Oilweek Magazine online newsfeeds http://www.oilweek.com DAWSON CREEK, B.C. _ The RCMP say a bomb was behind a leak at a gas well belonging to Calgary-based EnCana (TSX:ECA), one of the major players in northern British Columbia`s rapidly expanding oil and gas industry.It`s the fifth time since last fall that the company`s oil and gas operations have been targeted.The Mounties said Thursday that the gas leak discovered on Canada Day at an EnCana sweet gas well south of Dawson Creek, not far from the B.C.-Alberta boundary, was caused by an explosion.And while investigators hadn`t yet been able to start an extensive forensic investigation of the scene, the force had already linked the attack to four others last October and January.Preliminary examinations of the natural gas leak at one of the EnCana natural gas pipeline sites at Pouce Coupe, B.C., confirm that the rupture was caused by an explosion, the RCMP said in a news release.This blast is considered the fifth in a series of criminally motivated acts that have occurred at EnCana sites.The leak was discovered by an EnCana employee Wednesday morning at the sweet gas well near the village of Pouce Coupe. The worker was conducting a routine check when he noticed the damage to the wellhead, as well as a drop in pressure.Investigators with the RCMP`s Integrated National Security Enforcement Team were waiting for EnCana to seal off the leak before moving in to gather evidence.The well is about three kilometres away from the nearest resident and EnCana said the leak doesn`t pose a risk to the public.Company spokeswoman Rhona DelFrari said crews were really close to stopping the leak by late Thursday afternoon and hoped to seal it by day`s end.They`re hoping that the gas leak will be stopped tonight, she said in an interview.Last October, a hand-written letter was sent to local media in Dawson Creek and to EnCana, calling oil and gas companies, and EnCana in particular, terrorists and demanding the company stop natural gas operations in northeastern B.C.There were three explosions later that month at EnCana pipelines or wellheads carrying sour gas, which contains toxic hydrogen sulphide. Two of those bombings caused leaks, one of which took about two days to stop.Then, in January, an explosion destroyed a metering shed at a wellhead near the nearby community of Tomslake.Investigators have said they believe the attacks are the work of someone with a grievance against EnCana, which says it has about 150 wells in the Dawson Creek area.The RCMP have asked for public tips in the case, and EnCana is offering a $500,000 reward for information.EnCana has also set up a dedicated telephone line for the bomber to call them and talk about their concerns, but DelFrari said so far no one has called.While EnCana insists it has a good relationship with locals, many of whom have EnCana pipes or wellheads sitting on their properties, the bombings brought attention to animosity among residents concerned about noise, the environment and the dangers of living next to sour gas projects.Pouce Coupe`s mayor, Lyman Clark, said Thursday that the company has done a good job keeping an open dialogue with residents and addressing their concerns, but he admits some still aren`t happy.I do hear rumblings about the noise and the dust _ when they`re drilling, those things are quite noisy, said Clark.Yes, there is animosity to some degree. We try to listen to everybody`s complaints and forward them to the gas company. ... We feel they (EnCana) are trying their best.B.C. has more than 4,000 producing oil and gas wells, all in the northeastern part of the province, and the industry has grown quickly during the past decade.In 1996, it was worth about $370 million in revenues to the province. By 2006, that figure had jumped to $2.5 billion, mostly related to natural gas projects._ By James Keller in Vancouver http://www.oilweek.com/news.asp?ID=23375 DAWSON CREEK, B.C. _ Calgary-based EnCana (TSX:ECA), one of the major players in northern British Columbia`s rapidly expanding oil and gas industry, has been targeted by a bombing for the fifth time in the past nine months, the RCMP confirmed Thursday.The Mounties said a gas leak discovered on Canada Day at a sweet gas well south of Dawson Creek, not far from the B.C.