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Advocacy group Leadnow is condemning a lawsuit brought by Lone Pine Resources against the Canadian government as yet another example of why investor-state dispute settlement rules in NAFTA are deeply flawed and need to be scrapped.
WireService.ca Media Release (10/03/2017) Toronto, ON - Arbitration hearings on the case began yesterday in Toronto. Lone Pine is suing the Canadian government for $250 million after Quebec put a moratorium on fracking underneath the St. Lawrence River until further impact studies could be conducted.
The lawsuit has been initiated under Investor-State Dispute Settlement (ISDS) rules of the North American Free Trade Agreement (NAFTA) — dangerous, extreme, and anti-democratic rules that allow corporations to sue countries in foreign tribunals for passing laws or regulations that might affect their future profits. Canada is the most sued country in the Global North under ISDS rules, with the majority of lawsuits challenging Canada’s environmental regulations. As a result of previous ISDS lawsuits, Canada has paid multinational companies tens of millions of dollars in compensation for its regulations and has even rolled back regulations to satisfy corporate interests.
“This case is the perfect example of how ISDS lets corporations hijack our democracies in the pursuit of maximizing profits,” said Brittany Smith, trade campaigner at Leadnow. “The public could be on the hook for 250 million because the Government of Quebec wanted to put the environment ahead of corporate profits.”
Lone Pine Resources has said it is suing Canada over the "arbitrary, capricious, and illegal revocation of (its) valuable right to mine for oil and gas".
“This is outrageous, and pure corporate doublespeak. Corporations don’t have a right to frack — they have the responsibility to follow the rules of the country under which they do business,” said Smith. “ Governments have the right and responsibility to make decisions in the public interest. This case shows that ISDS has normalized this idea that companies have rights which exceed democratic decision-making.”
ISDS rules have become a major political flashpoint in NAFTA re-negotiations, with a broad coalition of civil society groups calling for them to be scrapped from the deal. Over 12,000 members of the Leadnow community have sent the government messages calling on them to remove ISDS in a re-negotiated NAFTA, and to force companies with trade grievances to seek legal remedy in Canada’s domestic courts, which is the international standard.
Hearings on this case will take place over a 2-week period, beginning October 2, 2017. For more information, or to attend the Lone Pine hearing, visit: http://www.publicnow.com/view/ACFAD017E385C187B5F97C1C11C51F27CBB43520?2017-09-20-14:30:06+01:00-xxx1302
Canada, US Driller Spar Over NAFTA Rules In $103.6M Row
By Christopher Crosby
Law360, New York (September 26, 2017, 6:33 PM EDT) -- A U.S. natural gas driller and the Canadian government struck opposing positions Friday in a $103.6 million dispute over whether Quebec’s St. Lawrence River drilling ban triggers mandatory compensation for lost future profits, sparring over recent submissions by the U.S. and Mexico observing how the North American Free Trade Agreement affects the case.
While Lone Pine Resources Inc. concurred with Mexico and the U.S. that their case before the International Centre for Settlement of Investment Disputes is in the correct forum, the company urged arbitrators to be wary of the countries’ arguments that NAFTA signatories possess broad police powers indemnifying them when they act in the public interest.
The Canadian government disagreed, arguing that the countries’ submissions earlier this summer bolster its argument that it acted in “good faith” by passing a 2011 law banning fracking beneath the river because at the time it believed the technique for extracting natural gas and oil could irreversibly damage the main water supply to Quebec City.
While Mexico has sided with Canada in its filing, the U.S. offered its opinion of NAFTA’s rules without backing either party in the case. The tribunal, attorneys for the Canadian government urged, must place considerable weight on the countries’ “common, consistent and coherent views.” Canada concurred with the U.S. that NAFTA parties are under no obligation to stop regulating the environment when it conflicts with the interests of foreign companies.
The country said that the company has not proven it owned a protected investment under Quebec law. Quoting directly from the U.S.’ submissions, Canada reiterated, “States may modify or amend their regulations to achieve legitimate public welfare objectives and will not incur liability under customary international law merely because such changes interfere with an investor’s 'expectations' about the state of regulation in a particular sector.”
But Lone Pine countered that such a reading effectively expands the definition of “police powers” and renders a section forcing NAFTA signatories to be held liable for expropriation meaningless.
Under that section, Article 1110(1)(d), expropriations carried out by a country have to serve a public purpose. Instead, Lone Pine reiterated its stance that the decision was based on political pressure that ignored established science and violated NAFTA’s rules on the fair treatment of investors.
The company argued that it’s not disputing whether sovereign nations have a right to regulate the environment, but whether they can “arbitrarily eradicate” a company’s investment.
“The fact of passage by a legislative body is not an incantation that deflects or supersedes the treaty obligation to comply with the minimum standard of treatment required by the NAFTA,” the driller said.
Lone Pine initiated arbitration proceedings under United Nations Commission on International Trade Law rules in late 2013, and has since argued that Quebec effectively revoked its valid permits when elected officials banned drilling along the entire length of the St. Lawrence River in 2011.
