Published By NEWS COMMUNICATIONS since 1977 Saturday September 10, 2011

NEB BEGINS ARCTIC OFFSHORE DRILLING REVIEW

The National Energy Board is hosting a roundtable meeting in Inuvik, Northwest Territories for the Arctic Offshore Drilling Review. The meeting is scheduled to run from Monday, 12 September through Friday, 16 September 2011 at the Midnight Sun Complex. The meetings will begin at 9:30 am and wrap up at 5:30 pm each day. The roundtable is an opportunity for Arctic Review participants to examine and comment on all elements of the scope of the Arctic Review, to ask questions and to put forward their views. Participants expected t o a t t e n d t h e m e e t i n g i n c l u d e r e p r e s e n t a t i v e s f r o m N o r t h e r n communit ies, Environmental Non-Government organizations, scientists, other government departments and industry. The event will be broadcast live over the NEB's Internet site. The roundtable will be interpreted into Inuinnaqtun, G'wichin, Inuvialuktun, Inuktitut and French, and you can listen over the telephone by dialing 1-888-999-9261. Listeners may also submit questions or make comments to NEB staff by telephone at 1-866-399-0599. Please visit www.neb-one.gc.ca and click on "Hearings and Information Sessions" for more information. The NEB, the federal body responsible for regulating offshore drilling in the Canadian Arctic, announced on 11 May, 2010 that it would be reviewing Arctic safety and environmental offshore drilling requirements following the oil spill in the Gulf of Mexico. Through the Arctic Offshore Drilling Review the NEB is examining the best available information on the hazards, risks and safety measures associated with offshore drilling in the Canadian Arctic. Following the conclusion of the Inuvik roundtable meeting, the Board will consider the information gathered and report publicly in December 2011. This report will include information that the Board will require in any future applications for offshore drilling in the Canadian Arctic. Currently, there is no offshore drilling in Canada's Arctic and no applications for drilling are before the NEB.

NEW GUIDING PRINCIPLESFOR HYDRAULIC FRACTURING

Canadian natural gas producers have announced new guiding principles for hydraulic fracturing that guide water management and improved water and fluids report ing pract ices for shale gas development in Canada. The principles were created by members of the Canadian Association of Petroleum Producers (CAPP) and apply to all CAPP natural gas producing members, large and small, operating in Canada. "Protecting Canada's water resources is fundamental to our social licence to operate and to grow," said CAPP president Dave Collyer. "Canada's upstream industry has a strong track record as a safe and reliable producer of natural gas. With the increase in natural gas production from unconventional sources

such as shale, Canadians have told us they want more information as to how industry uses and protects water. We respect that request, and these CAPP principles articulate our water management objectives and water protection practices, as well as our focus on improving our water performance over time." CAPP's guiding principles for hydraulic fracturing apply in all jurisdictions in which the upstream industry operates in Canada. They were created with the understanding that some provinces are

operations, water use and protection. In addition, we commit to following these guiding principles for hydraulic fracturing. 1) We will safeguard the quality and quantity of regional surface and groundwater resources, through sound wellbore construction practices, sourcing fresh water alternatives where appropriate, and recycling water for reuse as much as practical. 2) We will measure and disclose water use with the goal of continuing to reduce our effect on the environment. 3)

working on regulation, and we expect the principles to complement potential future regulatory requirements. CAPP's Guiding Principles for Hydraulic Fracturing: Canada's shale gas and tight gas industry supports a responsible approach to water management and is committed to continuous performance improvement. Protecting our water resources during sourcing, use and handing is a key priority for our industry. We support and abide by all regulations governing hydraulic fracturing

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neighboring province of British Columbia. "It's really small-scale liquefaction compared to the typical LNG plants that Shell has been into for 45 years," said Bob Taylor, manager of commercial fuels, business development and marketing for the company's Canadian unit. "We're there to get LNG into the transport market for use (locally) ... LNG is typically produced to take it to markets quite a ways away." Shell is joining other big producers looking to boost use - and the price - of natural gas by touting it as a transportation fuel. Natural gas production has climbed in recent years and prices have sagged as prolific new shale-gas deposits are tapped. Along with its new push into the trucking market, the company is also teaming up with equipment manufacturers to raise interest in the fuel among railways, miners and the marine shipping sector. Encana Corp, Chesapeake Energy Corp and other natural gas producers are also promoting the gas to power big trucks, backing a plan put forth by Texas financier T. Boone Pickens, who says the switch could cut U.S. oil imports by 2.5 million barrels per day. The new plant would produce 0.3 megatonnes per year of LNG.

beat a divestiture target of $1 billion to $2 billion Proceeds will be used to cut debt. Last month, it put its Barnett shale assets in North Texas on the block, with analysts pegging potential proceeds at more than $800 million.