-Alberta boundary, was caused by an explosion.And while investigators hadn`t yet started an extensive forensic investigation of the scene, the force had already linked the attack to four others last October and January.Preliminary examinations of the natural gas leak at one of the EnCana natural gas pipeline sites at Pouce Coupe, B.C., confirm that the rupture was caused by an explosion, the RCMP said in a news release.This blast is considered the fifth in a series of criminally motivated acts that have occurred at EnCana sites.The leak was discovered by an EnCana employee on Wednesday morning at the sweet gas well near the village of Pouce Coupe. The worker was conducting a routine check when he noticed the damage to the wellhead, as well as a drop in pressure.Investigators with the RCMP`s Integrated National Security Enforcement Team were waiting for EnCana to seal off the leak before moving in to gather evidence, although the company wasn`t sure how long that might take.Spokeswoman Rhona DelFrari said crews would try a series of different methods to contain the leak, which she said is about three kilometres away from the nearest resident and doesn`t pose a risk to the public.It`s hard to guess how long that will take, because every leak _ not even ones that are caused by explosions _ are unique, DelFrari said in an interview.We`re hopeful that it may be stopped today (Thursday), but it may be three days.Last October, a hand-written letter was sent to local media in Dawson Creek and to EnCana, calling oil and gas companies, and EnCana in particular, terrorists and demanding the company stop natural gas operations in northeastern B.C.There were three explosions later that month at EnCana pipelines or wellheads carrying sour gas, which contains toxic hydrogen sulphide. Two of those bombings caused leaks, one of which took about two days to stop.Then, in January, an explosion destroyed a metering shed at a wellhead near the nearby community of Tomslake.Investigators have said they believe the attacks are the work of someone with a grievance against EnCana, which says it has about 150 wells in the Dawson Creek area.The RCMP have asked for public tips in the case, and EnCana is offering a $500,000 reward for information.EnCana has also set up a dedicated telephone line for the bomber to call them and talk about their concerns, but DelFrari said so far no one has called.While EnCana insists it has a good relationship with locals, many of whom have EnCana pipes or wellheads sitting on their properties, the bombings brought attention to animosity among residents concerned about noise, the environment and the dangers of living next to sour gas projects.Pouce Coupe`s mayor, Lyman Clark, said Thursday that the company has done a good job keeping an open dialogue with residents and addressing their concerns, but he admits some still aren`t happy.I do hear rumblings about the noise and the dust _ when they`re drilling, those things are quite noisy, said Clark.Yes, there is animosity to some degree. We try to listen to everybody`s complaints and forward them to the gas company. ... We feel they (EnCana) are trying their best.B.C. has more than 4,000 producing oil and gas wells, all in the northeastern part of the province, and the industry has grown quickly during the past decade.In 1996, it was worth about $370 million in revenues to the province. By 2006, that figure had jumped to $2.5 billion, mostly related to natural gas projects._ By James Keller in Vancouver http://www.oilweek.com/news.asp?ID=23374 TORONTO _ The energy sector led the Toronto stock market to a lower close Thursday amid disappointing data that showed the U.S. unemployment rate at its highest point since 1983.The S&P/TSX composite index was down 129 points at 10,245.91 as the August crude contract on the New York Mercantile Exchange fell US$2.58 to $66.73 a barrel _ its lowest level in a month.Each of the three major U.S. indices slumped more than two per cent in response to data that showed American employers cut a larger-than-expected 467,000 jobs in June, driving the U.S. unemployment rate up to a 26-year high of 9.5 per cent.The unemployment rate is seen as a key barometer in the U.S. economic recovery and far exceeded the consensus expectation of 365,000 jobs lost.ScotiaMcLeod adviser Andrew Pyle described the unemployment rate`s slow climb towards 10 per cent as death by a thousand cuts, but said the data