The following is an overview of key developments in Canadian law
and regulatory practice applicable to private M&A in the oil
and gas industry from October 1, 2015 to December 31, 2015.
Oil & Gas Regulatory
Alberta's Climate Change Advisory Panel released its
report, calling for a carbon tax, oil sands emissions
limits, phasing out coal-fired power plants and introducing an
energy efficiency program. The provincial government adopted
these recommendations, but offered few details on
A B.C. court ruled in favour of Kinder Morgan
by confirming that the City of Burnaby's by-laws cannot
interfere with Kinder Morgan's existing rights (created by
federal statute) to enter onto municipal lands to conduct surveys
and studies for its Trans Mountain pipeline expansion
The Alberta Court of Appeal found that certain
gas leases had terminated because of an extended shut-in of a well.
The leases permitted shut-ins without termination caused by events
outside of the lessee's control (including the absence of a
market), but the Court found that the shut-in was caused by the
well's declining rates of production.
The Alberta Court of Appeal rejected an
aboriginal group's appeal of the AER's decision to issue
regulatory licenses to Shell because the band failed to present
specific evidence of the direct and adverse impact of the AER's
The Liberal government announced that any
changes it makes to the tax treatment of stock options will only
affect stock options issued from the date these legislative changes
are made. It is now unclear whether any changes will be made
to option taxation.
The Ontario Court of Appeal confirmed that an
employer can rely on the terms of an employment agreement that is
entered into after the term of employment begins, but only if the
employer provides fresh consideration for any new and material
terms of the employment.
The Court found that an employer's
financial circumstances are not a relevant consideration in
determining the period of reasonable notice for dismissal of an
Canada is a constitutional monarchy, a parliamentary democracy and a federation comprised of ten provinces and three territories. Canada's judiciary is independent of the legislative and executive branches of Government.
The Government of Alberta recently announced a number of policy changes that will impact the Alberta Electricity Market, composed of its generators, transmitters, distributors, retailers, electricity consumers and wholesale electricity market.
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