CALGARY - The president of the Calgary Stampede says the world-famous event will go ahead next week "come hell or high water." Bob Thompson says crews have been pumping millions of litres of water from the rodeo grounds, which were swamped last week by extensive flooding that hit much of southern Alberta. "Throughout our entire history, we have never cancelled a show, despite two wars and a Great Depression — 2013 will be no exception," he said at a news conference Monday. "We [Read more]
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Alberta gives $1 billion for relief; Redford says flood has changed province
CALGARY - The Alberta government is approving $1 billion to kick start the first phase of flood recovery in the province. Premier Alison Redford says the money will be used to support people who have been evacuated, as well as to run relief centres and to start rebuilding infrastructure. The government says it will provide pre-loaded debit cards to displaced residents to help with their immediate housing needs and day-to-day purchases. Those who qualify will receive $1,250 per [Read more]
Pennwest pipeline spill estimate grows with salt water
LITTLE BUFFALO, Alta. - Estimates of the size of a pipeline spill in northern Alberta have grown dramatically.Pennwest Exploration says between 400,000 and 600,000 litres of salty waste water escaped from the pipeline.That's in addition to 5,000 litres of oil originally reported .The spill is about 20 kilometres from the aboriginal community of Little Buffalo.It is affecting a swampy area of muskeg and wetlands.There are conflicting reports on the size of the area and any impact on [Read more]
TSX adds to losses on central bank concerns, flagging Chinese growt
TORONTO - The Toronto stock market was down sharply Monday, adding to last week's sharp losses amid signs that the U.S. Federal Reserve is getting ready to cut back on stimulus and more worry about China's economic rebound. The S&P/TSX composite index was off the worst levels of the session, coming back from a 237-point plunge to decline 120.84 points to 11,874.82 at mid-afternoon. The loss came on top of a slide of 192 points or 1.57 per cent last week. The Canadian dollar [Read more]
Gas prices unlikely to be affected by Alberta flooding
TORONTO - The flooding in Alberta may impact many sectors of the economy, but consumers shouldn't worry about gas price spikes just yet.CIBC economist Peter Buchanan says any significant problems would be a result of flooding at refineries, and would depend on the extent of any disruption.Gasoline may see a temporary spike if people rush to fill their tanks because they're worried about supplies running low, or if consumption increases with the use of water vehicles involved in rescue [Read more]
Husky Contributes $1 Million to Flood Relief Efforts
CALGARY, ALBERTA--(Marketwired - June 24, 2013) - Husky Energy (TSX:HSE)(TSX:HSE.PR.A) is donating $1 million to help with flood response and relief efforts in southern Alberta. "We have witnessed the devastating impact of flooding, but also the resilience of those impacted and the dedication of first responders," said CEO Asim Ghosh. "Recovery will be a long process, with many lending a helping hand. We are pleased to join that effort." To assist with immediate relief efforts, $250,000 [Read more]
Enbridge grapples with pipeline shutdown, weekend spill in northern Alberta
CALGARY - Enbridge Inc. (TSX:ENB) is working to contain and clean up a weekend spill of synthetic crude into a wetland area and small lake in northern Alberta.Enbridge also shut other pipelines in the area as a precaution, including the Athabasca and Waupisoo pipelines.The release of crude comes as Alberta grapples with major flooding, including in the city of Calgary where Enbridge has its head office.Enbridge said in its initial assessment that unusually heavy rains may have resulted [Read more]
Southern Pacific Operations Not Affected by Alberta Flooding
CALGARY, ALBERTA--(Marketwired - June 24, 2013) - Southern Pacific Resource Corp. ("Southern Pacific" or the "Company") (TSX:STP) announced today that its operations at both STP-McKay and STP-Senlac were not impacted by the state of emergency and severe flooding that occurred in Calgary and southern Alberta. Southern Pacific's corporate head office in Calgary has been temporarily closed by the City of Calgary and is expected to open later this week. The Company has implemented effective [Read more]
Vermilion Energy Inc. Provides Update on Impact of Alberta Flood Activity
CALGARY, June 24, 2013 /CNW/ - Vermilion Energy Inc. ("Vermilion", "the Company", "We" or "Our") (TSX, NYSE: VET) wishes to confirm that the recent flooding in Alberta has had no impact on our field operations. Although our headquarters building in downtown Calgary is inaccessible at present due to evacuation orders from local emergency agencies, computer connections and telecommunications with our field operations remain intact with both our Canadian and overseas operations. We expect to have [Read more]
Northern Gateway equity offer would give First Nations about $70K a year: report
TERRACE, B.C. - The equity offer from Northern Gateway to aboriginal groups along the route of a controversial oil pipeline would amount to an average of about $70,000 a year for the bands, which would be obliged to borrow the millions of dollars needed to purchase equity from Calgary-based Enbridge itself.It's a far cry from the path out of poverty the company claims, say some aboriginal leaders, who are among the minority who have rejected the offer."Only minimal economic benefits [Read more]