July 26, 2016 – TORC Oil &
Gas Ltd. entered into an agreement with Zargon Oil & Gas Ltd.
to acquire light oil assets in southeast Saskatchewan. The
acquisition includes 1,120 boe per day (roughly 95 per cent light
oil and liquids) of producing assets for total cash consideration
of $89.5 million, subject to customary closing adjustments.
July 13, 2016 – In response to
industry requests, the Alberta government announced that oil and
gas producers can apply to opt in to Alberta' new Modernized
Royalty Framework for wells that otherwise would not have been
drilled. This represents a change to the previously announced
schedule, which had the Modernized Royalty Framework slated to take
effect January 1, 2017. The stated intent of this change is to
allow producers to make new investments, or decide to keep
investments in Alberta. Further discussion of the Modernized
Royalty Framework can be found in previous Dentons articles,
July 6, 2016 – Seven
Generations Energy Ltd. (7G) reached an agreement to acquire
approximately 30,000 bbls of oil equivalent of daily production,
155 net sections in the Montney play having 199 million boe in
proved reserves from Paramount Resources Ltd. for approximately
CAD$1.9 billion in total consideration consisting of cash, 7G
shares and the assumption of a portion of Paramount's debt.
This acquisition will significantly expand 7G's ownership in
the Montney Nest liquids-rich natural gas play.
July 18, 2016 – Husky Energy
Inc. closed a transaction to create a new entity, Husky Midstream
Limited Partnership, which will assume ownership of certain
midstream assets in the Lloydminster region of Alberta and
Saskatchewan. Husky received $1.7 billion in cash proceeds from the
transaction, which will be applied to strengthening the
company's balance sheet.
July 15, 2016 – TransCanada
Corporation announced the signing of a memorandum of understanding
with four major unions and the Pipe Line Contractors Association of
Canada for work on the Energy East pipeline project. The MOU
provides that thousands of the skilled pipeline trade jobs required
to build the project will be awarded to members of the PLCAC and
the four union partners, including the United Association of
Journeymen and Apprentices of the Plumbing and Pipefitting Industry
of the United States and Canada, Labourers International Union of
North America, International Union of Operating Engineers and
July 15, 2016 – Reuters, citing
sources familiar with the situation, reported that Williams Cos.
Inc. attracted at least seven bidders for the sale of its Canadian
business unit, which could pay up to $2 billion for the
July 14, 2016 – Devon Energy
Corporation announced that it had entered into a definitive
agreement to sell its 50 per cent interest in Access Pipeline to
Wolf Midstream Inc., a portfolio company of Canada Pension Plan
Investment Board, for consideration of CAD$1.4 billion
Alternative / Green
July 18, 2016 – Canada's
Energy minister, Catherine McKenna, announced that the Canada will
implement a national price on carbon emissions by the end of this
year. The federal government will publish an emissions reduction
plan this fall that could include expanded, standardized emissions
disclosure requirements for companies. Currently, the provinces are
working on an agreement that could see the provinces implementing a
mandatory carbon price. Not all provinces support this initiative,
and the effect of the proposed federal provincial carbon price on
existing provincial measures has yet to be determined.
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On Thursday, September 22, 2016, Dentons hosted a panel discussion about the management of liabilities and risks associated with environmental crises, including potential liabilities for directors and officers and provided insight into risk and liability techniques associated with environmental crisis management.
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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