director @ Detector Exploration Ltd., resigned




 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

+ Apr. 17; OPEC - Output Freeze Talks, Doha, Qatar

+ 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 2; OPEC, 169th Ordinary Meeting, Vienna, Austria

+ 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 ]



 this week in REITS 


+ Allied Properties REIT secured $150 million unsecured credit facility

+ Crombie REIT closed the sale of 10 properties (9 in Ontario, 1 in Quebec) for $142 million

+ H&R REIT is on the market to raise $200 million in sr. unsecured debt

+ Nobel REIT closed its $12,500,000 acquisition of 50% interest in 2039-2047 Stanley, a downtown office building in Montreal

+ Slate Retail REIT agreed to acquire Charles Town Plaza in West Virginia; US$20.9 million 




  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 22, 2016




 TODAY'S HEADLINES


NEWS | crude up over US$41/bbl | Dectector Exploration in receivership | Geo-Jade buying Bankers Petroleum | Pembina Pipeline $556 billion asset buy from Paramount | Penn West asset sale | Terra Energy went down |TransCanada buying Columbia Pipeline $13billion + Joonas Eronen interview | upcoming events, appointments, oilsands/heavy oil + climate change + infrastructure + REIT NEWS + financings + VIEWPOINT guest article by Gregory Siekaniec >>>>




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 Joonas Eronen, VP & Gen. Mgr., OIl, Gas & Chemicals, Canada @ ABB Inc.

Last week's conversation with Andrea Freeman, Partner & Creative Director @ MAKE Design Lab Inc.

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



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 OIL SANDS AND 
HEAVY OIL NEWS 

+ Smoothwater Capital acquired more than 10% of Alberta Oilsands Inc. to now hold 10.63%

+ Suncor Energy Inc. and Canadian Oil Sands Limited completed their acquisition transaction, exchange of shares and board approvals




 QUOTES

+ Green issues have been used as a marketing tool. Sometimes these green claims are completely meaningless. – Frank Gehry

+ The budget doesn’t have much control over the government. Then again, the government doesn’t have much control over the budget. – P.J. O’Rourke




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NEWS SUMMARY 
 March  15 - 22 


+ ARPetrol Ltd. agreed to sell substantially all of its assets to Empressa Nacional Del Petroleo for $14.7 million

+ Birchcliff Energy Ltd. reduced its 2016 CapEx budget to $128 million, down from $140 million announced earlier

+ by-election day today in Calgary-Greenway to fill seat left vacant by Manmeet Bhullar’s death

+ budget day in Ottawa; Finance Minister Morneau will table the first budget of the Trudeau government – whether campaign promises can be met without ballooning a deficit is on everyone’s mind. Substantial infrastructure funding – as stimulus, is expected … tic toc

+ current energy prices – live link to Bloomberg energy prices

+ Detector Exploration Ltd. is in receivership; Hardie & Kelly Inc. appointed as Receiver, directors have resigned

+ FACILITYCalgary’s OP-ED page, guest article: ‘Protecting the treasure that is Canada’s boreal forest, by Gregory Siekaniec -  click VIEWPOINT TAB

+ Geo-Jade Petroleum and affiliates agreed to acquire Bankers Petroleum Ltd. for $575 million

+ Loonie on the rise – slumping Canadian buck rose last week to US$0.77.05; slipped to 76.42 ahead of the federal budget

+ Modular Space Corporation and Williams Scotsman International Inc. agreed to merge their North American operations; terms not disclosed

+ Pacific NorthWest LNG project got its review process extended by 3 months; regulators need more time

+ Pembina Pipeline Corporation agreed to acquire a portfolio of sour natural gas processing assets (the Musreau Complex) from Paramount Resources for $556 million

+ Penn West Petroleum Ltd. agreed to sell its Slave Point area properties for $148 million

+ Saudi Refining Inc. and Royal Dutch Shell plc agreed to unwind their 50/50 refining and marketing venture operated as Motiva Enterprises LLC (Motiva has 3 U.S. gulf coast refineries with combined capacity in excess of 1.1 million barrels/day