SHELL PLANS ALBERTA LNG PLANT FOR FUEL

Royal Dutch Shell Plc will build a liquefied natural gas plant in Western Canada as it looks to boost demand for its abundant gas reserves by promoting LNG as a truck fuel. Shell wants to build a small-scale LNG plant at an existing gas-processing facility in the province of Alberta. The plant would supply the local market with fuel for trucks. "LNG for trucks is definitely growing, but it is still a niche market focused on fleet and trucks because they are diesel intensive. But with more expensive diesel and cheaper natural gas, this may change," said Dave Hurst, senior analyst at Pike Research in Detroit. Designed to produce fuel for heavy-haul trucks, the plant will supply LNG to Shell's Flying J truckstops in the Alberta cities of Calgary, Edmonton and Red Deer. The network could eventually expand to the

hydraulic fracturing, have made it possible for industry to economically develop shale gas resources in tight rock formations. The application of hydraulic fracturing technology requires the use of significant quantities of water, which necessitates increased focus by industry on both water use and water quality. "The Canadian natural gas industry supports all regulations that govern hydraulic fracturing, water use and water protection, because we recognize water is a valuable resource," said Michael McAllister, executive vice-president of Encana. "Strong regulations exist in regions of active unconventional gas development. Similar regulations are being developed in regions with an emerging unconventional natural gas sector, to ensure protection of water resources and provide the public confidence that these r e s o u r c e s a r e b e i n g d e v e l o p e d responsibly." The guiding principles for hydraulic fracturing are available on CAPP's website at capp.ca. CAPP is also developing recommended practices to support the guiding principles for hydraulic fracturing. For example, a recommended practice describing CAPP member companies' requirements for disclosure of fracturing fluid additives is under development. These recommended practices will be available on CAPP's website as each is finalized.

NEW JOINT VENTURE TO DEVELOP ENCANA BC SHALE

Encana Corp is nearing a new joint-venture agreement to develop its British Columbia shale gas assets and the deal will have a number of key differences from a failed arrangement with PetroChina, Encana's chief executive said on Wednesday. Several players are poring over confidential financial and operating data for Encana's Cutbank Ridge holdings in northeastern British

Columbia, CEO Randy Eresman told an investment conference, and the company expects to announce a deal by year-end or in the first quarter of 2012. Unlike the failed $5.4 billion deal with PetroChina, which fell through in June after more than a year of talks, Encana is eschewing any discussions on an exclusive basis, Eresman said. "Now we basically have all of those players that you'd want to have in your data room in the data room," he added. "We now have a very broad mix of Asians, Americans, and Europeans (as potential partners)." Encana expects bids in October. Eresman said that the venture will likely comprise undeveloped, rather than producing, lands, and that he expects the structure to include a cash payment as well as carried interest, as is commonplace in such deals. Encana, one of the continent's biggest natural gas producers, has formed joint ventures and sold off assets as ways to fund development of its extensive reserves at a time of stubbornly weak natural gas prices. The company said on Wednesday it is selling gas-gathering and processing assets in Colorado to an unnamed private company for $590 million, putting it on track to meet or

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charge related to the settlement to reflect in its third-quarter net earnings. Additionally, it expects the CRA settlement to result in an Alberta income tax reassessment and interest charges totalling to $13 million. Precision will waive all rights to appeal the reassessment.

BASE COMPLETES AQUISITIONBase Oil & Gas Ltd has announced that it has completed its previously announced acquisition of oil and gas assets in East central Alberta for total consideration of $7.8 million in cash with an effective date of July 1, 2011. With this acquisition, production from the oil-weighted assets is expected to average more than 150 boe/d in the fourth quarter of 2011 and the Company's undeveloped land position in the area grows to approximately 30,000 net acres. Current production is approximately 201 boe/d.

September. The company had said previously the work could begin this month or next. The shutdown is expected to cut Syncrude's cumulative synthetic crude oil production by 4 million to 5 million barrels.

PRECISION RESOLVES TAX DISPUTEPrecision Drilling, Canada's largest oil-and-gas well drilling company, said it will get $71 million in refund after it reached a tax reassessment agreement with the Canada Revenue Agency (CRA). Precision now expects to get an income tax reassessment from CRA of $26 million plus $11 million in interest. In February, it received a reassessment notice for federal tax and interest of $216 million relating to a 2005 transaction. Precision objected to the reassessment and was required to pay $108 million toward the reassessed balance as part of the appeal process. The company also said it expects a $50 million one-time

Shell will build the plan at its Jumping Pound gas plant, about 30 kilometers west of Calgary. Work is expected to be completed by 2013. Shell will begin selling LNG at the Alberta Flying J truck stops next year, relying on third-party supplies until its own plant is complete. It is also teaming up with Westport Innovations Inc, a Vancouver company that develops natural-gas powered engines, to encourage transport companies to switch over to the fuel and develop standards for its use.

CENOVUS SEES SLIGHT DELAY IN REFINERY PROJECT

A project to dramatically boost the capacity of an Illinois refinery to process heavy Canadian crude is slightly delayed, but still expected to be completed in the fourth quarter, Cenovus Energy Inc, one of its owners, said on Thursday. "Overall it is pretty much on budget, a little bit behind

schedule, but we're very excited about the timing of this overall start-up," John Brannan, Cenovus's chief operating officer, told an investor conference. Cenovus and 50-50 partner ConocoPhillips are adding equipment allowing them to process 130,000 barrels a day more heavy crude at the Wood River refinery. It will lift the capacity for those grades to 240,000 bpd. Brannan said the partners are expected to have spent $3.7 billion on the project by the end of this year, up from an initial budget of $3.6 billion.

SYNCRUDE TURNAROUNDSyncrude Canada Ltd will begin major maintenance on its coker 8-2 unit this month, an executive of the joint venture's largest shareholder said on Thursday. Ryan Kubik, Canadian Oil Sands Ltd's chief financial officer, said at a New York investor conference that the expected 45-day turnaround at the unit will be begin in

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