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June 2018

A message from the President
Treasurer's Report
PJVA Board of Directors Call for Nominations
6th Annual Stampede Event
29th Annual Golf Networking Event Summary
May Lunch Summary
24th Annual GPAC/PJVA Joint Conference
Contracts Corner
New Project - New PASC Accounting Procedure
Consider a Corporate Sponsorship with PJVA?

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A Message from the President

On behalf of the Petroleum Joint Venture Board of Directors (PJVA) and membership, I would like to thank the 2017-2018 Board for their dedication over the past year. We have a very collaborative Board which has made my job as President very easy and I would like to recognize their contributions over the past term.

After a few years of economic downturn and the strain on our Industry, it finally feels like there is a revival occurring and the energy and momentum in Calgary feels somewhat more positive.

As we began this year, the Board took a moment to remember that our first responsibility is to steward the legacy that decades of PJVA members have passed on. At the start of my term as PJVA President, we focused on controlling capital costs and reducing opex. I’m very pleased to report that a multi-year decline in PJVA’s balance sheet due to the downturn, has been halted, and reversed! This is due to the core qualities of PJVA, working together as one cohesive leadership team.

The 2017/18 PJVA Board has been an outstanding team. It’s truly been an honor and a privilege to work with them. Together we serve almost 650 members, with 15 Directors and close to 100 volunteers working on all our activities. The amount of work that is done through the volunteers and the Board is, remarkable, to say the least!

I want to thank the Membership for their support of our activities by attending and volunteering. The stability and involvement of our Membership has been outstanding! Together, we are a strong and committed Association.

And, I want to thank our corporate sponsors including Crescent Point and BDP for their invaluable time and dedication, and financial contributions to PJVA. In addition, Connie Pruden and Associations Plus for their stellar administration of PJVA and Enerplus Corporation for your support of me in this role for the past 12 months – a huge thank you!

Finally, I would also like to thank the Board members who will be retiring this year:

  • Josh Carter
  • Kent Black
  • Scott Wolfson
  • Ruth Onyett
  • Michelle Thoen
  • Paramount Resources
  • Whitecap Resources
  • Ridgeback Resources
  • CNRL

Directors that will continue in the 2018/2019 term include:

  • Myself as Past President
  • Richelle Lindsay
  • Grant Feddema
  • Bradley Hodges
  • Ashley Weldon
  • Jonathan Cassetta
  • Lorie Caron
  • Dan Tonellato
  • Helen O'Brien
  • Maureen McCall
  • Enerplus Corporation
  • Crescent Point Energy
  • Consultant
  • Consultant
  • Vermillion Energy Corporation
  • Encana Corporation
  • Repsol
  • Husky Energy
  • Independent

I would like to welcome the following incoming Directors to the Board:

  • Claire Basinger
  • Kody Carroll
  • Jana Prete
  • John Downey
  • Crescent Point Energy
  • Integrity Audit & Accounting Ltd.
  • Bennet Jones
  • Steel Reef Infrastructure Corporation

Thank you for allowing me to lead this incredible team, it has truly been an honor!

Tracey Moore-Lewis
President, PJVA

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Treasurer's Report

2017-2018 presented a dilemma that hasn’t been experienced for quite some time, or ever for that matter, for the PJVA and its Board of Directors. With the downturn entering its fourth straight year and every energy company, and plenty of non-energy companies too, taking extreme measures to cut costs and boost revenue in any way possible. It became apparent that the PJVA would have to take some extreme measures of its own to maintain the level of service our dedicated members have become accustomed without spending a ton of money.

As in most years, July 1, 2017 saw the annual turnover of the Treasurer position and it wasn’t long before a call to action was issued to the entire Board to reduce costs and to find new and innovative ways to generate revenue. Once the Directors got settled in, the 2017-2018 budget was requested for each portfolio. The result was an annual operating loss of almost $41,000 estimated. A detailed review of the submitted budgets had request a further look by all Directors to reduced costs by at least 15-20%. Further actions by the Board reduced budgetary demands on the Association, meaning more of the revenue would be staying in the Association to fund new education programs and materials, updated seminars and courses, and support those events every year that members love attending. After several individual meetings and time at two board meetings the group was able to commit to reducing to an operating loss of $26,000 estimated.

As many of you may know, the PJVA is a not-for-profit organization. The Board of Directors is focused on their respective portfolios and how to make them as impactful as possible for the members relying on those specific services. As an example, let’s talk about the Education portfolio. The PJVA has always had a major focus on education for its members and the energy industry as a whole. In 2016, PJVA announced it was moving its Joint Venture Analyst and Administrator Certificate Program to SAIT. The process to move the programs from Mount Royal to SAIT was an arduous one and redesign and implementation costs were substantial. For reasons I wont delve into in this article, that transition didn’t take place and as such PJVA now offers those certificates in-house. The PJVA Board decided that it would be more cost effective to retain these certificate courses in-house and so in early 2018 those certificate programs were opened up. Long story short, with this bold and successful move the PJVA was able to substantially reduce costs and offset with higher revenue.

