Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
Re: FWIW What I own now:
I'll play too...
* Penn West Energy (PWT.un)
* Enerplus Resources (ERF.un)
* Pengrowth Energy (PGF.un)
* Freehold Royalty (FRU.un)
* Harvest Energy (HTE.un)
* Amalgamated Income (AI.un)
Aqua Pure Ventures (v.AQE)
Aurcana Corporation (v.AUN)
Baja Mining (v.BAJ)
Big Sky Energy (BSKO)
Golden Predator Mines (v.GP)
Petra Petroleum (v.PTL)
Prime Meridian Resources (v.PMR)
Q-Gold Resources (v.QAU)
TG World Energy (v.TGE)
Cash set aside for the TFSA (constantly changing strategy for this), declining lines of credit. All the trusts are in cash account and it looks like this cashflow will be taking a haircut.
Well last week was a lousy week in the markets, I wonder if this week will be any better.
Nice, I'm holding certs on PWT and after they bought Canetic I have enough so I probably won't be adding to it or trading it.
Arc had already raised the distribution twice and was yielding 9 so I figured it would probably level off for awhile.
Yes, thinking it will bounce off 150 but if it does keep going I've still got FRU and I still get a nice return on harvest.
Sold Arc and my pipelines today, wanted to capture the profits on Arc while the pipelines were a tin can. Redeployed it into gold and silver - back in GPR, WGI, geatly expanded my CMM position on yesterday's news/todays fall. My timeline for CMM hasn't really changed with regards to a catalyst, I have "enough" now but might double it later.
EDIT: Oh! Doubled up on HTE also.
Any thoughts on the price of oil?
K.D.
Not sure if you guys saw this or heard about it but just something floating around in the background.
Mortgage ruling could shock U.S. banking industry
Mon Jun 30, 2008 8:14pm BST Email | Print | Share| Single Page| Recommend (-) [-] Text [+] By Gina Keating - Analysis
LOS ANGELES (Reuters) - A lawsuit filed by a Wisconsin couple against their mortgage lender could have major implications for banks should a U.S. appeals court agree that borrowers can cancel their loans en masse when their lenders violate a federal lending disclosure law.
The case began like hundreds of others filed since the U.S. housing boom spawned a rise in sales of adjustable rate loans. Susan and Bryan Andrews of Cedarburg, Wisconsin, claimed that lender Chevy Chase Bank FSB (CCX_pc.N: Quote, Profile, Research) had hidden the true terms of what they believed was a good deal on a low-interest loan.
In their 2005 lawsuit, the couple said the loan's interest rate had more than doubled by their second monthly payment from the 1.95 percent rate they thought was locked in for five years. The interest rate rose well above the 5.75 percent fixed-rate loan they had refinanced to pay their children's college tuition.
The Andrews filed the case seeking class action status; and in early 2007, U.S. District Judge Lynn Adelman ruled that the bank had violated the Truth in Lending Act, or TILA, and that thousands of other Chevy Chase borrowers could join them as plaintiffs.
The judge transformed the case from a run-of-the-mill class action to a potential nightmare for the U.S. banking industry by also finding that the borrowers could force the bank to cancel, or rescind, their loans. That decision was stayed pending an appeal to the 7th U.S. Circuit Court of Appeals, which is expected to rule any day.
The idea of canceling tainted loans to stem a tide of foreclosures has caught hold in other quarters; a lawsuit filed last week by the Illinois attorney general asks a court to rescind or reform Countrywide Financial Corp (CFC.N: Quote, Profile, Research) mortgages originated under "unfair or deceptive practices."
'MASSIVE CLASS SUITS'
The mortgage banking industry already faces pressure from state and federal regulators, who have accused banks of lowering underwriting standards and forcing some borrowers, through fraud, into costly adjustable loans that the banks later bundled and sold as high-interest investment vehicles.
The loans have caused serious instability in the financial sector, as mortgage interest rates adjusted upward and borrowers began defaulting at a significant rate starting in 2007, drawing lawsuits from investors and homeowners.
Federal appeals courts disagree over whether class-wide rescission under the Truth in Lending Act is available, said attorney Christine Scheuneman, whose firm represented Chevy Chase at the district court.
"If class treatment is found to be available for rescission ..., given the current crisis not predicted in 2005, the result all over the country could be massive class suits," said Scheuneman, a partner at Pillsbury Winthrop Shaw Pittman LLP.
The Truth in Lending Act, a 1968 federal law designed to protect consumers against lending fraud by requiring clear disclosure of loan terms and costs, lets consumers seek rescission, or termination, of a loan and the return of all interest and fees when a lender is found in violation.
Should the 7th U.S. Circuit Court of Appeals agree with Judge Adelman, banking industry associations predict "confusion and market disruption" as banks curtail lending further.
"Class certification of rescission claims would saddle the mortgage lending industry and secondary market with billions of dollars of class action exposure for supposed violations of TILA that do not give rise to any actual damages," the financial services associations wrote in an amicus brief.
But the Andrews' attorney, Kevin Demet, said lenders want to scare the judiciary into banning class action rescissions because they were unable to convince Congress to do so in the 1990s.
"If (banks) get relief (from the appeals court), it's activist judges trying to give them what they could not get legislatively," said Demet, of Demet & Demet of Milwaukee, Wisconsin.
Consumer advocates said the banks would have "no more or no less" liability for the tainted mortgages if the court found in favor of the Andrews plaintiffs.
But an adverse ruling for borrowers would cut off an important remedy. Borrowers would "lose the opportunity to use rescission to save their homes from foreclosure or to rescind their mortgages and refinance into affordable ones," the Center for Responsible Lending, the National Consumer Law Center, Public Citizen and AARP Foundation Litigation wrote in an amicus brief filed in the case.
Both sides said the case will likely be decided by the U.S. Supreme Court.
(Reporting by Gina Keating; Editing by Mary Milliken and Gerald E. McCormick)
© Thomson Reuters 2008 All rights reserved.
Did you guys see this today...
http://www.sec.gov/rules/proposed/2008/33-8935.pdf
I heard about Questerre because one of the guys at work had it, he was a very happy camper. I think the price action had more to do with Forest Oil announcing 6 TCF of reserves starting a new area play in Quebec than anyhting else. I'm not sure if these guys are partnered with Talisman or if Talisman is just in the neighborhood also. There a half dozen other companies that are going after shale gas in Quebec and the maritimes, some big potential numbers being bandied about.
