Calgary

Encana Corp.’s latest quarterly profits took it on the chin because of low natural gas prices, but the Calgary producer is responding with a realignment by transferring proven gas shale technology to liquids plays, advertising for partners to share costs in gassy northeast British Columbia (BC), and quietly acquiring an oily leasehold in Alberta’s Duvernay Shale.

Natural gas will play a central role as more than just a “bridge fuel” in a lengthy transition to renewable energy, said Calgary-based AltaCorp. Capital Inc. in a new report. In fact, “we believe it will become the largest source of energy on the planet,” wrote the investment banking firm’s John Mawdsley.

Paramount Resources Ltd. has agreed to acquire Calgary-based junior independent ProspEx Resources Ltd., the companies said Friday. Under the agreement, ProspEx shareholders may elect to receive either C$2.40 in cash or 0.07162 of a Paramount Class A common share per ProspEx share, subject to pro ration, such that 2,000,000 Paramount shares will be issued. The transaction values ProspEx at $186 million, including net debt and transaction costs. ProspEx, which was formed in 2004 by the reorganization of Esprit Exploration Ltd. (see Daily GPI, Oct. 5, 2004), owns rights to 90,000 net undeveloped acres in West Central Alberta and the Deep Basin. Assuming approval by regulators and ProspEx shareholders, the deal is expected to be completed by the end of May. The ProspEx board has approved the deal and will recommend that shareholders approve it as well, the company said.

Natural gas will play a central role as more than just a “bridge fuel” in a lengthy transition to renewable energy, said Calgary-based AltaCorp. Capital Inc. in a new report. In fact, “we believe it will become the largest source of energy on the planet,” wrote the investment banking firm’s John Mawdsley.

Calgary-based Talisman Energy Inc. on Tuesday deepened its strategic relationship with Sasol Ltd. by selling it a half-stake in its Cypress A assets in the Montney Shale for C$1.05 billion.

Portland, OR-based NW Natural said Friday it has signed a $250 million deal with a unit of Calgary-based Encana Corp. for the joint venture development of natural gas reserves in Wyoming. The gas-only utility said it expects the deal to provide long-term supplies for the vast majority of its 674,000 customers in western Oregon. Its customers in southwest Washington state will not be involved.

Nexen Inc. is looking for joint venture partners to help it develop its shale gas position in northeastern British Columbia, the Calgary company said during a year-end conference call with financial analysts on Thursday.

Nexen Inc. is looking for joint venture partners to help it develop its shale gas position in northeastern British Columbia, the Calgary company said during a year-end conference call with financial analysts on Thursday.

TransCanada Corp. reported that a one-time charge for the Mackenzie Gas Project offset its fourth quarter profits. Excluding charge, the Calgary-based company saw comparable earnings increase C$56 million from 4Q2009.