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A rig worker operates a self-moving pad rig on a multi-well pad near Fort McMurray, Alta.Kevin Van Paassen

Staff keep stampeding from equity dealers to the oil patch in Calgary, with three more research professionals making moves.

Luc Mageau, domestic exploration and production analyst at Raymond James, is leaving the shop to join Plains Midstream Canada. There, he will concentrate on natural gas liquids and Canadian oil pricing, as well as related business-development initiatives.

"It's an interesting opportunity, and the reality of it is, I think the midstream space is where you want to be positioned over the next 10 years, so I might as well put my money where my mouth is," Mr. Mageau said.

The midstream part of the energy business involves the gathering and processing of oil and gas.

At least half a dozen people from the sell-side have left to take jobs at energy companies since the start of 2014, adding to nearly 40 who have made the leap in the previous two years. It is a brain drain driven by big drops in revenue among dealers as equity issues and merger-and-acquisition activity slowed. That has cut bonuses sharply at many dealers.

Among other such departures, Reed McDonnell has resigned as domestic exploration and production research associate at Cormark Securities to join Predator Oil Ltd., a privately-held producer.

Sam Roach, energy services research associate at RBC Dominion Securities, has moved to TransCanada Corp. as a business development analyst.

In the fourth quarter of 2013, energy-related equity financings picked up considerably, climbing to around $2.2-billion, or more than twice the value in the previous quarter, according to TD Securities. If the trend continues, that could help stem the loss of professionals from the industry.

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