Thanks, it's been awhile since I had one like this.
Picked up CMM, might turn out to be awhile before it works out as there are legions of underwater shareholders. They have 1Moz proven reserves and are in production so when I saw them doing a convertible debenture at 18 and trading 12 I thought I would take a flyer on it. Good chance this won't do anything until the fall though when they get their credit line in place.
Yep, 20 Cylinders - I think the thinking was they could produce these faster than 3608s. There are a few different things on them compared to the other 3500's.
Picked up some BQI for some oilsands yesterday, liked their chart.
K.D.
Tomorrow, 90% chance of rain so it looks like I won't be looking at the outdoor equipment to closely. Going to a spiel about Cat's latest incarnation of their 3520 and lineup they'll be going with for emissions requirements in the morning downtown, then take the train to the show.
Ember increases Cordero bid to $5.35 per share
2008-06-06 18:04 MT - News Release
Also News Release (C-COR) Cordero Energy Inc
Mr. Douglas Dafoe of Ember reports
EMBER RESOURCES INC. ANNOUNCES INCREASED CASH AND SHARE PROPOSAL TO ACQUIRE ALL OF THE OUTSTANDING SHARES OF CORDERO ENERGY INC.
Ember Resources Inc. has provided Cordero Energy Inc. with a further formal proposal to acquire all of the outstanding common shares of Cordero for increased consideration of $5.35 per Cordero share, payable at the election of each Cordero shareholder, in cash or 2.61 common shares of Ember, at a deemed price of $2.05 per Ember share.
The cash portion of the proposal payable to the Cordero shareholders will total $55-million. In the event that the Cordero shareholders elect, in total, to receive more than $55-million in cash, the amount of cash to be received by a holder electing to receive cash with respect to a Cordero share will be reduced proportionately and the balance of the purchase price for that Cordero share will be paid by a portion of an Ember share at a deemed price of $2.05 per Ember share. In the event that the Cordero shareholders elect, in total, to receive less than $55-million in cash, the number of Ember shares to be received by a holder electing to receive Ember shares with respect to a Cordero share will be reduced proportionately and the balance of the purchase price for that Cordero share will be paid by in cash.
The value under the proposal of $5.35 per Cordero share represents a premium of 13 per cent over the outstanding cash offer of $4.75 cash per Cordero share made by Enmax Acquisition Corp.
The proposal calls for the acquisition to be completed by way of a plan of arrangement under the Business Corporations Act (Alberta) and for the execution of a definitive arrangement agreement by June 16, 2008. The arrangement would require court approval and the approval of the holders of 66-2/3 per cent of the Cordero shares who vote at a special meeting of the holders called by Cordero to consider the transaction. The arrangement would be subject to a number of additional conditions typical to transactions of such a nature, including all applicable regulatory approvals.
To finance a portion of the cash component of the proposal, Ember has entered into subscription agreements which provide for the issuance of 21,951,221 subscription receipts at a price of $2.05 per subscription receipt for total proceeds of $45-million. The balance of the cash component will be paid out of Ember's existing credit facilities which were recently expanded to $35-million. Each subscription receipt will be convertible into one Ember share upon the completion of the arrangement with Cordero. The issuance of the subscription receipts will occur prior to the completion of the arrangement. The subscription receipt financing would require the approval of the Ember shareholders at a meeting held prior to the completion of the arrangement.
Ember has received commitment letters from shareholders representing a total of 12,396,196 Cordero shares, or approximately 33.4 per cent of the outstanding Cordero shares, pursuant to which such holders have agreed, subject to certain terms and conditions or to the receipt of a superior offer, to support Ember's acquisition of the Cordero shares and not tender their Cordero shares to the Enmax offer, which expires on Friday, June 13, 2008.
The combination of Ember and Cordero would result in a highly focused and growth-oriented coalbed methane (CBM) resource company in a natural gas pricing environment that has seen dramatic improvements over the last three months. Combining the two CBM companies would result in an excellent geographic fit of complementary assets.
Key attributes of the combined company
Focused production base:
Core operated properties of Cordero's Malmo and Buffalo Lake areas in close proximity to Ember's core operated properties of Acme, Fenn-Big Valley and Rosalind, all of which are concentrated along major CBM fairways in east-central Alberta;
Approximately 29 million cubic feet per day (4,800 barrels of oil equivalent per day) of predominately natural gas production from Horseshoe Canyon Coals (HSC) and complementary conventional sands;
525 billion cubic feet of original gas in place (OGIP) resources identified in the HSC;
Based on 2007 year-end reserves, 96 billion cubic feet of proven and 150 billion cubic feet of proven plus probable reserves, over 80 per cent of which are HSC CBM reserves;
Long-life predictable reserves with a reserve life index of 14.2 years;
High-netback natural gas production benefiting from low royalty rates and low operating costs;
450 low-risk development HSC CBM locations in current inventory to provide for immediate growth.
Significant resource upside:
Mannville contingent resources of existing Ember assets are estimated at 710 billion cubic feet. Ember estimates additional Cordero Mannville resource potential at 640 billion cubic feet resulting in a combined total resource potential of approximately 1.35 trillion cubic feet. Cordero Mannville resources are a continuation of Mannville coals at Ember's Rosalind and Fenn-Big Valley properties where Ember has conducted extensive reservoir evaluation and pilot work.
Higher production and cash flows in the combined company will make capital available to selectively evaluate Mannville resources, and as conditions dictate, move them toward commercial-stage production.
Financial strength:
Market capitalization of the combined entity of approximately $285-million;
Net asset value (present value, 10 per cent, pretax) estimated at $400-million using $9 flat AECO pricing using year-end reserve reports;
$105-million of bank lines of credit, $70-million of which is currently used;
Annualized cash flow estimated at $65-million to $70-million based on current natural gas prices.
Focused CBM resource strategy:
Combined resource base of 1.9 trillion cubic feet with significant upside for recovery of reserves from development drilling and application of existing and new extraction technologies;
Ember's management team has focused exclusively on CBM resource development and will continue to do so in the combined entity;
Immediate production growth will come from inventory of 450 low-risk drilling locations in HSC coals;
Capital will be selectively allocated to advance the commercialization of significant Mannville resources for future growth and shareholder value;
Ember is a leader in CBM development in Alberta. Ember's record in Horseshoe Canyon CBM development is among the best with 2007 proven plus probable finding, development and acquisition costs (including future capital) reported at $11.79 per barrel of oil equivalent and three-year average finding, development and acquisition costs (including future capital) for the HSC coals of $11.45 per boe.
