Calgary
China firm set for oil sands joint venture
Nathan VanderKlippe
RTGAM
Calgary - A Chinese interest is prepared to announce what a Calgary banking source called a "big" joint venture agreement with privately-owned oil sands firm Athabasca Oil Sands Corp.
Rumours of the impending deal, which is scheduled for release later Monday, pushed up shares in several small junior oil sands companies, including UTS Energy Corp. and Connacher Oil and Gas Ltd. , on a belief that major outside investment interests are once again prepared to invest in the oil sands.
"It's great news for the oil sands business. It shows that there are still large, sophisticated, deep-pocketed companies out there prepared to write big cheques," said one Calgary banker.
UTS shares are up about seven per cent; Connacher rose five per cent on morning trading.
Athabasca calls itself the largest leaseholder in the Athabasca region of the oil sands, with 526,000 hectares of net land. It believes it can recover anywhere from seven to 11-billion barrels of crude from that land.
Sveinung Svarte, the president and chief executive of Athabasca, was not immediately available Monday morning. However, in an interview this May, he said the company had spent months searching for joint venture partners.
"That has always been our philosophy to finance our projects," he said then. "We are talking about quite a few billion dollars [in] long-term [capital requirements], and to have a partner coming in and finance a large part of that has been our model."
At the time, he said even with low oil prices, large oil sands properties continued to attract "a lot of interest."
"Even in this market. I would say maybe even more in this market, because I think the buyers have recognized that it's easy to make a deal today," he said. "Because the sellers are a bit more, what shall I say, they expect a bit less than with the price at $147 oil."
The rumoured partner in the deal is the China National Petroleum Corp., which made a $449-million deal for Verenex Energy Inc. in February - although that deal has had troubles proceeding thanks to difficulties in acquiring permission from authorities in Libya, where Verenex has the bulk of its holdings.
CNPC is not, however, the only Chinese company that has moved on Canada's oil sands. Late last year, Sinopec paid about $2-billion for another Calgary company, Tanganyika Oil, which has production-sharing agreements in Syria.
The Athabasca deal shows "that major international companies are game to put up big dough for Canadian oil sands projects. So I'm sure people are looking at that and saying another potentially ready-to-go project is obviously Fort Hills," said another Calgary investment source. "So UTS could be a beneficiary of that."
UTS holds a 20 per cent stake in the proposed Fort Hills oil sands mine, which is majority owned by Suncor Energy Inc. after its acquisition of Petro-Canada. UTS rebuffed a bid by French energy giant Total S.A. to buy that share earlier this year.
Monday, August 31, 2009
China firm set for oil sands joint venture
Saturday, August 29, 2009
Lottery retailers, employees and their families won $198 million in prizes over 13 years, dating from 1996.
Robert Benzie
A Good Samaritan treated shabbily when he tried to turn in a cache of lost tickets;
A malfunctioning slot machine erroneously informing a player he'd won $42.9 million when the maximum payout was $9,025;
A misprinted scratch-and-win ticket that led a man to believe he had won $135,000 when he hadn't.
But the straw that broke the camel's back appears to be Liberal fears of a reprise of the eHealth Ontario debacle at OLG...
...McDougald was not in her office yesterday afternoon and did not return emails and calls from the Star.
She was put in the top job after previous troubles at the Crown agency, where it was found that lottery retailers, employees and their families won $198 million in prizes over 13 years, dating from 1996.
S&P/Case-Shiller 20-city, U.S. home price index is a key measure to make $$$
August 29, 2009
Bill Carrigan
Early last week we learned that the S&P/Case-Shiller 20-city, U.S. home price index and the 10-city home price index both rose 1.4% in June, more than double the rate of increase seen in May. One component, home prices in the Phoenix area, rose 1.1 per cent from the first quarter to second quarter of this year. That is considered to be good news because Phoenix home values are down 31.6 per cent from a year ago.
Cleveland had the greatest month-to-month home price rise in June, 4.2 per cent, followed by San Francisco (3.8 per cent), Minneapolis (3.1 per cent), Washington (2.8 per cent), Dallas (2.7 per cent) and Boston (2.6 per cent).
Now with the good news out perhaps we should jump into the iShares Dow Jones U.S. Home Construction ETF (NYSE-ITB). According to Barclays Global Fund Advisors, the fund seeks investment results that correspond generally to the price and yield performance of the Dow Jones U.S. select home construction index. The index measures the performance of the home construction sector of the United States equity market, and includes companies that are constructors of residential homes,
Our chart this week shows the weekly closes of the ITB, spanning about 30 months. Note the price peak around $40 (U.S.) in the first quarter of 2007.
Keep in mind most of the components such as Pulte Homes Inc., D.R. Horton Inc., Lennar Corp. and Toll Brothers Inc. had broken under their long-term moving averages in late 2005 and early 2006 – long before the housing bubble became apparent.
Note the subsequent decline to the March 2009 lows at the $6 level followed by the stunning, 25-week, 117 per cent rebound to the $13 level. Clearly, we are too late to play the bottom fishing housing recovery game.
Late Wednesday, meanwhile, we learned that the number of new homes sold in the U.S. rose for a fourth consecutive month, posting an advance of 9.6 per cent month over month. The market consensus was for an advance of only 1.6 per cent.
Confused?
Perhaps the following quote from a book I read years ago will help.
"I didn't ask the tape why when I was 14, and I don't ask today, at 40. Your business with the tape is now – not tomorrow. The reason can wait."
(Reminiscences of a Stock Operator, Edwin Lefèvre.)
The message here is clear, stocks will rise and fall for reasons we discover only after the price movement. That is, bull and bear markets will be caused by circumstances that may not be known for weeks or months after the fact.
Birds of a feather fly together. When the components of the housing ETF are scanned for price movement we find the group is highly price correlated.
Another example is the Canadian financial sector, with most of the component banks posting quarterly earnings this week that surpassed expectations.
By the same token, another bottom fishing opportunity is lost because the iShares CDN S&P/TSX Financials Index Fund (XFN-T) has almost doubled in price from the March lows in anticipation of the banks' good news.
Once again ,when the components of the financial ETF are scanned for price movement, we find the group is highly price correlated.
These are examples of the powerful effect of bull and bear markets on equity returns. I believe investors would be better served by putting less emphasis on stock selection and chasing so-called compelling stories and more on adopting a sound investment strategy.
