Agoracom: Small Cap Investment - Connacher Oil and Gas - Conference Call

Welcome to the Connacher Oil and Gas Hub on AGORACOM

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

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Road_Warrior

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Conference Call - Asphalt sales

posted on May 13, 2009 07:54AM

Connacher's Conference Call revealed some new information which I was not aware of concerning upcoming asphalt sales for 2009. Connacher produces a total of 1.2 million barrels of asphalt a year for sale. Of this amount Cameron Todd Vice President of Refining and Marketing stated that over 250,000 barrels of asphalt has already been presold for 2009 as the asphalt selling season is now starting to pick up. He also reiterated that the 250,000 barrels of asphalt that has already been presold will earn over one hundred dollars US a barrel. This leaves Connacher about 900,000 barrels of asphalt to sell in addition to the presold asphalt (mentioned in the presentation slide 25) over the rest of 2009 and the prices will be very high for the remaining 900,000 barrels of asphalt. He stated that Connacher expects to sell all of its asphalt in storage in addition to all of the asphalt that it continues to produce through out 2009. This is exciting news indeed as I thought that total asphalt production for 2009 was limited to 250,000 barrels.