wasn`t as bad as it could have been.However, Pyle pointed out that the average work week fell by one-tenth of an hour to 33 hours, eliminating the equivalent of another 100,000 positions.The Dow Jones industrial average lost 223.32 points to 8,280.74.The Nasdaq composite index gave up 49.20 points to close at 1,796.52 while the S&P 500 fell 26.91 points to 896.42.U.S. markets will be closed Friday in observance of the Independence Day holiday.The reaction to the joblessness numbers shows investors are skittish and may be rethinking earlier sentiments that sent markets soaring as the economy showed small signs of improvement in the spring, said Kate Warne, Canadian markets specialist at Edward Jones in St. Louis.The market`s really been swinging emotionally. There`s little bits of good news and investors are taking that as a sign of all-clear, and then there`s a little bit of bad news and they take that as a sign that the worst is going to happen, Warne said in an interview.What investors need to remember is this is what happens at these times. This isn`t unusual _ whenever we`re at turning points in the economy, they always take longer and they`re much more erratic than people would like.The jobless numbers in the U.S. came on the heels of an awful employment picture in Europe.Unemployment in the 16 countries that use the euro spiked to a ten-year high in May. The seasonally adjusted unemployment rate for the euro zone in May stood at 9.5 per cent.In other U.S. data, factory orders for May increased 1.2 per cent, slightly higher than the expected 0.9 per cent. However, orders still remained about 20 per cent below where they were in May 2008.In Toronto, the energy sector fell 4.1 per cent as the price of crude declined for the fifth straight day.High unemployment has destroyed demand for energy on numerous levels. Employees who have lost jobs or are in fear of losing jobs are driving less and buying fewer goods, many of them petroleum based. Factories have also curbed production and are using less natural gas and electricity.Suncor Energy Inc. (TSX:SU) lost $2.21 or 6.3 per cent to $33.16 while its merger partner Petro-Canada (TSX:PCA) fell $2.94 or 6.5 per cent to $41.98.The loonie gained 0.06 of a cent to 86.04 cents US.The TSX Venture Exchange added 0.61 points to 1,092.58.The TSX base metals sector, up 73 per cent during the second quarter, rose 1.7 per cent.The financials sector lost 1.2 per cent. On Tuesday, debt rating agency DBRS said it was downgrading the preferred shares of the big six Canadian banks.The gold sector rose one per cent as the August bullion contract in New York closed down US$10.30 to $931 an ounce. Goldcorp Inc. (TSX:G) gained 94 cents to $41.37, while Barrick Gold Corp. (TSX:ABX) rose 50 cents to $39.65. http://www.oilweek.com/news.asp?ID=23373 TORONTO _ The energy sector led the Toronto stock market to a lower close Thursday amid disappointing data that showed the U.S. unemployment rate at its highest point since 1983.The S&P/TSX composite index was down 129 points at 10,245.91 as the August crude contract on the New York Mercantile Exchange fell US$2.58 to $66.73 a barrel _ its lowest level in a month.Each of the three major U.S. indices slumped more than two per cent in response to data that showed American employers cut a larger-than-expected 467,000 jobs in June, driving the U.S. unemployment rate up to a 26-year high of 9.5 per cent.The unemployment rate is seen as a key barometer in the U.S. economic recovery and far exceeded the consensus expectation of 365,000 jobs lost.ScotiaMcLeod adviser Andrew Pyle described the unemployment rate`s slow climb towards 10 per cent as death by a thousand cuts, but said the data wasn`t as bad as it could have been.However, Pyle pointed out that the average work week fell by one-tenth of an hour to 33 hours, eliminating the equivalent of another 100,000 positions.Trading on the New York Stock Exchange was extended by 15 minutes due to a technical glitch earlier in the day. Just before the close, the Dow Jones industrial average had lost 213.95 points to 8,290.11 while the S&P 500 fell 26.05 points to 897.28.The Nasdaq composite index gave up 49.20 points to close at 1,796.52U.S. markets will be closed Friday in observance of the Independence Day holiday.The reaction to the joblessness numbers shows investors are skittish and may be