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Posted On 11:24, Jun 16 2020

June 16, 2020
Do expect the annual proxy any day now. This Board is too stupid to try to communicate with us. We absolutely need a new Board. Unlike the “Chamberlains” of shareholders, we cannot make a deal with the “Hitlers” of the Board. The other group of shareholders has found this out, at last. I told them that 8-months ago. Now the Chamberlain group wants to reelect 2-members of the Board. Wrong. Those 2 did not speak up for us. We can’t have a Director who lives in Alaska on our Board. Besides, it cost too much to fly him in to Calgary.

Also, the Chamberlains have NO proposal for us but two. Cut Board compensation from $100,000 (currently $90,000) to $50,000 a year and reduce Board size to 6. That is their whole stated agenda. Well the 2-members the Chamberlains they want to retain could have cut their fees unilaterally. Did they? NO. Did they bring a merger partner to the table? NO Did they communicate with shareholders? NO. Did they reduce debt? NO. Did they advocate a stock buyback? NO. So what did they do? Oh, they took a $100,000 annual fee like all the other rubber stamp people on the Board. The last thing we need is another oil person on the Board with NO agenda.

That is what the Chamberlain group wants to do. The new people want to put on the Board an oil person. We need Merger and Acquisition people. Two-three year ago, I told the Board that I can effect a large bond issue to replace the current short-term debt. That bond issue would be publicly owned. So, if the bond went down in price, the bond could be bought back by the company at a reduced price. It needed the cooperation of the Board and management. Never happened.

- 11:24, Jun 16 2020