Massive Fire Continues to Spread Across Alberta, 88,000 evacuated.

Top Quote Massive wild fire spreads across Alberta, 88,000 evacuated with possible more affected before the weekend. End Quote
  • (1888PressRelease) May 06, 2016 - Massive Fire Continues to Spread Across Alberta, 88,000 evacuated.

    A huge fire which started last Sunday is still raging across Alberta and now covers almost 850sqkm, or larger than the city of Calgary.

    The wild fire has grown in size by 5 times since the weekend and although government officials say it is under control fire services are looking to better weather at the weekend to help keep the fire in check.

    High winds have been blamed for the fire which started in the Oil Shale region spread and the 85 hectares that it is covering has seen 88,000 evacuees so far and as it spread further south this figure could grow.

    The Canadian Prime Minister, Justin Trudeau said that the government will match any donations that have been made to the Red Cross as they attempt to deal with what has been called by the government a local catastrophe.

    Firefighters are hoping a change in weather which should bring lower winds and rain will assist them in fighting the fire.

    So far oil production in the region has been reduced by almost a third as production facilities shut down and workers were evacuated. Equating to 64,000 barrels per day, the reduction in production is seen as having a minimal effect on oil prices.

    Oil prices had been seeing a comeback this week with both US Crude and Brent breaking the $45 mark earlier in the week.

    US Crude ended up 1.2% to close the day at $44.32 Thursday and Brent finished 1.12% higher at $45.19.

    Many analysts expect the energy commodity to fall further unless the fire come under control by the weekend.

    RNK's thoughts are with the people affected by the fire in Alberta.

    RNK Global and its partners enjoy a successful track record stretching back since our inception back in 2008 by creating long-term value in seed, early-stage and further developed companies. We actively pursue market defining ventures that possess strong management teams and potent intellectual property in high-growth sectors. The current investment climate is demanding, but offers considerable opportunities for forward thinking companies that can formulate and execute a successful investment project that is based on a proven, well designed strategy.

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