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Royalty Trust
A royalty trust is a type of corporation, mostly in the United States or Canada, usually involved in oil and gas production or mining. However, unlike most corporations, its profits are not taxed at the corporate level provided a certain high percentage (e.g. 90%) of profits are distributed to shareholders as dividends. The dividends are then taxed as personal income. This system, similar to real estate investment trusts, effectively avoids the double taxation of corporate income. Texas oilman T. Boone Pickens is often credited with creating the first royalty trust in 1979; however Marine Petroleum Trust (Marps) was created in 1956, twenty three years earlier. Characteristics of royalty trusts Royalty trusts typically own oil or natural gas wells, the mineral rights of wells, or mineral rights on other types of properties. An outside company must perform the actual operation of the oil or gas field, or mine, and the trust itself, in the United States, may have no employees. Shar ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Penn West Exploration
Obsidian Energy Ltd. (previously known as Penn West Exploration Ltd., Penn West Petroleum and Penn West Energy Trust) is a mid-sized Canadian crude oil, oil and natural gas production company based in Calgary, Alberta. For a while it was one of the S&P/TSX 60, the sixty largest companies on the Toronto Stock Exchange. From 2005–2011 it was a Canadian royalty trust (CanRoy, CANROY), and reached a peak market capitalization in January 2008 of approximately US $9.5 billion. In the 2012 Forbes Global 2000, Penn West Petroleum, Obsidian Energy's predecessor, was ranked as the 1086th largest public company in the world. The company experienced operational and financial difficulties when crude oil prices fell significantly in 2014. As a result, the company underwent a significant restructuring with the majority of the assets sold over the next two years to reduce debt. Obsidian's oil and gas fields are located in Alberta, along the Western Canadian Sedimentary Basin, a region which is ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Penn West Energy Trust
Obsidian Energy Ltd. (previously known as Penn West Exploration Ltd., Penn West Petroleum and Penn West Energy Trust) is a mid-sized Canadian oil and natural gas production company based in Calgary, Alberta. For a while it was one of the S&P/TSX 60, the sixty largest companies on the Toronto Stock Exchange. From 2005–2011 it was a Canadian royalty trust ( CANROY), and reached a peak market capitalization in January 2008 of approximately US $9.5 billion. In the 2012 Forbes Global 2000, Penn West Petroleum, Obsidian Energy's predecessor, was ranked as the 1086th largest public company in the world. The company experienced operational and financial difficulties when crude oil prices fell significantly in 2014. As a result, the company underwent a significant restructuring with the majority of the assets sold over the next two years to reduce debt. Obsidian's oil and gas fields are located in Alberta, along the Western Canadian Sedimentary Basin, a region which is one of the world ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Pengrowth Energy Trust
Pengrowth Energy Corporation was a Canadian oil and natural gas company based in Calgary, Alberta. Established in 1988 by Calgary entrepreneur James S Kinnear, it was one of the largest of the Canadian royalty trusts ("Canroys"), with a market capitalization of US$4.12 billion at the end of 2007. Its assets were approximately evenly distributed between oil and natural gas. Pengrowth's assets are in the Western Canada sedimentary basin, a geologic region which has a long history of productivity in crude oil and natural gas. In addition to the properties in western Canada, the company had assets in the Atlantic Ocean off of Nova Scotia. Pengrowth produced petroleum ranging from heavy crude oil to light oil, natural gas liquids, and natural gas. Proved reserves in 2006 were reported to be of oil equivalent (boe) with an additional of probable reserves. Average daily production in 2006 was (bpd) with a projected amount of 86,000 to 87,000 for 2007; figures verifying these t ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Corporation
A corporation or body corporate is an individual or a group of people, such as an association or company, that has been authorized by the State (polity), state to act as a single entity (a legal entity recognized by private and public law as "born out of statute"; a legal person in a legal context) and recognized as such in Corporate law, law for certain purposes. Early incorporated entities were established by charter (i.e., by an ''ad hoc'' act granted by a monarch or passed by a parliament or legislature). Most jurisdictions now allow the creation of new corporations through List of company registers, registration. Corporations come in many different types but are usually divided by the law of the jurisdiction where they are chartered based on two aspects: whether they can issue share capital, stock, or whether they are formed to make a profit (accounting), profit. Depending on the number of owners, a corporation can be classified as ''aggregate'' (the subject of this articl ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Pink Sheets LLC
OTC Markets Group, Inc. (formerly known as National Quotation Bureau, Pink Sheets, and Pink OTC Markets) is an American financial services corporation that operates a financial market providing price and liquidity information for almost 12,400 over-the-counter (OTC) securities. The group has its headquarters in New York City. OTC-traded securities are organized into three markets to inform investors of opportunities and risks: OTCQX, OTCQB and Pink. History The company was first established in 1913 as the National Quotation Bureau (NQB). For decades, the NQB reported quotations for both stocks and bonds, publishing the quotations in the paper-based Pink Sheets and Yellow Sheets respectively. The publications were named for the color of paper on which they were printed. NQB was owned by CCH from 1963 to 1993. In September 1999, the NQB introduced the real-time Electronic Quotation Service. The National Quotation Bureau changed its name to Pink Sheets LLC in 2000 and subs ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Precision Drilling Trust