These can vary from using seasonal patterns, rotating through the various market sectors to simple quarterly rebalancing between fixed and equity exposure.
I prefer to use the long-term charts of stock sectors and the major stock indices to identify bull and bear cycles operating in these diverse asset classes. The strategy is to use any trend following tool and if upward adopt a buy-and-hold strategy.
If downward, take some profits and reduce your equity exposure.
Try this on Excel: Download the weekly closes of the S&P/TSX60 index from Yahoo Canada finance and identify the weekly high and low of the past 30 weeks. When the current close is above the highest 30-week high the trend is upward. When it is below the lowest 30-week low the trend is downward
The batting average has been good at 83 per cent from January 1994 to date, with the last signal a buy on May 29, 2009
Friday, August 28, 2009
Globe/CP say Delphi sees a future in owning Fairmount
Globe/CP say Delphi sees a future in owning Fairmount
2009-08-24 05:04 ET - In the News
Also In the News (C-FMT) Fairmount Energy Inc
The Globe and Mail reports in its Saturday edition that Delphi Energy is buying Fairmount Energy. A Canadian Press dispatch to The Globe reports that Delphi will swap 0.3571 of a common share for each common share of Fairmount. The deal is worth $14.5-million, including the assumption of $7.3-million of debt and transaction costs of $1.4-million.
The friendly bid will be mailed to Fairmount shareholders on Aug. 28 and will expire 35 days later, the Calgary-based oil patch junior said. The deal is backed by the boards of both companies. Directors and senior executives of Fairmount holding more than 23.4 per cent of the company's shares have agreed to tender their stock to the bid under lockup arrangements.
Delphi stock jumped a nickel Friday to close on the Toronto Stock Exchange at $1.05. Fairmount stock shed half a penny to close on the TSX at 39.5 cents.
Schachter Asset Management president Josef Schachter recommended buying Delphi stock in The Globe on Nov. 19 when it could be had for $1.20.
Aston Hill Financial vice-president Joanne Hruska was bullish on Delphi in The Globe on Dec. 7, 2007, when it was worth $1.72.
Mr. Schachter said buy Delphi in The Globe on June 5, 2007. It was then trading at $1.96.
Cro Gets Financing $0.05 flow-through share and $0.05 per Unit for gross proceeds of up to $2,500,000.
Canadian Arrow Announces Non-Brokered Private Placement
10:34 EDT Wednesday, August 19, 2009
/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES/
SUDBURY, ON, Aug. 19 /CNW/ - Canadian Arrow Mines Limited (CRO: TSX-V) (the "Company") is pleased to announce that subject to regulatory acceptance, the Company is arranging a non-brokered private placement consisting of up to 30,000,000 flow-through shares and up to 20,000,000 units of the Company ("Units") at a price of $0.05 flow-through share and $0.05 per Unit for gross proceeds of up to $2,500,000. Each Unit will consist of one common share of the Company and half of one common share purchase warrant (each whole such warrant, a "Warrant"). Each whole Warrant will entitle the holder thereof to acquire one common share of the Company for a period of 18 months at a price of $0.10 per common share.
The proceeds from the private placement will be used to advance exploration on its Kenbridge nickel project, its other regional projects and to provide the Company with additional working capital.
All securities issued in connection with this financing will be subject to a four-month hold period.
The Company may pay a finders' fee of up to 5% of the gross proceeds in connection with a portion of the financing.
It is anticipated that the financing will close on or about August 28, 2009.
This press release may contain "forward-looking statements" within the meaning of the Canadian securities legislation and the United States Private Securities Litigation Reform Act of 1995. These forward-looking statements are made as of the date of this press release and the Company does not intend, and does not assume, any obligation to update these forward-looking statements.
<<>>
For further information: visit the website at www.canadianarrowmines.ca, or contact Kim Tyler, President and Director, toll free, 1-877-262-6354
© Copyright Canada Newswire
Time To Cash Out Of BNK- Its Run On MoMo Now Cash Out!
Sucker Rally As Hot Money Exits The Stock Look at The Biggest Sellers This is topping just in time for Pros to cash out. The party looks like its over.
Lundin refreshes Bankers Petroleum buy
2009-08-20 17:41 ET - In the News
Brien Lundin, in the August, 2009, edition of the Gold Newsletter, refreshes his buy of Bankers Petroleum Ltd., recently $2.76. Mr. Lundin said buy Bankers in October, 2005, at 56 cents, and in March, 2005, at $1.30.
He then said sell some -- half, perhaps -- in April, 2005, at $1.80. Assuming a $1,000 investment for each of the two buys, selling half of the $2,000 investment at $1.80 would have yielded a profit of $1,241.
He said buy again five times between August, 2005, and March, 2009, at prices ranging from 52 cents to $2.14. (The stock consolidated 1:3 on July 30, 2008.) Assuming a $1,000 investment for of the five new buys, and taking into consideration the remaining $1,000 investment after the previous half sale, the total $6,000 investment is now worth $6,883.
On July 13, the company shipped its first batch of oil from Vlore, its new port in Albania. The newsletter editor says Vlore will give the company a chance to ship more oil, more safely. Production is also going well.
At Bankers's Patos Marinza oil field, the company averaged 6,385 barrels of oil per day in the second quarter of 2009, up from 5,864 barrels of oil per day in the previous quarter. Mr. Lundin says the company's liquidity has improved, production has increased and oil prices have risen, making Bankers Petroleum a buy.
Thursday, August 27, 2009
Pescod on Crude
CRUDE OIL
$72.75
+1.33
At $70 a barrel for crude oil there are more
than a few people in the oil patch a little grateful
for what is going on there considering how ugly
things are in natural gas.
With 4 million barrels of production locked
in, in Saudi Arabia and inventory still signifi-
cantly above average levels in the United
States, the price of oil still looks like it could be
vulnerable to some bumps along the way but
for those looking for a little hand-holding about
oil this is probably the chart that will do it for
you.
This shows the production coming out of
Cantarell which was the second biggest oil field
in the world named after a fisherman who found
oil floating to the surface offshore Mexico.
Cantarell is the jewel in the crown of Mexico’s
national oil company Pemex.
