Member Info for freshair

It normally takes a month or thereabouts for a stock to recuperate the cost of dividends. It has to be replaced with earnings before the sp can move forward. I'm sure we understand that? It is obvious there are lots of shares out there, since the sp is stuck in a trading range. Mr Market is encouraging buying and selling by raising the sp above 11p then dropping it below, where he makes his money from the spread. He can do this all day but he would rather have higher prices since he owns stock which he trades. The point being, their is a massive overhang of shares which stops him from doing so, ie their will always be sellers out their when 363 million share have been handed, out mostly to Institutions.

Liberator and Minos High, you have got to be kidding . These will never be explored. They are only mentioned because it looks good on paper. They have already given up on the Dana oil find. They will appraise Serenity but don't bet your house on it.

Debt.
I posted this July because it was it was being inferred debt was hard to come by.

Availability of Debt.
As I've frequently posted debt is available in Canada. Misinformation from one particular poster does not help a Pi.
While I'm here , Majid hardly mentions Montney, but I will, because it is recognised as the jewel in the crown of the WCSB. Simonette is a small part of that play.

Spartan Delta Corp. announces strategic Montney acquisition, $150 million equity financing, $450 million credit facility and $150 million term facility
July 28, 20213:02 PM Globe Newswire
CALGARY, Alberta – Spartan Delta Corp. (“Spartan” or the “Company“) (TSXV:SDE) is pleased to announce that it has entered into a definitive agreement (the “Agreement“) to acquire Velvet Energy Ltd. (“Velvet“), a privately held light-oil Montney producer with operations primarily in the Gold Creek, Karr and Pouce Coupe areas of north-west Alberta (the “Velvet Assets“) for total consideration of approximately $743.3 million(1) (the “Acquisition“).

The Acquisition will be funded by a combination of cash on hand, a $150.0 million bought deal equity financing led by National Bank Financial Inc., as sole bookrunner, together with CIBC World Markets Inc. as co-lead underwriters (the “Financing“), a five year $150.0 million 7.7% senior unsecured term facility (the “Term Facility“) and the Company’s revolving credit facility (the “Credit Facility“). Spartan has received confirmation with respect to an increase in the available capacity under the Credit Facility from $100.0 million to $450.0 million concurrent with the completion of the Acquisition.
I should also add ; Quote, "The Velvet Assets at Karr are located between the Gold Creek and Simonette areas and will add to Spartan’s existing land position at Karr."
For the Lth prepared to wait , it is obvious Spartan Delta Corp may consider i3 a future acquisition, as Simonette lies contiguous to its Assets.
7.7% senior unsecured term facility, as opposed to 11% we will pay. We need to refinance while these deals are still available. Not paying the LN debt when it becomes due is a red flag to a credit score and not helping matters.

7.7% Senior debt unsecured seems pretty good to me. Look at the revolving credit facility. A RCF is a debt you pay back as you use. It simply guarantees working capital for forward projects.

Bots, why do you suggest Hasiba should sell if he is not happy. Does he not have rights as a shareholder to voice concerns. I would back him 100%. Corporate Governance dictates that the BOD have to treat all Shareholders equally; They did not!
Have you some kind of authority which we don't know about? No one on this board has any right, to try and dictate what another should do; simply because they disagree with whats been said.

Availability of Debt.
As I've frequently posted debt is available in Canada. Misinformation from one particular poster does not help a Pi.
While I'm here , Majid hardly mentions Montney, but I will, because it is recognised as the jewel in the crown of the WCSB. Simonette is a small part of that play.

Spartan Delta Corp. announces strategic Montney acquisition, $150 million equity financing, $450 million credit facility and $150 million term facility
July 28, 20213:02 PM Globe Newswire
CALGARY, Alberta – Spartan Delta Corp. (“Spartan” or the “Company“) (TSXV:SDE) is pleased to announce that it has entered into a definitive agreement (the “Agreement“) to acquire Velvet Energy Ltd. (“Velvet“), a privately held light-oil Montney producer with operations primarily in the Gold Creek, Karr and Pouce Coupe areas of north-west Alberta (the “Velvet Assets“) for total consideration of approximately $743.3 million(1) (the “Acquisition“).