We want to offer our membership the “gold standard”, so to speak. We believe this is what the Association was founded on, and that is what needs to be preserved. That being said, the Directors and Executive of the PJVA have worked tirelessly this year to keep costs down and to add as much benefit as possible to our membership. As of this report the PJVA is working on a $174 loss for this fiscal year. From over forty thousand short to less than two hundred short…simply amazing!

I couldn’t be more proud of a group of people as I am with our current Board. As a Board and as an Association, our job is to provide great value and service to our membership and I think we’ve done that.

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PJVA Board of Directors Call for Nominations

Are you an active PJVA member who is looking to contribute more to our association and industry? Are you passionate about petroleum joint ventures and want to make a difference? If so, then we encourage you to volunteer! Volunteering is a great way to be engaged within industry and impact change and improve JV business.

The PJVA Nominations Committee is looking for new volunteers to fill the following Portfolios on the Board of Directors for the 2018-2019 fiscal year:

Publicity Director: responsible for all PJVA communications within membership and industry through social media, website and the JV Views monthly newsletter.

Marketing Director: responsible for establishing an annual marketing budget and marketing plan in coordination with Treasurer and various Directors on the Board to support the various educational and social directives of the PJVA.

For more information on each of these roles, and how to apply, please visit the PJVA Volunteer Opportunities Page.

Richelle Lindsay
Vice-President, PJVA
(403) 767-6944

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6th Annual Stampede Event

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May Lunch Summary

On May 17th, PJVA hosted Mr. Graham Baugh at a joint luncheon with PASC on the topic of “Recent Developments in Canadian Natural Gas Midstream Commercial Arrangements”.

Mr. Baugh has an impressive body of experience in Joint Ventures and Legal practice nationally and internationally and he had great insights to share.

After a brief history of gathering and processing in Western Canada which included the observation that development of conventional oil and gas pools often involved Unit Agreements and COOs that frequently took decades to execute, Graham reported there were many conflicts that resulted in complex agreements designed for competing companies to get along well enough to do business.

His review of the major objectives of Parties in Midstream Arrangements revealed that producers realize that with the large amounts of upstream capital required for efficient development of resource plays, often there is not enough capital for upstream development and midstream facilities.

Producers often desire to avoid capital expenditures by letting midstream companies provide gathering and processing, taking advantage of their low cost of capital and in some cases superior construction and operating expertise.

Graham further reviewed the objectives of midstream companies were to invest large amounts of capital earning a good rate of return commensurate with their cost of capital and risk and receive fees throughout the value chain.

Although Graham did advise this is a summary, simplified to fit time constraints of the presentation, it is valuable he noted to observe that Upstream companies model their developments in terms of the rocks, technical development risk, capital required, cost structure and expected netbacks.

Midstream companies, he noted, start with a desired rate of return on their capital and then compute risked capital fees that hopefully fit with the upstream development. Midstream companies have rate of return hurdles as governance tools and then risk the projects to achieve their desired rates of return. He also noted features of the Take-or-Pay Commercial Structure of midstream agreements and the Fee-for-Service Commercial Structure.

Graham noted that the most recent developments in the Midstream Sector include the following:

  • The midstream sector in Canada has become highly competitive with the entry of US midstream operators, private equity and Canadian and US pension funds
  • Midstream companies taking throughput risk (fee-for-service - no throughput – no fees)
  • Midstream companies taking construction capital risk – some becoming the construction contractor and the midstream company
  • Competitive rates of return even with higher risk – rates of return have dropped materially as a result of competition
  • Increasing focus on customer service in response to competition (among other observations)

For more details on this presentation, please look to the PJVA website at and click on the Previous Luncheons link.

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29th Annual Golf Networking Event Summary

June 6, 2018

Thank you to all sponsors and congratulations to the winners below:

Platinum Sponsors

Crescent Point Energy Corp.
MAC Engineering
Shell Canada

Gold Sponsors

ARC Resources Ltd.
Brent Sheppard (Maxwell Reality), Mortgage Line and Sceptre Point Insurance
Burnet, Duckworth & Palmer LLP
Integrity Audit & Accounting Ltd.
KCAV Productions
P2 QByte
Paramount Resources Ltd.
Universal Pegasus International (UPI)
Repsol Energy Canada
Ridgeback Resources
Steel Reef Infrastructure Corp.

