News | DrumhellerMail - Page #2420
09222019Sun
Last updateSat, 21 Sep 2019 3pm

Canadian Badlands to receive $6.2 million through federal Economic Action Plan

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    Canadian Badlands is to receive more than $6,000,000 through a federal government investment to create jobs in Rural Alberta.
    The government announced it would be investing $7,262,733 in four separate projects in rural Alberta to strengthen economic opportunities in Alberta. The bulk of the funds will go towards the Canadian Badlands.
    The Honourable Jim Prentice, Minister of the Environment, and the
Honourable Rona Ambrose, Minister of Labour, on behalf of the Honourable Lynne Yelich, Minister of State for Western Economic Diversification made the announcement.
    “Our Government, through the Community Adjustment Fund, is investing in western Canadian communities to stimulate economic activity and reduce the impacts of the global recession,” said Minister Prentice. “The projects announced today will contribute towards creating new sources for long-term economic growth and help ensure these communities remain healthy and vibrant places.” 
    According to a release, Canadian Badlands is collaborating with member organizations and municipalities to carry out projects under the Canadian Badlands Community Initiative for Employment. The projects will utilize funding to improve tourism facilities and amenities in communities throughout the Canadian Badlands, as well as provide temporary and permanent employment opportunities to local residents.
     “This funding will allow our single industry communities in rural Southern Alberta, in the Canadian Badlands Region, to remain vibrant by continuing to provide employment locally,” said Cindy Amos, executive director of Canadian Badlands Ltd. “We are grateful to the Canadian Government for this opportunity to enhance our tourism infrastructure throughout the communities that have been hardest hit by the economic downturn.”
    Other projects to receive funding include the Alberta Birds of Prey Foundation’s Water, Wings and Wetlands project, which received $875,000, the Crowsnest Pass Discovery Centre Project Implementation Plan, which received $75,000 and the Town of Ponoka’s Community Activity Centre which received $87,100.
    “I’m pleased to announce our Government’s support for four projects in Alberta,” said Minister Ambrose. “Investments through Canada’s Economic Action Plan are protecting and creating jobs, building stronger communities, and laying the foundations for our future prosperity.”
    According to a release, the Community Adjustment Fund commits $306 million over two years to support Western Canada communities most affected by the economic downturn. These are industries that are heavily reliant on resource-based industries, such as forestry, mining, agriculture and fisheries, and communities that depend on the manufacturing industry.  Western Diversification delivers the funds in the western provinces. 

Red Eye slo-pitch goes all day and night for local causes

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The HooDoo RV Resort was the site of 48 hours of slo-pitch over the weekend. The tournament's goal was to raise funds for the Morgan Jayne Project, which supplies infant formula for children facing the risk of AIDS in the Roatan. It also raised funds in the name of Chris Bolin to support the Drumheller Fire Department. By all accounts the event was a success and it is hoped to be an annual event. To start the marathon of softball Duane Bolin, father of Chris Bolin, throws out the opening pitch to Fred Makowecki, father of Morgan Jayne.
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EnCana to proceed with planned split

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    Last week EnCana announced at its Calgary headquarters that it is proceeding with its planned split more than a year after it was first announced.
    In May of 2008, EnCana, one of Canada’s leading North American unconventional natural gas and integrated oil companies, announced it would be splitting its operations, with one focusing on natural gas, while the other to pursue its oil interests. In October of last year, the company decided to revise its organization and "delayed seeking shareholder and court approval for the transaction until clear signs of stability returned to the financial markets.”
    On Thursday, September 10, it was announced it would proceed with the split. EnCana will now be the name of its gas enterprise.
    It is described as being “a pure-play natural gas company focused on the development of unconventional resources in North America” with a “diversified portfolio of prolific shale and other gas resource plays in key basins stretching from northeast British Columbia to Louisiana.”
    Cenovus will be its oil operations, described as “A premier integrated oil company focused on enhanced oil recovery supported by established oil and gas plays.”
    “We believe the conditions are now favourable to proceed with the split. Equity and debt markets have improved significantly with debt financing available at reasonable cost.  Global and national economic indicators suggest that the world’s economies are showing promising signs of recovery. As well, the strategic rationale for creating two leading energy companies remains as sound as ever – the conversion of one leading unconventional resource company into two independent, premium entities unlocks greater long-term shareholder value from industry-leading North American energy assets,” said Randy Eresman, EnCana’s President & Chief Executive Officer in a press release.
    According to Luigi Vescarelli, community relations advisor for EnCana in Drumheller, the split in the area will proceed as it was mapped previously.
    “With the Drumheller region it is unique in that it includes some EnCana land that will go to the gas company (EnCana), and some that will go to the integrated oil company Cenovus Energy Inc,” he said. “That means both of the new companies will be operating in the Drumheller area. The two new companies will be split along the same lines as EnCana’s current Canadian Foothills and Canadian Plains Divisions.”
    He says the operations in Drumheller will continue as they currently are, it will just be under two new companies.
“Staff currently working for EnCana are expected to continue in their positions,” he said.
    Another component of EnCana that will not change according to Vescarelli is its investment in the community. Recently EnCana jumped on board as a supporter of the Badlands Community Facility. It has also been a support of dozens of community organizations; from softball teams to Rosebud Theatre.
    “All commitments made by EnCana (i.e. community investment programs) will be honoured,” he said.
    The proposed closing date of the transaction is slated for November 30, 2009. This is dependent on two-thirds shareholder approval and regularity approvals.
    For each share of EnCana held by shareholders, they will receive one in EnCana (Gas Co.) and one in Cenovus.

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