rethinking earlier sentiments that sent markets soaring as the economy showed small signs of improvement in the spring, said Kate Warne, Canadian markets specialist at Edward Jones in St. Louis.The market`s really been swinging emotionally. There`s little bits of good news and investors are taking that as a sign of all-clear, and then there`s a little bit of bad news and they take that as a sign that the worst is going to happen, Warne said in an interview.What investors need to remember is this is what happens at these times. This isn`t unusual _ whenever we`re at turning points in the economy, they always take longer and they`re much more erratic than people would like.The jobless numbers in the U.S. came on the heels of an awful employment picture in Europe.Unemployment in the 16 countries that use the euro spiked to a ten-year high in May. The seasonally adjusted unemployment rate for the euro zone in May stood at 9.5 per cent.In other U.S. data, factory orders for May increased 1.2 per cent, slightly higher than the expected 0.9 per cent. However, orders still remained about 20 per cent below where they were in May 2008.In Toronto, the energy sector fell 4.1 per cent as the price of crude declined for the fifth straight day.High unemployment has destroyed demand for energy on numerous levels. Employees who have lost jobs or are in fear of losing jobs are driving less and buying fewer goods, many of them petroleum based. Factories have also curbed production and are using less natural gas and electricity.Suncor Energy Inc. (TSX:SU) lost $2.21 or 6.3 per cent to $33.16 while its merger partner Petro-Canada (TSX:PCA) fell $2.94 or 6.5 per cent to $41.98.The loonie gained 0.06 of a cent to 86.04 cents US.The TSX Venture Exchange added 0.61 points to 1,092.58.The TSX base metals sector, up 73 per cent during the second quarter, rose 1.7 per cent.The financials sector lost 1.2 per cent. On Tuesday, debt rating agency DBRS said it was downgrading the preferred shares of the big six Canadian banks.The gold sector rose one per cent as the August bullion contract in New York closed down US$10.30 to $931 an ounce. Goldcorp Inc. (TSX:G) gained 94 cents to $41.37, while Barrick Gold Corp. (TSX:ABX) rose 50 cents to $39.65. http://www.oilweek.com/news.asp?ID=23372 DAWSON CREEK, B.C. _ The RCMP confirm that a gas leak at a well in northern B.C. was caused by an explosion.It`s the fifth attack against oil and gas infrastructure belonging to EnCana since last October.The leak was discovered on Canada Day in a remote area south of Dawson Creek, near the village of Pouce Coupe just a few kilometres from the Alberta boundary.Investigators are still waiting for EnCana to seal the leak before collecting evidence, and the company says it`s difficult to say how long that will take.The Mounties are linking Wednesday`s blast to three last October and one in January, which kept the community on edge for months and brought attention to local animosity toward expanding oil and gas activity.EnCana is by far the largest player in the area, with 150 natural gas wells in the Dawson Creek region. http://www.oilweek.com/news.asp?ID=23371 NEW YORK _ Oil prices tumbled to their lowest level in a month Thursday following the release of woeful job numbers in Europe and the U.S.Benchmark crude for August delivery fell $2.58, nearly four per cent, to settle at US$66.73 a barrel on the New York Mercantile Exchange.Crude hit an eight-month high in midday trading Tuesday, but prices have fallen at the close for five straight days now.Nymex is closed Friday for the July Fourth holiday.On Thursday, a Labour Department report showed the economy lost a larger-than-expected 467,000 jobs in June. The unemployment rate climbed to 9.5 per cent from 9.4 per cent in May, underscoring concerns about the pace of economic recovery.Since the recession began in December 2007, the economy has lost a net total of 6.5 million jobs.That has destroyed demand for energy on numerous levels. Employees who have lost jobs or are in fear of losing jobs are driving less and buying fewer goods, many of them petroleum based. Factories also have curbed production and are using less natural gas and electricity.U.S. stores of natural gas continue to grow as energy demand has weakened. The government reported that the nation`s surplus grew more than expected last