The driller contends the move came after it had spent $11.6 million to start the groundwork and get permits to drill for shale gas deep beneath a sparsely populated section of the river, and that Quebec’s studies were carried out hundreds of kilometers from the proposed drilling site. The company also argued that Quebec disregarded its own evidence on hydrocarbons, invalidating the argument that the ban was a necessary regulation.
Lone Pine has asked for at least $103 million in damages for compensation alone, saying the estimate reflects the revenue it expected to generate from its drilling activities.
Canada pushed back in February 2016, arguing that passing the law was a legitimate exercise of sovereign authority, adding that Lone Pine twisted precedent to argue otherwise.
Quebec’s law, which was backed by environmental groups, doesn’t directly discriminate against Lone Pine’s drilling permits or foreign companies more broadly, Canada said, and was passed with the “goal of legitimate protection of the public well-being.”
Although Canada has argued that the company doesn’t meet the definition of investor, Lone Pine has argued it was one of a small number of companies in an enterprise that held the rights to explore, and it was not a supplier or equipment service provider.
The parties did not immediately respond to requests for comment Tuesday.
The arbitration panel is led by V.V. Veeder, with Brigitte Stern and David Haigh as arbitrators.
Canada is represented by Sylvie Tabet, Jean-François Hebert, Reuben East, Jasmine Wahhab, Maxime Dea, Louis-Philippe Coulombe and Julien Sylvestre Fleury of the trade law bureau of Global Affairs Canada, the country’s foreign ministry.
Lone Pine is represented by Milos Barutciski, Maureen Ward and Sabrina A. Bandali of Bennett Jones LLP.
The case is Lone Pine Resources Inc. v. Canada, case number UNCT/15/2, before the International Centre for Settlement of Investment Disputes.
--Editing by Breda Lund.
LPRIQ: Plan of Bankruptcy effective. All shares cancelled. Deletion time: 14:48:43
http://www.otcbb.com/asp/dailylist_detail.asp?d=01/31/2014&mkt_ctg=NON-OTCBB
Don't know the whole story here, but LPRIQ trading narrowly after huge run up
Shares canned???
You guys crack me up. You speak as if you know what's going on. Let me guess, none of you have taken part in any of the class actions going on neither.
Oh, ok well its doing it now,
but some made some $$$$$$$$
lol
MK
Reiterating. Want to watch the fall.
Thank you, for clarifying this
Which part of my previous message didn t
you read ?
MK
Shares will be canceled.
The restructuring provides for the cancellation of all outstanding shares of Lone Pine common stock
from 9/25 PR
MK
looking good, .50 soon.
Any shareholder who is not represented by Denton law group should get represented.
As per Lone Pine current plan all common shareholders equity will be cancelled. Shareholders has 158 million of equity as per 3rd quarter of 10Q filling.
This is the time to join Dentons and get something or more. Dentons law group has office in Toronto!
Bankruptcy is happening in Canada and there is no current class law suit action to get any money for shareholder.
we have to get represented and present our case in court for plan hearing to get something or more from our investment.
Im not seeing anything on Level 2 for $LPR is something going on with them all the sudden the past week or some lots of Volume and now not seeing a BID/ASK its all blank. They said they were restructuring and would be done by year end...We need to wake some people up on this board and start trying to gather some DD!
No... But watching closely now
Can anyone explain the 8million in VOLUME today?
LOT'S of VOLUME today!
"Trading of Lone Pine's common stock on the Toronto Stock Exchange has been halted, and the Company anticipates that the trading halt will remain in effect pending delisting of the common stock. The Company expects to complete the restructuring before December 31, 2013."
So with this being said what will happen once the restructuring is complete? Any ideas or knowledge to give? Wondering if I should get back in on a hunch this could turn around and be profitable....
sorry guys, you are correct. i totally misread that post . feeling really stupid about this.
Yeah I have to agree with jbolan
He was referring too a Hedge fund.
http://www.gurufocus.com/news/226961/lone-pine-capital-update
Bro, you better go back and re-read his post. He said that Lone Pine Capital (a Hedge Fund) had purchased 5.3 million shares in BIDU. It was on Baidu forum.
page 15 of his posts.
read all of cybercash28 posts
Im unable to locate that post can you provide me a link checked all the post from Nov14.
Thats interesting ill go have a look. LPR still owns a bunch of quality land in Canada, also I used to own this stock in the 0.50 range so who knows Id like to hear more about whats going on I bought some about a week ago so ill be watching!
there is a guy that i follow on the sina board on yahoo board that is a very good investor , on the 14 of nov he posted that he had bought over 5 million shares of lpriq, got my attention and i have been buying since then.
Not sure if it means anything but there is now a message board on yahoo finance for $LPRIQ.
Thx for the heads up. Still monitoring, and it looks primed to make a run. Bottom breakout setup
8K out regarding restructuring for Lone Pine Resources Inc.
http://biz.yahoo.com/e/131115/lpriq8-k.html
On November 12, 2013, Lone Pine Resources Inc. ("Lone Pine" or the "Company") issued a press release, attached hereto as Exhibit 99.1, announcing that it had entered into a commitment letter with a syndicate of lenders to provide for a new senior secured credit facility to be effective upon completion of the Company's proposed restructuring under the Companies' Creditors Arrangement Act, and providing an update regarding its restructuring and related court proceedings.
