NewsMakers

[WINDSOR, NS] Triangle re-evaluates onshore natural gas developments: Triangle Petroleum isn’t pulling out of Nova Scotia, but, “we are re-evaluating, as much as you would in any business,” says Jeff McKenna, president of Elmworth Energy, a subsidiary which runs Triangle’s Canadian interests. Triangle spent $32 million drilling five wells in the Windsor Block in Hants County without finding commercial quantities of natural gas in shale rock. And McKenna admits the shareholders of the U.S.-based company were getting impatient. Shale has large natural gas potential and, once in production, a well can produce natural gas for decades at a relatively slow rate. But two things are needed to make production viable, says McKenna. One is cold weather. The other is a drop in supply. Some say that may not happen for a few years yet, but the gas isn’t going anywhere and other companies, with deeper pockets may take a second look at Triangle’s findings. Its early results show much larger deposits in a thicker layer of shale than in two successful developments, one in Texas, the other in Arkansas. — By Stu Ducklow, The Hants Journal, Transcontinental Media

[HALIFAX, NS] NSLC announces third quarter results: Today, the Nova Scotia Liquor Corporation released its third quarter results, reporting a net income of $58 million on sales of $149.7 million, a net income increase of 1.3 per cent. For the period from September 28, 2009, to December 27, 2009, the NSLC had a net increase in sales of 1.6 per cent compared to third quarter last year. Net income for the first nine months was $177.7 million, which was $5.7 million or 3.3 per cent higher than net income during the same time period last year. — By The Daily Business Buzz, Transcontinental Media

[ST. STEPHEN, NB] Province invests in local manufacturer: The provincial government is providing a $500,000 loan guarantee and investing $100,000 to help maintain up to 70 jobs at SWP Industries Inc., a value-added manufacturing company in St. Stephen. The loan guarantee will be used for working capital, along with a $100,000 contribution from the Regional Development Corporation through the Community Development Trust. The company produces a line of value-added wood products, fencing products from northern white cedar, as well as manufactured vinyl fencing and aluminum fencing. It serves more than 400 dealers in the United States and Canada. Raw material is processed at SWP’s sawmill in Bayside. — By The Daily Business Buzz, Transcontinental Media

[CORNER BROOK, NL] Jobs axed at pulp and paper mill: Fifteen people have lost their jobs at Corner Brook Pulp and Paper, The Western Star has learned. The affected positions were occupied by non-union employees, according to sources. The Star was unable to confirm details of what the affected workers’ specific jobs were or when the layoffs will take effect, though sources said the employees were notified Tuesday. Corner Brook Pulp and Paper said it would not be discussing this issue publicly when contacted by The Star Wednesday. Kruger Inc., the mill’s parent company based in Montreal, said it does not discuss labour relations as a matter of policy. The Communications, Energy and Paperworkers union said none of its members have lost their jobs and was not in a position to comment on any other labour force adjustments the company may have made at the Corner Brook plant. — By The Western Star, Transcontinental Media

[LEWISPORTE, NL] Bond returning in June: Anyone looking to travel or ship materials from the Lewisporte Marine Atlantic wharf to Labrador can do so during the regular season arrival of the M.V. Sir Robert Bond in mid-June. The Bond is currently servicing Corner Brook to Blanc Sablon, taking over the route in the M.V. Apollo’s absence with two round trips per week for eight weeks. Once the Apollo returns from its refit, the service will resume between St. Barbe and Blanc Sablon, weather permitting. The Bond will then be taken out of service for its own annual refit until mid-June. Transportation and Works Minister Tom Hedderson said the pilot project will not impact the future role of Lewisporte in the coastal Labrador marine service. “There is no specific date as of right now,” said Hedderson. “Basically, we are looking at the same as last year for the Bond’s return.” — By Pam Snow, The Pilot, Transcontinental Media