week, and it`s now 21 per cent above the five-year average.The job numbers in the U.S. came on the heels of an awful employment picture in Europe.Unemployment in the 16 countries that use the euro spiked to a ten-year high in May. The seasonally adjusted unemployment rate for the euro zone in May stood at 9.5 per cent.After rising 41 per cent in the second quarter, which ended Tuesday, energy prices have begun to fall.Oil prices have doubled since March, when the Fed committed $1.2 trillion dollars to prop up the banking industry. Investors poured money into commodities like oil as a hedge against inflation, and foreign traders found they had more buying power as the dollar weakened.If there is any benefit from of an awful economy, it can be found at the pump.Retail gas prices have been slipping since Father`s Day. They lost less than a penny overnight to a new national average of $2.629 a gallon, according to auto club AAA, Wright Express and Oil Price Information Service. Pump prices are 10.4 cents more per gallon than a month ago. At this time last year, gasoline cost $4.09 per gallon.In other Nymex trading, gasoline for August delivery fell 6.19 cents to $1.7971 a gallon and heating oil lost 5.85 cents to $1.7072 a gallon. Natural gas for August delivery dropped 2.9 cents to $3.766 per 1,000 cubic feet.In London, Brent prices dropped $2.11 to $66.68 a barrel on the ICE Futures exchange.___TSX:ECA, TSX:PCA, TSX:IMO, TSX:SU, TSX:HSE, NYSE:BP, NYSE:COP, NYSE:XOM, NYSE:CVX, TSX:CNQ, TSX:TLM, TSX:COS.UN http://www.oilweek.com/news.asp?ID=23370 TORONTO _ The Toronto stock market tempered earlier losses while U.S. markets posted sharp declines in mid-afternoon trading amid disappointing U.S. joblessness numbers that indicate economic recovery may take longer than expected.The S&P/TSX composite index was down 78.84 points at 10,296.07 as the August crude contract on the New York Mercantile Exchange fell US$2.55 to US$66.76 a barrel.Each of the three major U.S. markets was down by more than two per cent by mid-afternoon in response to data that showed American employers cut a larger-than-expected 467,000 jobs in June, driving the U.S. unemployment rate up to a 26-year high of 9.5 per cent.The unemployment rate is seen as a key barometer in the U.S. economic recovery and far exceeded the consensus expectation of 365,000 jobs lost.ScotiaMcLeod adviser Andrew Pyle described the unemployment rate`s slow climb towards 10 per cent as death by a thousand cuts, but said the data wasn`t as bad as it could have been.However, Pyle pointed out that the average work week fell by one-tenth of an hour to 33 hours, eliminating the equivalent of another 100,000 positions.In New York, the Dow Jones industrial average lost 175.63 points to 8,328.43.The Nasdaq composite index gave up 42.19 points to 1,803.53 while the S&P 500 fell 20.94 points to 902.39.The reaction to the joblessness numbers shows investors are skittish and may be rethinking earlier sentiments that sent markets soaring in the spring as the economy showed small signs of improvement, said Kate Warne, Canadian markets specialist at Edward Jones in St. Louis.The market`s really been swinging emotionally. There`s little bits of good news and investors are taking that as a sign of all-clear, and then there`s a little bit of bad news and they take that as a sign that the worst is going to happen, Warne said in an interview.What investors need to remember is this is what happens at these times. This isn`t unusual _ whenever we`re at turning points in the economy, they always take longer and they`re much more erratic than people would like.In other U.S. data, factory orders for May increased 1.2 per cent, slightly higher than the expected 0.9 per cent. However, orders still remain about 20 per cent below where they were in May 2008.In Toronto, the energy sector fell 3.3 per cent amid lower oil prices.A rally from below US$35 a barrel in March stalled last month on investor concern that a sluggish global economy may not recover fast enough to justify surging oil prices.Investment banker Barclays Capital predicted that oil will likely trade between US$65 and US$75 a barrel in the July-September period, averaging $71 in the third quarter and $76 in the fourth quarter.Suncor Energy Inc. (TSX:SU) lost $2.04 or 5.8 per cent to $33.33 while its merger partner Petro Canada (TSX:PCA) fell $2.59 or 5.8 per cent to $42.33.The loonie gave up 0.9 of a cent to 86.15 cents US.The TSX Venture Exchange slipped 2.55 points to 1,089.42.The TSX base metals sector, up 73 per cent during the second quarter, rose 1.9 per cent.The financials sector lost 0.8 per cent. On Tuesday, debt rating agency DBRS said it was downgrading the preferred shares of the big six Canadian banks.The gold sector rose 1.2 per cent as the August bullion contract in New York closed down 40 cents US to US$931 an ounce. Goldcorp Inc. (TSX:G) gained 95 cents to $41.38, while Barrick Gold Corp. (TSX:ABX) rose 54 cents to $39.69.U.S. markets will be closed Friday in observance of the Independence Day holiday. http://www.oilweek.com/news.asp?ID=23369 WINNIPEG _ Nordic Oil & Gas Ltd (TSXV:NOG) and partner Western Warner Oils Ltd. said Thursday they plan to apply to the province of Alberta for permits to build an underground coal gasification project at a Drumheller, Alta. property.The companies are making preparations to submit an application for what would be the second such UCG project in Canada, Nordic chairman and CEO Donald Benson said in a statement.Coal gasification involves injecting oxygen and saline water into the deeply buried coal to turn it into synthesis gas.The basic UCG process involves drilling two wells into the coal _ one for injection of the oxidants (water/air or water/oxygen mixtures), and another some distance away to bring the product gas to the surface, Benson said.The technique offers an alternative to conventional coal mining methods.In March, the Alberta government announced it will provide $8.83 million to Swan Hills Synfuels of Calgary towards a $30-million project near Swan Hills in north-central Alberta.The Alberta government says that will be the deepest underground coal gasification conducted in the world _ more than 1,000 metres below the surface.It`s hoped the project will eventually lead to using the coal seams to capture and store carbon dioxide, which is pumped into the ground to help push oil out of aging reserves.The gas can be used as fuel for clean power generation, further processed into gas for home heating, or for other products like hydrogen, methanol or transportation fuels.Underground coal gasification does not use fresh water in its operation and is significantly different than other processes, such as those used in oil sands development. It`s used at depths where conventional coal mining is not economic or currently possible. http://www.oilweek.com/news.asp?ID=23368 Eds: In addition to the following, a story on the long-term impact of the recession on Canada`s economy will move on Business and General wires, slugged BC-Economy.___MONTREAL _ Air Canada`s (TSX:AC.B) mechanics and technical staff could be asked to vote again on a proposed labour contract after they narrowly rejected a deal that would freeze their wages until March 31, 2011. The International Association of Machinists and Aerospace Workers said Thursday the union could also meet with Air Canada to see if the tentative agreement can be tweaked. The rejection of the tentative deal threatens to delay Air Canada`s efforts to gain federal approval to defer most of its pension payments for 21 months. By LuAnn LaSalle. 650 words. BC-Air-Canada-Labout, 2nd Writethru. Will be updated by 14:00.___TORONTO _ No matter how you swipe it, the pros and cons of a credit card weigh heavy on young Canadians, and can sometimes be a make-or-break on their pocketbooks. 500 words. By David Friend. BC-Money-Monitor.___WASHINGTON _ American employers cut a larger-than-expected 467,000 jobs in June, driving the unemployment rate up to a 26-year high of 9.5 per cent, suggesting that the economy`s road to recovery will be bumpy.The U.S. Labour Department report, released Thursday, showed that even as the recession flashes signs of easing, companies likely will want to keep a lid on costs and be wary of hiring until they feel certain the economy is on a solid ground. 825 words. By Jeannine Aversa. See Photo. BC-US-Economy.___UNDATED _ Oil prices slipped below US$68 a barrel Thursday as rising unemployment in Europe and the U.S. helped strengthen the dollar and draw investors out of commodities.By mid-afternoon in Europe, benchmark crude for August delivery was down $1.64 to $67.67 a barrel in electronic trading on the New York Mercantile Exchange. On Wednesday, it fell 58 cents to settle at $69.31. 