FREDERICTON - New Brunswick Premier Blaine Higgs says his government will change regulations to allow limited shale gas development —and could have it done before the end of the year. The throne speech of the minority Tory government passed in the legislature today, including a subamendment that urges government to allow limited natural gas development in the Sussex area. Saint John Harbour Liberal MLA Gerry Lowe voted with the Tories and the People's Alliance parties to support [Read more]
Alberta plans to buy 7,000 rail cars to ease ‘crisis’ in oil price differentials
TORONTO - Alberta needs to buy as many as 7,000 rail cars if it wants to meet its goal of shipping an additional 120,000 barrels of oil a day, says Premier Rachel Notley. In a speech to the Toronto Board of Trade Thursday, Notley said her province is prepared to buy roughly 80 locomotives, with each train pulling 100 to 120 cars. This extra capacity will allow the province to transport 30 per cent more crude-by-rail than current levels, and would help narrow the price gap by $4 a [Read more]
New Brunswick to intervene in Saskatchewan court challenge of carbon tax
FREDERICTON - The New Brunswick government has filed a notice of intervention in Saskatchewan's court challenge of the federal government's carbon pricing plan. Saskatchewan's government has asked its Court of Appeal to rule on whether the federal plan is constitutional. A notice sent to the court Thursday reads: "This is to advise that the Attorney General of New Brunswick intends to intervene in the Matter of the Greenhouse Gas Pollution Pricing Act, Bill C-74, Part V, and in [Read more]
Saskatchewan’s deficit yo-yos but budget will be balanced next year: minister
REGINA - Saskatchewan's projected budget deficit has grown over the last quarter, but is still slightly smaller than forecast in last spring's budget. And Finance Minister Donna Harpauer says she still plans to balance the books by next year. The mid-year fiscal update pegs the deficit at $348 million, up $42 million from the first-quarter estimates. But that figure is still $17 million lower than projected on budget day. Revenue from oil and Crown corporations [Read more]
Bonterra Energy slashes monthly dividend to a penny due to low oil prices
CALGARY - Bonterra Energy Corp. is slashing its monthly dividend to a penny per share due to the drop in oil prices. The energy company says the new rate will apply to its November dividend which is payable on Dec. 31. Bonterra had been paying a monthly dividend of 10 cents per share. The company says it is taking the steps to protect its balance sheet and prudently manage its debt, dividend and capital spending. It says it has seen its realized oil price fall to [Read more]
New Brunswick legislators set to vote on partial lifting of fracking moratorium
FREDERICTON - The potential for New Brunswick's new Tory government to partially lift a province-wide moratorium on fracking for natural gas should be known within days. The issue has been a contentious one, with much political jousting as the new Tory minority tries to lift the moratorium in the Sussex area, where Corridor Resources has been in gas production for 20 years. The Tories have introduced an amendment to their throne speech to urge the government to move ahead with gas [Read more]
Alberta buying its own rail cars to move oil without feds, Notley says
OTTAWA - Alberta Premier Rachel Notley says her government will buy its own rail cars to transport more oil to market. She says her province wanted co-operation from the federal government to buy them, but with Alberta oil prices just about at record lows, it can't wait any longer. While plans for pipelines are stalled, Notley wants other means to get the product from Alberta's oilpatch to buyers. The deal should be done within weeks and Alberta expects the two new train [Read more]
Steep oil price discounts place oilpatch credit ratings in danger, warns DBRS
CALGARY - Credit rating agency DBRS Ltd. is warning that some of the big Canadian oil and gas companies it covers could face downgrades in their credit scores if current steep price discounts for their products continue. Such rating cuts could affect the companies' ability to access credit to fund growth and potentially increase what they pay to service their debt. Energy senior vice-president Victor Vallance of DBRS says the wide difference between oil prices in Western Canada and on [Read more]
Morneau vows oilpatch support through Trans Mountain as protesters chant outside
CALGARY - Hundreds of protesters chanting "Build that pipe now" jammed a downtown Calgary street for the second time in five days on Tuesday, this time to mark a speech by federal Finance Minister Bill Morneau. Organizer James Robson with the Canada Action Coalition says his group — which picketed a speech by Prime Minister Justin Trudeau last Thursday — plans to show up every time a federal cabinet minister does because it's important Canadians see the "pain" caused by low oil prices [Read more]
Ensign acquires majority of Trinidad shares to take control of drilling company
CALGARY - Ensign Energy Services Inc. says it will take control of Trinidad Drilling Ltd. after acquiring a majority of the company's shares by its Tuesday deadline. The Calgary-based drilling company says 56.38 per cent of Trinidad shares have been tendered. The 154.1 million shares are in addition to the 26.9 million it also owns, raising its stake in Trinidad to 66.18 per cent. Each Trinidad shareholder will receive by Thursday $1.68 per share for a total of about $470 [Read more]
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