Post by
BNPResources on Dec 02, 2017 9:00pm
BNP - November 2017 - Letter to Shareholders
RE: November 2017 - Letter to Shareholders Dear Shareholders: The purpose of this monthly letter is to bring BNP shareholders up to date, on issues and news, since the last letter. 1. The following is a summary of activities over the past month: (a) Met with our management team this past month, in Calgary. This included our funding agent, our nominee for upstream oil and gas, and our engineering and construction team. We had good discussions regarding plans going forward and funding. Next meeting will be held on December 15th in Calgary to review funding progress and meet with team members. Ill wear my Christmas sweater and prepare for the cold weather and snow. Ive started to enjoy the weather on the east coast of New York State. Less snow than Calgary, and a much milder winter. (b) Our engineering and construction partners are currently looking for office space in Calgary at 10655 Southport Road in Calgary. This red brick office building is located on the west side of MacLeod Trail, north of the train station. They have indicated that there is a 3,500 square foot space available for BNP Resources, when we are ready, post completion of funding, and our 2,000 barrel per day acquisition. This site allows most of us to drive against traffic and keeps us out of downtown Calgary. Lease terms are for 3-5 years. (c) Our funding agent is targeting April June for completion of the $160 million US debt financing deal. He is also working hard to improve the closing dates. Our funding agent is also in the process of closing another $100 million US deal, by year end. It appears that we are next in the queue. Patience is necessary for this process but I believe that 2018 will be the year that BNP gets funded and starts trading again. Our goal is to get the shares trading at ten cents, which will allow anyone wishing to sell, to do so, with liquidity. Im starting to plan for the summer of 2018 golf tournament and barbeque. All Calgary based staff, directors and shareholders are invited to attend. (d) During the month of November, our business development group has looked at two additional projects, with potential for BNP to purchase, after the raising of the $160 million US debt deal. Very good prospects and potential. (e) Our board of directors has identified two new nominees to join the board, once the debt financing deal is completed. This would increase our board to four persons. (f) Planning on attending the 2018-2019 Prospectors and Developers Conference next year in both Vancouver and Toronto. We hope to have a small booth and some good stories to tell, resulting from our current business development efforts. Shareholders are also invited to visit the booth. (g) Currently looking at a final shares for debt deal in 2018, offering debt for equity in the 10 cent range. This could add another 8-10 million shares. We are targeting August 2018 for completion of this program. Oil prices are holding steady in the $58.29 US level for WTI crude. OPEC agreed this week to limit production, which bodes well for all of us in the petroleum industry. These are the best prices Ive seen in a while, and a much happier time to be in the industry. I would like to thank our shareholders for their extreme patience over the past 4 years. It has been a tough 4 years for all of us, based on my discussions with many of you, but I continue to be very positive on our prospects going forward. As this will be my final letter before the Christmas break, I would like to wish everyone a very Merry Christmas and a Happy New Year.