Canadian oil and gas producers are banking higher profits as unusually severe winter weather sidelines U.S. rivals this week and drives up demand and prices for their products.

Imaginea Energy's CEO says she has parted ways with her American financial backers and her Calgary company's oil and gas assets have been taken over by a newly-created entity.

Energy analysts say a recent surge in oil prices will boost the bottom line of Canadian oil and gas producers, but remains well below the minimum level needed to encourage increased investments in the oilsands or conventional oil and gas.