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Exxon Mobil looking to Horn River for natural gas, Wall Street Journal reports (Exxon-Horn-River)

TORONTO _ Exxon Mobil Corp. thinks it may have a world-class natural gas find in the Horn River shale rock basin in British Columbia, the Wall Street Journal reports.In a story posted on the newspaper`s website Thursday, Tim Cejka, Exxon`s head of global exploration, said the company has been bullish on shale-gas exploration since 2003.Cejka said results from the first four wells lead the company to conclude that each well will produce between 16 million and 18 million cubic feet of gas a day.We are really interested in shale gas, Cejka told the newspaper.Imperial Oil Ltd. (TSX:IMO) and its parent Exxon Mobil Corp. (NYSE:XOM) were buyers in the June land rights sale, adding to their current holdings in Horn River.Horn River has an estimated 250 trillion cubic feet of natural gas in the formation. Experts predict up to 20 per cent of it is recoverable.Natural gas is extracted from the shale rock by either horizontal drilling or fracturing wells.Shale gas production was long considered too expensive until new technologies were developed in recently years to tap into the hard-to-access resource at lower costs.That, coupled with the maturing sources for conventional gas, has led to increased interest in newly discovered areas such as Horn River.Calgary-based EnCana Corp. (TSX:ECA) discovered the Horn River natural gas play in 2003 and is believed to be the largest landholder in the area along with its partner, U.S. oil and gas giant Apache Corp. (NYSE:APA).

Chevron says Q2 earnings lifted by oil prices; overall results likely lower (APFN-Chevron-Outlook)

HOUSTON _ Chevron Corp. said Thursday its second-quarter earnings from pumping oil will be improved from the first three months of the year, when low crude and natural-gas prices contributed to the worst results in years for oil companies.But the second-largest U.S. oil company said earnings from refining fuel will be far lower versus the first quarter. Chevron said it was hurt by significantly lower refining margins in the U.S.It also noted that foreign currency effects related to the weak dollar would crimp the bottom line.On a year-over-year basis, Chevron`s overall second-quarter results are forecast to be much lower than those for 2008.Benchmark crude soared to record levels near US$150 a barrel one year ago before plunging below $35 this year. But prices began to rebound at the end of the first quarter and on Thursday hovered around $60 a barrel.During the first two months of the second quarter, Chevron said the price it received for crude averaged $48.79 a barrel, up from $36.85 in the first three months of the year but not even close to the $113.97 a barrel it averaged in the year-ago quarter.Natural gas prices for the first two months of the second quarter averaged $3.26 for 1,000 cubic feet. That`s below the $4.14 it realized in the first quarter and well off the $9.84 it got a year ago.The San Ramon, Calif.-based oil giant provided the guidance in an overview of market conditions for the April-June period.Chevron didn`t provide any specific earnings projections, but Wall Street is expecting its results to be significantly lower than a year ago. Chevron is set to report second-quarter earnings July 31.For now, the average earnings estimate among analysts surveyed by Thomson Reuters is $1.28 a share, well off the $2.90 a share Chevron posted in the year-ago period, when crude prices were on their way to record heights.During April and May, Chevron said production rose 11,000 barrels of oil equivalent per day. It pegged the jump primarily to the restoration of operations in the Gulf of Mexico following last year`s hurricanes.For those same two months, the company said results from its overseas exploration and production operations included unfavourable foreign currency effects of more than $400 million. The reason, Chevron said, was the weakening U.S. dollar against most other major currencies, and it said the trend continued in June.For the full second quarter, Chevron said U.S. refining margins fell sharply from both the first quarter and the year-ago period. Abroad, refining margins were mixed.The company also said its quarterly after-tax charges for corporate and other activities will range between $250 million and $350 million.Chevron shares fell $1.18 to $61.90 in after-hours trading. They`ve traded in a range of $55.50 to $96.79 in the past year.

