GREY:TBTEF - Post by User
Post by
PetroExploreron Mar 21, 2017 5:48pm
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Post# 26010549
This Report Doesn't Really Tell us Much
This Report Doesn't Really Tell us MuchAmounts in Millions:
Revenue: $80.331
Op costs: $45.087
Contract Operators: $4.642
Royalties: $4.513
Payroll: $5.384
Capital Maintenance and Expenditures: $4.276
There's alot of costs flying around (more that I haven't shown). And this likely doesn't include interest expenses, which may or may not be accruing. But in general, Twin Butte is still plodding along: definitely not flying along. These financials are nothing to get excited about.
The Capital expenses actually need review: are they done to hold land, or maintain production? Shouldn't extra money be injected or adjusted, at the time of closing?
There is no way to break anything out as to what the Debenture Holders might get. No wonder: "The Receiver has received a series of questions and information requests from Bennett Jones LLP, counsel for certain holders of unsecured debentures (the "Ad Hoc Group")"
The purchaser, paid up another $5 million deposit, to extend the closing. (cheap extension) Apparently they are waiting for certain regulatory approvals, including various Chinese approvals. What is taking them so long? Do they have the money or not? I'm amazed that there are no Canadian approvals needed, or have they been obtained?
It says the bank is owed $200.6 million plus accruing interest, but why isn't that showing up in their financials?
299 liens filed by 21 parties, totaling $2.6 million: that is alot of small liens, for various tasks. Bankruptcy regulations need to be modified, to stop banks from throwing companies into receivership, so they can steal money from small guys, doing the actual work, to get the revenute to pay the bank their interest. Hopefully the Liberals will address this in tomorrow's budget?
I am still uncertain if tax pools are part of the deal, or not. There is nothing in this report to say for sure. It is all speculation that there are still tax pools that could be sold, and distributed. We'll have to see what happens: it would be great if there is some value from there.
Oil price was still too low, to give much cashflow from TBE. This is a never-ending oil market collapse.