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EnCana to split into two energy companies (posted 5/14/08)
In an announcement made on Sunday, May 11, the Board of Directors of Canada-based EnCana Corporation (ECA) unanimously approved a proposal to split EnCana into two highly focused energy companies. One would be a natural gas company and the other a fully integrated oil company.
“This transaction is designed to enhance long-term value for EnCana shareholders by creating two highly sustainable, independent entities, each with an ability to pursue and achieve greater success by employing operational strategies best suited to its unique assets and business plans,” stated the EnCana media release.
“The proposed corporate reorganization would be implemented through a court-approved Plan of Arrangement. This transaction will create a publicly-traded integrated oil company with oilsands as the growth driver. This company, which has a working name of IntegratedOilCo (IOCo), will focus on the development of EnCana’s Canadian oilsands assets and refinery interests in the United States, underpinned by a well-established natural gas and oil production base in Alberta and Saskatchewan. IOCo assets, which encompass EnCana’s Integrated Oil and Canadian Plains divisions, represent about one-third of EnCana’s current production and proved reserves.”
“EnCana’s other major operating divisions, Canadian Foothills and USA, will form a pure-play natural gas company, aimed at growing existing high-potential resource plays in Canada and the United States. With a working name of GasCo, it will represent about two-thirds of EnCana’s current production and proved reserves. It is expected that GasCo will retain the name EnCana Corporation. The permanent name of IOCo will be determined before the transaction closes,” the release stated.
EnCana shareholders to receive one share in each of the two companies
Under the proposed transaction, which is expected to be completed in early 2009, EnCana common shareholders will receive one share in each of GasCo and IOCo in exchange for each EnCana share held. The transaction is generally expected to be tax free to shareholders. EnCana intends that the initial combined dividends of the two companies will be equivalent to EnCana’s current dividend of US$1.60 per share annually. Dividends will be at the discretion of the respective boards of directors of each company. EnCana expects to continue recommending to its Board of Directors that the company pay a 40 cent per share quarterly dividend until the transaction is complete.
Randy Eresman, EnCana’s President & Chief Executive Officer, said, “Our natural gas business is very strong. We have delivered consistent production increases and cost improvements and our existing and emerging plays hold great potential. We have become North America’s largest natural gas producer in one of the world’s lowest-risk regions and largest energy markets. Our integrated oilsands business is into its second year of our 50-50 joint venture with ConocoPhillips. This successful partnership strategically and financially links premier in-situ oilsands assets with industry-leading refinery assets, creating one of the industry’s lowest cost integrated oilsands developments,” Eresman said.
Concurrent with this announcement, EnCana has updated its estimates of 2008 pre-transaction cash flow to a range of between $9.6 billion and $10.0 billion to primarily reflect increases in forecasted commodity prices. Updated 2008 EnCana guidance, pro forma guidance for GasCo and IOCo and supplemental information about the proposed transaction will be posted on the company’s website www.encana.com.
Wolf/livestock conflicts abound in Montana (posted 5/14/08)
Cat Urbigkit, Pinedale Online!
Montana Fish, Wildlife and Parks issued its first wolf update report about wolf - livestock activities. A late start to spring has kept wintering ungulates and wolves in lower elevations mostly along winter range later than in previous years, creating more potential for wolves to be in close proximity to cattle calving or sheep lambing operations on private lands. Wolves were delisted on March 28, 2008.
Click on this link for more on Montana wolves: Montana wolf update
Montana discusses wolf kills (posted 5/14/08)
Cat Urbigkit, Pinedale Online!
Montana Fish, Wildlife and Parks issued a wolf update that addresses concerns about the number of wolf control actions occurring in that state since wolves were removed from federal protections at the end of March. Confirmed damage by wolves based on an investigation by USDA Wildlife Services is required prior to implementation of any lethal control, and control efforts are terminated after a maximum of 45 days or upon removal of the pre-determined number of wolves, which ever is sooner.
Montana has not authorized any more lethal control across southern Montana than would have been the case if wolves were still listed or was the case during the same 30-day period in 2007. Neither FWP nor Montana citizens have abused the transition from the federal legal framework to the state legal framework.
Click on this link for more on this story: Montana discusses wolf kills
Wyoming wolf update (posted 5/14/08)
Wyoming Game and Fish Department
Wolf Report
For the week ending May 9, 2008
The state of Wyoming officially assumed management authority for wolves on March 28, 2008. This report covers the period from May 3 through May 9.
Wolf Research
Nothing new to report this week.
Wolf Monitoring
Wyoming Game and Fish Department personnel continue to closely monitor wolves and wolf activity throughout northwest Wyoming. The department is working with USDA Wildlife Services and the US Fish and Wildlife Service to place radio collars on wolves in the Trophy Game Area.
Reported Wolf Kills
One male wolf was reported killed on May 5 in the Predatory Animal area near Daniel.
Depredation Investigations
No depredation investigations this week.
Information and Education
The department’s information and education staff continued to answer numerous calls from the media and public this week. Most calls related to the lawsuit filed this week in US District Court in Montana challenging the wolf delisting decision.
