Re: Conference Call
in response to
by
posted on
Nov 22, 2008 12:51PM
Connacher is a growing exploration, development and production company with a focus on producing bitumen and expanding its in-situ oil sands projects located near Fort McMurray, Alberta
Jurek in response to the points that you raised:
1) I replayed the conference call just now and Richard Gusella in his opening statement he stated that they have $300 million US in their account that they can convert into Canadian dollars and make money on the exchange rate. This was stated very early in his presentation.
2) The bank line of credit I didn't hear him state replaying it so if you have it at $180 million where did this come from?
3) The $300 million in additional credit capacity that could be persued through the banking system or on the debt market that they might be able to raise if they can find a source and negotiate a deal would be possible by putting up the Montana refinery (MRC), Petrolifera and other assets as collateral.
4) 1300 bbl/d of bitumen for some wells and 500 bbl/d of bitumen for other wells is correct. I was trying to find the correct terminology on whether it is barrels of bitumen per day or barrels of oil per day and confused it with the steam ratio's .....OOOps sorry.
4) Correction on the Co-generation plant. Connacher will spend $22 million on it I just heard on replaying the conference call.
Cheers; Scott