Rebels

Cutting production and hedging was the correct thing to do..You don't sell product at a loss if you don't have to.

Well the result of all these actions is that they lost a big amount of barrells they can't sell because they lowered the production.So if they had searched for other options like heding at the time they tought oil dropped below their target price they didn't need to take the risk to curtail the output.It was in the newspaper I guess where they announced they were the first to do that.So result of all this is they needed to buy ESP pumps ,and are today not at the design capacity while they were almost there before .If they had only bought a lot of put options when oil was above 60 they should have made a lot of money from that and they didn't need to install these pumps and other cost.

Then the Algar financing.Why they were in such a hurry to take the risk to get the financing deal done instead of waiting how much they culd get out of POD 1.They got the financing and the result is they still had to put it on hold because of their debt problem.

Because they had no other option then going for extra shares we face a huge dillution.

I'm no expert on SAGd but regarding the problems other companies have witnessed then we were in fact very lucky we reached target design and then taking the risk to slow down causing extra cost to ramp up etc..which blows away a lot of cash again.

Then it's not easy to go asking for money or other deals.The small investors like we all pay the price.