Canadian producers raised C$7.3 billion in the first six months of 2006, down from C$8.5 billion in the similar period in 2005, consisting more of stock issuances and fewer debt and trust-unit placements. Equity amounted to C$4.1 billion of the total, or 56%, according to Calgary-based Sayer Energy Advisors vice president Tom Pavic. “The largest issues included international explorers, entities focused on the oil sands and junior E&P companies, with domestic conventional oil and natural gas production making up the remainder,” Pavic says. The largest equity deal, Pavic notes, was Addax Petroleum Corp.’s initial public offering of C$451 million, he adds. Addax is focused in Africa and the Middle East and is the largest independent producer in Nigeria with production of approximately 74,000 barrels per day. Other large stock issuers were First Calgary Petroleum Ltd., with operations in Algeria, raising C$141 million, and Falcon Oil & Gas Ltd., with operations in Hungary and Romania, raising C$100 million. North American Oil Sands Corp. raised C$325 million for its oil-sands business, he adds, and Connacher Oil and Gas Ltd. raised C$100 million to buy Luke Energy Ltd. and an oil refinery in Montana. For more on this, see the September issue of Oil and Gas Investor. For a subscription, call 713-260-6441.