Member Info for freshair

Graham confirmed it was 18% light conventional oil. Edmonton is an upgraded synthetic crude and has more value.

Austin, Who said it was private? Graham has always indicated a willingness for any communications to be in the public domain. I asked him questions, he replied to some, but not all. Lets see if we acquire anymore reserves or are we reliant on Serenity?

I must have upset him;
Graham
PS. I’ve cc’d in Camarco here, as we prefer that investor communications come to us through them. Please contact them in the first instance in the future.

(Freshair) We also know directors give themselves repriced options which are leaving a bitter taste (Graham) It was a Loan Noteholder condition of the restructuring of our Notes that management be aligned with these senior lenders who, prior to our recent equity issuance and this restructuring, were the effective owners of the Company given a potential default position. You will note in i3’s press release of 23rd June, “The Loan Note Instrument amendments include the requirement that the currently outstanding i3 management options will be cancelled and replacement options will be issued to i3 staff and directors which replicate the terms of the adjusted Loan Note warrants (the "New Options") in relation to the exercise price, to seek alignment between the Noteholders and management.” Unquote.

Concerning my dividend concerns. GH commented "Given recent volatility and future uncertainty in light of climate change initiatives, attracting new investment comes with the expectation that value will be returned to shareholders as and when it is created. It is becoming evermore apparent that new investment in our sector won’t be supplied purely on the expectation of equity growth"
There we go, the Lth are shafted. I need around 30p, some others need more.
I'm going to get pennies back instead of the K'000s I am down. Other companies are investing because when TransMountain is completed it will provide access to China, India and East Asia. They will still use oil and gas, even Germany will use gas for the foreseeable future.

If its so bad then why not sell up and move on?
Do I tell you what to do with your money? More to the point, are you saying my posts are not factual? Carson was involved with the rot. They chucked him out and what happened, we got Majid. What happened with the new seismic or put another way, what caused the sp to be where it is. Why is it under 5p.

The big Banks won't touch the Oil Sands, so again, why take money out the company? We need to be buying companies now, there are lots of deals taking place.

So whats holding the sp back?

The price paid by the refinery is almost unrelated to API density or grade. For example, Light Louisiana Sweet sells at a premium to WTI, but Heavy Louisiana Sweet has an even higher selling price. In fact, many medium and heavy sour grades were also purchased at premium prices, due to high demand for heavy crude in the Gulf Coast and oversupply of light oil from the Permian Basin.

Dividend? I'm against it. Returning cash to shareholders holds back the sp. Going Ex divi normally takes a month for the sp to recover whats been paid out; sometimes it doesn't. No point taking money out the company when it should be used to take on term debt; in turn using those borrowings to increase C/F by M&A. I had been expecting a company purchase by now, sadly not.
I don't believe there is anything at the Minos High. They missed the drill and said the oil must have went west. Nothing surprises me what they say. Serenity? They've had people interested for as long as I can remember. Hope I'm wrong.

Medium and heavy sour grades are often purchased at premium prices, due to high demand for heavy crude in the Gulf Coast and oversupply of light oil from the Permian Basin. As I've said previously the frackers destroyed the light oil market for Canada. There wasn't any point in paying upgraders anymore, when complex refineries were purposely built to refine heavy oil . These facilities have additional cracking, coking and hydro treating capacity, allowing them to produce more value-added final products. Another example is California heavy crude, which was sold near par with WTI, despite significant quality differences. California crude is produced adjacent to California refineries, which are designed to handle heavy/sour feedstock. Proximity to market is therefore a far more important driver of price than quality.

Eye on Energy: Massive Build Last Week Of 15.2Mb For US Crude Oil Inventories Shafts Prices. WTI Oil Price Could Fall US$5-10/b This Month.
December 12, 2020

You have to take into account the cost of transport to the refiners. Pipeline is the cheapest but of course that is why everyone uses it; meaning you might have to use rail. Strengthening demand for heavy oil from the U.S. Gulf Coast has absorbed some of the impact from additional Canadian production. Pipeline apportionment remains modest.
Traditional supplies of global heavy oil are in decline, and along with rising petrochemical-related heavy oil demand, should support WCS prices at the U.S. Gulf Coast and West Coast, Eight Capital said in a note.
Western Canada Select (WCS) heavy blend crude for January delivery in Hardisty, Alberta, traded at $12.65 per barrel below WTI.

Just don't see a dividend by end of Q1 or free cash flow. This company has got to make its mind up, and decide where they intend to get their funds to expand? If they take on term debt it all has to be paid back. Toscana debt still to be paid. Share buy back to be implemented which could take months; before any dividend. I note some company Q3 results coming out and quoting ," an improving price environment". Onwards and upwards; even slowly, I don't mind.

Wonder if Ryan will remain as CEO? Will he be giving options at zilch? Never mind, who cares?
Looking to the future; Canadian oil prices are poised to strengthen next year as Mexican heavy crude exports to U.S. Gulf Coast refineries dwindle, according to BMO Capital Markets.
Heavy Western Canadian Select’s discount to the West Texas Intermediate benchmark could narrow to US$5 to US$7 a barrel next year, BMO said in a report Wednesday. Oilsands producers will benefit from less output of competing crude from Latin America as Petroleos Mexicanos expects to cut exports while Venezuelan supplies remain off limits due to U.S. sanctions.
U.S. Gulf Coast demand will create tension with Midwest refiners. “Chicago refiners have limited access to alternative sources of heavy oil and will bid heavy oil away from the Gulf Coast market to ensure they have enough supply,” the bank said. “We believe that this could translate to stronger prices for WCS or a tighter spread between WTI and WCS.”

Canadian geologists are thought of as best in the world. We need decision makers with a reputation from the oil sands. What would I expect from Majid; we know he over hyped everything. Why is the sp where it is? There are different drilling requirement in the oil sands and the executive decisions should come from people such as J. Festival and the like, who understand that environment, not Majid.

Would have no complaints if Majid left the scene and John Festival stepped up.

Hi tony,
No, never got a reply perhaps he will when he gets time. I also note a second carbon tax is on the cards, tho' don't know if its been implemented or just talked about by PM Trudeau? Also see a lot of companies have still shut in there fields because of reduced netback tho' gas has rebounded by 10%. This is of course what i3 said they would if it was necessary. Would like to see i3 go after predominantly gas producing fields since it was the US frackers who screwed the gas price even tho' they were insolvent doing so.

I bought at 40/41p and not wiped out since I haven't sold. Plenty of other long term holders still holding. Absolutely no point in selling at this price. You just have to hang around until i3 become a 20/30 kbpd company; and why not?

Yes , immediate cashflow and nice gas mix. We can also add entry to the TSX which doesn't come cheap and the c$89 mln tax pot to use against profits. This is an excellent prize not to be sniffed at.