Ember is at the forefront of technical work being conducted on the Mannville coals and has extensive experience in drilling and piloting production from this significant resource. Although not proven commercial to date, with the current stronger price environment, a royalty regime that continues to favour such development and advances in technology, it is the conviction of Ember that over time the Mannville coals will become commercial on a larger scale.
"Our revised proposal benefits all shareholders of Cordero providing cash for those who wish to crystallize their investment now while providing participation in a new CBM-focused growth company for those shareholders that elect to take Ember shares," said Doug Dafoe, chairman and chief executive officer of Ember.
FirstEnergy Capital Corp. is acting as exclusive adviser to Ember on this transaction.
We seek Safe Harbor.
What the sun looked like during May. http://www.seemysunspot.com/0508.html
These are pictures taken from a number of amateur astronomers, some animated gifs and sketches in there also, during the month of May. Last fall I looked through a friends new white light filter, neither one of us could see spots but we were both rank rookies so I don't know if we were just useless or there was nothing to see. From reading the forums, the people taking these pictures expect the prominences (flares) to get MUCH bigger as the solar cycle continues.
I picked up a pink-sheet this week, gambling money only. I first heard about this from somebody at work a couple years ago when it was over $2.00, he has had it since it's previous incarnation as a tech stock, and still has it.
BSKO - Big Sky Energy
Anyways what I know about it, 2 little issues with it.
1) The have a $15M convertible debenture (@ $1.22 I think) due at the end of June.
2) They have already toured the court system in Kazakstan and are now going to arbitration in the 'Plenum' in Kazakstan, could potentially lose 90% (all?) their assests.
- They have had about 1500 boed production of oil since 2006
- They didn't do a financing in 2007, nor have they so far this year
- there are some warrants out (I think 15M @ 0.70) expiring April next year
- I have no idea how much cash they have, there was an indication they have been talking to the debenture holder since March
It was just such cheap leverage I couldn't resist. I figure the debenture holder might be able to be dealt with, if they even get a partial victory in the courts I would probably pay more than where it is now, and that if there is a rollback I picked up enough shares that I probably still won't have an odd lot.
Anyways it made my week interesting.
K.D.
[chart]pages.prodigy.net/rogerlori1/emoticons/banger.gif>
Hi John, how you doing? So what are you playing these days?
ENERFLEX ANNOUNCES LETTER OF INTENT TO ACQUIRE KENTECH GROUP
Enerflex Systems Income Fund has entered into a letter of intent in support of its worldwide growth strategy.
Enerflex has entered into an exclusive letter of intent to acquire a 100-per-cent interest in Kentech Group Holdings Ltd. and its subsidiaries, headquartered in the Republic of Ireland. The letter of intent provides that the parties will proceed in good faith to enter into a definitive purchase and sale agreement by mid-September, 2007.
Kentech Group is a privately owned multinational company. Enerflex president and chief executive officer J. Blair Goertzen noted, "Kentech Group is a specialized engineering, procurement, construction, commissioning and maintenance organization providing mechanical, electrical, instrumentation and telecommunications services to the global energy sector with scale and reach in the Middle East, Europe and the former Soviet Union that aligns extremely well with Enerflex's strategic plan."
Mr. Goertzen further stated: "We are excited about the potential this acquisition brings to our regionalization strategy. Kentech Group has a solid, experienced management team in all of its international locations. Further, the culture and core values of each company are very similar, which will enable us to quickly move forward with a clear unified focus. There is a wealth of opportunities available to the combined organizations that position us for further expansion."
Kentech Group currently has operations in the Middle East (Kuwait, Qatar and Dubai and Abu Dhabi in the United Arab Emirates), the former Soviet Union (Azerbaijan, Kazakhstan and Sakhalin Island, Russia) and Latin America. Kentech Group's revenue for the year ended Dec. 31, 2006, was approximately $80-million.
Enerflex continues its due diligence review with closing of the transaction expected in mid-September, 2007.
We seek Safe Harbor.
Post says Petrocan figures $33.4-billion ought to do it
2007-06-29 06:41 MT - In the News
Also In the News (C-TCK) Teck Cominco Ltd
Also In the News (C-UTS) UTS Energy Corp
The Financial Post reports in its Friday edition that as oil prices sailed past a nine-month high of $70 (U.S.) a barrel Thursday, Petro-Canada and its partners pushed forward with Canada's largest oil sands investment yet -- a $33.4-billion oil sands mining venture. The Post's Claudia Cattaneo and John Harding write the group says it said can generate a reasonable return even with $45 (U.S.) oil. The move casts aside uncertainty about the future of the once-beleaguered project, known as Fort Hills. "The No. 1 message we get is that these companies are willing to go ahead with high levels of oilsands spending because they are very bullish about oil prices," said Mike Tims, chairman of Peters & Co. "It's also reflective of how tough it is for oil and gas companies globally to add oil supply." Fort Hills, a partnership between operator Petro-Canada, UTS Energy and Teck Cominco, is proceeding as a massive commitment that will yield 280,000 barrels of synthetic crude oil a day by 2014, even after its backers stepped back six months ago to evaluate its economics. Ron Brenneman, Petrocan's chief executive officer, told analysts in a conference call, "We fully recognize the execution risk with this venture."
Western Keltic Mines boosts resource at Kutcho
2007-06-25 07:35 MT - News Release
Mr. John McConnell reports
WESTERN KELTIC MINES INC. ANNOUNCES NI 43-101 RESOURCE ESTIMATE
Western Keltic Mines Inc. has completed an NI 43-101 mineral resource estimate for its 100-per-cent-owned Kutcho project in northwestern British Columbia.
An independent NI 43-101-compliant mineral resource estimate has been completed by Wardrop Engineering Ltd. and includes all three currently known massive sulphide deposits which comprise the Kutcho project. Resources were estimated by using GEMs 3-D block-modelling software. Block grades were interpolated using ordinary kriging. Classification was based on both kriging variance values and mean distances to drill hole composites, relative to strike and dip drill hole spacing. Copper equivalent grades used for application of cut-off grade are based on five-year average metal prices, anticipated metallurgical recoveries and 2004 to 2006 average smelter terms.
"This new resource estimate is very positive news for Western Keltic and is an important milestone towards the completion of a prefeasibility study, now expected at the end of July, 2007," said John McConnell, president and chief executive officer.