Skills Prize Sponsors

Bartier Brothers
KCAV Productions
Pandell Technology Corp. for our drink hole!
Steel Reef Infrastructure Corp.
Tower Physio

2018 Tournament Prizes

Door Prize Winners:

  • Wendy Barber
  • Robyn Derech
  • Kathy Dodds
  • Curtis Farebrother
  • Mark Hawkins
  • Kelly Horan
  • Justin Jensen
  • Tanis Kalynchuk
  • Evan Kristensen
  • Shona MacDonald
  • Stuart MacKenzie
  • Stuart Money
  • Rolande Mullen
  • Narda Murray
  • Keith Peach
  • Jana Prete
  • Chad Roth
  • Ashley Utri
  • Scott Wolfson
  • Alan Wong

Skill Prizes

Prize Donated by Winners
Closest to the Pin – Men’s Two bottles of wine Bartier Brothers Richard Kisinger
Closest to the Pin – Women’s $300 proshop KCAV Productions Caroline Williams
Longest Putt – Men’s Putter Steel Reef Infrastructure Chris Everett
Longest Putt – Women’s Pilates session Tower Physio Maria Sampson
Longest Drive – Men’s shirt & balls P2 and PJVA Austin Vlooswyk
Longest Drive – Women’s Massage session Tower Physio Larissa Roche

Team Prizes

Prize Winners
Most Honest Team $100 proshop gift cards Allan Wong, Allan Wageler, Rolande Mullen, Ruth Anne Onyett
Top Team #3 $100 proshop gift cards Stuart Money, Mark Hawkins, Sean Korney, Jason Mevel
Top Team #2 $55 proshop gift cards Caroline Williams, Tom Miller, Jerry Marchak, Gerald Litke
Top Team #1 $55 proshop gift cards Lou Limongiello, Robin Gerber, Rhonda Blinkhorn, Mark Stitt

Mulligan Prize

Prize Winners
50/50 Draw Mulligan Sales $645 Shona MacDonald, Murray Jackson (Winners receive tax receipt $322.50 each!)

Committee Members

Scott Wolfson,
Social Director on the Board
Whitecap Resources
Amy Oliverio CNRL
Geoff Ferguson Crescent Point Energy
Tom Miller Paramount Resources
Graham McLellan Crescent Point Energy
Scott Renneberg Paramount Resources


View current and previous years' results here

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24th Annual GPAC/PJVA Joint Conference

The 24th annual GPAC/PJVA Joint Conference will be held on Tuesday, October 30, 2018 at the Calgary Petroleum Club. The conference provides members and other petroleum professionals the opportunity to watch a variety of presentations from industry experts and partake in networking activities with colleagues. The theme this year is, “Resilience Through Diversification”, and we look forward to a day of education and engagement.

The conference organizing committee is very pleased to have secured Ian MacGregor – Chairman, President & Chief Executive Officer of North West Refining – as a keynote speaker for this year’s event. In addition to Ian, speakers from Pembina Pipeline, Altagas, Bennett Jones LLP, Price Waterhouse Cooper, and the Alberta Energy Regulator are slated to present at the conference. A complete schedule will be posted on the conference web site in April.

GPAC and PJVA members will again be offered Early Bird rates to attend the conference this year. Details on sponsorship opportunities will be posted on the conference web site, and corporate tables will be available for companies wishing to send a larger contingent of representatives.

PJVA members will be emailed a link to the conference web site in the near future. Further information on event pricing, speaker bios, and event sponsors will be provided.

Brad Hodges
Conference Director

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Contracts Corner

Stay tuned for the fall, the Administration Portfolio group has some exciting new documents to release come September. The Mail Ballot template forms as well as the Ballot Motion templates. We hope these two items will help make the Mail Ballot process easier and more consistent throughout industry.

We are diligently working on the best practices and will begin releasing these for Service Agreements by the end of 2018.

Have a wonderful summer and see you in September!

Lorie Caron
JV Administration Director

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New Project - New PASC Accounting Procedure

PASC is initiating a review and update of the current 2011 Accounting Procedure. We are currently in the process of establishing a Project Team to review the needs of industry to determine what changes may be necessary to provide industry with the accounting tools to operate in today’s very competitive oil and gas industry in Western Canada.

If you are interested in participating in this important undertaking please contact the PASC Office ( with some background information on experience and reasons for wanting to participate.

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Consider a Corporate Sponsorship with PJVA?

Is your company interested in a Corporate Sponsorship of PJVA? Do you know the benefits of being a Corporate Sponsor?

Click here to learn more. PJVA is always looking for opportunities to partner with Calgary corporations.

For further details please contact Scott Wolfson – PJVA Director or Connie Pruden at the PJVA office.