The chart to the left shows you what is hap-
pening to this old producer...it’s declining pro-
duction recently at unbelievable rates of as
much as 35,000 barrels a month. One doesn’t
know if it could continue to drop at a level like
this but if it did this field would stop producing
within two years.
That has many implications first of all for
Mexico, suggesting that Mexico an exporter of
oil wouldn’t be able to do that within two years,
plus the national economy of Mexico is so
much dependent on the one third of its’ reve-
nue it collects from Pemex that if Pemex is in
trouble try and balance Mexico’s budget.
Cantarell is all about peak oil and suggests
that down the road oil does have a future.
Wednesday, August 26, 2009
Globe/CP say Delphi sees a future in owning Fairmount
Globe/CP say Delphi sees a future in owning Fairmount
2009-08-24 05:04 ET - In the News
Also In the News (C-FMT) Fairmount Energy Inc
The Globe and Mail reports in its Saturday edition that Delphi Energy is buying Fairmount Energy. A Canadian Press dispatch to The Globe reports that Delphi will swap 0.3571 of a common share for each common share of Fairmount.
The deal is worth $14.5-million, including the assumption of $7.3-million of debt and transaction costs of $1.4-million. The friendly bid will be mailed to Fairmount shareholders on Aug. 28 and will expire 35 days later, the Calgary-based oil patch junior said. The deal is backed by the boards of both companies.
Directors and senior executives of Fairmount holding more than 23.4 per cent of the company's shares have agreed to tender their stock to the bid under lockup arrangements. Delphi stock jumped a nickel Friday to close on the Toronto Stock Exchange at $1.05.
Fairmount stock shed half a penny to close on the TSX at 39.5 cents. Schachter Asset Management president Josef Schachter recommended buying Delphi stock in The Globe on Nov. 19 when it could be had for $1.20. Aston Hill Financial vice-president Joanne Hruska was bullish on Delphi in The Globe on Dec. 7, 2007, when it was worth $1.72. Mr. Schachter said buy Delphi in The Globe on June 5, 2007. It was then trading at $1.96.
Beaten down Weston, Loblaw cheap at the moment
Beaten down Weston, Loblaw cheap at the moment
Dianne Maley
Wednesday, August 26, 2009
The Source:
Paul Gardner, partner and portfolio manager, Avenue Investment Management Inc.
The Idea:
Buy shares of George Weston Ltd.
Given how much stocks and bonds have rallied from their recent lows – 40 per cent to 50 per cent in some cases – good buys are difficult to find, Mr. Gardner says.
“You have to hope the economy comes out of recession because that's what the markets are pricing in.”
An ideal investment candidate would be a company with a strong balance sheet, trading at an attractive price that has the ability to grow. “That's where Weston comes in,” he says. At just shy of $57 a share and yielding 2.6 per cent, “It's a value trade,” he says. Weston shares traded in the $80 range as recently as 2007.
Weston's main asset is the grocery retailer, Loblaw Cos. Ltd., which accounts for about $44 of Weston's $57 share price, he estimates. Weston has $10 a share in cash, largely from the sale of its U.S. bakery business. Add about $2 a share for the real estate under Loblaws stores and, “You're getting what's left, the bakery business in Canada, for next to nothing.” That business earned $1.50 of Weston's earnings before interest, taxes, depreciation and amortization (EBITDA) last year.
Loblaw, at about $33, is also looking cheap, Mr. Gardner figures. After subtracting the value of the company's real estate, which accounts for about $25 of a Loblaw share, “in a way you're getting Loblaw for next to nothing” too, he says. Loblaw shares have been held back over the past few years because of management and supply chain problems, issues Mr. Gardner thinks have been largely resolved. This year, the shares have been lifted along with the market but are still well below their historic highs.
“They've worked on the supply chain and warehousing problems, renovated stores and initiated real change on the operational side,” he notes. The company's second quarter earnings “surprised on the upside,” although it warned of a difficult second half.
Loblaw is also expanding into the ethnic food market, announcing the purchase of T&T Supermarket, with 17 stores, in July. (Loblaw also owns Zehrs, Fortinos and Real Canadian Superstores.) T&T's big takeout Chinese food business “gives them some higher margins.”
The Payoff:
A potential double-digit capital gain in a relatively short time if the economy recovers, price cutting abates and Loblaw and George Weston shares come to be looked on more favourably by the market, Mr. Gardner says. What would a more “normal valuation” for Weston be?
“I don't like to put a number on it, but you could see a 30-per-cent return over the next year and a half.”
The Big Risk:
Fierce price cutting among grocery retailers squeezes profits more than expected at Loblaw as the economy struggles, leading to a long stretch of disappointing earnings and depressing the share price of both Loblaw and its parent, Weston.
Why Listen to Paul Gardner?
Mr. Gardner has more than 20 years' experience in the investment business, much of it on the fixed-income side. Avenue Investment Management is an independent investment counsellor and portfolio manager for individuals with $500,000 or more to invest.
© Copyright The Globe and Mail
TSX may rise with commodity prices, eyes CIBC
CANADA STOCKS-TSX may rise with commodity prices, eyes CIBC
08:12 EDT Wednesday, August 26, 2009
TORONTO, Aug 26 (Reuters) - Toronto's main stock index may rise at the open on Wednesday, bolstered by higher commodity prices, while investors will also digest quarterly results from Canadian Imperial Bank of Commerce .
The S&P/TSX composite index <.GSPTSE> finished Tuesday's session 1.21 percent higher at 10,920.53, boosted by financials as Bank of Montreal reported solid results.
Quarterly results from the country's big banks this week remain the key focus for market direction. Financials are the most heavily-weighted group on the TSX, about a third of the weighting.
Here is some of the news that may affect the market.
