CALGARY - A consortium led by Malaysian energy giant Petronas says it's not yet clear what British Columbia's new tax on liquefied natural gas will mean for the economics of its proposed multibillion-dollar project near Prince Rupert, B.C."It's important to take time to gain a wholesome understanding of taxation matters before commenting in detail," Spencer Sproule, senior adviser of corporate affairs for Pacific Northwest LNG, said in an emailed statement.The new tax starts in 2017 at a rate of [Read more]
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Bank of Canada report expected to measure cheap oil’s effect on Canadian economy
OTTAWA - It is essential for the bulk of Canadian economic activity to begin shifting from the backs of households to business investment and exports, the Bank of Canada said Wednesday as it kept its trend-setting interest rate fixed at one per cent.In its monetary policy report, the central bank pointed to rock-bottom borrowing rates as a contributor to "renewed vigour" in consumer spending and the real estate market since July."Household spending still represents more than its long-run [Read more]
Petro One Update
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Oct. 22, 2014) - Petro One Energy Corp. (TSX VENTURE:POP)(FRANKFURT:C6K1) reported on October 8, 2014 that it had closed a private placement of $3,260,842.75 on October 7, 2014 and that it had received confirmation from Korea Myanmar Development Company Ltd. ("KMDC") that that KMDC intended to wire the balance of the funds owing to fulfill its contractual obligations in respect of the non-brokered private placement announced on July 28, 2014 ("PP#1") [Read more]
FortisBC starts construction of expanded Tilbury LNG Facility
$400-million expansion will significantly increase natural gas liquefaction and storage capacity to support growing demand for B.C. LNG SURREY, B.C., Oct. 21, 2014 /CNW/ - FortisBC – a subsidiary of Fortis Inc. (TSX:FTS) – officially started construction of its $400-million Tilbury LNG Facility expansion project today. The company is adding 1.1 million gigajoules of liquefied natural gas (LNG) to storage and 34,000 gigajoules per day of liquefaction capacity. FortisBC marked the occasion [Read more]
Tory leader says New Brunswick premier missing chance to learn about fracking
FREDERICTON - New Brunswick's interim leader of the Progressive Conservatives says Premier Brian Gallant is missing an opportunity during his trip to Alberta to learn more about shale gas exploration.Bruce Fitch says if the intention of the Liberal plan for a moratorium on shale gas fracking is to gather information, then this trip was an ideal opportunity to learn more about the extraction method.He says members of his party visited fracking sites in Alberta when they were still in [Read more]
B.C.’s LNG emissions law greenest, cleanest in the world: environment minister
VICTORIA - New legislation introduced in British Columbia requires liquefied natural gas plants to meet emission standards or face penalties and makes the industry the cleanest in the world, says Environment Minister Mary Polak.Polak tabled the Greenhouse Gas Industrial Reporting and Control Act on Monday, saying it will set the province's emission benchmark at 0.16 tonnes of carbon dioxide for each tonne of LNG produced, which is lower than any other LNG facility in the world.She said it will [Read more]
Donnycreek to merge with Contact Exploration Inc.
CALGARY, Oct. 21, 2014 /CNW/ - Donnycreek Energy Inc. ("Donnycreek" or the "Company") (TSX-V: DCK) reports that it has entered into an arm's length definitive arrangement agreement (the "Arrangement Agreement") with Contact Exploration Inc. ("Contact") whereby Contact and Donnycreek will merge (the "Merger") to form a new, amalgamated corporation to be named "Kicking Horse Energy Inc." ("Kicking Horse"). The Merger will consolidate the companies' interests in the Deep Basin including their [Read more]
Blackbird Energy Inc. Announces Closing of Bought Deal Financings for Gross Proceeds of Approximately $30.4 Million
CALGARY, ALBERTA--(Marketwired - Oct. 21, 2014) - Blackbird Energy Inc. ("Blackbird" or the "Company") (TSX VENTURE:BBI) is pleased to announce the completion of the previously announced bought deal private placement of 86,207,000 special warrants (the "Special Warrants") and 15,900,000 common shares to be issued on a flow-through basis in respect of Canadian Exploration Expenses (the "Flow-Through Shares"), (collectively the "Financings") at a price of $0.29 per Special Warrant and $0.34 per [Read more]
Quattro Intersects 4 Prospective Horizons, With 60 Meters of Prospective Oil and Gas, at Wood Mountain, Sask.
CALGARY, ALBERTA--(Marketwired - Oct. 21, 2014) - Quattro Exploration and Production Ltd. (TSX VENTURE:QXP) ("Quattro" or the "Company") is pleased to announce the completion of its evaluation well at Wood Mountain, Saskatchewan. The well was drilled, cored, logged and cased to a total depth of 1950 meters, successfully intersecting the Bakken, Torquay and Birdbear zones and terminating in the Duperow, at an aggregate cost of $1,200,000. On October 16th, the Company released the drilling rig [Read more]
B.C. government set to announce tax rate for proposed LNG industry
VICTORIA - British Columbia's government has introduced a new income tax for its liquefied natural gas industry that starts at 1.5 per cent and increases to five per cent, two per cent lower than the government had originally proposed.Finance Minister Mike de Jong says the new tax structure is competitive and provides the certainty companies need to make final investment decisions in developing LNG plants in B.C.He says the tax includes a reduced rate from what was announced last February in [Read more]