441 words. By Pablo Gorondi. BC-Oil-Prices.___OLYMPIA, Wash. _ As newspapers across America struggle through a brutal economic climate, papers in Washington state are getting a tax break.A new law that gives newspaper printers and publishers a 40 per cent cut in Washington`s main business tax took effect this week, providing some much-needed relief to the business after a year in which The Seattle Post-Intelligencer printed its final edition and other papers suffered drastic cutbacks. 824 words. By Rachel La Corte. BC-US-Newspaper-Tax-Cut.___The Canadian Press is also following:TORONTO _ The Toronto stock market narrowed its earlier declines but still showed a loss in late-morning trading Thursday amid disappointing U.S. joblessness numbers and falling oil prices.The S&P/TSX composite index was down 56.90 points at 10,318.01 near midday as the August crude contract on the New York Mercantile Exchange fell US$2.30 to US$67.01 a barrel. 606 words. By Kristine Owram. BC-Dollar-Markets.______MONTREAL _ Bruce Robertson, a former senior managing partner at Brookfield Asset Management Inc. (TSX:BAM.A), has been appointed chief restructuring officer by AbitibiBowater Inc.The Montreal-based newsprint and lumber producer, which has been among the Canadian forestry companies hit by a downturn in U.S. house construction and publishing, has been under court protection from creditors since mid-April and was delisted from the Toronto Stock Exchange on May 15. 174 words. AbitibiBowater.___OTTAWA _ Allen-Vanguard Corp. (TSX:VRS), a maker of high-hazard protective equipment, said Thursday it has received another payment extension from its lenders as it continues takeover talks with a U.S. investor.The Ottawa-based company said a quarterly principle payment of US$4.8 million, initially due on July 2, must now be paid by Sept. 30. 175 words. BC-Allen-Vanguard.___OTTAWA _ Canadian pharmaceutical company Biovail Corp. (TSX:BVF) has received a US$50-million commitment from Export Development Canada under the Crown corporation`s broader mandate to provide domestic financing and insurance.The federal Crown corporation said Thursday it has commited US$50 million towards a US$400 million revolving credit facility for Biovail, Canada`s largest publicly traded pharmaceutical company. 88 words. BC-Biovail.___VANCOUVER _ Neuromed Pharmaceuticals, Inc., a privately held Vancouver-based biotechnology company specializing in pain drugs, has agreed to merge with CombinatoRx, Inc., (NASDAQ:CRXX) in an all-stock transaction.It`s envisaged that shareholders of the two companies will each own 50 per cent of the combined company upon closing of the deal. 262 words. BC-Neuromed-CombinatoRx.___VANCOUVER _ Creston Moly Corp. (TSXV:CMS) plans to raise $3 million through the offering of shares and purchase warrants in a non-brokered private placement announced Thursday.Each unit will be priced at 10 cents and consist of one common share and one purchase warrant, with proceeds to be used for general working capital. 117 words. BC-Creston-Moly.___VANCOUVER _ Canadian Gold Hunter Corp. (TSX:CGH) will acquire all of Sanu Resources Ltd. (TSXV:SNU) under a proposed all-stock transaction announced Thursday.The two companies said in a joint news release that Gold Hunter has agreed to swap 0.5725 shares of Canadian Gold Hunter for each Sanu share. 210 words. Gold-Hunter-Sanu.___THE CANADIAN PRESS http://www.oilweek.com/news.asp?ID=23367 DAWSON CREEK, B.C. _ Police are treading carefully in their investigation of a suspicious explosion at an EnCana natural gas pipeline in northeastern B.C.RCMP Cpl. Dan Moskaluk says officers have to make sure the area is safe to enter before they can go in and determine if the blast was human-caused or criminally motivated.The rupture in a wellhead was discovered yesterday and an EnCana spokeswoman says the damage suggests an explosion took place.The blast happened in a remote area outside of Pouce Coupe, just a few kilometres from the Alberta boundary.There have been four acts of sabotage aimed at EnCana pipelines in British Columbia in the last nine months.There were three explosions last October involving pipelines or wellheads carrying sour gas, and a metering shed was destroyed by a blast in January. http://www.oilweek.com/news.asp?ID=23366