Interim Dean Rick Cheel poses with student award winners.More than 300 students, family members and student award donors filled Pond Inlet on Nov. 18 for the third annual Faculty of Mathematics and Science Student Awards Assembly.The assembly, held each November, celebrates the academic excellence of mathematics and science students. In addition to recognizing those named to the Dean’s Honour List, the evening also saw over 50 donor-funded scholarships and awards presented.Interim Dean Rick Cheel thanked the donors.“You have impacted (students’) lives and I am glad to be able to provide this opportunity for you to meet the students who benefit from your support, and for the students to meet the people behind the award they receive,” he said.A recent Angus Reid survey of 16 to 18-year-olds enrolled in at least one high school science course shows a disconnect between Canadian’s theoretical belief in the value of a science education and the students’ actual career intentions, said Greg Finn, Vice-Provost and Associate Vice-President (Academic), in his remarks.While 90 per cent say that young people’s interest in science is essential to the country’s future prosperity, only 37 per cent of those surveyed were interested in taking a science course at the post-secondary level.We need to encourage more students to pursue science, technology and mathematics learning at the secondary and post-secondary level, Finn said. A science education opens many more doors for career opportunities than people realize.This year’s assembly also saw Andrew Panko (BSc ’75) receive the 2010 Distinguished Mathematics and Science Alumni Award in recognition of his professional accomplishments and community service. read more

Cenovus sells oil and gas royalty business to Ontario Teachers’ for $3.3B CALGARY – Cenovus Energy Inc (TSX:CVE) has agreed to sell its royalty portfolio to the Ontario Teachers’ Pension Plan in a $3.3-billion deal in a move to strengthen its balance sheet and secure a better valuation for its assets.The Calgary-based oil producer said Tuesday that it will transfer ownership of its wholly-owned subsidiary, Heritage Royalty Limited Partnership, to the pension fund in a deal expected to close by the end of July.Heritage holds 1.9 million hectares of oil and gas royalties and fee lands in Western Canada.Amir Arif, an analyst at Cormark Securities Inc., said that while Cenovus already had a fairly good balance sheet after raising $1.5 billion in an equity sale in February, the extra cash will give the company the option of going ahead with some projects it has put on hold.“It positions the company to start outspending cash flow again . . . once we get some clarity on the royalty review,” said Arif.Cenovus Energy had already confirmed on June 19 that it was in talks to sell its royalty lands but had provided no details.The final deal included some extra royalties on Cenovus production that analysts weren’t expecting, but Arif said the company secured a great price for the assets.Last year Heritage Royalty had revenues of approximately $320 million based on average production of some 14,800 barrels of oil equivalent per day. Tuesday’s deal puts a value of $223,000 for each barrel a day of production.Kyle Preston, an analyst at National Bank of Canada, said that before the deal the royalty assets weren’t being fully valued in Cenovus’ share price.“This was really a way to realize some value for shareholders, while also providing that additional flexibility in this environment.”Preston said that while companies are always looking at maximizing valuations, there is a definitely more focus on it today.“This environment forces them to really roll up their sleeves and look for any incremental value they can find.”Last year Encana Corp. spun out its royalty portfolio in a $1.67-billion public offering to create PrairieSky Royalty Ltd (TSX:PSK).Preston said that it made more sense for Cenovus to do a straight sale given the favourable price offered by Teachers’ and the extra costs and complications of a public offering.He said that the Teachers’ Pension was able to offer the strong price thanks to a lower cost of capital than other companies, and in return it secures one of the largest fee-simple land packages in Canada, a type of land title that gives the owner mineral rights to the property in perpetuity.Canadian Natural Resources Ltd. has also been considering the sale of its royalty portfolio, with company spokesperson Rouzana Barron saying in an email that the company is targeting 2015 for a decision on its assets. by Ian Bickis, The Canadian Press Posted Jun 30, 2015 4:52 am MDT Last Updated Jun 30, 2015 at 3:46 pm MDT AddThis Sharing ButtonsShare to TwitterTwitterShare to FacebookFacebookShare to RedditRedditShare to 電子郵件Email read more