The new resource estimate, calculated using a 0.75-per-cent-copper-equivalent cut-off grade, is summarized in the summary table.
SUMMARY
Main deposit Tonnage (t) Cu% Zn% Ag g/t Au g/t
Measured 2,937,583 1.83 2.65 27.98 0.39
Indicated 12,712,675 1.60 2.04 25.70 0.31
Measured plus indicated 15,650,258 1.65 2.15 26.13 0.32
Inferred 811,103 0.95 1.92 24.17 0.33
Sumac deposit
Inferred 10,605,030 0.94 1.45 13.96 0.14
Esso deposit
Indicated 2,040,445 2.24 3.96 37.70 0.49
Inferred 442,506 2.47 4.15 38.09 0.53
Total
Measured plus indicated 17,690,703 1.71 2.36 27.46 0.34
Inferred 11,858,639 1.00 1.58 15.56 0.17
Western Goldfields accelerates production at Mesquite
2007-06-18 11:41 MT - News Release
Mr. Raymond Threlkeld reports
WESTERN GOLDFIELDS ANNOUNCES PRODUCTION AHEAD OF SCHEDULE BY THREE MONTHS
Western Goldfields Inc. has pulled forward gold production at its Mesquite mine to January, 2008, three months ahead of schedule. Estimated average annual production is 160,000 to 170,000 ounces of gold for the period 2008 to 2015. In addition, the company announced that its prestrip mining commenced in June, 2007. All currency amounts are in U.S. dollars.
"This acceleration of production is very exciting news for our shareholders," said Randall Oliphant, chairman. "This marks an important step in the transformation of Western Goldfields from a developer to a producer -- only 22 months after our management team joined the company. The completion of our financing and entering into the forward sales program, announced on June 14, allows us to move forward rapidly with mining and construction. We expect to realize cash flow from operations much sooner, with a full year of gold production in 2008, which should translate into enhanced shareholder value."
Three of 14 Terex 205-ton haul trucks have arrived at the Mesquite mine site, along with two O&K RH 340, 45-cubic-yard hydraulic shovels. The shovels are fully commissioned and one is currently operating. All other critical mining equipment has been assembled and commissioned. These steps will allow the Mesquite mine to ramp up production quickly as additional haul trucks are delivered, commissioned and put into service.
Under this new production schedule, estimated average cost of sales has increased from $335 per ounce to $350 per ounce for the first eight years of the mine plan. This increase is due to the operating costs associated with the purchase of one additional truck, the escalating cost of employment insurance in California and enhanced employee benefits.
Initial capital costs are estimated at $108.6-million, unchanged from previously announced estimates. The mine life was lengthened to 12 years from an initial 9.5 years due to the increase in gold reserves. As a result, life-of-mine capital costs have increased marginally from $112.5-million to $114.9-million, due to increased estimates for fleet rebuild costs over the extended life of the mine.
We seek Safe Harbor.
Didn't have a chance to make it, had our own little show with a few visiting companies and I was busy with a tool vendor.
Inter Pipeline buys $760-million Corridor to oil sands
2007-06-15 11:29 MT - News Release
Mr. Jeremy Roberge reports
INTER PIPELINE FUND COMPLETES ACQUISITION OF CORRIDOR OIL SANDS PIPELINE SYSTEM
Inter Pipeline Fund has completed the acquisition of Corridor Pipeline System from an affiliate of Kinder Morgan Inc. Corridor Pipeline is the sole transporter of diluted bitumen produced by the Athabasca oil sands project, a major Alberta-based oil sands mining and upgrading project. The transaction involved the purchase of all outstanding share capital of Terasen Pipelines (Corridor) Inc. for consideration of $760-million before closing adjustments. Financing for the acquisition was provided from Inter Pipeline's existing bank credit facilities and the assumption of approximately $460-million of existing debt held within Terasen Pipelines (Corridor) Inc.
Inter Pipeline has also assumed responsibility for the completion of an estimated $1.8-billion expansion of Corridor Pipeline. This project, currently in construction, will increase diluted bitumen capacity on the Corridor Pipeline system from 300,000 barrels per day to approximately 465,000 barrels per day by 2010. At closing, Inter Pipeline assumed approximately $300-million in additional debt associated with construction in progress.
"Oil sands transportation is an exciting area of growth for Inter Pipeline," stated David Fesyk, president and chief executive officer of Inter Pipeline Fund. "Corridor is a world-scale pipeline system with excellent development potential. This acquisition solidifies Inter Pipeline's position as the dominant oil sands-gathering business in Canada."
Transaction highlights:
Provides transportation service to the Athabasca oil sands project's leases, which are estimated to contain over 10 billion barrels of minable bitumen in place;
Generates highly stable and predictable cash flow through a 25-year ship-or-pay contract with creditworthy shippers;
Strong organic development potential including the current Corridor Pipeline expansion project and future expansion opportunities;
Provides approximately 25 per cent accretion to cash available for distribution to Inter Pipeline's unitholders following completion of the current expansion project;
Materially mitigates the impact of proposed new tax legislation on Inter Pipeline's cash available for distribution to unitholders, as outlined in the federal government's tax fairness plan.
We seek Safe Harbor.
Macaroni madness boils over again
ROD MICKLEBURGH
From Thursday's Globe and Mail
June 14, 2007 at 4:59 AM EDT
VANCOUVER — It began with Kraft Dinner, and ended in gunfire.
Now, six years later, fallout from a fit of macaroni madness that overtook a warring family one day in 2001 near Burns Lake, B.C., is still reverberating in the halls of justice.
Sons from a teacher's first marriage got into a verbal fight with his new wife. She ordered them to leave. They brandished a pot of macaroni they'd been cooking. Dad showed up and off they went, taking the hot pot.
They started to eat. Dad rushed out, grabbed the pot and hurled it away. But coming between young people and their Kraft Dinner is not always wise.
The sons, 20 and 17, got mad, jumped Dad and started beating him up. His wife got a gun. The sons stopped hitting Dad and headed out. To make sure they didn't come back, Dad fired a warning shot.
His kids called police. Dad was convicted of careless use of a firearm. He got off on appeal. But the B.C. College of Teachers nonetheless found him guilty of conduct unbecoming a teacher.
On his own, without a lawyer, Dad challenged the college's ruling in B.C. Supreme Court. And won.
This week, Madam Justice Carol Ross referred the matter back to the College of Teachers, calling its verdict against the former high school science teacher unreasonable.