Other
The State of Wyoming filed as an intervenor in the lawsuit filed last week in US District Court in Montana challenging the wolf delisting decision.
The department is reviewing applications for three permanent Wolf Specialist positions and will be conducting interviews soon.
Related Links:
Wolf Watch - By Cat Urbigkit
Sixteen wolves killed in Wyoming since delisting (posted 5/14/08)
Cat Urbigkit, Pinedale Online!
There have been 16 wolves killed in Wyoming's predatory zone since the species was removed from federal protection on March 28.
Related Links:
Wolf Watch - By Cat Urbigkit
Jackson Rocky Mountain Elk Foundation Banquet May 17 (posted 5/14/08)
Tickets still available
The Jackson Hole Chapter Rocky Mountain Elk Foundation will be hosting their annual Big Game Banquet on Saturday, May 17th The annual fundraiser goes to raise money for elk and habitat. The meal will be prime rib.
This year the organization will have the RMEF Great Elk Tour at their banquet and on the square for ElkFest. There will be casino games, a silent auction, live auction, raffles, prime rib dinner, and live music all out at the Bar J Chuckwagon on the village road.
For tickets and information contact Chuck Teske at 307-739-0951. Discounted lodging has been arranged at the Anvil Motel or Virginian Lodge. Mention you are staying for the Elk Foundation banquet.
BLM Sponsors Boulder Lake Public Dig May 16-18 (posted 5/9/08)
Volunteers wanted
Bureau of Land Management
The Bureau of Land Management (BLM) Pinedale Field Office is sponsoring archaeological evaluative test excavations at the BLM campground on Boulder Lake on May 16-18, 2008.
The public is welcome to visit the excavations and talk to the archaeologists. The purpose is to record and evaluate a known site for National Register significance, and probe the potential extent of archaeological deposits around the camp ground. BLM North Boulder Lake camp site is accessed from U.S. 19,1about 1 ¼ mile north of Boulder, Wyo. on BLM’s improved road that goes to the Boulder Lake dam. This is not the boat ramp site.
There are twelve volunteer positions available to actually help with the excavations. If you wish to participate, contact Dave Vlcek, 307-367-5327, Sam Drucker, 307-367-5358, Dave Crowley, 307-367-5323 or Rob Schweitzer, 307-367-5325 for more information.
Volunteers will need to sign a volunteer agreement, take a short safety orientation and have a lot of fun helping the professionals unravel the mysteries of prehistoric occupations at Boulder Lake. Children are welcome, accompanied by their parent or guardian. BLM will supply all needed archaeological materials. Volunteers will need to bring their own lunch, non-alcoholic beverage, sun screen and personal comfort items.
Front page of the Drudge Report website, www.drudgereport.com, on Thursday, May 8th.
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Sublette Co air pollution story makes Drudge Report (and CNNMoney.com) (posted 5/8/08)
A story about air pollution in Boulder/Sublette County, Wyoming was linked to from the front page of the Drudge Report on Thursday, May 8th. The Drudge Report is a U.S.-based website with an aggregation of news stories highlights for the day. It is run by Matt Drudge. The site consists mainly of links to stories from the US and international mainstream media about politics, entertainment, and current events as well as links to many columnists. In March, 2008, the Newspaper Association of America listed The Drudge Report as having a readership of about 3.5 million, and as one of the most frequently revisited news sites, with up to 19 visits per person per day.
The story about Sublette County air pollution was written by Bob Moen and appeared on My Way News (http://apnews.myway.com). It has quotes and comments by Craig Jensen (Boulder-resident), Linda Baker (Upper Green River Valley Coalition), Jeremy Nichols (director of the Denver-based Rocky Mountain Clean Air Action), David Finley (Wyoming Department of Environmental Quality), Jim Sewell (Environmental project manager with Shell Exploration and Production).
Click on this link for the story: Air pollution in Wyo. community rivals that of big cities By Bob Moen, May 8, 7:18 AM (ET), My Way News
If the link above no longer works, click on this link for a PDF version: Air pollution in Wyo... My Way News-By Bob Moen, May 8, 2008 (3 page PDF, 83K)
_______________________________
Thursday, May 8, 1:25PM Update: This AP story has now been posted on CNNMoney.com Air pollution in Wyo. community rivals that of big cities
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Wolf injunction hearing set (posted 5/8/08)
Cat Urbigkit, Pinedale Online!
The lawsuit filed in federal district court in Montana over wolf delisting is moving forward. The environmental and animal rights groups filing the suit have requested the court issue a preliminary injunction to stop wolves from being killed as has happened in Wyoming's predator zone. The court has set the date for the injunction hearing for May 29.
The federal government requested an extension of time to file its brief opposing the injunction, but the court rejected that request. Some of the wording in the order rejecting the request may be an indication of what is to come.
The court noted: "Federal Defendants also observe Plaintiffs will not be prejudiced if the Court grants an extension of time because the majority of wolves that have been killed since delisting would have died even if the grey wolf remained a listed species. This assertion is neither compelling nor comforting. As an initial matter, Plaintiffs dispute Federal Defendants’ assertion.