Canwest shares lose more than 40 per cent before quarterly earnings report (Canwest)

TORONTO _ Canwest Global Communications Corp. (TSX:CGS) shares lost more than half their value Thursday in the heaviest trading of the battered stock in nearly eight years.The struggling media giant`s shares fell 7.5 cents to close at 6.5 cents on the Toronto Stock Exchange, a drop of nearly 54 per cent, on a volume of nearly 10.2 million shares traded.The heavy trading triggered speculation the media company could be on the brink of filing for bankruptcy protection under the Companies` Creditors Arrangement Act.The Canwest group, which includes the National Post newspaper and big city dailies across Canada, Global television network and other broadcast operations in several countries, is struggling under about $4 billion in debt.The company has been negotiating for months with various bankers, bondholders and other creditors to come up with a plan that would allow Canwest`s businesses to continue operating.It has also been struggling to sell off assets to appease the lenders, and last week agreed to sell two of its local TV stations _ CHCH-TV in Hamilton and CJNT-TV in Montreal _ to specialty television company Channel Zero.

Most actively traded stocks on the TSX and the TSX Venture Exchange (Stock-Market-Movers)

TORONTO _ Some of the most active companies traded Thursday on the Toronto Stock Exchange and the TSX Venture Exchange:Toronto Stock Exchange (9,773.92 up 120.47 points):CanWest Global Communications Corp. (TSX:CGS). Media. Down 7.5 cents, or 53.57 per cent, to 6.5 cents on 10,166,617 shares. Volume was the highest in eight years and came a day before CanWest releases its quarterly results.Mercator Minerals Ltd. (TSX:ML). Miner. Up five cents, or 4.42 per cent, to $1.18 on 10,123,372 shares. The Vancouver company`s stock rose for a second straight day after announcing Wednesday that it had shipped copper, molybdenum and silver during the second quarter, its first full quarter of production at its Mineral Park Mine in Arizona.Teck Resources Ltd. (TSX:TCK.B). Miner. Up 56 cents, or 3.13 per cent, to $18.43 on 8,233,498 shares. The metals and mining sector led advancers on the TSX, with the debt-plagued company leading the way. The sector rose 26.66 points or 4.67 per cent.Uranium One Inc. (TSX:UUU). Miner. Up 18 cents, or 7.09 per cent, to $2.72 on 7,237,962 shares.Bombardier (TSX:BBD.B). Transportation equipment. Up 15 cents, or 4.55 per cent, to $3.45 on 7,059,878 shares as the stock was buoyed by the news the company`s transportation division has won a US$54-million contract to supply trams for the British city of Blackpool.ConjuChem Biotechnologies Inc. (TSX:CJB). Drug developer. Down 2.5 cents, or 25 per cent, to 7.5 cents on 6,563,363 shares after announcing it has entered into an agreement with Colabor Income Fund (TSX:CLB.UN) that will provide approximately $5 million in non-dilutive capital to ConjuChem.TSX Venture Exchange (1,042.82 up 8.80 points):Opal Energy Corp. (TSXV:OPA). Oil and gas explorer. Unchanged at a penny on 4,605,833 shares.Gold Hawk Resources Inc. (TSXV:CGK). Miner. Down a penny, or 18.18 per cent, to 4.5 cents on 2,724,833 shares.Companies reporting major news:SNC-Lavalin (TSX:SNC). Engineering. Down 49 cents, or 1.18 per cent, to $41 on 398,063 shares despite winning one of the largest services contracts in its history with a $508-million deal to help build Algeria`s largest city focused on the oil and gas sector.Niko Resources Ltd. (TSX:NKO). Oil and gas. Down 17 cents, or 0.22 per cent, to $75.58 on 141,865 shares. The Calgary company, which mainly operates in Asia, is making a foray into the Caribbean Sea through its new 26 per cent interest in a natural gas field off Trinidad and Tobago.Urbana Corp. (TSX:URB.A). Investment. Up 19 cents, or 13.19 per cent, to $1.63 on 386,091 shares after it withdrew a recently announced offering of Class A non-voting shares, saying the price under current market conditions would result in too much dilution to existing shareholders.

