Oil & Gas

Alberta Energy Regulator Releases New Requirements in Wake of Redwater Decision

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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

AER appeals Court of Queen’s Bench Redwater Decision

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Courtesy of Alberta Energy Regulator. View original article here. The Alberta Energy Regulator (AER) has commenced an appeal of the May 19, 2016 Alberta Court of Queen’s Bench decision in the matter of Redwater Energy Corp. The decision allows receivers and trustees to disclaim AER licensed assets as a means of avoiding abandonment and reclamation… [Read More…] about AER appeals Court of Queen’s Bench Redwater Decision

Alberta Court of Queen’s Bench Confirms the Regulatory Regime is a Complete Code That Applies to All Oil and Gas resources on Offshore and Frontier Lands

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Courtesy of Osler. View original article here. On April 20, 2016 the Alberta Court of Queen’s Bench released Geophysical Service Incorporated v Encana Corporation, 2016 ABQB 230, following a common issues trial[1] involving a broad representation of oil and gas industry participants. The Court found that, though copyright can exist in seismic data, the Regulatory Regime[2]that applies to all… [Read More…] about Alberta Court of Queen’s Bench Confirms the Regulatory Regime is a Complete Code That Applies to All Oil and Gas resources on Offshore and Frontier Lands

“Pétrole social”: What’s That?

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Courtesy of Stikeman Elliott. View original article here. On April 7, 2016, Premier Philippe Couillard and four of his ministers unveiled Quebec’s 2030 Energy Policy. As discussed in our April 8 overview post, this initiative is a “green” policy that sets ambitious de-carbonization goals. The last chapter of the Policy deals with fossil fuels (pages 57 to… [Read More…] about “Pétrole social”: What’s That?

Going Private Transactions in Canada’s Energy Sector – On the Rise?

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Courtesy of Bennett Jones. View original article here. Are going private transactions on the rise? Conditions are ripe for an increased number of private equity-led buyouts of public companies. In a “lower for longer” commodity price environment, Canadian energy and energy-services companies are facing difficult circumstances in preserving value. Total declines in market capitalization among… [Read More…] about Going Private Transactions in Canada’s Energy Sector – On the Rise?

A Rising Tide Lifts Offshore Costs: Increased Financial Requirements in Wake of Macondo

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Courtesy of Osler. View original article here. The Macondo blowout in the Gulf of Mexico in April 2010 caused billions of dollars in damage and forced regulators to assess their ability to respond quickly and robustly to mitigate the environmental consequences of offshore incidents. In 2014, the Harper government passed the Energy Safety and Security Act (ESSA)… [Read More…] about A Rising Tide Lifts Offshore Costs: Increased Financial Requirements in Wake of Macondo

Accessing Capital in a Low Commodity Price Environment

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Courtesy of Osler. View original article here.  The significant decline in crude prices since late 2014 and general expectations of a “lower for longer” price environment through 2016 have had a considerable cooling effect on the ability of oil and gas issuers to raise capital through conventional channels. Further, in terms of access to bank… [Read More…] about Accessing Capital in a Low Commodity Price Environment

New Offshore Liability Regime Effective February 26, 2016

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Courtesy of Osler. View original article here. The Energy Safety and Security Act (ESSA), passed in 2014 by the Harper government, introduced changes to the liability regimes governing Canada’s offshore oil and gas industries. These changes are slated to be effective on February 26, 2016, and include increasing the amount of security required to be provided to… [Read More…] about New Offshore Liability Regime Effective February 26, 2016

Interim Approach for Environmental Assessments

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Courtesy of Bennett Jones. View original article here. The newly elected Liberal federal government recently announced an interim approach for dealing with major projects subject to environmental assessments. The approach is part of the government’s effort to restore public confidence in Canada’s environmental assessment processes, and aims to calm the controversies surrounding proposed major pipeline projects, such… [Read More…] about Interim Approach for Environmental Assessments

ASC 2015 Oil and Gas Review Report Suggests Best Disclosure Practices

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Courtesy of Borden, Ladner and Gervais. View original article here. The Alberta Securities Commission (the “ASC”) has published its 2015 Oil and Gas Review Report (the “Report”). The Report consists of the ASC’s observations and analysis of oil and gas disclosure by reporting issuers, with a focus on common deficiencies in annual information forms, investor presentations, news… [Read More…] about ASC 2015 Oil and Gas Review Report Suggests Best Disclosure Practices