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January 10
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Alberta sets royalty rate on tar sands production at 8% on the first 9000,000 barrels per month and 20% thereafter
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January 17
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Alberta Oil and Gas Conservation Board concludes hearings into an application by Cities Service Athabasca Inc. to construct a 100,000 barrels per day tar sands plant
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January 25
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Pacific Petroleums receives federal approval for a $25 million extraction plant on Trans Canada Pipe Line's system at Empress
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February 14
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Shell Oil Company says it will delay decision on a $260 million, 100,000 barrels per day in situ tar sands plant until 1966
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March 15
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British American Oil Company gas strike 70 miles north of Zama flows up to 5.37 million cubic feet per day during testing
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April 8
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Lester Pearson's Liberals fall five seats short of a majority in the federal general election
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April 16
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Canada increased proven oil and liquids reserves by 427 million barrels in 1962, offsetting a 107 million barrel decline in the United States
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May 15
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United Canso Oil & Gas, operator for Dominion Explorers Group, announces plans for an Arctic wildcat on Bathurst Island
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June 14
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Federal budget introduces measures to increase Canadian ownership including: steps to raise Canadian equity interest to a minimum 25% per company; accelerated depreciation; exploration write-offs for pipeline companies; a 30% tax on foreign takeovers of companies or their shares and a 10-20% sliding scale, withholding tax on divends
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June 24
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Phoenix Canada Oil Company commissions study for using submarine tankers to transport oil from the Canadian North
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July 18
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Panic selling hits Canadian Stocks as U.S. President John F. Kennedy proposes a new tax on purchases of foreign securities
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August 9
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Canadian Petroleum Association estimates industry spent $685.7 million in 1962, down $24 million from 1961
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September 5
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Lobitos Oilfields Canada, controlled by Burnah Oil Company, announces spudding of the first wildcat on Cornwallis Island
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September 30
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Great Canadian Oil Sands Limited asks Conservation Board to increase the production permit for its planned tar sands plant by 43% to 45,000 barrels per day and extend financing deadlines
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October 20
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Conservation Board denies tar sand permits for permits for Shell and Cities Service due to possible competition with conventional oil
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November 5
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Conservation Board opens prorationing review
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November 14
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Tempers flar as Nova Scotia threatens to fine Shell $1,000 a day if it proceeds with exploration on offshore federal permits
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November 19
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Prime Minister Pearson tells the Commons the offshore jurisdiction question will be referred to the Supreme Court
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November 22
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Kennedy assassinated in Dallas, Texas
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December 31
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Value of oil, gas and sulphur productin in 1963 increased 9% to $796 million from 1962 while daily oil and gas production rose 6% to 778,640 barrels and 15% to 3.28 billion cubic feet
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