CALGARY, Aug. 31, 2016 /CNW/ - Tudor has been on the stock exchange since 1982. There have been good times and rough times.
We used to produce "fish leather" at a tannery in Ontario. One day a government man told us we were being closed down because when you take the hair off a cow, sheep, horse or deer you use lime, lye or acid. I tried to explain that fish had no hair and used no poison chemicals.
Because of Kyoto we were closed. We had just received a sample order for 110,000 dozen watch straps and 3,000,000 golf gloves. What a blow!
One day a city representative in Calgary told us to take all our skate sharpening machines out of the City of Calgary arenas (these were the only machines we had left in place as we had recalled the machines to install new electronics). When I asked why, I was told that the city wanted to charge way more for a sharpening and we were hurting the hand sharpeners and this would give the city more revenue for their percentage (they didn't care that they would be hurting the kids).
We have been producing oil and gas in Alberta for about thirty years. About 2008 when the prices started to drop, we decided to shut-in our wells and save our future reserves.
Now the AER (Alberta Energy Regulator) has come up with a plan that our wells had a DEEMED deficit more than our DEEMED assets. They demanded that we give them $1,450,000.00. I explained that the wells were not abandoned and when gas prices go back up we were going to turn on the taps, and that we had already put nearly $300,000.00 into their Orphan Well Fund.
In late July, 2016 the AER sent a notice that they had rescinded our well licenses and took away our land leases leaving us with no properties and no future income. Then they sent a new invoice as they were raising their orphan fund from $15,000,000.00 to $30,000,000.00 per year for their abandonment fees and we had to pay our share.. Because of this our Directors, Richard Bergmann and Alan Thiessen have resigned and because we have less than three persons on our Board of Directors the exchange halted trading on our stock.
Since I have been supporting the Company with cash for the past several years the company owes me approximately $3,000,000.00. I have never charged interest on this money, nor have I taken stock in exchange. I have taken no wages or any other benefits. The office Manager has never taken a salary as we were both waiting for the wells to go back on stream. I also own/control over 7,000,000 shares of Tudor Corporation Ltd so you can see what the AER has done to all of the Shareholders. I am unwilling to put any more personal funds into the Company. Because it is apparent that the Company is on the verge of failing, the CFO James McCallum, has sent in his resignation. You can understand why we are on the verge of closing down and then declaring bankruptcy.
SOURCE Tudor Corporation Ltd.
For further information: Lionel Conn, President. Tudor Corporation Ltd.