Ann: Suspension from Quotation, page-59

My two cents: I suspect its a sale of the oil business, Blackspur. It's a money sucker at the current prices when you consider maintenance capital. It's shortening the window of opportunity on the sale of Montney, especially now the stock market is very sour. I liked their initial idea to buy into a small oil producer to make some money post covid to maintain cash flow during the Montney sale program. However, they happened to buy one of the highest cost producers (when you consider decline rates), that, with oil sub $75, burns money not generates it. They would've been better off with a smaller producer (say half the BOEPD) but an actual profit maker, even for the same price they paid... They also made the lousiest decisions when to hedge and not hedge, and also upgrade investment spend when prices were high. All of these decisions if never made would've given them so much more potential with the Montney sale down the track. Given its a very poor outlook right now for oil & gas prices especially in Canada, cyclically challenging, I can't see a Montney sale unless it is very opportunistic for the buyer, not Calima. Also, look at their latest quarterly update... that cash position shows that they're in a very very weak position.

I exited a while ago on the Montney sale shenanigans. Either way I hope I am wrong and the news is great with the right buyer finally coming along and all the holders get rewarded for the long suffering.