Re: 2012 Sale of Leduc Property - Bihn Vu Joke !!Binh Vu sold this property in 2012 and it still remains in default - why not take the property back? Who is collecting the money for the small amount of oil pumped daily??? This Bihn Vu guy is a complete joke IMHO....
Excerpt from MD&A below....
In connection with the sale of the Leduc and other CGU’s in 2012, the Company entered into a loan and general security agreement with the purchaser whereby the Company agreed to provide loans up to a maximum of $1.4 million for the purpose of temporarily funding the reclamation deposit until the purchaser closed a particular transaction. A total loan of $1,168,592 was advanced. This loan was originally due on April 30, 2013. The loan was renegotiated on May 1, 2013 between the Company and the purchaser, and the term was extended to September 1, 2013. The purchaser was unable to repay the loan at September 1, 2013, at which time the balance began accruing interest at 8% per annum. The loan 2015 2014 2015 2014 Oil sand properties Land and lease rentals 43,904 57,344 43,904 59,136 43,904 57,344 43,904 59,136 Africa - 209,738 - 259,940 Total 43,904 267,082 43,904 319,076 Three months ended June 30, Six months ended June 30, 2015 2014 2015 2014 Oil sand properties Land and lease rentals 651 416 651 712,054 Seismic and technical 3,807 62,902 3,807 376,777 Drilling - - - 14,360 Abandonment - - 224,076 23,205 Change in estimate on decommissioning obligation (157,078) 782 (156,733) (152,620) 64,100 71,801 1,126,396 Africa 34,635 - 62,280 4,564,082 Total (117,985) 64,100 134,081 5,689,853 Three months ended June 30, Six months ended June 30, Alberta Oilsands Inc. Management’s Discussion and Analysis of Operations and Financial Condition June 30, 2015 11 is secured by a pledge on all properties of the purchaser, including any properties acquired subsequent to the inception of the loan. As of June 30, 2015, the loan was in default and the Company has received no payments of principal and interest payments are in arrears. Accordingly, the Company has recorded a provision for the full balance owing of $1,168,592 at June 30, 2015 and has not accrued any interest owing to the Company.