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BNX - BNP Resources Inc.

Discussion in 'Canadian Stocks Message Boards' started by TheDude, Feb 26, 2017.

  1. TheDude

    TheDude Member

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    I'm restarting this thread since there are many people on Stockaholics that still own this stock. Looks like 2017 might be our year. See below:

    BNP Resources

    6004 Elbow Drive SW
    Calgary, Alberta
    T2V-1J3

    February 26, 2017
    (Bus) : 403-978-6376
    (Email): [email protected]

    February 2017 - Monthly Letter to Shareholders

    Dear Shareholders:

    The purpose of this monthly letter is to bring BNP shareholders up to date, on issues and news, since the last letter.

    1. Funding – We met with our agent and source of financing on Friday, February 24, 2017. We have received verbal approval for a $100 million debt financing package, with a negotiable amortization period. This will allow BNP to become a holding company, in control of the following assets:
    (a) Approximately 60% interest in a natural gas pipeline between Alberta and Yellowknife, NT, subject to final agreement with partners.
    (b) Approximately 30% interest in a power generation plant and transmission lines, subject to final agreement with partners.
    (c) 100% interest in an oil & gas production company.
    (d) 100% interest in an environmental company, focused on oil well abandonment.
    This is subject to successful completion of a detailed business plan, which I will start working on next week. Estimated time to close is 2-3 months.

    2. I also met with our partners in the pipeline and power generation venture. This team will be in charge of the construction, engineering and procurement, for all pipeline, power generation and transmission line projects. They are a very experienced construction management group, with mega project experience, in the range of $1 -15 Billion. They will also assist us with other major construction and earthworks projects within the group of companies. The benefit of having this team involved is for cost and schedule certainty. Our corporate mission is “We all work for construction, to deliver projects on budget and within schedule. All engineering will finished in the office and not in the field. Utilize new and innovative methods for executing projects, not currently adopted by our competitors. Construct facilities at a lower cost than our global competitors”.
    1. The following is a summary of the project back log for BNP Resources:
    (a) Phase I funding (part of $100 million debt financing) - Natural gas pipeline to Yellowknife – NT – 60% equity interest.
    (b) Phase I funding (part of $100 million debt financing) - Power Generation, Transmission and Distribution – Yellowknife (30% equity interest) – provide power to mines.
    (c) Phase I funding (part of $100 million debt financing) - Purchase of 1,000 – 1,800 barrel per day oil facility - $75 million.
    (d) Phase I funding (part of $100 million debt financing) – Purchase 69 barrel per day Chin Coulee and Claresholm properties.
    (e) Phase I funding (part of $100 million debt financing) – Farm in on 2 South Ferguson DUC’s (drilled uncompleted wells).
    (f) Phase I funding (part of $100 million debt financing) - Oil well abandonment (environmental) company
    (g) Natural gas play – Purchase existing natural gas assets along Yellowknife pipeline project, right of way, to feed into pipeline (with partners). Costs – TBA.
    (h) Develop Jensen leases (farm in from Privco) - $5 million, subject to farm in.
    (i) Montana oil development project - Nisku and Lodgepole (with partners).
    (j) Montana Helium project (brought to us by a long term BNP shareholder). Requires a $10 million budget.
    (k) Del Bonita Midstream and Oil Trucking Company – Disposal, separation and storage at oil leases, plus oil and emulsion trucking - $1.5 million
    (l) Del Bonita Power – Power generation and distribution, at oil leases - $1.5 million
    (m)Lead zinc mine reactivation opportunity (with partners) – If the Yellowknife Pipeline proceeds, an opportunity exists to reactivate an existing orebody. Compressed natural gas would be used as fuel for the heavy haul trucks, instead of diesel, reducing operating costs. Costs and share acquisition – TBA.
    (n) Willisden Basin, Saskatchewan – Made contact with a Vancouver group that have a new nuclear logging technology (approved in Canada), combined with better methods for sealing water zones in horizontal and vertical oil wells. We would need to hire a Saskatchewan geologist to search for suitable wells. We would purchase the target well and pay a portion of the completion costs, with our partner paying a portion and taking a royalty if successful. Very good success with this technology in other parts of the world. Not used in North America yet. Budget: $2 million
    1. After the closing the financing and project acquisitions, the following is our plan to get BNP shares trading again:
    (a) Share for debt deal (up to 15 million shares at ten cents), to clean up the BNP balance sheet (oil well surface rents, audit fees, creditor invoices, amounts owed to auditors & accountants, legal fees, amounts owed as detailed in the working capital deficiency, amounts owed to current and previous officers of the company, CRA, etc).
    (b) Complete all well abandonments (we have $360,000 on deposit with the AER for this work), clearing our abandonment liabilities with the AER,
    (c) Completing the accounting from 2013 - 2017, and completing annual reports and quarterly reports, which will bring us up to date with the exchange.
    (d) Once these steps are completed, the shares can resume trading again. I estimate that the BNP shares could be trading within 6-9 months of receiving the $100 million debt financing package. My preliminary model would have the shares trading at ten cents, based on an intrinsic value of $8 million and 80 million shares outstanding (conditional on raising the $100 million and closing all deals disclosed above). I am planning on having our next annual general meeting in Calgary, where we will combine the 2013 – 2017 annual general meetings.