Agreement with Centrica gives Niko 26 per cent interest in Trinidad gas play (Niko-Centrica)

CALGARY _ Niko Resources Ltd. (TSX:NKO), a Calgary energy company which mainly operates in Asia, is making a foray into the Caribbean Sea through its new 26 per cent interest in an exploration block off Trinidad and Tobago.The company said Thursday it will be the operator of a recently acquired property called Block 2AB under an agreement with Centrica PLC, a major British energy firm.The asset has the potential to raise the bar for Niko, said Edward Sampson, the company`s chief executive officer.It`s a very large block with both oil and gas potential. It`s a very prospective block that could make a meaningful difference.Most of Niko`s existing operations are in offshore Indonesia, India and Bangladesh, with other assets in Iraq`s Kurdistan region and offshore Madagascar.Trinidad offers them the potential for larger gas opportunities, said Haywood Securities analyst Alan Knowles.It`s outside of their geographical area, but it`s consistent from an asset-style point of view.Niko can use its experience with offshore natural gas fields in Asia in its new role as operator of the Trinidad field, Knowles added.They really haven`t been the operator, but they`ve learned a lot by being the partner in the offshore India operations, he said.Subject to government approval, Centrica PLC will hold 29.25 per cent of Block 2AB, Petroleum Company of Trinidad and Tobago Ltd. will own 35 per cent and Voyager Energy 9.75 per cent, Niko said.Block 2AB is a 1,605-square-kilometre property near the Angostura producing oil and gas field, which has reserves in excess of 100 million barrels of oil and one trillion cubic feet of natural gas.Trinidad is an attractive place to explore for natural gas because it is home to significant liquefied natural gas, or LNG, production facilities.LNG is natural gas that has been transformed into a liquid in extremely cold temperatures. In its liquid form, it can be transported by sea in special tankers, enabling the commodity to be sold in markets worldwide.I think we`re certainly well poised, Sampson said, noting that its partner, Centrica, specializes in the marketing of natural gas.LNG is what Trinidad and Tobago is really geared towards.Last week, Centrica was prevented from acquiring 45 per cent of another gas property off Trinidad from Canadian Superior Energy Inc. (TSX:SNG) when BG International exercised its pre-emption rights.Under the pre-emption offer, BG will pay Canadian Superior US$142.5 million for the property known as Block 5(c), which is believed to contain between three and five trillion cubic feet of natural gas.BG`s right of first refusal for the property was part an agreement between BG, Canadian Superior and a third partner in that Trinidad field, Calgary-based Challenger Energy Corp. (TSXV:CHA).Centrica and BG both trace their roots to the former British Gas PLC, which spun off its business units into separate companies more than a decade ago.Sampson did not have an update on an probe into bribery allegations made against the company surrounding its operations in Bangladesh.Niko said in January that Canadian officials were investigating improper payments by either Niko, or its Bangladeshi subsidiary. At the time the company said it welcomed the probe and denied any wrongdoing.Niko`s shares fell 17 cents to close at $75.58 Thursday on the Toronto Stock Exchange.

Energy leads way to strong close as TSX breaks three session losing streak (Dollar-Markets)

