Lamtard the CA village idiot Long time lurker/first time poster. Re Lamtard; this tool clearly has an agenda and it's not your best interest, that much is certain. Does anyone really believe he spends lots of time on this board because he has some benevolent intent to save you money on a bad investment like he's consistently been unable to do for himself? His investment record speaks volumes. Even after recently removing his -80+% and -90+% ers' from his profile, his winners are down -53%, -70%, and -12% respectively. When called on it this revisionist retard claims he's traded around those losses...yeah right! I'd put him on ignore but he's hands down the best damned contrarian indicator I've ever seen on the net and great entertainment. Go long what he bashes, and short what he pumps..dude is money in the bank. Anyone taking investment advice from this loud mouth mental midget gets what they deserve. Do your own DD, call the company as they're accessible, and don't let the mindless rantings of this CA fruit & nut influence you.
Kenn2 is absolutely right, especially at these levels, an investment in TLC is and always has been a bet that mgmnt will pull off a deal that will re-fi the debt and provide $ to drill and grow to plan over time. The challenges they face have been well known and documented for quarters (except LRR, and that is a big number effecting all E&P companies in Alberta) and they either they pull it off in short order or they don't. As stated many times throughout the MD&A as seen below;
"Management has had discussions with several funding groups leading to the engagement of a financial group that has indicated an interest in funding the Company's drilling program and refinancing its loan facilities. Although this discussion is evolving there is no assurance that funding will be secured."
I won't waste my time detailing all the inaccurate statements made in recent weeks by this dolt w/an agenda, but let's consider the facts as contained within the Q1 financials;
- They had to show a mark to market unrealized loss of $588,362 related to their price protection; a swap instrument. Two points here:
a) That is an accounting loss not a real loss.
b) If they show a loss on this instrument it is usually offset by extra funds received from their product sales..in essence a wash.
- Loss on sales of assets and impairments: They showed a loss of $558,990. The reason for this is that they've always said that they would rationalize the Anglo portfolio and dispose of some of the misvalued garbage. Rather than dropping them they did deals with companies that reimbursed them for the annual crown rentals and gave them a royalty saving over $125 thousand dollars this year and next. Accounting principles dictate that they write off the booked value associated with those lands which were lands in the Nordegg play. Accounting wise they showed a loss for those lands but in reality they came out ahead $125 thousand. For the Saskatchewan lands they received $818,000 and wrote off the booked value for a small gain. On a cash basis those transactions made them about $950,000 better off.
- Other noncash items were Depletion, Depreciation and Amortization amounting to $723,130.
- The above 3 items total $1,845,083 which was predominantly non-cash.
- Contrary to Lamtool's assertion, they invested fairly heavily in field activities amounting to about $677 thousand dollars to improve operations and bring on new volumes. Accounting principles dictate they expense those expenditures in the period but should benefit from those expenditures for some time in the future.
Despite the knee jerk reaction in today's trading (a mere approx $17k per Stockwatch), my guess is they'll pull this thing off in the coming weeks/months and it should trade higher as a result, but do your DD and ignore Lamtard.