• MGM Energy has been issued a significant discovery license from Indian and Northern Affairs Canada for its Umiak field, located northwest of Inuvik, Northwest Territories. The Umiak licence covers approximately 8,500 hectares and includes multiple pools of oil and gas across a number of formations. MGM estimates the size of the Umiak discovery at approximately 445 bcf of natural gas and additional unknown volumes of oil in place. MGM expects an average production of no less than 100 mmcfpd over a 10 year period. MGM is the operator of the Umiak field and holds a 60% working interest while ConocoPhilips Canada holds the remaining 40% interest.
  • The Joint Review Panel consideration of the proposed $16.2 billion Mackenzie gas project has concluded hearings on environmental and social-economic issues surrounding the project and could issue its recommendations as early as mid-2008. After the Panel issues its report, the Canadian federal government will issue its response and at the same time, the NEB will be seeking public comments on its proposed conditions and the Panel’s recommendations. The NEB has indicated that it will reconvene its hearing for final arguments late 2008, possibly releasing its decision by the second quarter of 2009. As recently as March 2007, project operator Imperial Oil indicated gas could begin flowing on the mega-project by 2014.