TORONTO _ Commodity stocks led a solid gain on the Toronto stock market Thursday amid higher prices for crude and metals.The S&P/TSX composite index snapped a fierce, three day losing streak that had chopped about six per cent from the main index, closing up 120.47 points to 9,773.92.The string of triple-digit losses were sparked by worries that economic conditions don`t justify sharp gains racked up by stock markets during the spring rally.We`ll need to see some months go by before we get the kind of really positive economic news or more positive economic news that can set the stage for the next leg higher, said Avery Shenfeld, chief economist at CIBC World Markets.I don`t think we`re talking about the start of a new bear market and revisiting earlier lows. But, if we corrected, we could correct another five or 10 per cent and still be in the midst of what ends up being quite a nice longer term rally.The battered Toronto energy sector was up 2.6 per cent as the August crude contract on the New York Mercantile Exchange edged 27 cents higher to US$60.41.Oil had declined for the previous six sessions, taking it down from a recent high of US$73.38 on June 30 amid signals that the global economy and crude demand aren`t recovering strongly from a severe slowdown.On Wednesday, OPEC predicted that demand for crude has fallen so sharply, it will take another four years to recover to 2008 levels.EnCana Corp. (TSX:ECA) climbed $1.07 to $53.24 while Suncor Inc. (TSX:SU) improved 85 cents to $31.30.Shenfeld added it was not surprising to see crude fall away from those higher levels since US$70 is our target for 2010 with the global economy providing more support.But for 2009, that`s a bit of a stretch given the weak state of global oil demand and evidence of considerable inventories, particularly of distillate products in the U.S., he said.Global markets have been grinding lower over the last week after economic evidence, notably unemployment figures in the U.S. and Europe, suggested any rebound in growth could be feeble and take longer that investors expected.The TSX is down almost nine per cent from the rally`s high on June 11.The Canadian dollar rose 0.39 of a cent to 86.04 cents U.S. amid positive housing sector news. Canada Mortgage and Housing Corp. announced that the seasonally adjusted annual rate of housing starts increased to 140,700 units in June from 130,300 units in May.The TSX Venture Exchange was ahead 8.8 points to 1,042.82.New York markets were listless even as Dow industrials component Alcoa Inc. (NYSE:AA) provided an encouraging start to the second quarter earnings season, turning in a smaller-than-expected loss at US$454 million. Its shares closed down 24 cents to US$9.22 in New York.The Dow Jones industrials edged up 4.76 points to 8,183.17.The Nasdaq composite index climbed 5.38 points to 1,752.55 while the S&P 500 index was up 3.12 points to 882.68.Sentiment also got some lift after a report showed that China`s auto sales soared 36.5 per cent in June from a year earlier to 1.14 million vehicles.However, there was some dismal consumer news as U.S. retailers reported generally poor sales during June.The Toronto base metals sector rose almost five per cent as the September copper contract in New York rose 7.85 cents, or 3.6 per cent, to US$2.159 a pound. Teck Resources (TSX:TCK.B) climbed 56 cents to C$18.43 while HudBay Minerals (TSX:HBM) jumped 62 cents to $7.24.The August bullion contract on the Nymex was ahead $6.90 to US$916.20.In other corporate news, Astral Media Inc. (TSX:ACM.A) reported quarterly net earnings from continuing operations climbed three per cent to $44.3 million or 79 cents per share despite continued weakness in advertising sales. Astral booked profits of $43.2 million or 76 cents per share during the same quarter the year before.Quarterly revenue edged up to $232.5 million from year-earlier levels of $231.9 million and Astral shares moved 79 cents higher to $28.79.And a day before delivering quarterly earnings data, shares in media giant Canwest Global plunged 7.5 cents or 53.57 per cent to 6.5 cents on a heavy volume of 10.1 million shares.

Energy leads way to strong close as TSX breaks three session losing streak (Dollar-Markets)

TORONTO _ Commodity stocks led a solid gain on the Toronto stock market amid higher oil prices.The S&P/TSX composite index snapped a three-day losing streak that had chopped about six per cent from the main index, closing up 120.47 points to 9,773.92.The string of losses was sparked by worries that economic conditions don`t justify sharp gains racked up by stock markets during the spring rally.The battered Toronto energy sector was up 2.6 per cent as the August crude contract on the New York Mercantile Exchange edged 27 cents higher to US$60.41.Crude had declined for the previous six sessions, moving down from a recent high of US$73.38 on June 30 on demand concerns. The Canadian dollar rose 0.39 of a cent to 86.04 cents U.S.New York markets were listless after Alcoa Inc. (NYSE:AA) turned in a US$454-million dollar loss, which was narrower than expected. The Dow Jones industrials edged up 4.76 points to 8,183.17, while the Nasdaq composite index climbed 5.38 points to 1,752.55.

Montreal engineering company SNC Lavalin to design town in Algeria (SNC-Algeria)

