Calgary-based oil and gas producer Lightstream Resources says it is moving to a court-supervised sale after it was unable to reach a settlement agreement with debt holders. The company said Monday it would be seeking to enter protection from creditors under the Companies' Creditors Arrangement Act. Lightstream has been struggling under close to $1.2 billion in debt and was under a Sept. 16 deadline to reach a deal with lenders. With no deal in sight, Lightstream says it [Read more]
Key dates this autumn for federal climate, energy decision-making
OTTAWA - The fall of 2016 is shaping up as a period of crucial decisions by the federal government on climate policy and energy infrastructure. Here are some key dates: Sept. 22 — The deadline for the federal government to decide whether it will seek leave to appeal to the Supreme Court of Canada on a ruling that impacts the Northern Gateway pipeline proposal and the First Nations consultation. The Federal Court of Appeal overturned the conditional approval of the oil pipeline in June, [Read more]
Encana offering expected to raise more than $1B, add 107M new shares
CALGARY - Encana Corp. says it will issue up to 107 million new common shares in a public offering designed to allow it to put more rigs to work in a promising Texas oilfield. After markets closed Monday, the Calgary-based producer said the offering, underwritten by Credit Suisse Securities (Canada), Inc. and J.P. Morgan, was priced at US$9.35 per share. That means it would raise just more than US$1 billion. It would also increase Encana's (TSX:ECA) share total by nearly [Read more]
NDP government appoints task force to advise on green tech investments
CALGARY - A task force appointed Monday to advise the Alberta government on climate technology investments is being given an open-ended mandate with no limits on size or type of proposals to be considered, says Economic Development Minister Deron Bilous. The five-member panel is to hold public meetings in four Alberta cities in October — Edmonton, Calgary, Grande Prairie and Lethbridge — and present a report to Bilous in November with ideas on where to spend the province's new carbon [Read more]
Alberta First Nation revives pipeline lawsuit involving oilsands pipeline
EDMONTON - An Alberta aboriginal leader says inaction from the provincial government is forcing his First Nation to reactivate a court challenge to an approval for a major oilsands pipeline already under construction. "With the new NDP government coming in, we were hoping they'd come to the table and start working on things that are outstanding," Chief Allan Adam of the Athabasca Chipewyan First Nation said Monday. "But when they came to the table, nothing came about. Nothing [Read more]
Alberta gas producer joins forces with B.C. LNG export project developer
CALGARY - A northwestern Alberta natural gas producer dismayed by Canada's "grossly oversupplied" gas market is investing in a company that has vowed to build a liquefied natural gas export terminal on Vancouver Island. Calgary-based Seven Generations Energy (TSX:VII) says it will take a minority stake in Vancouver-based Steelhead LNG, adding the two have agreed to explore pipeline development and open new overseas markets for natural gas. Analysts estimated the investment at [Read more]
David Suzuki says Premier Brad Wall isn’t taking climate change seriously
SASKATOON - One of Canada's best-known environmental activists says that if Premier Brad Wall isn't a climate change denier, he certainly isn't taking the issue seriously. David Suzuki was in Saskatoon on Sunday for a literary festival, and told a reporter from CKOM radio that he's shocked Saskatchewan voters would elect a climate denier to play a role in leading the province. Suzuki says the main reason he wanted to come to the city was to talk to the Saskatchewan people who [Read more]
Oil and gas companies looking for corporate suitors not feeling the love
CALGARY - It's getting so bad in the oilpatch that companies in trouble can't even sell themselves. TD Securities recently analyzed the strategic reviews of 15 Canadian energy firms over the past 18 months. Three have found buyers, the TD Securities report said. Six are still searching for a suitor, four have slipped into receivership, one closed down after selling all of its assets and another dropped its strategic review and hired a new CEO, according to the analysis released [Read more]
Water OK: Oil-spill cities can open intakes on North Saskatchewan River
REGINA - Communities affected by an oil spill into the North Saskatchewan River are being told it's OK to start using the water again. Saskatchewan's Water Security Agency says the cities of North Battleford, Prince Albert and Melfort can resume taking water from the river. The cities had to shut off their intakes and find alternate water sources after the oil plume from a Husky Energy (TSE:HSE) pipeline spill moved downstream. Up to 250,000 litres of oil mixed with a [Read more]
Alberta approves three oilsands projects worth potential $4 billion in investments
CALGARY - The Alberta government has approved three oilsands projects that it says represent about $4 billion of potential investments, though it's unclear whether any of the projects will go ahead. The projects include the Blackpearl Resources's Blackrod project, Surmont Energy's Wildwood project, and Husky Energy's Saleski project that together total about 95,000 barrels of potential production. The approvals, announced Thursday, are the first projects to get the green light [Read more]
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