CIBC
Canadian Imperial Bank of Commerce, the country's fifth-largest bank, reported a higher quarterly profit, mainly on strong performance of its core retail and wholesale banking businesses and lower expenses. [ID:nN24133906]
ELDORADO GOLD
Eldorado Gold Corp said it will buy Sino Gold Mining for C$2.0 billion, in an all-share transaction to give it greater exposure to China's growing gold industry. The offer was worth A$7.24 per Sino Gold share, a premium of 21.3 percent, based on the companies' closing share prices on Tuesday. [ID:nSYD472825]
COMMODITIES
Gold rose towards $950 an ounce as the dollar weakened against the euro, boosting interest in the precious metal as an alternative asset. [ID:nLQ723905] Oil prices recovered early losses but remained below the 10-month high hit in the previous session. [ID:nSP475982]
CAE
Flight simulator maker and aviation training company CAE Inc said it received a series of military contracts valued at more than C$100 million. Key customers included Eurocopter, Airbus Military and L-3 Communications Holdings Inc , the company said. [ID:nBNG489391]
RESEARCH ROUNDUP:
Following is a summary of research actions on Canadian companies reported by Reuters on Wednesday. For more, please double click [RCH/CA]
* Genuity raises Bank of Montreal price target
* RBC raises Alimentation Couche Tard price target
($1=$1.09 Canadian)
(Reporting by Ka Yan Ng, Editing by Chizu Nomiyama)
Monday, August 24, 2009
Petrolifera rolls on desperation financing
Petrolifera rolls on desperation financing
Andrew Willis
RTGAM
Shedding debt can be tough on equity holders, as Petrolifera Petroleum showed with a recent financing.
Petrolifera found itself in a bind after cancelling a planned sale of oil and gas properties in Argentina. The properties went on the block as the junior oil company moved to pay down loans, only to find there no buyers at an acceptable price. Tristone Capital was the financial advisor on the failed sale.
A debt-heavy balance sheet meant a sea change in sentiment on Petrolifera, which was a market darling last summer, selling stock at $9.
This year, the stock has underperformed oil and gas peers, touching lows of 75 cents.
To put its finances back in order, Petrolifera raised $50-million in a deal that closed last week/ The company sold 56.8 million units at 88 cents each. Each unit consists of a Petrolifera share and half a warrant, and the warrant can be converted into stock at $1.20 per share over the next two years.
Thomas Weisel Partners, Cormark Securities and RBC Dominion Securities led the financing. Connacher Oil and Gas, a minority shareholder, bought a portion of the underwriting to maintain a 24 per cent stake in Petrolifera.
"While highly dilutive, the financing materially improves Petrolifera's balance sheet," said a report Monday from CIBC World Markets analyst Robert Par�. He said the company now has considerable financial flexibility, with $50-million available on a $100-million credit facility, and Mr. Par� has a $1 target price on the stock, down from $1.50, to reflect the dilution that came with last week's financing
Friday, August 21, 2009
Gold Bugs AN INTERVIEW WITH BOB HOYE
AN INTERVIEW WITH BOB HOYE AND D. PESCOD
We are here today with Bob Hoye, who writes “Pivotal
Events” and he is one of those guys that had actually pre-
dicted what we’ve gone through for much of the last year.
And was it ugly! Now things seem to be going back to a
little bit of normality, and Bob is still not all that comfort-
able looking forward.
future down the road is gold. First of all, how good do
you see it? Secondly, how long?
Bob Hoye: The thing about gold is that it is backwards to
what the gold bugs think. They get this idea that if the
U.S. dollar is going to go to zero, the price of gold will go
to $10,000. The gold miners will make so much money it
will make your head spin. The thing that they are missing
out is that for the last 20 years or so, every time the dollar
has been hit hard, commodities outperform gold on the
way up. If you have commodities such as crude oil out-
performing gold on the way up, then the cost of mining
gold is going up. So the ideal condition for your basic
gold bug is backwards.
what happens and study previous post-bubble contrac-
tions and the evidence is reliable over 300 years. On
every bubble, the real price of gold declines and gold min-
ing underperforms the market because everybody is in
love with base metals, stocks and high-tech stocks.
rything else as stocks, corporate bonds and commodities
head down.
mining business. This is where we are now.
With the belated boom our gold divided by commodity
index declined to 143 in May of 2007 and it was that May
and June that we were also expecting the credit market to
reverse eventually to a disaster.
since that spring is the real price of gold went up, and the
credit markets went down and commodities went down.
which case things could get rather good until around mid-
Delphi Energy to Acquire Fairmount Energy
Delphi Energy to Acquire Fairmount Energy
09:00 EDT Friday, August 21, 2009
CALGARY, ALBERTA--(Marketwire - Aug. 21, 2009) -
NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
Delphi Energy Corp. ("Delphi") (TSX:DEE) and Fairmount Energy Inc. ("Fairmount") (TSX VENTURE:FMT) are pleased to announce that they have entered into an acquisition agreement (the "Acquisition Agreement") pursuant to which Delphi has agreed, subject to the terms of the Acquisition Agreement, to make an offer to acquire all of the outstanding common shares of Fairmount (the "Offer") on the basis of 0.3571 of a common share of Delphi for each common share of Fairmount. The total consideration paid by Delphi for Fairmount is approximately $14.5 million, including the assumption of approximately $7.3 million of net debt and transaction costs of approximately $1.4 million.
The Offer will be made pursuant to a take-over bid and will be conditional on not less than 66 2/3% of the outstanding Fairmount common shares (calculated on a fully-diluted basis) being tendered to the Offer and will be subject to other customary conditions. Fairmount has approximately 16.3 million common shares outstanding. The take-over bid circular is expected to be mailed to Fairmount shareholders on or about August 28, 2009 and will expire 35 days thereafter.
All of the directors and senior officers of Fairmount (holding approximately 23.43% of the issued and outstanding common shares of Fairmount on a diluted basis), have entered into lock-up agreements with Delphi pursuant to which they have agreed to tender their common shares to the Offer.
Transaction Highlights
The acquisition of Fairmount is a strategic addition to the natural gas and infrastructure asset acquisition announced on August 4, 2009 by Delphi, adding to its focus area of North West Alberta. With the Fairmount acquisition, Delphi furthers its position as one of the leading junior producers in this attractive, multi-zone resource region. The acquisition of Fairmount provides several benefits to Delphi shareholders:
- The acquisition of proved reserves of 872,000 barrels of oil equivalent (boe) and proved plus probable reserves of 1,596,000 boe, effective March 31, 2009, in accordance with NI 51-101, as estimated by GLJ Petroleum Consultants Ltd.;
- Incremental liquids-rich natural gas production of 330 boe/d and productive capacity of 400 boe/d;
- Attractive reserves and production acquisition costs as follows:
Adjusted Acquisition Metrics(1)
Proved Reserves $14.49 per boe
Proved Plus Probable Reserves $7.92 per boe
Production - current $38,300 per boe/d
Production - capability $31,600 per boe/d
(1) Adjusted for undeveloped land value of $1.9 million,
calculated as $110 per acre on 17,300 net acres of undeveloped
land.