MONTREAL _ Canadian engineering giant SNC-Lavalin Group (TSX:SNC) has won one of the largest services contracts in its history with a $508 million deal to design and oversee the construction of Algeria`s largest modern city focused on the oil and gas sector.The contract awarded in recent days is expected to be signed within a few weeks, a company spokeswoman said Thursday.We`re delighted about the announcement, Gillian MacCormack said in an interview. We will be signing the actual contract within a few weeks and will have plenty of details to provide at that point.Montreal-based SNC-Lavalin secured the contract to help build the city of Hassi Messaoud over eight years in a tendering process beating four competitors. It bid 31.2 billion dinars or $508.3 million for the deal, according to TSA-Algerie.com, a French-language news site in Algeria. MacCormack wouldn`t confirm this figure.Bids were also submitted by an Algerian-Tunisian consortium and companies from South Korea, Spain and France.The bidding process was restarted last October after U.S. company Aecom complained to an Algerian government agency that its Canadian rival didn`t follow the tender guidelines. Ironically, Aecom didn`t submit a new bid.MacCormack said the contract is one of the largest services contracts in SNC`s history.The 98-year-old engineering firm, with 21,300 employees, is one of Canada`s most global companies, with operations in North America, Europe, Africa, Asia and Latin America.The company is also a major owner of infrastructure such as power plants and pipelines and has been cashing in on the boom in growth in Algeria`s energy sector, where new oil and natural gas fields have been discovered in recent years.Hassi Messaoud in east-central Algeria is in the centre of the largest oilfield in the African country and where production is being expanded sharply with each new oil and gas discovery, with energy exports destined for markets in Italy, Germany and France.Algeria`s oil sector has been open to foreign investors in partnership with Sonatrach, Algeria`s state-owned oil and gas company, since the mid-1990s, and foreign companies now own a sizable chunk of crude oil production in the country.Services contracts are the least risky and most profitable projects, typically garnering margins of between 25 and 30 per cent, said Desjardins Securities analyst Pierre LacroixIt`s a big deal, he said in an interview.The contract represents one third of the company`s existing $1.5 billion backlog. Unlike lower margin construction contracts, services deals don`t carry the risk of having to absorb cost overruns. That was the case with SNC-Lavalin`s involvement the Goreway thermal power project in Ontario when a subcontractor went bankrupt.While details are still to be disclosed, Lacroix said SNC-Lavalin will likely design the city of 4,483 hectares for 80,000 people including infrastructure, roads, urban lands and probably some buildings. It would also oversee procurement and manage construction.The bottom line with SNC is their prospect list is very deep and this is another example of how busy this company is.The entire project is expected to cost US$6 billion. Services contracts typically represent about 10 per cent of that amount, he said.Besides offering a low bid, SNC-Lavalin has worked for more than 40 years in the North African country, and built the famed Martyr`s Tower in Algiers. It was recently awarded a $1.2 billion contract from Algeria`s national oil company.The natural gas infrastructure contract was announced last month by Algeria`s energy minister and confirmed by the company on June 15.For the first time in its history, the company was the target of a terrorist attack as 12 of its employees were killed last August in a bus bomb blast in Algeria.The attack at Bouira, 90 kilometres southeast of Algiers, was made on a bus carrying SNC-Lavalin`s employees to work on the Koudiat-Acerdoune water-treatment plant and distribution project.The engineering and construction giant, with 21,260 employees and a stock market value of more than $6.3 billion, operates around the world in project management and engineering. The company also owns infrastructure assets such as power plants, pipelines and buildings. SNC-Lavalin`s shares fell 52 cents to $40.97 in afternoon trading on the Toronto Stock Exchange.Lacroix said he believes investors will respond to the Algerian contract by boosting the company`s share price.

Oil wavers near US$60 a barrel after tepid retail sales, glum unemployment data (Oil-Prices)

NEW YORK _ Oil prices wavered around US$60 per barrel Thursday with new consumer and employment data casting a pall over energy markets, but still rose slightly at the close for the first time in more than a week.Benchmark crude for August delivery rose 27 cents to settle at $60.41 a barrel on the New York Mercantile Exchange.Still, crude prices in intraday trading fell below $60 for the first time since May.Consumers fearful of job cuts, or those who lost jobs, are spending less, which has dragged down everything from retail to gasoline sales.The retailers in the United States posted tepid sales figures Thursday, showing consumers put off purchases of clothes and other goods last month.The Labour Department said the number of unemployed Americans filing continuing claims jumped last week, though the number of newly laid off workers filing their first claim has slumped.The Labour Department said last week that employers cut 467,000 jobs in June and the unemployment rate rose to 9.5 per cent, the highest in 25 years.That has helped push inventories of gasoline higher, the Department of Energy reported this week, and on Thursday, the government said natural gas stores continued to rise as well.That`s not a good sign, said Clarence Chu, a trader at Hudson Capital Energy. It shows demand for gasoline hasn`t picked up like it normally does this time of year.Retail gasoline prices fell about a penny overnight to a new national average of $2.58 a gallon on Thursday, according to AAA. Gasoline prices have fallen every day for two weeks and are far below last year at this time, when gas cost more than $4.108 a gallon.In Canada, the price of gasoline averaged C$1.011 per litre, down from $1.028 a month ago and $1.398 last year at this time.In other Nymex trading, heating oil fell less than a penny to settle at US$1.5344 a gallon, but gasoline for August delivery rose 3.05 cents to settle at $1.6638 a gallon. Natural gas for August delivery rose 5.5 cents to settle at $3.408 per 1,000 cubic feet.In London, Brent prices rose 67 cents to settle at $61.10 a barrel on the ICE Futures exchange.___Associated Press writer Alex Kennedy in Singapore and George Jahn in Vienna contributed to this report.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

