Oilsand Mining News
Further to the announcement issued by North American Energy Partners on Wednesday May 18th, the Company has now been notified by its customer, Canadian Natural Resources Limited ("Canadian Natural"), to suspend overburden removal activities at the Horizon Oil Sands project near Fort McMurray, Alberta. The suspension is being taken while Canadian Natural undertakes repairs to its primary upgrading facility, which was damaged in a fire in January 2011. The suspension of work notice was issued on May 18, 2011 at 2 pm and is effective until January 2, 2012.
Pan Orient Energy completed a previously announced bought deal financing of 6,870,240 common shares at a price of $6.55 per Common Share for gross proceeds of $45,000,072 on a private placement basis. The syndicate of underwriters was co-led by Raymond James Ltd. and Macquarie Capital Markets Canada Ltd. and included GMP Securities L.P., Canaccord Genuity Corp., Mackie Research Capital Corporation, Haywood Securities Inc. and Paradigm Capital Inc.