New York, NY -- (ReleaseWire) -- 03/15/2013 --Canexus announced that formal agreement had been reached with MEG Energy Corp. (OTC Pink: MEGEF) to connect the CanexusBruderheim terminal with pipelines which interconnect with the MEG Energy Stonefell Terminal, and to provide terminalling services to MEG for loading of bitumen blend for transport by rail and the receiving of diluent shipments by rail.
Company states “We are making solid progress on this $125 million project and expect to commission this expansion late in the third quarter of 2013. Significant progress is also being made on both a potential second pipeline/terminal connection to Bruderheim and on contract negotiations with additional customers for unit train shipments from Bruderheim under multi-year, take-or-pay terms.”
MEG Energy Corp. engages in the development and production of in situ oil sands in Alberta, Canada. The company is developing enhanced oil recovery projects that utilize steam assisted gravity drainage extraction methods.
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WSJ reported that a subsidiary of Macquarie Group Ltd. is suing ATP Oil & Gas Corp. (OTC Pink: ATPAQ), saying it owns the rights to royalty payments from three ATP offshore-drilling operations, entitling it to payments and exempting those rights from ATP’s bankruptcy estate.
Macquarie Investments LLC said prior to ATP’s Chapter 11 filing, it purchased for $110 million what ATP and several law firms assured it were “non-cost bearing overriding royalty interests that constituted real or immovable property rights” in the drilling operations, according to documents filed with the U.S. Bankruptcy Court in Houston.
ATP Oil & Gas Corporation is engaged in the acquisition, development and production of oil and natural gas properties.
Find out where ATPAQ could be headed by getting the full trend analysis report here: http://www.wallstreetscoop.net/market-scan/?symbol=ATPAQ
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