+ BP restarted production at its Whiting, Indiana refinery; the 240,000 barrel/day facility which processes Canadian heavy crude had been down since August 8th, exacerbating price differentials
+ Opsens Inc. formed a JV with Precise Downhole Services Ltd. to use real-time fibre optic tools to gather information on SAGD wells
+ Sunshine Oilsands announced they will start steaming at its West Ellis thermal project by the end of September
+ Syncrude fire at Mildred Lake facility; the fire’s out, causing Canadian Oil Sands Ltd. to stop oil shipments
GLOSSARY
+ AER - Alberta Energy Regulator
+BBLS – barrels
+ BBLS/D – barrels per day
+ BOE – barrel of oil equivalent
+ CAPP - Canadian Association of Petroleum Producers
+ COSIA - Canada's Oil Sands Innovation Alliance
+ CREB - Calgary Real Estate Board
+ GJ - gigajoule
+ GOA - Government of Alberta
+ IPO – Initial Public Offering
+ KW – kilowatt (one thousand watts)
+ LEED – Leadership in Energy and Environmental Design
+ MCF – thousand cubic feet
+ MCF/D – thousand cubic feet per day
+ MW – megawatt (1 million watts)
+ NGLs – natural gas liquids
+ P3 – Public Private Partnership
+ REIT – Real Estate Investment Trust
+ WTI – West Texas Intermediate
FACILITYCalgary current week data
this site is refreshed with a new issue every Tuesday morning
updated ... September 1, 2015
TODAY'S HEADLINES
Cenovus closes Canexus acquisition crude price surge | GOA 1st qtr deficit | Nexen pipelines ordered shut | MEG Energy selling Access Pipeline | Penn West cutting 400 jobs | royalty review panel named | Schlumberger buying Cameron + Alan Tennant interview | upcoming events & corp. meetings + climate change & infrastructure news + REIT news + financings + executive and board appointments >>>>
KUDOS
+ to Mount Royal University – and key donor The Taylor family – on the opening of the $90.5 million, 787-seat Bella Concert Hall
+ BP restarted production at its Whiting, Indiana refinery; the 240,000 barrel/day facility which processes Canadian heavy crude had been down since August 8th, exacerbating price differentials
+ Cenovus Energy Inc. closed its acquisition of Canexus’s North American Terminal Facility near Bruderheim; they’ve renamed it the Bruderheim Energy Terminal
+ China cut interest rates in response to Aug. 24-25 stock market plunge; North American and European markets bounced back quickly as bargain hunters got some good buys …
+ current energy prices – live link to Bloomberg energy prices ; crude dipped under US$39/barrel last week, but has risen since, largely on U.S. production cuts impacting future supply impacted traders; Monday prices concluded an 8%/3-day surge, biggest in 25 yrs.
+ Fraser Institute issued a report rating Calgary-Edmonton corridor municipalities for ‘user friendliness’, or not, after surveying developers and homebuilders; Calgary and Rockyview County rates as WORST RED TAPE places; link/graphs, charts and stats
+ Government of Alberta Royalty Review panel members were named: Peter Tertzakian, Annette Trimbee and Leon Hanson will join panel chair Dave Mowat; Energy Minister McCuaig-Boyd announced the current royalty system will remain in place through the end of 2016
+ Government of Alberta announced 1st qtr 2015-16 financial results: on track for $5.9 billion deficit based on 1st quarter (Apr. 1- June 30) results; links to background reports and budget ; and, in case you forgot, the Prentice Government budget of March 26th called for a $5 billion deficit this year
+ MEG Energy Corp. retained advisors to sell its interests in Access Pipeline to reduce debt
+ Nexen Energy ordered by Alberta Energy Regulator to cease operations on 95 gathering-pipelines in NE Alberta over non-compliance of pipeline maintenance and monitoring at its Long Lake oilsands project; Nexen responded indicating deficiencies were identified by Nexen’s voluntary disclosure and the problems related mostly to documentation as opposed to safety … tic toc …
+ Northern Aspect Resources Ltd. agreed to combine with Blockchain Tech Ltd.; will operate as Blockchain Tech Ltd.
+ Opsens Inc. formed a JV with Precise Downhole Services Ltd. to use real-time fibre optic tools to gather information on SAGD wells
+ Penn West Petroleum Ltd. is cutting 400 jobs (about 35% of its workforce), mostly in Calgary effective immediately
+ Royal Bank of Canada closed the sale of its Swiss private banking business to SYZ Group
+ Schlumberger Ltd. agreed to acquired Cameron for US$12.7 billion in a cash and stock transaction
+ SilverWillow Energy Corporation amalgamation (Silver Willow, 9341102 Canada Inc. and Value Creation Inc.) approved by shareholders; will continue as SilverWillow
+ Sterling Resources Ltd. closed the sale of its Romanian business unit to The Carlyle Group for $42.5 millioin
+ stock markets have rebounded slightly to recent significant slump; even China has shown some recovery – but everyone is still nervous about how/where/when things will settle down ...
+ Sunshine Oilsands announced they will start steaming at its West Ellis thermal project by the end of September
+ Syncrude fire at Mildred Lake facility; the fire’s out, causing Canadian Oil Sands Ltd. to stop oil shipments
THIS WEEK IN FINANCINGS
- proposed & closed
+ Africa Oil Corp. closed US$50 million equity financing
+ American Hotel Income Properties REIT LP closed $4.3 million over-allotment of its recent equity financing
+ Artisan Energy Corporation closed $374,000 tranche of its equity financing
+ Encanto Potash Corp. is on the market to raise $1 million in equity
+ Exchange Income Corporation is on the market to raise $75 million in equity
+ Gordon Creek Energy Inc. closed US$3 million debt financing
+ Highbank Resources Ltd. is on the market to raise $500,000 in equity
+ Jasper Mining Corporation is on the market to raise $25,000 in equity
+ Northern Spirit Resources Inc. is on the market to raise $1.3 million in a rights offering
INFRASTRUCTURE / P3
+ Infrastructure Ontario & Seneca College issued an RFP to short listed teams (EllisDon et al, PCL Constructors et al, E2P Education & Environmental Partnership) for its King Campus Phase 1 Expansion
+ Ontario Power Generation & Coral Rapids Power commenced construction of a new 28MW generating station; $300 million project 90 km north of Smooth Rock Falls, ON, will be completed by 2018
CLIMATE CHANGE / LEED / RENEWABLE ENERGY
+ Calgary’s air quality got better for a few days after last week’s smoke laden skies but Environment Canada says Calgary and southern Alberta face more air quality concerns in the next few days
INTERESTING REAL ESTATE NEWS, other places
+ BTB REIT closed its $28.5 million acquisition of two office buildings (159,000 sq. ft.) in Ottawa
