Shareholders lost billions of equity and around half-billion-dollar heavy oil refinery were shelved on Monday as market fall continued to rock the boat for Alberta energy firms.

 Dick Gusella, president and chief executive of Connacher Oil and Gas Ltd said:

We're going through a real maelstrom of turmoil and turbidity here and it ain't pretty.. We are going to live substantially within our available cash credit and cash flow.

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