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Last updateFri, 17 May 2024 12pm

Torxen takes over Drumheller Cenovus Energy site

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Cenovus Energy company has made a deal with Torxen and Schlumberger to sell their Palliser crude oil and natural gas assets in southern Alberta including Drumheller for $1.3 billion.
    According to a Cenovus press release, the sale closed at the end of the fourth quarter after their announcement in mid-october.
    Along with the sale, steps have already been made to make their presence known like a new sign at their location in the industrial zone.
    Proceeds from the Palliser sale will be used to deleverage the company’s balance sheet.         Net proceeds from the sale of Cenovus Pelican Lake assets, which closed on September 29, 2017, have been used to retire the first tranche of the company’s $3.6 billion asset-sale bridge facility and to pay down a portion of the second tranche.
    Net proceeds from the Palliser sale and the recently announced Suffield asset sale, which was also closed in the fourth quarter of 2017, will be applied against the outstanding balance of the bridge facility.
    “Our strategy to optimize our portfolio by selling non-core assets and using the proceeds to pay down debt is firmly on track,” said Brian Ferguson, President & Chief Executive Officer (CEO). “We continue to target between $4 billion and $5 billion in announced asset sale agreements by the end of the year, and we remain committed to returning to our long-term debt ratio target.”    
    Cenovus is focused on using cash flow from its operations and asset sale proceeds to achieve its target of being below two times net debt to adjusted earnings before interest, taxes, depreciation and amortization (EBITDA).    
    In addition, Cenovus has certain other non-core assets that are currently being evaluated for potential sale.


Committee shares glimpse of potential Downtown Plaza

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The Economic Development Advisory Committee (EDAC) were hard at work producing new plans for a potential downtown plaza for Drumheller.
“The Economic Development Advisory Committee has been busy brainstorming about downtown revitalization,” said Summer Manca.
It would be located between Third Avenue and centre street facing north beginning at the Napier Movie Theatre and Third Avenue Arts.
Both the locals and tourist communities were kept in mind when designing the plaza.
“They are concept ideas that put together through public input and meeting the needs of the community,” continued Manca. “The number one thing that we are looking at that the public asked for in any public surveys or public forms that we’ve done are gathering areas. A gathering space downtown plaza [and] beautifying the area so that there is some seating and places to gather and enjoy the downtown area,” explained Manca.
The common space can be utilized in many different forms; regular outdoor common space, farmers markets, festivals or community events, even room for moveable secan sized businesses.
A transferable, seasonal structure was also included in the draft designs with means of focusing on beautification. It would potentially be placed in the middle of the intersection. Two pillars are described to reflect the ‘Dinosaur Capital of the World’ theme. Sidewalks, bike racks, and benches would also mimic this theme. 
The Festival of Lights in mid November acted as an unintentional beginning to the idea of a common space like the plaza.
“That was such a great community feel and we just want to give a space that we can have all kinds of those types of events that we can gather and just be together as a community and celebrate our town,” said Manca.

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A draft view of Thrid Avenue facing East with possible designs to the street. submitted

Nothing has been formalized yet but the committee is making headway with current plans.
“There’s always lots of things to think about and put in place in preparation for that but that’s exactly why the support of council is so important, we need all of their knowledge and their feedback and their support to move something forward,” said Manca.
Drumhellerites may even see small changes happening within the year.
“It’s very exciting that some of this could come up into fruition in 2018,” said Manca.
Manca is personally ecstatic about the opportunity.
“Yes of course I’m excited because I want a place to bring my family and be together downtown,” said Manca.

Deadly intersection upgraded for safety

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    A deadly intersection between Rosebud and Standard now has a new four-way stop in hopes that it makes the intersection safer.
 This comes after Alberta Transportation updated its review of the intersection of Highway 564 and 840, north of Standard. Before the modifications, east and west traffic at the intersection was controlled by a stop sign.  
     According to a press release from Wheatland County, the collision rate at this intersection is relatively low, however recently they have been very traumatic.  On July 3 of last year, two occupants of an SUV were killed when it collided with a minivan. Most recently, on January 2, a male driver appears to have failed to stop at the intersection, collided with a semi and was killed.
    RCMP K Division referenced this collision to highlight intersection safety.
    “Drivers should use extra caution at intersections, avoiding behaviours that lead to collisions,” says Superintendent Gary Graham, Officer-in-Charge, Alberta RCMP Traffic Services. “This remains true for intersections across the province, even in rural settings where traffic volumes tend to be lower.”
    Reeves of Wheatland County Glenn Koester said pressure to change the intersection came from people living in the area.
    “I think a lot of residents got hold of their MLA, because there was a lot of communication going on,” said Koester. “What I really wanted to see there, was a traffic circle.”
    Alberta transportation, in making the changes, considered that traffic volumes are consistently more than 500 vehicles per day, with the exception of one leg that sees about 320 vehicles. It also noted that almost every modification available in its operational toolbox has been exhausted.
    The cost to improve the intersection and make it a roundabout would be significant, estimated in the $5- $6 million range.
    The new signals at the intersection include a four-way stop, with appropriate signage as well as red flashing lights on top of the new sign. This configuration is similar to what is in place at the intersection of Highway 9 and Highway 21.


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