Dad is Michael Fountain, 54. But, despite his second victory, he is not a happy man.
He has been under suspension by the school board ever since firing into the sky.
"It's been a nightmare. I've been to hell and back," he said yesterday. "As a teacher, I found joy and pleasure in watching children mature. Now, I don't know what I'd tell them about justice in this country."
Astral drills 10 m of 9.95 g/t Au at Jumping Josephine
2007-06-14 01:30 MT - News Release
Also News Release (C-KTN) Kootenay Gold Inc
Mr. Manfred Kurschner of Astral reports
ASTRAL DRILLS 9.95 G/T GOLD OVER 10M ON JUMPING JOSEPHINE GOLD PROJECT
Astral Mining Corp. and Kootenay Gold Inc. have provided results for the first two holes (of a 20-hole program) completed on the JJ Main gold zone from the continuing phase I diamond drilling program on the Jumping Josephine (JJ) gold project in southeast British Columbia.
The first batch of results from HQ diamond holes 07JD001 and 07JD002 includes 10 metres averaging 9.95 grams per tonne (g/t) Au (32.8 feet at 0.29 ounce per ton (i)) from 07JD001. Based on current information, this zone has an estimated true width of 7.8 metres (25.58 feet). Assays are pending for the remaining 18 drill holes and will be released in batches as assays are received by the company.
At the JJ Main gold zone (which remains open at depth and along strike), 1,461 metres in 20 holes have been completed along five fences, testing the gold-bearing quartz stockwork zone over a strike length of 180 metres and to a vertical depth of 100 metres. Surface trenching on the stockwork zone during 2006 by Astral returned channel sample intervals of up to 31.19 g/t gold over seven metres, including 133.91 g/t gold over one metre (see Astral's Dec. 14, 2006, news in Stockwatch).
The attached table contains a summary of the results from the first two holes.
UTM Wid- Au
azi- From To th Au Width (oz/t)
Hole ID UTM E UTM N Dip muth (m) (m) (m) (g/t) (feet) (i)
07JD001 429793 5456774.5 -45 315.0 6 16 10 9.95 32.8 0.290
incl. 7 9 2 42.61 6.6 1.243
07JD002 429793.4 5456774.3 -65 315.0 10 19 9 1.34 29.5 0.039
incl. 10 12 2 2.52 6.6 0.074
incl. 17 19 2 2.40 6.6 0.070
Thanks, went and checked out the survey.
Rochester Resources restarts Mina Real plant
2007-06-08 07:24 MT - News Release
Dr. Alfredo Parra reports
ROCHESTER RESOURCES LTD.: MINA REAL PRODUCTION UPDATE
Rochester Resources Ltd. is reviewing its Mina Real mine.
"The Mina Real plant has been operational for 11 days since resumption of milling operations and is performing satisfactorily," stated Dr. Alfredo Parra, president. "In spite of the global challenges involved in assembling equipment, materials and competent skilled labour, the Mina Real mill was put into production after only 12 months from receipt of permits." An update follows.
Mill
Operating results during the March, 2007, period of the test-production phase indicated that it would be prudent to modify the grinding circuit to obtain throughput of about 250 tonnes per day and the gold/silver final recovery section to ensure planned recovery. Accordingly, the following major modifications planned for late 2007 have been brought forward:
Installation of larger-capacity solution pumps and a third grinding mill;
The installation of a cyanide destruction circuit to treat mill effluent.
These tasks were completed during the recent mill shutdown. In addition, the project construction management team was replaced by experienced operational supervisors. Locally recruited mill operating staff were trained in emergency procedures, operational and maintenance skills. A preventive maintenance system is in the process of being developed and training in maintenance procedures is well advanced. Further improvements in plant productivity will take place when the third mill is put into operation midmonth. Regular weekly shipments of gold and silver precipitate to the refinery have recommenced.
"I am impressed with the design and standard of construction that has combined to create a very sensible operational plant," commented Gil Leathley, director, following a site visit to the plant earlier this week. Mr. Leathley is a retired chief operating officer of a major U.S.-based international mining company and has extensive knowledge of the operation and construction of various sized milling plants.
Florida mine
Mining activity has been continuing over the past 12 months and it is estimated that over 20,000 tonnes of ore, with an average grade of approximately nine grams per tonne of gold and 180 grams per tonne of silver, are currently stockpiled, and available for milling.
Independent assay results from channel samples taken over 80 metres of development mining recently completed in Level 1240 of the Florida 3 vein produced an average grade of about 12 grams per tonne of gold, 200 grams per tonne of silver and an average width of about 1.2 metres. Level 1240 is in the upper portion of one of the three vertical vein structures currently being mined at the Mina Real gold/silver property in Nayarit, Mexico. These grades are significant when combined with the high grades reported over 775 metres of development mining in lower levels of Florida 3 and the significantly higher grades reported in ramping down to the 1,090-metre elevation.
In addition, the Level 1160 drift has been advanced approximately 350 metres through the intrusion into the area on the other side and is close to the projected intersection point of the vein structures discovered by surface trenching to the northwest of the intrusion.
Dr. Parra is currently the company's in-house qualified person and qualified person member of the Mining and Metallurgical Society of America with special expertise in mining.
Corporate appointments
Dr. Parra is also pleased to announce the appointment of Nick DeMare, CA, as chairman and a member of the board of directors of Rochester. Mr. DeMare is a founding shareholder of Mina Real and has been active as a director and officer of a number of resource companies. Earlier in his career Mr. DeMare was employed as a general practice manager with Coopers and Lybrand Chartered Accountants with specialization in the resource sector. He has operated extensively in Latin American countries and is conversant in Spanish.
In addition, Jose Manual Silva, CPA, and director of finance of Rochester's Mexican subsidiary since January, 2007, has been appointed chief financial officer of Rochester. Mr. Silva has a strong background in accounting and taxation in Mexico. He was a controller with Luismin SA from 1979 to 1988 and has held positions of internal audit and budget manager and controller with two other Mexican-based mining companies from 1988 to 1997. Since 1997 he has been a consultant who has provided accounting services to Canadian public companies operating in Mexico. In recognition of his increased responsibilities, Mr. Silva has been granted an additional 100,000 stock options at $1.65 per share. The options vest over their term of three years.