- Increased inventory of growth opportunities between Hythe and Bigstone areas including Nikanassin resource potential;
- Reduced operating and processing costs; and
- Annual general and administrative savings of approximately $1.0 million.
Upon closing on August 31, 2009 of the previously announced property acquisition of Gold Creek/Wapiti assets, Delphi will own working interests in the infrastructure required to transport and process Fairmount's current and shut-in production, providing the opportunity to increase production to approximately 400 boe/d, with the infrastructure capacity to provide further growth on Fairmount lands.
To view the Property Acquisition, please visit the following link: http://media3.marketwire.com/docs/property_acquisition_0821.pdf
Shareholders of Fairmount are expected to benefit from the transaction through the ability of Delphi to transport and process Gold Creek production through equity-owned facilities and infrastructure and an opportunity to participate in a larger oil and natural gas company providing greater liquidity for Fairmount shareholders.
The Offer has the unanimous support of the boards of directors of both Delphi and Fairmount. Fairmount's board of directors, after consulting with its financial and legal advisors, has unanimously determined that the Offer is fair, from a financial point of view, to the holders of Fairmount common shares and is in the best interests of Fairmount and has determined to recommend acceptance of the Offer by holders of Fairmount common shares. Peters & Co. Limited, the financial advisor to Fairmount's board of directors, has provided a verbal opinion that the consideration to be received by the holders of Fairmount common shares under the Offer is fair, from a financial point of view, to such holders.
The board of directors of Fairmount has agreed that it will not solicit, assist, initiate, knowingly encourage or otherwise facilitate any negotiations or discussions with any third party concerning the sale of Fairmount. Fairmount has agreed, under certain circumstances, to pay to Delphi a termination fee of $400,000. Delphi also has the right to match any unsolicited offer or proposal that Fairmount may receive.
Peters & Co. Limited is acting as financial advisor and Macleod Dixon LLP is acting as legal counsel to the board of directors of Fairmount with RBC Capital Markets acting as financial advisor and Osler, Hoskin & Harcourt LLP acting as legal counsel to Delphi.
This news release shall not constitute an offer to sell or the solicitation of an offer to buy securities in the United States or any other jurisdiction outside of Canada, nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful. The common shares of Delphi have not been, and will not be, registered under the U.S. Securities Act of 1933 Act, or any state securities laws, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the U.S. Securities Act of 1933 Act and applicable state securities laws.
About Delphi:
Delphi is a Calgary-based company that explores, develops and produces oil and natural gas in Western Canada. The Company is managed by a proven technical team. Delphi trades on the Toronto Stock Exchange under the symbol DEE.
About Fairmount:
Fairmount is a junior oil and natural gas exploration, development and production company with oil and gas properties located in Alberta, Canada.
Conference Call
A conference call is scheduled for 9:30 a.m. Mountain Time (11:30 a.m. Eastern Time) on Friday, August 21, 2009. The conference call number is 800-565-0813 or 416-695-6616. A brief presentation by David Reid, President and CEO and Brian Kohlhammer, VP Finance & CFO will be followed by a question and answer period.
If you are unable to participate in the conference call, a taped broadcast will be available until August 28, 2009. To access the replay, dial 800-408-3053 or 416-695-5800. The passcode is 7086317. An audio version will also be available on Delphi's website at www.delphienergy.ca.
Petrolifera announces pricing of equity offering .88 cents
Petrolifera announces pricing of equity offering
10:49 EDT Friday, August 21, 2009
<< /NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/ >>
CALGARY, Aug. 21 /CNW/ - Petrolifera Petroleum Limited (the "Corporation" or "Petrolifera" - PDP - TSX) is pleased to announce that it has priced its previously announced public offering (the "Offering") of units ("Units"). Pursuant to the Offering, the Corporation will issue 56,820,000 Units at a price of $0.88 per Unit. Each Unit will consist of one common share in the capital of the Corporation (each, a "Common Share") and one-half of one Common Share purchase warrant of the Corporation (each whole Common Share purchase warrant, a "Warrant"). Each Warrant will entitle the holder thereof to purchase one Common Share (each a "Warrant Share")
Connacher Oil and Gas Limited ("Connacher"), a significant shareholder of the Corporation, has indicated its intention to purchase 13,558,540 Units being offered pursuant to the Offering. Following completion of the Offering, Connacher will continue to own approximately 24 percent of the outstanding Common Shares (approximately 22 percent if the Over-Allotment Option is exercised in full).
The net proceeds of the Offering will be used by the Corporation to fund a portion of its exploration capital expenditure program, primarily in Colombia during the balance of 2009 and into 2010, to reduce indebtedness relating to the Corporation's reserve-backed credit facility and for working capital.
The Units will be sold publicly in each of the provinces of Canada, other than Québec, on a private placement basis in the United States pursuant to exemptions from the registration requirements of the U.S. Securities Act of 1933, as amended (the "1933 Act"), in the United Kingdom in accordance with applicable local securities legislation and regulations such that no prospectus, registration statement or similar document is required to be filed in any such jurisdiction and such other jurisdictions as may be agreed to by the Corporation and the Underwriters. The Offering is scheduled to close on or about August 28, 2009 and is subject to certain customary conditions and regulatory approvals, including but not limited to the approval of the Toronto Stock Exchange.
This news release shall not constitute an offer to sell or the solicitation of an offer to buy securities in the United States or any other jurisdiction outside of Canada, nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful. The Units offered, including Common Shares and Warrants which comprise such Units, have not been, and will not be, registered under the 1933 Act, or any state securities laws and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the 1933 Act and applicable state securities laws.
Petrolifera Petroleum Limited is a Calgary-based crude oil, natural gas and natural gas liquids exploration, development and production company with operations in Argentina, Colombia and Peru. The Corporation's main production platform is at Puesto Morales Norte in Argentina. Extensive undeveloped lands are held in all three countries, including three licenses in Peru and three blocks in Colombia.
