Arcan Resources Ltd ARNBF

Watching the Performance of Arcan's Stock

[hardeehar]

Is about as exciting as watching paint dry.

I wonder if any progress has been made on the DM2 sale front?

 C'Mon you guys - it's going on 3 months since you stated your intentions to sell it.  Surely you must have had a couple of interested parties kicking the tires.

IMO if they can't  make a sale on a stable, long-life, low-cost, fully developed, light sweet crude oil asset in a reasonable amount of time - then there is something wrong - like maybe they are asking too much..or maybe a bigger deal is in the works like selling the whole company.  One can only dream.  

I'm counting on good news in the Q3 report due later this month.

GLTA

[mombasa1]

Correction hardeehar - The sale package includes some de-risked development drilling locations in DMW, Virginia Hills, and even a few high-impact HZ-MSF locations left to drill in DM2.  So there is good upside for production growth thats available too.   I agree this is an attractive package for anyone looking to expand their interests in the Swan Hills area.  A prime candidate for

[LongoGlueStick]

It is always bad news with Arcan and i'm waiting to see how badly they screw up this sale.  From $6 to 60 cents, they have totally wiped out shareholder equity.  They don't own any of their shares so no skin in the game means they could care less.  I doubt they will get anything close to $50 million for DM2.  It is a buyers market right now.

[barneymillar]

You are right , it is a buyers market. The rest of your comment is completely wrong, as usual. Check out the inside ownership. Regarding the sale of part of their asset base I suspect that the process is ongoing. These type of asset sales take two to three months + to complete with buyers going through the dataroom and then doing their own evaluation and then negotiating the terms. Slow down

[LongoGlueStick]

They have 300+ million is debt.  They have no choice but to sell something to meet their debenture obligations - otherwise they go bankrupt.  The market knows Arcan is in distress and they are going to take advantage of that fact.

[hardeehar]

Saying that Arcan is in distress is a bit of a stretch LGS.  They still have over 2 years before the first issue of DB's mature in 2016, and 4 years before the 2nd issue matures in 2018.  So Arcan has lots of time and is not under any duress for making a quick sale.  The DM2 package will fetch an attractive price IMO, when you consider the 10's of millions spent in

[LongoGlueStick]

It is down 9.8% percent right now.. The market does not agree with you hardeehar - I doubt this sale is going to go over well - if at all...