Signalling a change from its previously bearish outlook for natural gas prices, Canadian Natural Resources Limited has agreed to pay $3.13 billion for the bulk of Devon Energy Corporation’s western Canadian assets.
Canadian Natural Resources Limited has entered into an agreement relating to the acquisition of Devon Canada’s Canadian conventional assets, excluding Horn River and the heavy oil properties, for an aggregate cash consideration of $3.125 billion.
Devon Canada Corporation plans to spend US$1.1 billion in Canada this year on its heavy oil and thermal assets as it completes construction of its Jackfish 3 SAGD project, company officials said this morning.
While the “almighty dollar” is preventing many companies from replacing or retrofitting their older-model tankcars, the head of Canadian Pacific Railway Limited believes immediate change is necessary, although there is very little that rail companies can do about the sorts of cars they currently move.
While hearings on Bill 37, Quebec’s draft shale gas moratorium law, began yesterday in Quebec City, the bill’s future is uncertain, since the government of Quebec Premier Pauline Marois is widely expected to call an election sometime soon.
Having termed Canada the “most challenged” of the drilling markets in which Nabors Industries Ltd. operates, company executives this morning cited the potential that proposed liquefied natural gas (LNG) developments in British Columbia hold for the future.
Blackbird Energy Inc. and Pennant Energy Inc. have entered into an arrangement agreement whereby Blackbird will acquire all of the outstanding shares of Pennant from the shareholders of Pennant in exchange for shares of Blackbird on the basis of one Pennant share for 0.42857 corresponding shares of Blackbird.
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