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January 15
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Consortium of Imperial Oil, Cities Service Athabasca Inc., Richfield Oil Corporation Oil announce the most comprehensive research study ever conducted in the Athabasca tar sands
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February 3
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Canadian Petroleum Association (CPA) brief to the National Energy Board (NEB) estimates industry spent $3.9 billion from 1947 to 1958 exploring, developing and producing oil and gas, but recovered only $2.2 billion after royalites
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April 1
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Federal cabinet approves gas export projects of Trans Canada Pipe Lines, Alberta & Southern, Westcoast Transmission and Canadian Montana, setting the stage for a capital investment of over $700 million in less than two years
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April 25
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Alberta government passes $1 billion mark in royalty, land sale and rental revenues in the first week of April
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May 12
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Promoters outline plans for the $110 million Great Canadian Oil Sands tar sands project
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May 20
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Exploration of Canada's Arctic Islands begins as J.C. Sproule sends a field expedition to the Far North
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July 5
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California Standard's Westerose South 12-4-45-1 well strikes a precord 676 feet of gas pay in the D-3 Reef formation, passing the previous high of 650 feet at Imperial golden Spike 9-23-51-27 W4M
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August 16
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California Public Utilities Board approves Canadian gas imports allowing the 1,400-mile Alberta-California pipeline to proceed
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September 30
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Newly-formed Independent canadian Petroleum Producers Association invites companies to join as charter members, founding members telegram Ottawa calling for a National Oil Policy
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November 7
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Trans Canada sets a record for peak daily sales of 543 million cubic feet a day, a major increase over the peak day sales of 286 million cubic feet per day in 1958-59
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November 18
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The Alberta Oil and Gas Conservation Board rejects the Great Canadian Oil Sands project due to doubts over its technological and economic feasibility
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