Corporate Stampede revelry more subdued in tough economic climate (Stampede-Recession)

CALGARY _ Burnet Duckworth & Palmer`s renowned soiree has been a regular fixture on the Calgary Stampede party circuit for more than 15 years, but the law firm won`t be playing host to the cowboy hat and bolo tie set this year.The annual bash has fallen, like the economy, on tough times, cancelled in the face of the greatest recession since the Second World War. And they aren`t the only group that has decided to call off or scale back parties linked to the city`s famous celebration of cowboy culture.As the end of `08 crept up on us... our long-term partner in the food bank started experiencing an unbelievable increase in food requests, people who aren`t able to make ends meet and who weren`t able to put food on the table, said Brian Feick, director of marketing for the law firm.Our partners got together and said `Hey, maybe the right thing to do, instead of hosting a party for $150,000, we give that money to the food bank.`Clients who would have attended BD&P`s party _ described by Feick as a night of high-end food and booze with around 2,000 guests _ fully supported the firm`s decision.In fact, they sent cheques back into us in support of the (food bank) program, he said.For 10 surreal days every July, bales of hay appear throughout Calgary`s otherwise sleek downtown core. Even the most polished corporate executives trade in their suits and ties for plaid shirts and jeans.The huge private parties thrown by law firms, investment banks and other companies are just as much a part of Stampede week as chuckwagon races and bull-riding.In the wake of the recession _ which has caused huge job losses throughout Alberta`s all-important energy industry _ some firms are toning down or cancelling their events, while others are going full-steam ahead.David Howard, president of The Event Group, said the number of corporate Stampede parties his company has been planning this year has been cut drastically from last year, when oil prices above US$140 were fuelling dizzying economic activity in the province.Now, with oil prices cut by more than half and industry fortunes looking bleaker, Howard said he is advising his clients to take a more subdued approach.Investors have got their money, their savings tied up in a firm and this firm`s losing and all of a sudden they`re going to spend thousands on a Stampede party? The optics of it just aren`t great, Howard said.Howard has shifted his business away from elaborate Stampede parties, which can cost hundreds of dollars a head, toward smaller-scale concerts and speaker events.For the Stampede parties that are actually taking place, Howard said his clients are scaling back.They`ll say `We`ll provide the meal and some entertainment. You want to drink, you pay for it,` he said.Where you`ve seen three bands at an event before, there`s one. If you`ve had a full steak dinner, well, maybe it`s a burger event and cash bar.Peters & Co., a Calgary-based investment dealer focused on the oil and gas industry, hosted about 1,000 people at its Firewater Friday event, another Stampede-week institution.The party featured live music and a decent chunk of dough was raised for the Calgary Hospice Association, said chief executive officer Ian Bruce.We`ve always had this party rain or shine, good times and bad, he said.Despite the fact that it`s a more challenging time out there, we think that Stampede tradition is important for the city and our firm and we`ve elected to carry on.The Calgary office of law firm Blake, Cassels & Graydon also went ahead with its Stampede Roundup party, an event that attracts around 10,000 revellers and has raised more than $200,000 for charity each year for the past 14 years, said partner Dalton McGrath.While we are mindful of the costs of the event, we could not withdraw our sponsorship without hurting our charities, which need our support more than ever in these times, he said.I believe it assists in bringing confidence to the business community in proceeding with this event.On the Stampede grounds themselves _ which feature rides, carnival games, live music, rodeo events and other attractions _ miserable weather has affected attendance much more than the recession has, said spokesman Doug Fraser.The Stampede was able to extend its marketing reach into the U.S. Pacific Northwest and Western Canada with the help of nearly $2 million in federal stimulus money granted under the Marquee Tourism Events Program.We tried to widen our rubber-tire traffic area, Fraser said.Despite the recession, the Stampede has never had better corporate sponsorship in many years, he added.We`ve not lost a single major sponsor this year. There were a few smaller sponsors that left us, but others have stepped in.