$LPRIQ
I don't think your correct been watching this for days now on L2 and time and sales, someone just keeps hitting the ask buying up everything. I would like to hear something soon from the company as to whats going on.
Yeah the word is sell before it goes sub penny...crap crap crap...jmo...good luck, michael
Need to break 0.03 Resistance wall.
Short covering, speculation on upgrade from greys, speculation on bottom bounce
Any chance the company issues new shares to existing shs holders?
Nice Still holding here around a penny!!
It's bankrupt. Are you playing the short squeeze?
I hope I bought in at a penny not much to move it I hope it really runs hard
Yeah, those trips looks great now. Prolly more covering and speculation coming
Keeps going up and up!!
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We are an independent oil and gas exploration, development, and production company with operations in Canada. Our reserves, producing properties and exploration prospects are located in the provinces of Alberta, British Columbia, and Quebec and the Northwest Territories. We were incorporated under the laws of the State of Delaware on September 30, 2010 and, until the completion of our initial public offering on June 1, 2011, we were a wholly owned subsidiary of Forest Oil Corporation. On September 30, 2011, Forest distributed to its stockholders all of the shares of common stock of Lone Pine it owned and, as a result, we became a stand-alone public company. As of December 31, 2012, we had approximately 188 Bcfe of estimated proved reserves, of which approximately 59% were oil and natural gas liquids and approximately 63% were classified as proved developed reserves. As of December 31, 2012, we had approximately 1.2 million gross (0.9 million net) acres of land (approximately 83% of which is undeveloped) and 147 gross (134 net) proved undeveloped drilling locations. Our common stock is listed on the New York Stock Exchange and the Toronto Stock Exchange under the symbol “LPR”.
We have a well-balanced portfolio of oil and gas properties, consisting of attractively priced light oil and low-risk natural gas resource plays, as well as significant undeveloped potential associated with two shale gas plays. Our primary area of focus is in the Western Canadian Sedimentary Basin, which includes our Evi area in the Peace River Arch and our Narraway/Ojay fields in the Deep Basin. In addition, we own significant acreage in the Utica Shale in Quebec and the Liard Basin in the Northwest Territories, which are shale gas prospects that we believe have significant future development potential.
As of December 31, 2012, we had approximately 82,015 net acres in and near the Evi field, located in the Peace River Arch area of northern Alberta. This position offers us a significant development opportunity for light oil. Through December 31, 2012, we have drilled a total of 103 horizontal wells in the Evi area since we entered the area in 2006. In 2012, we drilled 32 gross (28 net) horizontal wells in the Evi area. During 2012, we had average daily net sales volumes of 3,161 Bbls per day from production in the Evi area. We believe we can ultimately enhance production rates and recoveries in the Evi area through further development drilling, including further downspacing of our acreage, completion optimization and secondary recovery techniques, such as waterflooding. We intend to continue to expand our facilities in the Evi area to accommodate the growing crude oil volumes and continue to invest in our operated waterflood pilot project that we initiated in 2011.
As of December 31, 2012, we had approximately 120,329 net acres in the Narraway/Ojay fields, located in Alberta and British Columbia. We did not drill any new wells in the Narraway/Ojay area in 2012. From the fourth quarter of 2012, we have increased our net sales volumes from the Narraway/Ojay fields from 5 mmcf/d to 34 mmcf/d, with a peak rate of approximately 50 mmcf/d achieved in September 2009. Geologically, these fields have a minimum of ten different stacked producing intervals, and we are able to produce from multiple intervals within an individual wellbore. We currently have no significant near term expiries or drilling obligations in the Narraway/Ojay area, which has allowed us to be flexible with capital allocation and defer significant natural gas investment until natural gas prices improve.
As of December 31, 2012, we had approximately 240,320 net acres in Quebec that are prospective for the Utica Shale. Natural gas produced from this area is in close proximity to major markets in Canada and the northeastern United States, which historically has provided for premium product pricing compared to the NYMEX Henry Hub pricing. The Utica Shale is relatively shallow compared to other shale plays in North America, which we believe will provide for an economic advantage relative to the drilling costs associated with developing the resource.
As of December 31, 2011, we had approximately 52,995 net acres in the Liard Basin located in the Northwest Territories that are prospective for the Muskwa Shale. This is a newly developing natural gas shale play adjacent to the producing Horn River Basin. We believe that our acreage in the Liard Basin is analogous to the Muskwa Shale in the Horn River Basin. Our acreage is located in close proximity to a pipeline in the Northwest Territories providing for the sale and distribution of any natural gas produced. In the third and fourth quarters of 2011, we re-entered and recompleted a well in the Liard Basin, and in February 2012, we submitted an application to the National Energy Board for a commercial discovery declaration that we believe could potentially lead to the continuation of our lease in the area for up to an additional 21 years.
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