    February 2017, is my 3 year anniversary, as president of BNP Resources. This has been a challenging time, for all shareholders and creditors, as BNP shares currently have a zero quotation value, in all of our accounts. Assuming that the financing closes, and we can get the shares trading again, I hope to see a quotation value, in the ten cent range fairly quickly (I bought my most recent 750,000 shares at one cent, prior to delisting). This valuation is based mainly on the interest in the pipeline, power generation and transmission line business units. As construction proceeds, this valuation will increase with construction progress, where I believe a twenty-five cent share price (with 80 million shares outstanding, this is a $20 million corporate valuation) is not unreasonable within 2-3 years. The pipeline, power generation and transmission assets represent $1 Billion+ in capital projects, of which we will own 60% of the pipeline and 30% of the power generation and transmission assets. We are aligned with a blue chip construction group which provides us with cost and schedule certainty. We also expect to see value creation from the other assets. Thanks again to all shareholders and creditors for your patience over the past 3 years. As we look ahead into the future, I see BNP Resources as a utility company, with a focus on serving the natural gas, power generation and transmission needs of Yellowknife and the northern Canadian communities. Our group of companies, may some day be involved in shipping gas from the Beaufort Sea, to destinations south.

    Yours truly,

    James Evans Doody
    President BNP Resources
     
  2. loubastone

    loubastone New Member

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    Insane after years of believing my money was gone, this might actually trade again soon and make us a lot of cash lol....i bought more right before it was being delisted for under 2 cent. Gotta hand it to James, the guy worked his tail off and he gobbled up 750k shares right before it stopped trading!
     
  3. TheDude

    TheDude Member

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    BNP Resources
    6004 Elbow Drive SW
    Calgary, Alberta
    T2V-1J3
    April 30, 2017
    (Bus) : 403-978-6376
    (Email): [email protected]

    RE: April 2017 - Monthly Letter to Shareholders

    Dear Shareholders:

    The purpose of this monthly letter is to bring BNP shareholders up to date, on issues and news, since the last letter.

    1. The following is a summary of activities over the past month:

    (a) We are in the process of updating the business plans and budgets, for our upcoming 2017 projects.

    (b) I will be preparing the formal loan application documents, this week. This application will be packaged with the revised business plans and budgets.

    (c) Discussed business plans and financing with our management team and the partners. Potential office space has been identified. Rental rates are much lower than 2 years ago and landlords are more flexible, thanks to a 25% vacancy rate in downtown Calgary.

    (d) John Browne has retired as a director of BNP Resources, this past month. We thank John for his involvement as a director of BNP since 2006, and wish him well in his retirement. We have identified 2-3 new candidates that will be nominated, once the company is on track to trading again. These candidates will have a large financial interest, in the operations, as partners in the pipeline, power generation and transmission business unit.

    (e) Toby Schultz has retired from the practice of law, and will no longer be our legal council. We have identified a candidate and will announce the details over the next 1-2 months. The candidate is bilingual and has experience in dealing with the federal government. He will be responsible for the government approvals, NEB applications and the loan guarantees for the pipeline, power generation and transmission project. Our latest budget for this project is about $2.0 Billion, in Canadian funds.

    (f) We will be following the Fortis / Emera business model for energy investments. Emera has grown from a market capitalization of $2.8 Billion, to over $28.0 Billion, as a public company.
    1. The following is a summary of the project back log for BNP Resources:

    (a) Phase I funding (part of $100+ million debt financing) - Natural gas pipeline to Yellowknife – NT – 60% equity interest.

    (b) Phase I funding (part of $100+ million debt financing) - Power Generation, Transmission and Distribution – Yellowknife (30% equity interest) – provide power to mines.

    (c) Phase I funding (part of $100+ million debt financing) - Purchase of 1,000 – 1,800 barrel per day oil facility - $75 million.

    (d) Phase I funding (part of $100+ million debt financing) – Purchase 49 barrel per day Chin Coulee field.

    (e) Phase I funding (part of $100+ million debt financing) – Farm in on 2 South Ferguson DUC’s (drilled uncompleted wells).

    (f) Phase I funding (part of $100+ million debt financing) - Oil well abandonment (environmental) company

    (g) Natural gas play – Purchase existing natural gas assets along Yellowknife pipeline project, right of way, to feed into pipeline (with partners). Costs – TBA.

    (h) Develop Jensen leases (farm in from Privco) - $5 million, subject to farm in.

    (i) Montana oil development project - Nisku and Lodgepole (with partners).

    (j) Montana Helium project (brought to us by a long term BNP shareholder). Requires a $10 million budget.