"Additionally, Federal Defendants appear to agree that ten wolves have been killed in the month since delisting that probably would not have been killed absent delisting. The Court is unwilling to risk more deaths by delaying its decision on Plaintiffs’ motion for preliminary injunction beyond what is necessary."
The order was issued by Federal Judge Donald W. Molloy.
Related Links:
Wolf Watch - By Cat Urbigkit
U.S. Senator John Barrasso.
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Barrasso’s Wyoming Range Bill moves forward (posted 5/8/08)
U.S. Senator John Barrasso media release
(WASHINGTON) – U.S. Senator John Barrasso, R-Wyo., has secured a significant victory for one Wyoming’s most pristine natural heritages: the Wyoming Range.
The Senate Energy and Natural Resources Committee voted to pass Barrasso’s “Wyoming Range Legacy Act of 2008,” S. 2229, during a business meeting. The bill now awaits consideration by the full Senate.
“I made a promise to the people of Wyoming to continue the work of our friend Craig Thomas by preserving the Wyoming Range as a key part of our natural heritage,” Barrasso said. “Today’s vote brings us one step closer to enhancing the tourism, recreation, grazing, hunting and sportsmen economy of the Wyoming Range.”
“Wyoming has a proud tradition of supporting the nation’s energy needs and will continue to do so. I strongly support oil and gas development in our state, but I also believe some places are simply too special to develop.”
Barrasso’s bill is supported by Senator Mike Enzi, Wyoming Governor Dave Freudenthal, and a broad coalition of Wyoming residents.
S. 2229 will protect more than 1.2 million acres of the Wyoming Range and Bridger-Teton National Forest by prohibiting future oil and gas leasing, while allowing a buy-out process that respects the property rights of current leaseholders.
The bill allows the remaining leases to be voluntarily purchased, presumably by conservation groups, in order to retire the leases.
The bill provides protection for property rights of existing and valid leases. It does not cancel any existing leases from future production.
There are approximately 4,300 producing oil and gas wells in the three counties covered by the legislation, and a proposal for up to 4,399 additional wells. These wells will not be affected by the bill.
Wyo Delegation reacts to decision on AML funds (posted 5/8/08)
Wyoming Delegation
(WASHINGTON) – U.S. Senators Mike Enzi, John Barrasso and Representative Barbara Cubin, all R-Wyo., today issued the following statements regarding the Office of Surface Mining’s (OSM) decision that $51 million in abandoned mine land funding will be available for projects approved by the Wyoming Legislature:
“I am pleased Wyoming will get more money from the federal government than ever before. The $51 million was Wyoming’s money to begin with and should never have been held captive for this long. I worked long and hard for its release,” Enzi said. “The hoops the feds have forced Wyoming to jump through are uncalled for, however. The Wyoming delegation is continuing work to stop the bureaucratic madness and get Wyoming’s future money without all the red tape.”
“Wyoming is finally set to receive the $51 million in AML funds we’re rightfully owed,” Barrasso said. “We shouldn’t have to justify our expenditures to bureaucratic bean counters in Washington. It is unfortunate that we had to jump through so many hoops.”
“These funds belonged in Wyoming’s hands a long time ago. When I first pulled together the many and varied stakeholders on this issue in July of 2005, I knew we were finally moving toward the goal line. It is gratifying to know that after all those years of my hard work and bi-partisan negotiation these dollars can now be spent for the betterment of Wyoming and her citizens. AML is no longer a four letter word in our state,” Cubin said.
Lynx habitat proposal extended (posted 5/8/08)
U.S. Fish & Wildlife Service media release
The U.S. Fish and Wildlife Service expects to release by July 2008 a draft economic analysis that will estimate the potential costs for conservation actions associated with the proposal to revise the amount of critical habitat designated under the Endangered Species Act (ESA) for the federally threatened Canada lynx. At that time, the Service will also reopen the public comment period on the proposed revised critical habitat rule. The new 30-day comment period will give interested parties an opportunity to comment on the draft economic analysis as well as provide information pertinent to the critical habitat proposal.
Public hearings requested during the initial public comment period will be conducted during the reopened public comment period. The dates, times, and places of those hearings will be announced in the Federal Register and local newspapers at least 15 days before the first hearing.
In total, the Service is proposing to designate approximately 42,753 square miles of habitat in portions of northern Maine, northeastern Minnesota, the Northern Rocky Mountains (northwestern Montana and northeastern Idaho), the Northern Cascades (north-central Washington), and the Greater Yellowstone Area (southwestern Montana and northwestern Wyoming).
Critical habitat, under the ESA includes the specific areas within the range of the species that contain physical or biological features essential for the conservation of a threatened or endangered species and that may require special management or protection. The designation of critical habitat does not affect land ownership or establish a refuge, wilderness, reserve, preserve, or other conservation area. It does not allow government or public access to private lands. Federal agencies are required to consult with the Service on actions they carry out, fund or authorize that might affect critical habitat.
The Service listed the contiguous United States Distinct Population Segment (DPS) of Canada lynx in 2000 as a threatened species under the ESA. The DPS includes forested portions of 14 States. Critical habitat for the Canada lynx was initially designated on November 8, 2006, and the proposed revision to that critical habitat designation was published on February 28, 2008.
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