Douglas F. Good, former chairman and chief financial officer, will remain a director and continue to concentrate on the area of corporate development on a part-time basis. "I am extremely pleased with the corporate changes that Dr. Parra has made," commented Mr. Good. "I believe that Rochester is now well on its way to becoming a recognized and profitable junior Mexican gold/silver producer. In addition to strengthening the corporate structure, these changes will allow me to devote more time to family and my increasing responsibilities as a director and CFO of ComWest Enterprise Corp."
We seek Safe Harbor.
Geovic Mining gets ESA permit for Nkamouna
2007-06-05 12:04 MT - News Release
Mr. David Beling reports
GEOVIC CAMEROON COBALT PROJECT RECEIVES MAJOR ENVIRONMENTAL APPROVAL
Geovic Mining Corp., on behalf of its 60-per-cent-owned subsidiary, Geovic Cameroon PLC, is confirming that the Republic of Cameroon has issued a certificate of compliance for the environmental and social assessment of the Nkamouna cobalt-nickel project. This completes another project development milestone and is the culmination of environmental and social characterization studies conducted since 2000, evaluation of alternative mining, processing and reclamation plans, and conducting 16 public hearings in Cameroon during 2006. Geovic Cameroon owns 100 per cent of the mining rights for seven known cobalt-nickel deposits located on Geovic Cameroon's mine permit.
Knight Piesold Consulting (KP) was engaged in 2004 to complete baseline studies and prepare necessary documents in accordance with World Bank standards and Cameroon's environmental code, which was updated to international standards in 2002. Water permits and a land lease that compensates the government for the disturbance of project lands are expected to be issued by the end of 2007, thereby completing all material governmental requirements necessary to construct and operate the Nkamouna project.
The environmental and social assessment was premised on producing 4,000 to 8,000 tonnes of cobalt per year and it included nearly 1,300 pages of information in the documents described below:
Executive summary of the environmental and social assessment;
Environmental and social impact assessment;
Environmental and social action plan;
Emergency response and contingency plan;
Community development plan;
Waste-management plan;
Public consultation and development plan;
Mine reclamation and closure plan;
Numerous appendices and reference documents.
Geovic Cameroon plans to backfill all overburden and waste rock in the shallow-mined pits and concurrently reforest the surface to minimize the amount of disturbed land at any given time. The materials to be backfilled are non-acid generating and contain no soluble hazardous constituents.
Approximately 1,500 tonnes per day of acid-leached tailings will be neutralized with lime and combined with 4,700 tonnes per day of rejects from an ore-washing and concentration plant. The combined tailings are chemically and physically stable and will be permanently stored in a permitted tailings facility. The tailings facility is designed to international standards and will be reclaimed immediately after completion of its useful life and in a manner that meets the approved environmental and social assessment, Cameroon environmental code and Geovic Cameroon's mining convention and mine permit.
Geovic Cameroon will extend substantial support to local and regional governments and implement social development programs to enhance the quality of life for employees and citizens during construction and production, and to ensure sustainable development activity after operations are complete. Local medical, training and recreational facilities will be improved, and sustainable development programs will include microloans to encourage start-up of long-term businesses, such as the production of food and manufacture of building materials that Geovic Cameroon will purchase and use at the Nkamouna project, and for building local infrastructure.
Nkamouna -- background
The Nkamouna project, the first of seven potential deposits to be developed, contains 53 million tonnes of proven and probable ore reserves at average grades of 0.24 per cent cobalt, 0.72 per cent nickel and 1.22 per cent manganese. The reserves are stated in a March 12, 2007, National Instrument 43-101 technical report prepared by Pincock Allen & Holt. The Pincock Allen & Holt base-case financial model used three-year average metal prices ending 2005 and had an after-tax NPV at 10 per cent of $529-million (U.S.), an IRR of 78 per cent and a payback of less than 1.5 years. Production is estimated to annually average 3,300 tonnes cobalt and 2,800 tonnes nickel during the first 21 years of operations.
Unique, coarse aggregates of cobalt mineralization in these specific Cameroon deposits can be concentrated using simple crushing, washing and sizing methods. Consequently, the run-of-mine Nkamouna ore is upgraded to approximately 0.7 per cent cobalt, 1 per cent nickel and 3.5 per cent manganese prior to delivery to the leach plant. The concentrate is then leached at atmospheric pressure and processed to produce high-purity cobalt, nickel and manganese products.
Washington Group International of Denver, Colo., is expected to complete a final feasibility study of the Nkamouna project by September, 2007. Geovic intends to improve project infrastructure by early 2008 and start major construction by April, 2008. Production is scheduled to start in late 2009.
David C. Beling, PE, executive vice-president and chief operations officer, is the qualified person responsible for developing the Nkamouna project and the technical information contained in this press release.
We seek Safe Harbor.
Fury drills 21.3 m of 230.5 g/t Ag at Taylor
2007-06-05 05:39 MT - News Release
Mr. Steve Vanry reports
FURY INTERSECTS ADDITIONAL HIGH-GRADE SILVER AT TAYLOR
Fury Explorations Ltd. has received assay results for additional drill holes from its Taylor silver property located near Ely, Nev. Infill and confirmation drilling at Taylor are now substantially complete, with a total of over 26,000 feet drilled in 107 holes. Preparation of a resource calculation has been initiated by Independent Mining Consultants of Azrizona as a part of the permitting for redevelopment of the property.
DRILL HIGHLIGHTS
FT98 70 ft (21.3 m) grading 230.5 g/t Ag (6.72 oz/t)
Incl. 20 ft (6.1 m) grading 513.9 g/t Ag (15.00 oz/t)
FT99 15 ft (4.6 m) grading 144.1 g/t Ag (4.20 oz/t)
Incl. 5 ft (2.5 m) grading 359.8 g/t Ag (10.49 oz/t)
DRILLING HIGHLIGHTS
True
Hole From To Length thickness Silver Silver Gold Gold
Ft Ft Ft (m) Ft (m) g/t oz/t g/t oz/t
FT67 15 40 25 (7.6) 25 (7.6) 63.4 1.85 0.04 0.001
50 65 15 (4.6) 15 (4.6) 35.3 1.03 0.08 0.002
FT80 0 15 15 (4.6) 15 (4.6) 50.3 1.47 0.04 0.001
FT83 235 240 5 (1.5) 5 (1.5) 305.3 8.90 0.02 0.001
FT85 0 15 15 (4.6) 15 (4.6) 110.3 3.22 0.02 0.001
FT92 10 20 10 (3.0) 10 (3.0) 40.4 1.18 0.08 0.002
50 85 35 (10.7) 35 (10.7) 50.5 1.47 0.08 0.002
FT98 30 100 70 (21.3) 45 (13.7) 230.5 6.72 0.06 0.002
Incl 65 85 20 (6.1) 13 (4.0) 513.9 15.00 0.09 0.003
FT99 200 215 15 (4.6) 10 (3.0) 144.1 4.20 0.02 0.001
Incl 200 205 5 (2.5) 3.5 (1.1) 359.8 10.49 0.01 less
0.001
240 265 25 (7.6) 17 (5.2) 57.6 1.68 0.04 0.001
Sure - its free!
http://www.petroleumshow.com/
hmmm....$44 an hour eh - $91,520/yr. hmmmm...