The Acquisition will be funded by a combination of cash on hand, a $150.0 million bought deal equity financing led by National Bank Financial Inc., as sole bookrunner, together with CIBC World Markets Inc. as co-lead underwriters (the “Financing“), a five year $150.0 million 7.7% senior unsecured term facility (the “Term Facility“) and the Company’s revolving credit facility (the “Credit Facility“). Spartan has received confirmation with respect to an increase in the available capacity under the Credit Facility from $100.0 million to $450.0 million concurrent with the completion of the Acquisition.
I should also add ; Quote, "The Velvet Assets at Karr are located between the Gold Creek and Simonette areas and will add to Spartan’s existing land position at Karr."
For the Lth prepared to wait , it is obvious Spartan Delta Corp may consider i3 a future acquisition, as Simonette lies contiguous to its Assets.
7.7% senior unsecured term facility, as opposed to 11% we will pay. We need to refinance while these deals are still available. Not paying the LN debt when it becomes due is a red flag to a credit score and not helping matters.

New Options.
Yes Pirate Pete, I agree, thats exactly what they are. To say theirs a vesting period is a waste of space. These are ATM options typically handed out when dilution has taken place. These options should be vesting when the sp hits 40p or more and not a give away; the so called targets will be hit this year. I believe company insiders can hold 15% or it was, meaning, as the company grows so will option handouts. I have no qualms concerning Canada staff. I would like to add as far as I am aware Lib West and Minos High are Prospects, not discoveries. I was the one posting about US Frackers refinancing their debt so GGG is right. Meaning if highly leveraged companies can obtain refinancing so could we. I was in favour of a revolving debt facility so we would pay back the loan as its used ie as the wells came on stream. When debt is taken on it is usual to hedge the approximate Cash flow ( fixed costs payments. ). Husky and Cenovus came together January and the light oil assets were then for sale. I'm a lth and moving on from what I’ve said, believe this is an excellent deal. I have also noticed that the holding of Bybrook/Cairn Capital is now down to 23.9%. As we know? I3 are not paying back the LN interest as they intend to pay in kind. We will see further options / warrants issued to Bybrook/Cairn to take them just below the 30%. Easy money for a hedge fund.

I just want to post this from 2018 and hopefully the Pi's on here will appreciate what a brilliant deal we have. The directors are doing what they said they would do and thats expand the company. Okay, some don't agree on the way its been funded but this deal will take us forward as long as Majid doesn't go anywhere near a drill. I believe WTI was about $65.25 give or take a few cents.

Toscana Energy Announces Acquisition of Cortona Energy Ltd.
August 28, 20187:09 PM Globe Newswire

CALGARY, Alberta, Aug. 28, 2018 (GLOBE NEWSWIRE) — Toscana Energy Income Corporation (“Toscana” or the “Company”) (TSX: TEI) is pleased to announce the successful closing of its previously announced acquisition of Cortona Energy Ltd. (“Cortona”) for aggregate consideration of approximately $12,000,000.00 (the “Transaction”) as previously described in the July 23, 2018 press release of the Company.  The closing of this strategic Transaction adds approximately 250 BOE/d of light oil production and consolidates Toscana’s Carmangay Baron’s oil pool.  Synergies in operations will allow for efficiencies in reservoir management and secondary enhanced recovery strategies.
About Toscana Energy Income Corporation
Toscana Energy Income Corporation is a conventional oil and gas producer with the mandate to acquire high quality, long life oil and gas assets including royalties, non-operated working interests and unitized production for yield and capital appreciation.

