Tuesday, October 09, 2007

TSX Presidents Tries To Reassure Alberta's Energy Sector on Royalties

Copied below is an interesting bit of advice that the conventional oil and gas sector in Alberta was being given by the President of the TSX today.

Notice in these comments there is no mention of social license to operate, corporate social responsibility, environmental responsiveness, reclamation responsibility, concerns over fragmentation of the land and destruction of habitat. There are no comments about the need for conservation, new technology adoption, enhanced community relations and civic engagement or anything at all about integrated land management and the overall sustainability of the industry in the normal marketplace thrust and parry of the marketplace in these comments.

If this industry wants "stable, transparent and predictable policy and regulatory frameworks," and they should, they have a lot more issues to consider beyond just “listing, financing and trading.”

Albertans are reading the “Our Fair Share” Royalty Review Report and the Auditor General’s recent report and they are going to be demanding a much higher standard – from both the conventional energy sector and the government of Alberta.

TSX Venture Exchange President Speech To Small Explorers And Producers Association Of Canada (SEPAC)
In remarks today to the Small Explorers and Producers Association of Canada (SEPAC), TSX Venture Exchange President Kevan Cowan said TSX Group’s exchanges have made a positive contribution to the energy sector in listing, financing and trading. He offered these comments on the recent recommendations from the Royalty Review Panel. ”A stable, transparent and predictable policy and regulatory framework is key to the success of any industry sector. As you all know, providing a stable, predictable and clear business environment is key to the success of

Alberta's oil and gas sector and an important objective for the province's overall economy. We are confident that the Alberta Government will carefully review the Royalty Review Panel's recommendations and continue to enhance the investment climate for this province's key industrial sector.”

TSX Group is a leader in the oil & gas sector - more oil & gas companies are listed on Toronto Stock Exchange and TSX Venture Exchange than any other exchange in the world. At the end of June 30, 2007, there were 434 oil & gas companies with a total market capitalization of $544.9 billion listed on Toronto Stock Exchange and TSX Venture Exchange.

He also explained to the SEPAC members that TSX Venture Exchange is well-positioned to represent the interests of junior companies. “We have the advantage of being part of a larger group – an international leader in financial markets. At the same time, we are focused on the needs of small companies and we understand the oil and gas sector. I look forward to working with your association on public policy issues of concern to the industry, and to assisting those of you who are seeking ways to raise capital.”