Aurcana starts shipments from La Negra mine
2007-06-04 08:51 MT - News Release
Mr. Ken Booth reports
PRODUCTION, SHIPMENT AND SALE OF CONCENTRATES
Aurcana Corp. has concluded mechanical mill equipment tests and the calibration of the metallurgical parameters, and regular planned shipments and the sale of copper concentrates from the La Negra mine, Queretaro state, Mexico, have begun.
Minera La Negra has shipped 120 tonnes of copper concentrate with a grade of 24.4 per cent copper and 43 ounces/ton of silver, which represents a total of 64,500 pounds of copper and 5,160 ounces of silver, under its agreement with Trafigura S.A. de C.V. Based on current metal prices the approximate gross value of the copper and silver contained in the concentrate is $285,245. The quality of concentrate exceeds the minimum specifications listed in the off-take agreement with Trafiguza.
Since the company restarted operations in April, 2007, staff at the mine have been working diligently to ensure that the mill obtains the correct metallurgical balance in all of the concentrates. The production and sale of the copper concentrates illustrate that the efforts of the staff have been rewarded, and the focus is now directed toward the production of a minimum 48-per-cent zinc concentrate, which is close to being achieved.
The sale of the copper concentrate marks another significant milestone for the company and the La Negra mine. In the last 12 months Aurcana has purchased, refurbished and expanded the mill, restarted the mining operation and commenced the production and sale of concentrate.
With the completion of the mill start-up at La Negra mine, the company is now moving some of its engineering group to the Rosario mine in order to proceed with the compilation of data relating to the historic reserves as well as confirming a number of high-priority untested silver-zinc-lead targets elsewhere on the large 8,500-hectare property. An on-site inventory of the mine, mill and town site is also being completed prior to completing the acquisition of the Rosario mine from Grupo Mexico.
We seek Safe Harbor.
Celtic Exploration signs definitive Kaybob South deal
2007-06-04 10:02 MT - News Release
Mr. David Wilson reports
CELTIC ENTERS INTO AGREEMENT TO ACQUIRE ASSETS AT KAYBOB SOUTH AND ANNOUNCES EQUITY FINANCING
Celtic Exploration Ltd. has entered into an agreement with a major petroleum company to acquire certain liquids-rich natural gas assets in the company's core operating area at Kaybob South in Alberta. The assets that Celtic intends to acquire consist of an operated 49.88-per-cent working interest in the Kaybob South Beaverhill Lake gas unit No. 2, as well as other assets in the Kaybob South area. The acquisition has an effective date of May 1, 2007, and closing is expected to occur on or about July 3, 2007. The consideration to be paid by Celtic under the agreement is $52.5-million, subject to normal closing adjustments, and will be financed by the equity offering described herein, as well as available credit facilities.
The key attributes of this property acquisition are as follows:
Current production capability is approximately 1,100 barrels of oil equivalent per day, 63 per cent natural gas and 37 per cent natural gas liquids (resulting in an acquisition price of $47,700 per boe per day);
Proved reserves consist of approximately 2.9 million boe (resulting in an acquisition price of $18.10 per boe, on a proved-only basis);
Proved plus probable reserves consist of approximately 4.5 million boe (resulting in an acquisition price of $11.67 per boe, on a proved plus probable basis);
Long-life reserves with a reserve life index of approximately 11.2 years (on a proved plus probable basis);
Complementary fit with a large contiguous land position adjacent to Celtic's Kaybob South exploration and development area;
Ownership and operatorship in compressor facilities and a major pipeline system that Celtic currently uses to transport its existing Kaybob South Montney production from the Kaybob South field to the Kaybob South KA gas processing plant.
Petroleum and natural gas reserves to be acquired were evaluated by Sproule Associates Ltd., Celtic's independent engineering consultant, effective Dec. 31, 2006. The company has reduced the amount of reserves in the Sproule report to reflect production from Jan. 1, 2007, to April 30, 2007, given that the effective date of the acquisition is May 1, 2007.
A portion of the assets to be acquired has rights of first refusal (ROFR) attached. It is expected that the vendor of these assets will serve these 30-day ROFR notices immediately.
Kaybob South pipeline
In the event that Celtic does not complete the proposed acquisition described above, the company will endeavour to construct its own natural gas facilities and pipeline for natural gas transportation from its Kaybob South Montney field to the Kaybob South KA gas processing plant. Celtic has already initiated surveying activity with respect to this project.
Equity financing
In conjunction with the acquisition, Celtic has entered into an agreement with a syndicate of underwriters co-led by First Energy Capital Corp. and GMP Securities LP, and including BMO Nesbitt Burns Inc., RBC Capital Markets, TD Securities Inc., Orion Securities Inc. and Tristone Capital Inc., pursuant to which the underwriters have agreed to purchase for resale to the public, on a bought-deal basis, 1.6 million units at a price of $28.70 per unit for gross proceeds of $45.92-million. Each unit will comprise one common share (at a price of $14.35 per common share) and one subscription receipt for a common share (at a price of $14.35 per subscription receipt).
Each subscription receipt will represent the right to receive one common share of Celtic, without the payment of any additional consideration, on the closing of the acquisition. The proceeds from the offering of subscription receipts will be deposited in escrow pending the closing of the acquisition. If the acquisition closes on or before Aug. 31, 2007, the net proceeds from the offering of the subscription receipts will be released to Celtic and will be used by Celtic to pay a portion of the acquisition price. However, if the acquisition fails to close by Aug. 31, 2007, the escrow agent will return to the holders of subscription receipts the issue price of each subscription receipt and such holder's pro rata entitlement to interest earned thereon.
The offering is subject to certain conditions including normal regulatory approvals. The units will be offered by way of a private placement. The closing of the offering is expected to occur on or about June 26, 2007. Net proceeds from the offering will be used by Celtic to finance the acquisition and for continuing capital expenditures.