+ Sears Canada is selling its Calgary logistics facility for $84 million in a sale/leaseback transaction

+ Smoothwater Capital acquired more than 10% of Alberta Oilsands Inc. to now hold 10.63%

+ SNC-Lavalin eliminated 950 jobs worldwide, 600 in Canada

+ Sterling Resources Ltd. got bondholder approval for its recapitalization

+ Suncor Energy Inc. and Canadian Oil Sands Limited completed their acquisition transaction, exchange of shares and board approvals

+ Terra Energy Corp., based on demands from creditors, is shutting in production, ceasing operations and bankruptcy proceedings are imminent; directors and officers have resigned

+ TransCanada Corporation agreed to acquire Columbia Pipeline Group for US$13.0 billion; has plans to sell $7 billion in assets to help fund the acquisition – including a $657 million/704 MW natural gas fired plant it just acquired …

+ Trican Well Services Ltd. closed the sale of its U.S. subsidiary Trican Well Services L.P. for US$200 million

+ U.S. rig count this week dropped to 476, a record low. That count peaked at 4,530 in 1981; previously bottomed at 488 in 1999




THIS WEEK IN FINANCINGS 
- proposed & closed

+ Allied Properties REIT secured $150 million unsecured credit facility

+ H&R REIT is on the market to raise $200 million in sr. unsecured debt

+ Innergex Renewable Energy Inc. is on the market to raise $50 million in equity

+ Pembina Pipeline Corporation is on the market to raise $300 million in equity

+ Spartan Energy Corp. closed $96.3 million equity financing

+ Tamarack Valley Energy Ltd. closed $43.7 million equity financing

+ Tourmaline Oil Corp. is on the market to raise $243,990,000 in equity

+ TransCanada Corporation is on the market to raise $4.209 billion

+ Whitecap Resources Inc. closed $95 million equity financing




 CLIMATE CHANGE / LEED / RENEWABLE ENERGY  

+ GOA hired consultant Terry Boston to lead discussion with coal-fired power plant owners regarding Notley government plans to phase out coal-fired emissions in Alberta .. tic toc

+ GOA and government of the United Kingdom signed a deal – Low Carbon Innovation and Growth Framework … but after reading the press release I can’t figure out if there is anything in it beyond justifying the guy flying here to sign it …




INTERESTING REAL ESTATE NEWS, other places


+ China Oceanwide Holdings acquired 80 South St. (New York City Seaport District), a 42,614 sq. ft. site, in Manhattan for US$390 million from Howard Hughes Corp.; a 113-story tower is planned

+ Starwood Hotels and Resorts Worldwide Inc. won’t be selling its hotels to Chinese investors; Marriott International Inc. upped their bid and will acquire Sheraton and Westin brands for US$13.6 billion (combined operation will involve 5,500 hotels – 1.1 million keys)




 INFRASTRUCTURE / P3  


+ Calgary Stampede announced plans for a $500 million expansion to the BMO Centre which will necessitate demolition of the 66 yr. old Stampede Corral arena; however, competing for City dollars vis-à-vis other capital projects will be dicey in tight budget times for all levels of government … tic toc

+ Government of Canada announced $39 million in new funding for Banff National Park; this is in addition to capital projects earlier announced by the Harper government

+ Innergex Renewable Energy Inc. agreed to acquired eight wind powered projects in France; combined capacity of 87MW – terms not disclosed




 SHAREHOLDER MEETINGS

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

+ Mar. 31; TD Bank Group, Annual Meeting of Common 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. 12; Scotiabank, 184th Annual and Special Meeting, Calgary

+ Apr. 15; National Bank of Canada, Montreal

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

+ April 21; Calgary Airport Authority, Annual Public Meeting, Calgary

+ Apr. 25; Brookfield Canada Office Properties, Annual General Meeting of Unitholders, 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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