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Don’t frustrate all of Canada by putting this financial burden on them with a handout without addressing the root cause Whitecap Resources Inc. president and CEO Grant Fagerheim

“We’ve got a revenue problem. We need to have more revenue coming in the door,” Mah said, adding that Canada needs “many” new pipelines built and a better, faster process for pipeline approvals.

“They’re not listening. There’s a disconnect. It just seems to be like, ‘here’s a Band Aid’,” Mah said of the loan announcements.

Both Fagerheim and Mah said they don’t expect to use the federal programs announced Tuesday, but there will likely be some small and micro-cap oil and gas producers, distressed companies and potentially some oilfield services providers that may apply for the loans and financial supports.

Sohi said the funding was available immediately.

“I do think there’ll be some uptake, but I’m not sure it’ll be as broad or as helpful as the federal government is hoping,” Tristan Goodman, president of Explorers and Producers Association of Canada said Tuesday, adding the offer of financial assistance is “an attempt to move forward.”

Financial analysts were divided on how effective the funds would be for the oilpatch.

They’re not listening. There’s a disconnect. It just seems to be like, ‘here’s a Band Aid' Advantage Oil and Gas Ltd. president and CEO Andy Mah

The funds were “absolutely” helpful as oil and gas companies’ “balance sheets have taken quite a hit.” CIBC Capital Markets associate energy specialist Joan Pinto said.

“I’m hoping that this would be the same sort of action that the federal government took when we had softwood lumber tariffs coming into play,” Pinto said, adding that low-interest loans at that time helped the forestry industry through a difficult period.