Precision Drilling Corporation is the largest drilling rig contractor in Canada, also providing oil field rental and supplies. History Precision Drilling Ltd. was founded in 1951. In 1987, Precision Drilling was acquired by Cypress Drilling, led by president Hank Swartout, in a reverse takeover which left the company with a fleet of 19 rigs. Swartout led the company through extensive growth until his retirement in 2007. In 2005, Precision sold its energy services and international contract-drilling divisions to Weatherford International for $2.28 billion and reorganized as an income trust. Precision converted from an income trust back to a corporation in 2010. In 2008, Precision acquired its US rival Grey Wolf Inc. for $2 billion, a merger which expanded its rig count in the US, which it had largely left in 2005, over tenfold. The acquisition led to financial difficulties which led to a $330M CAD investment by the Alberta Investment Management Corporation (AIMCo) in 2009, ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Permian Basin Royalty Trust
The Permian Basin Royalty Trust () is a United States oil and natural gas royalty trust based in Dallas, Texas. With a market capitalization of US $790,000,000, and an average daily trading volume of about 186,000 shares at the end of 2007, it was one of the largest royalty trusts in the United States. Its source of revenue is oil and gas pumped from the geologic formation for which it is named, the Permian Basin in west Texas, as well as a few locations in other parts of the state. Most of the Trust's properties are on the Waddell Ranch in Crane County, Texas, where it owns a 75% net overriding royalty interest in the fee mineral interests (in this case, oil and natural gas). Other properties of the trust are in 32 other Texas counties, most of which are in the western portion of the state, on the High Plains; the trust owns a 95% net overriding royalty interest in all of its properties outside of the Waddell Ranch. The principal productive zones for oil on the Waddell Ranc ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Enerplus Resources Fund
Enerplus Corporation is one of Canada’s largest independent oil and gas producers. It holds oil and natural gas property interest in the United States and in western Canada, in the provinces of Alberta, British Columbia and Saskatchewan. Canada's first income fund, the firm is based in Calgary, Alberta and traded on both the Toronto Stock Exchange and the New York Stock Exchange before being acquired by Chord Energy. History Enerplus was established in 1986 by Marcel Tremblay, a pension fund manager and John Brussa, a lawyer. It was originally called Enerplus Resources Fund, and it was Canada's first income trust. Its original purpose was to provide income from mature, aging oil and gas assets to retail investors, taking advantage of the tax advantages of the income trust structure. It started trading on the Toronto Stock Exchange in 1986 with a $10 million IPO. In 1996, Mark Resources renamed itself Enermark, became an income trust, and joined the Enerplus group of compa ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Canadian Oil Sands Trust
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Canadian oil sands may refer to: * Athabasca oil sands. * Peace River or Cold Lake where other bitumen deposits are located * Fort McMurray where the industry is located * Canadian Oil Sands Trust See also *Oil sands *Bitumen *Heavy crude oil Heavy crude oil (or extra heavy crude oil) is highly viscous oil that cannot easily flow from production wells under normal reservoir conditions. It is referred to as "heavy" because its density or specific gravity is higher than that of light cr ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
BP Prudhoe Bay Royalty Trust
The BP Prudhoe Bay Royalty Trust is a United States oil and natural gas royalty trust based in New York, New York. With a market capitalization of US$155 million in early 2020, and an average trading volume of 322,000 shares, BP Prudhoe Bay Royalty Trust is the largest conventional oil and gas trust in the United States. Its assets are in the huge Prudhoe Bay Oil Field, the largest oil field in North America, and at the end of 2006 the trust claimed to have proved reserves of 85.1 million barrels of crude oil. As of the end of 2018, the trust claimed to have proved reserves of 15.77 million barrels of crude oil. Standard Oil Company and BP Exploration, both now branches of British Petroleum, set up the trust on February 28, 1989. They distribute royalties on a portion of the oil produced from the Prudhoe Bay Oil Field, typically 16.4246% of the first 90,000 barrels of net daily production. In their 2018 annual report, the trust estimated it would continue to make royalty payo ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Baytex Energy Trust
Baytex Energy Corp. is an energy company based in Calgary, Alberta. The company is engaged in the acquisition, development and production of crude oil and natural gas in the Western Canadian Sedimentary Basin and in the Eagle Ford in the United States. Baytex's common shares trade on the Toronto Stock Exchange and on the New York Stock Exchange under the symbol BTE. History Early on (1993–2000) the company was more focused on developing light oil and natural gas containing properties in North and SE Alberta. In Jan 19, 2006, Baytex Energy Trust announced that the New York Stock Exchange had cleared Baytex to file an Original Listing Application to list its trust units on the NYSE. The company began trading on the NYSE on March 27. In April 2008 it completed a $181 million takeover of Burmis Energy Inc, a Calgary-based oil and natural gas producer (72% of production was natural gas) that was nine times smaller than Baytex at the time. The deal gave Baytex control of the ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
