Bennett Jones

Transparency Initiatives in the Extractive Sector: ESTMA Reporting Deadline Approaching in Canada and Setbacks in the United States

Source:
Date:

Courtesy of Bennett Jones. View original article here. The May 30, 2017, reporting deadline under the Extractive Sector Transparency Measures Act (ESTMA) is fast approaching. This annual reporting deadline under ESTMA applies to entities that: are listed on a Canadian exchange or meet the threshold size requirements (based on assets and revenues); are developing oil, gas and… [Read More…] about Transparency Initiatives in the Extractive Sector: ESTMA Reporting Deadline Approaching in Canada and Setbacks in the United States

Canada’s Stock Exchanges Favour Natural Resource Issuers

Source:
Date:

Courtesy of Bennett Jones. View original article here. Canada is recognized as the world’s leading capital market for natural resource companies. Its stock exchanges boast over half of the world’s public mining companies and over one-third of the world’s public oil and natural gas companies. Canadian stock exchanges also present a recognized destination for foreign… [Read More…] about Canada’s Stock Exchanges Favour Natural Resource Issuers

Budget 2017: Changes to Canadian Exploration Expense and Flow-Through Shares

Source:
Date:

Courtesy of Bennett Jones. View original article here. All references are to the Income Tax Act (Canada) (Act), unless otherwise noted. Background Canadian exploration expenses (CEE) are certain types of expenses incurred by oil and gas, mining and renewable energy corporations. CEE is 100 percent deductible in the year the expense is incurred. Certain types of CEE… [Read More…] about Budget 2017: Changes to Canadian Exploration Expense and Flow-Through Shares

Possible New Clean Fuel Standard in Canada

Source:
Date:

Courtesy of Bennett Jones. View original article here. Environment and Climate Change Canada (ECCC) is considering the development of a new clean fuels regulation under the Canadian Environmental Protection Act, 1999. The purpose of this proposed new regulation is to reduce Canada’s greenhouse gas (GHG) emissions through the adoption of lower carbon fuels and related technologies.… [Read More…] about Possible New Clean Fuel Standard in Canada

Total Energy Services Commences an Offer to Purchase Savanna Energy Services Corp

Source:
Date:

Courtesy of Bennett Jones. View original article here. Date Announced: December 09, 2016 Date Closed: TBD Deal Value: Approximately $400 million (including indebtedness) Client Name: Total Energy Services Inc. On December 9, 2016, Total Energy Services Inc. commenced an offer to purchase all of the outstanding common shares of Savanna Energy Services Corp., by way of unsolicited takeover bid.… [Read More…] about Total Energy Services Commences an Offer to Purchase Savanna Energy Services Corp

Federal Government Announces Pan-Canadian Framework on Clean Growth and Climate Change

Source:
Date:

Courtesy of Bennett Jones. View original article here. The federal government, along with most of the premiers, signed a new pan-Canadian framework (the “Federal GHG Framework”) on Friday, December 9, 2016.  The Federal GHG Framework is intended to address climate change on a national platform.  The federal government’s approach to meeting its 2030 target of… [Read More…] about Federal Government Announces Pan-Canadian Framework on Clean Growth and Climate Change

Overtime Class Actions Gaining Traction in Canada: Is the Oil Patch Next?

Source:
Date:

Courtesy of Bennett Jones. View original article here. On October 12, 2016, a former GoodLife personal trainer filed a class action lawsuit for $60 million in damages under Ontario’s Class Proceeding Acts, 1992. The proposed class members include current and former non-managerial employees of GoodLife employed in Ontario since October 2014. The Action alleges, among other things, that… [Read More…] about Overtime Class Actions Gaining Traction in Canada: Is the Oil Patch Next?

New U.S. Transparency Reporting Requirements for Extractive Sector

Source:
Date:

Courtesy of Bennett Jones. View original article here. On July 27, 2016, the U.S. Securities and Exchange Commission (SEC) adopted revised rules requiring resource extraction issuers to disclose payments made to governments for the commercial development of oil, natural gas, or minerals (the U.S. Rules). Disclosure is required for payments to any foreign government and payments to… [Read More…] about New U.S. Transparency Reporting Requirements for Extractive Sector

Transfer of Operatorship of Oil and Gas Assets Upon Insolvency

Source:
Date:

Courtesy of Bennett Jones. View original article here. Operating agreements for oil and gas assets typically contemplate the immediate replacement of the operator by another working interest owner in the event of the operator’s insolvency. However, these provisions often become practically unenforceable because, once proceedings are commenced under either the Companies Creditors’ Arrangement Act, RSC 1970,… [Read More…] about Transfer of Operatorship of Oil and Gas Assets Upon Insolvency

Alberta Energy Regulator Releases New Requirements in Wake of Redwater Decision

Source:
Date:

Courtesy of Bennett Jones. View original article here. Industry and the public may face significantly higher costs as a result of the much anticipated decision of the Alberta Court of Queen’s Bench in Redwater Energy Corporation (Re), 2016 ABQB 278, issued on May 19, 2016. The Court held that trustees and receivers of insolvent companies can disclaim… [Read More…] about Alberta Energy Regulator Releases New Requirements in Wake of Redwater Decision