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ARTICLE · 08 MARCH 2011

Oh Canada! Significant Developments in Canadian Energy – February 2011

Dentons Canada LLP
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The Canadian oil and natural gas industry had a banner year for equity financings in 2010, raising $19.9 billion in capital, which represents an increase of $1.3 billion over 2009.

CanadaEnergy and Natural Resources
Doug Black
Doug Black
Anne Calverley
Anne Calverley
Douglas Crowther
Douglas Crowther
Rich Miller
Rich Miller
Bill Gilliland
Bill Gilliland
Alex MacWilliam
Alex MacWilliam
Claude Morency
Claude Morency
Cyrus Reporter
Cyrus Reporter
Ronald Stuber
Ronald Stuber
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Oil Sands News

1. The Canadian oil and natural gas industry had a banner year for equity financings in 2010, raising $19.9 billion in capital, which represents an increase of $1.3 billion over 2009. New equity in 2010 equaled $12.6 billion, which represents a year‐over‐year increase of 111% over 2009 and 28% over 2007, the previous record. The average size of equity issues in 2010 was $19.3 million, representing a 67% increase over 2009. The largest equity issue went to the Athabasca Oil Sands Corp. $1.4 billion IPO, directed at developing the Birch, Dover, Grosmont and Hangingstone projects.

1. As part of the Government of Alberta's new bitumen royalty‐in‐kind initiative (BRIK), and in conjunction with the North West Upgrading/CNRL partnership, the first phase of a new 50,000 bpd bitumen refinery is expected to be completed in 2014, with the possibility of two more 50,000 bpd phases to follow. The first phase will refine 37,500 bpd of Crown bitumen along with

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