Forward-Looking Statements: This news release contains certain "forward-looking information" within the meaning of applicable securities law including statements regarding the proposed use of proceeds of the Offering. Forward-looking information is frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate", "may", "will", "would", "potential", "proposed" and other similar words, or statements that certain events or conditions "may" or "will" occur. These statements are only predictions. Forward-looking information is based on the opinions and estimates of management at the date the information is provided, and is subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking information. These factors include the inherent risks involved in the exploration and development of oil and natural gas properties and the possibility of unanticipated costs and expenses. Completion of the proposed Offering is subject to certain risks and uncertainties including receipt of all required regulatory approvals, including from the Toronto Stock Exchange and the satisfaction of all conditions to closing. For a description of the risks and uncertainties facing Petrolifera and its business and affairs, readers should refer to Petrolifera's Annual Information Form for the year ended December 31, 2008. Petrolifera undertakes no obligation to update forward-looking statements if circumstances or management's estimates or opinions should change, unless required by law. The reader is cautioned not to place undue reliance on forward-looking statements.
For further information: Richard A. Gusella, Executive Chairman, or Gary D. Wine, President and Chief Operating Officer, or Kristen Bibby, Vice President, Finance and Chief Financial Officer, Phone: (403) 538-6201, Fax: (403) 538-6225, inquiries@petrolifera.ca, Website: www.petrolifera.ca
© Copyright Canada Newswire
Thursday, August 20, 2009
Bankers, but now the easy money has probably been made
The Gartman Letter Interesting Read
Dennis Gartman publishes his 10 Rules of Trading.
I thought the best use of your time today would be to share some of his rules with you. In Gartman’s own words…
1. Never, ever, ever add to a losing position: To do so will eventually and absolutely lead to ruin. Remember Long Term Capital Management and its legion of Nobel laureates who broke this rule repeatedly and went into forced liquidation. Learn this lesson well and early!
2. Capital comes in two varieties: Mental capital, and that which is in your account: Of the two, mental capital is the more important. Holding losing positions costs measurable sums of actual capital, but it costs immeasurable sums of mental capital.
3. The objective is not to buy low and sell high, but to buy high and to sell higher: We can never know what price is “low.” Nor can we know what price is “high.” Always remember that Nortel fell from $85/share to $2 and seemed “cheap” all times along the way.
4. “Markets can remain illogical longer than you or I can remain solvent,” is a brilliant statement from our good friend, Dr. A. Gary Shilling. Illogic often reigns and markets are inefficient despite what the academics try to tell us.
5. Sell that which shows the greatest weakness, and buy that which shows the greatest strength: Metaphorically, when bearish, throw rocks into the wettest paper sack, for they break most readily. In bull markets, ride the strongest winds.
6. Think like a fundamentalist; trade like a technician: It is imperative that we understand the fundamentals driving a trade, and that we understand the market’s technicals also. When we do, then, and only then, should we trade.
7. Understanding psychology is usually more important than understanding economics: Markets are driven by human beings making human errors and also making super-human insights.
8. Be patient with winning trades; be enormously impatient with losing trades: Remember, it is quite possible to make large sums trading/investing if we are “right” only 30% of the time, as long as our losses are small and our profits are large.
9. The Hard Trade is the Right Trade: If it is easy to sell, don’t; and if it is easy to buy, don’t. Do the trade that is hard to do and that which the crowd finds objectionable. Peter Steidelmeyer taught us this 25 years ago and it holds truer now than then.
10. There is never one cockroach: Bad news begets bad news, which begets even worse news.
Wednesday, August 19, 2009
Anonymous Accumulation Is Happening- But Read This 1st
Security Type Equity Shares Issued 76,482,602
Year High 0.71
Year Low 0.11
Annual Earnings/Share -0.08 CAD
P/E Ratio -4.19
7-24-2009
Canadian Arrow Announces Non-Brokered Private Placement
cnw
SUDBURY, ON, Aug. 19 /CNW/ - Canadian Arrow Mines Limited (CRO: TSX-V) (the "Company") is pleased to announce that subject to regulatory acceptance, the Company is arranging a non-brokered private placement consisting of up to 30,000,000 flow-through shares and up to 20,000,000 units of the Company ("Units") at a price of $0.05 flow-through share and $0.05 per Unit for gross proceeds of up to $2,500,000. Each Unit will consist of one common share of the Company and half of one common share purchase warrant (each whole such warrant, a "Warrant"). Each whole Warrant will entitle the holder thereof to acquire one common share of the Company for a period of 18 months at a price of $0.10 per common share.
The proceeds from the private placement will be used to advance exploration on its Kenbridge nickel project, its other regional projects and to provide the Company with additional working capital.
All securities issued in connection with this financing will be subject to a four-month hold period.
The Company may pay a finders' fee of up to 5% of the gross proceeds in connection with a portion of the financing.
It is anticipated that the financing will close on or about August 28, 2009.
This press release may contain "forward-looking statements" within the meaning of the Canadian securities legislation and the United States Private Securities Litigation Reform Act of 1995. These forward-looking statements are made as of the date of this press release and the Company does not intend, and does not assume, any obligation to update these forward-looking statements.
Tuesday, August 18, 2009
markets seem to be acting as if the world has a future,
UCORE URANIUM
The markets seem to be acting as if the world has a fu-
ture, particularly in the commodities sector and some of the
mining stories that looked like they were dead as a doornail
a while ago, are coming back to life.
Today Ucore Uranium has a huge spurt, mainly because of
moves made by the Chinese government. In an announce-
ment today Ucore Uranium commented on yesterday’s an-
nouncement by the Chinese Ministry of Information Technol-
ogy as the Chinese intend to tighten the production of rare
earth over the next six years.
Beijing is also expected to
restrict the export of its rare earth over this period with the
annual export quota to be below 35,000 tons per year.
This involves commodities I am sure you’ve never heard
of such as dysprosium, terbium, thulium, lutetium and yt-
trium. Got that? Yes, I’m sure you’ve never heard those
names before, but all of a sudden you are hearing names
like lithium everywhere, so get used to this name.
Ucore, according to their announcement is one of only
two companies in North America
with a perspective deposit
that hosts a comprehensive suite of HREE. Further, they
point out in the announcement, that it’s the only such com-
pany located within the United States.
