Oil Sands & Gas Shale UPDATE

January 2012

TABLE OF CONTENTS

INDUSTRY ANALYSIS

AMERICAS

U.S

Enbridge's ND System to Undergo a Further $145 Mln Expansion

Magnum Hunter Announces New JV Exploration Agreement with Stone Energy

Kinder Morgan to Build $130 Mln Texas Condensate Processing Facility

Crestwood Midstream to Construct $70 Mln Natural Gas Pipeline System in Marcellus Shale

Oil States Announces New Colorado Manufacturing Facility that will Benefit Canada and the U.S.

Cheniere Developing Corpus Christi LNG Project Supplied from Eagle Ford Reserves

Copano, Magellan Midstream Form Pipeline JV to Ship Eagle Ford Condensate to Corpus Christi

Spectra, AEP, Chesapeake to Link Texas Eastern to Ohio Shale Gas Supplies

Canada’s NEB Ok’s $180.1 Mln Bakken Pipeline Project

Rex Energy Announces Receipt of Bluestone Plant Permit and Other News

PA Power Plant to Convert Generators from Coal-fired to Gas

Penn Virginia Announces Eagle Ford Expansion

Chesapeake to Sell Gas Pipelines to Affiliate for $865 Mln

Ecosphere Energy Services, LLC and WACCAW, LLC Sign Two-Year Water Recycling Contract Extension in Woodford Shale

CANADA

British Columbia First Nations Group Pledge United Front against Oil Sands Projects

Quicksilver Resources and KKR Set up JV for Horn River Gas Plant

Japex Delays Investment Decision on Canada’s Hangingstone Oil-sands Expansion

SNC-Lavalin Wins Contract to Design 35,000 bpd MacKay Bitumen Processing Plant in Alberta

Toyo-Canada Awarded EDS Contract for Alberta Oil Sands Refinery Project

Enbridge Wins Contracts to Proceed With $1.9 Bln Gulf Coast Pipeline Project

GE Wants Dominant Role in Alberta's SAGD Oilsands Business

CANADA / U.S.

Nexen-Inpex Shale Gas Deal could Lead to Kitimat LNG Expansion

ARGENTINA

Canada’s Americas Petrogas Joins ExxonMobil in Argentina Shale Gas Venture

ASIA

CHINA

Shell Reported to Have Found Shale Gas in China

EUROPE / AFRICA / MIDDLE EAST

BULGARIA

Chevron May Start Drilling for Shale Gas in Bulgaria in 2015

ESTONIA

Eesti Energia Receives Permit to Mine for Oil Shale in Estonia

POLAND

Hutton Energy Awarded Two New Polish Shale Gas Concessions