FACILITYCalgary

+ BP Plc CEO Hayward on his way out

+ energy prices – live link to Bloomberg.com commodities data

+ Gulf of Mexico oil spill – cleanup vessels return after storm

+ Bank of Canada increased its overnight target rate but Ό% to Ύ% (0.075)

+ Bank of Canada released its Monetary Policy Report July 22

+ BP Plc sold its Canadian natural gas assets (oilsands assets excluded) to Apache Corp. for $3.25 billion as part of $7 billion total transaction

+ Calgary’s growth has slowed to 26-year low, net out-migration for first time in recent memory

+ Compton Petroleum Corporation announced completion of a recapitalization / restructuring transaction

+ Desmarais Energy Corporation completed a settlement with unsecured creditors

+ GS Engineering & Construction Corp. to build $300 million 10,000 bpd BlackGold Phase 1 project by Korea National Oil Corp.

+ parking in Calgary, most expensive in Canada

+ Shaw Communications Inc.’s $2 billion purchase of Canwest Global’s TV assets got shareholder and creditor approval

+ U.S. congress pass bill, Obama signs into law – financial reform to provide new regulation for Wall Street, investment banks etc., sweeping regulatory change & consumer protection measures

+ weekly economic update from ATB Financial

+ Barb Higgins, Calgary anchor @ CTV, resigned … rumored to be candidate for Mayor

+ John Malyszko to Associate @ Field LLP

+ John Rider to Chief Client Officer @ Fraser Milner Casgrain LLP

+ Neil Kathol to Associate @ Field LLP

+ Richard Stobbe to Associate @ Field LLP

+ CGX Energy Inc. is on the market to raise $ 17.5 million in new equity

+ Fort Chicago Energy Partners L.P. closed $75 million convertible debt offering & $11.25 million over-allotment

+ Sterling Resources Ltd. is on the market to raise $40 million in new equity

+ Wrangler West Energy Corp. secured new $12 million revolving credit facility

+ Vantex Resources Ltd. closed $1.7 million flow-through equity financing

+ it would be nice to believe the run-up in well licences, Alberta land sales and hiring-up by oil companies and engineering firms will bode well for the provincial economy and Calgary business – but one has to ask, is it real?  Bullish feelings around town are great, but the sluggish (is it really a recovery) economy in both Canada and the United States give this writer pause to wonder how confident the investment community will be over the next 6-12 months.  The risk of bank and government defaults in Europe, structural challenges in the Chinese economy suggest there will be thin ice this winter….

+ housing stats are down across the country with the exception of high-end homes on Calgary – due in part to aggressive buyers with cash driving hard bargains; this mirrors bearish buying of high-end housing in many U.S. markets - but the prospect of speculative holding is scary

+ Kinnear Centre ($100 million) state-of-the-art learning centre opened at the Banff Centre; Jim Kinnear led a group of investors who provided $10 million seed money

+ the Alberta government announced a list capital funding for 22 facilities (list for Calgary and Edmonton to follow), clearly indicative of the rural caucus still wagging the dog in the Stelmach government; the slight of hand is that operational funding was absent from the announcement because that would clearly demonstrate the Minister Zwozdesky and the leadership of Alberta Health Services - a showdown between the Premier, the Minister and CEO Stephen Duckett …. is clearly in the works .. stay tuned

+ City Council, the current one, rejected the airport tunnel project – a choice the next council will regret … and reverse