Another near-dead mining story, regains life. One could
take a look at some reports about this Vulcan deposit and be
impressed...as a non-compliant report suggested an esti-
mated 374 million pounds of rare earth oxides at Bokan.
More than a few shares out on UCU due to recent private
placements.
Monday, August 17, 2009
Keith Schaefer of the Oil and Gas Investments newslet- ter writes today
The Toronto stock market tumbled alongside indexes all over the world Monday amid growing signs of American consumer weakness.
Connacher Updates Corporate Slide Presentation on Website
CALGARY, Aug. 17, 2009 (Canada NewsWire via COMTEX) -- (Canada NewsWire)
Connacher Oil and Gas Limited (CLL-TSX) announced today that it has posted an updated corporate slide presentation on its website at www.connacheroil.com. Click on the Investor Information link and go to Presentations.
Connacher Oil and Gas Limited is a Calgary-based bitumen, crude oil and natural gas company. It is primarily an oil sands company, with operations at its 10,000 bbl/d Great Divide Pod One SAGD plant in northeastern Alberta and with plans to construct its second similar sized SAGD project at Algar. It owns conventional Canadian production and reserves and Connacher also owns a 9,500 bbl/d heavy oil refinery in Great Falls, Montana and a 24 percent equity stake in Petrolifera Petroleum Limited (PDP-TSX), a successful production and exploration company active in Argentina, Colombia and Peru in South America. Connacher's shares and convertible debentures are listed for trading on the Toronto Stock Exchange.
SOURCE: Connacher Oil and Gas Limited
Richard A. Gusella, President and Chief Executive Officer, OR Grant D. Ukrainetz, Vice President, Corporate Development, Phone: (403) 538-6201, Fax: (403) 538-6225, inquiries@connacheroil.com, Website: www.connacheroil.com
Copyright (C) 2009 CNW Group. All rights reserved.
2009 a summer of 50 year olds- not your mother or grandmother 4 sure
Talk about German efficiency! The two photos below were taken at a new parking garage in Munich. The actual space that the facility occupies is approximately only 20% of a comparable facility with the traditional design that is used primarily in the US.
Not only is the German structure less expensive to build, but vehicles are also "retrieved" in less time and without the potential of being damaged by an attendant.
These photos are authentic, though mislabeled. What you actually see above is the interior of a 20-storey car tower in Volkswagen's Autostadt or "car city" in Wolfburg, Germany — basically a car dealership and theme park rolled into one.
The Autostadt, which opened in 2001 and boasts a hotel, restaurants, a museum, and other attractions, sees over 1 million visitors per year. Car buyers take delivery of their purchases via a fully automated procedure whereby the automobile is plucked robotically from a cubbyhole in one of the two "twin towers," each of which holds up to 400 vehicles, and brought to its owner on a special elevator.
Image credit notes: The top image has been previously credited in news stories to AP photographer Fabian Bimmer, who in all likelihood is also responsible for the second one.
Thursday, August 13, 2009
TSX rises 1.55 percent to 10,825.56
TSX rises 1.55 percent to 10,825.56
* Mining, energy, industrials lead broad rally
* Surprise European growth helps sentiment
TORONTO, Aug 13 (Reuters) - Toronto's main stock index rose
sharply on Thursday as surprisingly strong European economic
data buoyed sentiment and commodity prices, sparking a
resource-led rally.
Reports showing recessions in Germany and France ended in
the second quarter overshadowed disappointing U.S. retail sales
and weekly jobless claims data, and allowed investors to become
increasingly more comfortable with risk in their portfolios.
Copper rallied to a 10-month peak on the strong sentiment
and gold rose on concerns about inflation, boosting the TSX
index's materials sector by 2.84 percent. Energy issues gained
1.88 percent as oil also ended higher.
"It does seem as though it's the premise that the North
American and global economies are strengthening," said Elvis
Picardo, analyst and strategist at Global Securities in
Vancouver.
"It's a good rally on the back of that sentiment."
Among materials issues, Pan American Silver jumped
10.4 percent to C$22.53, and copper and gold producer Quadra
Mining rose 7 percent to C$12.51.
Among oil and gas producers, Talisman Energy
gained 3.7 percent to C$17.55, while Nexen jumped 3.6
percent to C$23.41.
Altogether, the Toronto Stock Exchange's S&P/TSX index
climbed 165.69 points, or 1.55 percent, to end at 10,825.56.
($1=$1.09 Canadian)
(Reporting by Cameron French; editing by Peter Galloway)
Pescod asks is Natural Gas finding a bottom?
For anyone who has been through the markets over the
last year, you know we’ve experienced something the likes
of which hasn’t been seen in a few generations. Not every-
one agrees that we are going back to more normal times—
whatever they are, but for those who were brave enough
five and six months ago to tiptoe back into the market, aver-
age down or whatever, there have been some amazing re-
wards.
At least for those stories that didn’t go bankrupt,
there have been some amazing rewards.
We’ve seen everything from base metals to oil to trans-
portation companies to you-name-it rebound significantly in
the last while, but there are two sectors that we have yet to
see much joy return. One is uranium and the other is natu-
ral gas.
If anything, natural gas has been steadily getting worse.
That doesn’t mean there is a lack of interest though be-
cause everyone assumes if you could figure out the bottom
for the gas cycle, there will be some abundant rewards
there as well.
One key is the absolutely outrageous volume being
traded on natural gas ETF’s, which tells you there are more
than a few people trying to pick the bottom.
For some thoughts on natural gas and when to get ex-
cited, we go to Doug Bartole, the well thought of President
of Vero Energy, one of the lower cost producers in the natu-
ral gas field.
Bartole’s first comments to us is about how it
has been the first of times...first of all, with so many drills
turning, so many wells drilled both in the United States and
Canada, it just provided the huge supply and then with the
economic landscaping getting lambasted, hitting industrial
demand, and now he points out we’ve even had a cool sum-
mer which has meant not many in Chicago, New England or
Eastern Canada have needed to turn on the air-conditioners
on at all.
As the key for investors as to when to get into the mar-
ket, Bartole looks at one number and that’s the number of
rigs that are turning. “It’s all about the rig numbers” he
suggests and he is rather frank in suggesting he wouldn’t
mind seeing gas in the $3.50—$4.00 area for a while as it
would keep the rig counts down.