We seek Safe Harbor.
Fairborne completes acquisition of Fairquest shares
2007-06-04 11:10 MT - News Release
Also News Release (C-FQE) Fairquest Energy Ltd
Mr. Steven VanSickle of Fairborne Energy reports
FAIRBORNE ENERGY TRUST AND FAIRQUEST ENERGY LIMITED JOINTLY ANNOUNCE COMPLETION OF PLAN OF ARRANGEMENT
Fairborne Energy Trust has completed acquisition of all the outstanding common shares of Fairquest Energy Ltd., pursuant to a plan of arrangement.
Pursuant to the arrangement, the previous shareholders of Fairquest are entitled to receive, for each outstanding common share of Fairquest held by them, 0.39 of a trust unit of Fairborne. After giving effect to the arrangement, Fairborne has approximately 65.3 million trust units outstanding and approximately 3.2 million exchangeable shares outstanding (which are currently convertible into a total of approximately 4.0 million trust units, subject to further adjustment for subsequent distributions by Fairborne).
Letters of transmittal have been forwarded to shareholders of Fairquest to be used in order to exchange their common shares of Fairquest for trust units of Fairborne and to receive future distributions on such trust units.
Upon issuance of a bulletin of the Toronto Stock Exchange confirming receipt by the TSX of all necessary documents in connection with the closing of the arrangement and related matters, the common shares of Fairquest will be delisted from the TSX.
Current production from the combined entity is in line with previously reported levels of 13,000 to 13,500 barrels-of-oil-equivalent per day. Fairborne expects its second-half 2007 capital program to be in the $50-million to $55-million range resulting in the drilling of 43 gross wells (29 net). Following the acquisition, Fairborne Energy Trust is approaching $1-billion in enterprise value.
Fairborne plans to continue to manage its business so that its combined distributions and capital expenditures are approximately equal to its cash flow. Fairborne's net debt upon completion of the transaction is approximately $165-million, before convertible debentures, on a new borrowing base of $220-million.
Strategically, the combination further strengthens Fairborne's position as a leading, sustainable natural-gas-focused trust. The transaction maintains Fairborne's focused production base, simplifies its operating structure and consolidates its working interest in its major growth properties.
Note -- Barrels of oil equivalent (BOE) may be misleading, particularly if used in isolation. A BOE conversion ratio has been calculated using a conversion rate of 6,000 cubic feet of natural gas to one barrel, and is based on an energy equivalent conversion method application at the burner tip and does not represent an economic value equivalency at the wellhead.
We seek Safe Harbor.
Endeavour Silver closes Bolanitos purchase
2007-06-04 13:41 MT - News Release
Mr. Bradford Cooke reports
ENDEAVOUR CLOSES ACQUISITION OF BOLANITOS PROPERTY, MINE AND PLANT ASSETS FROM INDUSTRIAS PENOLES SA DE CV
Endeavour Silver Corp. has now closed the acquisition of a 100-per-cent interest in the Bolanitos silver (gold) properties, mines and plant in Guanajuato state, Mexico, free and clear of any royalties, from three subsidiary companies of Industrias Penoles SA de CV (Penoles).
The purchase price was 800,000 common shares of Endeavour and a share purchase warrant giving Penoles the right to purchase a further 250,000 common shares of Endeavour at $5.50 per share within a two-year period. Penoles now holds 2.8 million shares of Endeavour, or approximately 6.2 per cent of the issued share capital.
The Bolanitos mines project consists of 13 properties totalling 2,071 hectares in two property groups (Bolanitos and Cebada), three operating silver (gold) mines (Bolanitos, Golondrina and Cebada), several past-producing silver (gold) mines and the 500-tonne-per-day Bolanitos process plant. Cebada is located just three kilometres (km) north of the city of Guanajuato. Bolanitos and the plant are situated approximately five kilometres west of Cebada, and both properties are readily accessed by paved and well-maintained gravel roads.
In 2006, Bolanitos produced 255,766 ounces silver (Ag) and 3,349 ounces gold (Au) (423,216 ounces Ag equivalents) from 76,532 tonnes ore grading 128 grams per tonne (g/t) silver and 1.62 g/t gold (6.1 ounces per ton Ag equivalents), operating at about 43 per cent of the Bolanitos plant capacity (silver equivalents based on 50 silver to one gold using $12 silver and $600 gold).
Endeavour took over the mine and plant operations on May 1, 2007, after purchasing the exploitation rights from Minas de la Luz SA de CV for $2.25-million and 224,215 common shares. Management is currently preparing the 2007 production and exploration forecast, based on a new mine plan and new exploration targets.
Endeavour's main short-term goal at Bolanitos is to invest immediately in mine development in order to increase mine production up to the 500-tonne-per-day plant capacity by year-end. The company's longer-term goals are to invest in exploration, find new higher-grade orebodies and, if successful, evaluate the potential for a plant expansion. Bolanitos is a good example of Endeavour's business model of acquiring undercapitalized silver mines, and then investing the capital and expertise needed in order to unfold their full potential.
Godfrey Walton, MSc, PGeo, is the qualified person who reviewed the historic production, reserve and technical data for the Bolanitos acquisition.
Endeavour also announces that the annual general meeting of the shareholders will be held at the Terminal City Club, Vancouver, B.C., at 10 a.m., Thursday, June 14, 2007. A corporate presentation will follow the meeting and all shareholders are invited to attend.
We seek Safe Harbor.
Enseco Energy loses $3.6-million in 2007
2007-06-04 18:33 MT - News Release
Mr. Kelly Nichol reports
ENSECO ENERGY SERVICES CORP. ANNOUNCES ITS RESULTS FOR THE THREE AND TWELVE MONTHS ENDED MARCH 31, 2007
Enseco Energy Services Corp. has released its consolidated financial results for the three and 12 months ended March 31, 2007.
FINANCIAL HIGHLIGHTS
(thousands of dollars, except per share data)
Three months ended Twelve months ended
March 31, 2007 March 31, 2007
Revenue $ 11,304 $ 29,250
Operating (loss) (1) (173) (4,188)
Earnings before interest,
taxes, depreciation and
amortization (1) 1,506 431
Cash flow (1) 1,478 1,473
Net (loss) (93) (3,626)
Per share data
EBITDA (1) $ 0.11 $ 0.02
Cash flow (1) $ 0.06 $ 0.06
Net (loss) $ (0.00) $ (0.26)