Bybrook is a Hedge Fund , So is Lombard. Not all hedgies are long/short, but I call them back street lenders, hence the interest rates to i3. Bybrook, now Cairn Capitol, were already down to just over 28% because of dilution. We are dividend payers and our credit score would have improved massively since the Liberator failure meant we could not meet the RBL requirement. US frackers were recently taking advantage of 5% interest rates and reducing their debts. We should have done likewise with term debt or a revolving credit facility for expansion. This would have been self financing. Has Majid put his hands in his pocket or will he be awarded a bonus for diluting paying shareholders? Last time I looked he was pocketing £702k per annum. Graham on over £500k. Dilution aside I think it's a good deal. Next year we have export opportunities from the TransMountain expansion to Asia and far better prices. We presently have excellent prices for AECO gas. This will also supply the Shell LNG plant 2024. We need to be of a larger scale for export contracts in our own right! 18month down the road why not 30/40p. That is of course if producers remain sensible when supplying the market.
I'm here for the journey.

This is a comment from i3 last year. The majority of lth's believe this is the case.
I3. The Tain field will have to be unified. We’ll end up in a commercial negotiation with RSRUK so that we can arrange with them how the joint fields can be developed and built up. The Oil and Gas Authority are aware of our interpretation of Serenity and that we believe it is connected to Tain. RSRUK are aware of that and we anticipate that will lead to an unitisation discussion and effectively a joint development of a single field called TainSerenity. I believe from memory Serenity has four openings to the East which enters Tain. If the OGA believe it is one field they will order it to be jointly developed.

Fastfood, don't know about that. The drill was that close to Tain, Repsol complained to the OGA.

yoyoma, you posted; Freshair Tony. @Tony I read your posts on here and Twitter and you’ve always backed up with evidence, Freshair is yet to provide evidence on comments albeit only just more actively got involved.
I have asked you to elaborate otherwise remove your post.

Tonynorstrom
Can you please clarify what is on your mind,
Freshair,
"I think you will find companies.......". I do some research before I post so I think I have found it. Tell me what you have found ?

"I think you will find companies do this every year ie, permission to act. "
This was in response to your post and is quoting a fact. What do you find upsetting?
YoYoMa. Can you please elaborate, I can't follow you?

However, it looks like I3e did request the authority to issue over 500m new shares and it was approved. This is presumably for a potential acquisition if it measures up to their criteria.
I think you will find companies do this every year ie, permission to act.

Sticky fingers.

Tain: The drilling of the Tain development wells is expected to start in Q1 2022, with each well estimated to take up to 100 days including mobilization and demobilization.
First oil from the Tain field development is targeted for August 2022.
The drilling of the Tain development wells is expected to start in Q1 2022, with each well estimated to take up to 100 days including mobilization and demobilization.
First oil from the Tain field development is targeted for August 2022.

Hi Clintek, I really think Fastfood was just being humorous in his forecasting.

I have 1mm shares equal £1600. I have seen different figures a lot higher, based on?
Of course hope I am wrong ?

Why should we be harder to take out? It's the II's who are the majority shareholders, not us. The Pi's don't make a ripple in a pond. 15 wells tomorrow? Are we drilling Simonette? Ok let's do it! Did Graham say when or if, we develop Simonette? Why did they share the cost for two wells.? Why are they not paying off the LN interest? The best wells are already known by the Canadian Geoscientists NOT Majid. Clearwater is only available 6 months of the year; It also has Bitumen/ heavy/ light oil so everything is not as clearcut as its made out. BC needs time to recover from weather conditions! So how many wells are we going to drill in a year? There are deals taking place involving K's bb/l's day. So how many bb/l's will we be exporting in a years time to the US or Asia. An average of 170 bbl per well of new production over a year, takes us where? An extra 1500? If we are lucky! Bybrook/Cairn Capital, WILL fund i3 to develop the wells, thats where I stand. The fact i3 will pay Bybrook in kind for the LN's 2023, most likely with options, leads me to believe further funding will be available and PIK with ATM options; these can happily sit unhindered alongside their shareholding. Hedge Funds work on a certain percentage, normally, set against a baseline of whats achievable from an index. A dividend will not reach that percentage, it will be the sp that gives them their expected return. Thats why I see Bybrook investing to achieve that.

London-based Cairn Capital, bought by Milan-based Mediobanca in 2015, said on Tuesday it would acquire Bybrook for an undisclosed amount, adding $2.5bn in assets under management, set to complete by the end of June, 2021