In the meantime, for the second quarter he can see a
drop of natural gas supply in the United States of as much
as 4 1/2 to 5 BCF by the second quarter next year and 1 to 1
1/2 BCF in Canada because of current decline rates of al-
most 30% from producing wells.
Some of the excitement from the shale plays in the
United States which has caught the market’s attention he
also suggests are interesting because they produce big
flush production that sees dramatic drops in that produc-
tion.
Gusella sells out shareholders again
Petrolifera shares drop after equity offering plan
Thomson Reuters
TORONTO, Aug 13 (Reuters) - Shares of Petrolifera Petroleum
fell almost 20 percent on Thursday after the small,
Canadian-based energy company unveiled a plan to offer up to
C$50 million ($45.9 million) in common share and warrants.
Petrolifera, which operates in Argentina, Colombia and
Peru, was down 25 Canadian cents at C$1.09 in afternoon trading
on the Toronto Stock Exchange. The stock has fallen in the past
year from a high of C$5.84.
Calgary-based Petrolifera said it planned to use the
proceeds from the offering to help fund its exploration program
and reduce debt, as well as for working capital.
Common equity offerings can dilute the existing shareholder
base, which can then cause the market value of the shares to
drop.
($1=$1.09 Canadian)
Wednesday, August 12, 2009
PDP Surprises No One With This Offering After Price Collapsed from $3.50 1 mth ago
cnw
CALGARY, Aug. 12 /CNW/ - Petrolifera Petroleum Limited (the "Corporation" or "Petrolifera" - PDP - TSX) is pleased to announce that it has filed a preliminary short form prospectus in each of the provinces of Canada, other than Quebec, in connection with a public offering (the "Offering") of units ("Units") of Petrolifera for aggregate gross proceeds of up to $50 million. Each Unit will consist of one common share in the capital of the Corporation (each, a "Common Share") and one-half of one Common Shares purchase warrant of the Corporation (each whole Common Share purchase warrant, a "Warrant"). The Offering will be conducted through a syndicate of underwriters (the "Underwriters") which will be led by Thomas Weisel Partners Canada Inc., Cormark Securities Inc. and RBC Capital Markets. Pursuant to the terms of the Offering, the Corporation has agreed to grant the Underwriters an over-allotment option to purchase additional Units equal to up to 15% of the Units sold pursuant to the Offering, exercisable at any time, in whole or in part, up to 30 days from the closing of the Offering.
The Offering will be priced in the context of the market with the final terms of the Offering, including the terms of the Warrants, to be determined at the time of pricing. The net proceeds of the Offering will be used by the Corporation to fund a portion of its exploration capital expenditure program, primarily in Colombia during the balance of 2009 and into 2010, to reduce indebtedness relating to the Corporation's reserve-backed credit facility and for working capital.
The Units will be sold publicly in each the provinces Canada, other than Quebec, on a private placement basis in the United States pursuant to exemptions from the registration requirements of the U.S. Securities Act of 1933, as amended (the "1933 Act"), in the United Kingdom in accordance with applicable local securities legislation and regulations such that no prospectus, registration statement or similar document is required to be filed in any such jurisdiction and such other jurisdictions as may be agreed to by the Corporation and the Underwriters. The Offering is scheduled to close on or about August 28, 2009 and is subject to certain customary conditions and regulatory approvals, including but not limited to the approval of the Toronto Stock Exchange.
This news release shall not constitute an offer to sell or the solicitation of an offer to buy securities in the United States or any other jurisdiction outside of Canada, nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful. The Units offered, including Common Shares and Warrants which comprise such Units, have not been, and will not be, registered under the 1933 Act, or any state securities laws and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the 1933 Act and applicable state securities laws.
Petrolifera Petroleum Limited is a Calgary-based crude oil, natural gas and natural gas liquids exploration, development and production company with operations in Argentina, Colombia and Peru. The Corporation's main production platform is at Puesto Morales Norte in Argentina. Extensive undeveloped lands are held in all three countries, including three licenses in Peru and three blocks in Colombia.
Forward-Looking Statements: This news release contains certain "forward-looking information" within the meaning of applicable securities law including statements regarding the proposed use of proceeds of the Offering. Forward-looking information is frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate", "may", "will", "would", "potential", "proposed" and other similar words, or statements that certain events or conditions "may" or "will" occur. These statements are only predictions. Forward-looking information is based on the opinions and estimates of management at the date the information is provided, and is subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking information. These factors include the inherent risks involved in the exploration and development of oil and natural gas properties and the possibility of unanticipated costs and expenses. Completion of the proposed Offering is subject to certain risks and uncertainties including market risk with respect to marketing and pricing of the Units, receipt of all required regulatory approvals, including from the Toronto Stock Exchange, completion of due diligence by the Underwriters and the satisfaction of all conditions to closing. For a description of the risks and uncertainties facing Petrolifera and its business and affairs, readers should refer to Petrolifera's Annual Information Form for the year ended December 31, 2008. Petrolifera undertakes no obligation to update forward-looking statements if circumstances or management's estimates or opinions should change, unless required by law. The reader is cautioned not to place undue reliance on forward-looking statements.
For further information: Richard A. Gusella, Executive Chairman or Kristen Bibby, Vice President, Finance and Chief Financial Officer, Phone: (403) 538-6201, Fax: (403) 538-6225, inquiries@petrolifera.ca, Website: http://www.petrolifera.ca/
------------------------------
Thursday, August 6, 2009
These Days Markets Feel Like 1 Tequila Over The Line
Tequila (Spanish pronunciation: [teˈkila]) is an agave-based spirit made primarily in the area surrounding the city of Tequila, 65 kilometres (40 mi) northwest of Guadalajara, and in the highlands (Los Altos) of the western Mexican state of Jalisco. The volcanicsoil in the region surrounding Tequila is particularly well suited to the growing of the blue agave, and more than 300 million of the plants are harvested there each year.[1] Mexican laws state that tequila can be produced only in the state of Jalisco and limited regions in the states of Guanajuato, Michoacán, Nayarit, and Tamaulipas.[2]
Tequila is most often made at a 38–40% alcohol content (76–80 proof), but can be produced between 35–55% alcohol content (70–110 proof).[3]
Wednesday, August 5, 2009
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