Long Run Explor Ltd Ord WFREF

TBE owners take note

[qwqw]

I calculated TBE oil hedging gains for the second half of 2015.
It's not looking too good.They have gains of  $25 mil on the WTI hedges
but $15 mil worth of losses on the WTI to WCS spread.The net gain
is only $10 mil for the second half of 2015.Their Q1 hedging gain
was $43 mil.

[Karmanow]

Thx qwqw for doing the math++ Please confirm that your intended take away for readers was : $10m net for Q2 vs $43m in Q1? If that is true ... please have another go at explaining how we did so poorly in Q2? Our hedges were in place and what was not hedged sold for greater than the budgeted oil price of $52. It important for me to get my head around this as the answer could reduce managements

[ppp]

Those numbers are for Twin Butte