    (k) Del Bonita Midstream and Oil Trucking Company – Disposal, separation and storage at oil leases, plus oil and emulsion trucking - $1.5 million

    (l) Del Bonita Power – Power generation and distribution, at oil leases - $1.5 million

    (m)Lead zinc mine reactivation opportunity (with partners) – If the Yellowknife Pipeline proceeds, an opportunity exists to reactivate an existing orebody. Compressed natural gas would be used as fuel for the heavy haul trucks, instead of diesel, reducing operating costs.

    (n) Willisden Basin, Saskatchewan – Made contact with a Vancouver group that have a new nuclear logging technology (approved in Canada), combined with better methods for sealing water zones in horizontal and vertical oil wells. We would need to hire a Saskatchewan geologist to search for suitable wells. We would purchase the target well and pay a portion of the completion costs, with our partner paying a portion and taking a royalty if successful. Very good success with this technology in other parts of the world. Not used in North America yet. Budget: $2 million

    Yours truly,

    James Evans Doody

    President BNP Resources
     
  4. TheDude

    TheDude Member

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    BNP Resources
    Calgary, Alberta

    June 3, 2017

    RE: May 2017 - Letter to Shareholders

    Dear Shareholders:

    The purpose of this monthly letter is to bring BNP shareholders up to date, on issues and news, since the last letter.

    1. The following is a summary of activities over the past month:

    (a) I have completed the formal loan application documents, just last night, and submitted to our agent. This application will be packaged with the revised business plans and CV’s. We don’t yet have a definitive date for formal approval of the loan application, but will advise shareholders as soon as we have more details. The loan process is moving forward through to the next gate.

    (b) Paid the corporate registration for BNP Resources Inc., during my most recent trip to Calgary. The list of directors was modified to reflect the previously announced retirement of one of our corporate directors. The mailing address for the legal counsel, was modified to match our corporate address on file.

    (c) Oil prices closed the week at $47.74 US for WTI crude. Saudi Arabia is taking a renewed interest in OPEC and limiting supply, to a well supplied US market. The 5% going public transaction for Saudi Aramco, is scheduled for 2018. In order for this $50 Billion deal to be successful, we are told that oil prices must be higher than $50 US WTI. In order for the US brokers to sell the deal, I am estimating that a $65 US WTI oil price will be required.

    (d) The NDP and Greens will be teaming up to form a new “anti-pipeline” provincial government in BC. This may force the routing of future pipelines through the USA and the Canadian east coast, rather than Vancouver. The Kinder Morgan Pipeline to the west coast may face further resistance, from Victoria, BC.

    (e) Apache Canada has announced the sale of 5,000 BOE/day of light oil assets for $330 million, to Cardinal Energy Ltd, a 19,000 BOE/day junior producer. The deal will be funded with $170 in new shares and $150 million in debt. Properties include interests in House Mountain in Alberta, and the Midale and Weyburn pools in SE Saskatchewan.

    2. The following is a summary of our Phase I and Phase II projects:

    (a) Phase I - Purchase of 2,000 barrel per day, oil facility, a 49 barrel per day Southern Alberta oil pool, and a farm in on two Southern Alberta DUC’s (drilled uncompleted wells).

    (b) Phase I - Oil well abandonment (environmental) company.

    (c) Phase II - Natural gas pipeline – 60% equity interest, and Power Generation, Transmission and Distribution – (30% equity interest).

    Yours truly,

    James Doody

    BNP Resources
     
  5. TheDude

    TheDude Member

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    BNP Resources
    Calgary, Alberta

    June 30, 2017

    RE: June 2017 - Letter to Shareholders

    Dear Shareholders:

    The purpose of this monthly letter is to bring BNP shareholders up to date, on issues and news, since the last letter.

    1. The following is a summary of activities over the past month:

    (a) The formal loan application documents, were completed last month. The final paperwork and outstanding CV’s were provided to our agent last week. The loan application and supporting documents are with the finance company. We have applied for a debt financing package of $160 million in US funds, the majority of which would be allocated for a 2,000 barrel per day acquisition and development program.

    (b) Oil prices are holding steady in the $46.33 US range for WTI crude. Gasoline prices haven’t been this seasonally low since 2005. Very good price levels at which to negotiate an oil production acquisition.

    (c) I had discussions with our agent during the past week. He now has $2.1 Billion in projects that he is seeking debt financing for. This puts him in a good negotiating position with the finance companies. Each of these projects is constructible, well managed, and has positive economics.

    2. I’ll be continuing to work on business development plans, for the purchase of existing businesses, with cash flow and earnings. Once preliminary opportunities are identified, I will continue to investigate financing alternatives.

    I would like to take this opportunity to wish our shareholders a very happy Canada Day on July 1st. For those of you in the USA, I would like wish you a Happy Independence Day, on the 4th of July.

    Yours truly,

    James Doody

    BNP Resources
     
  6. YoungInvestor

    YoungInvestor New Member

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    Interesting developments here. Quite a big loan package application for a company with nothing but hopes and dreams... should garner some interest if everything goes through. Wonder why they couldn't get a deal done in Canada... perhaps Doody has some solid connections in NY that give this play some serious potential moving forward.

    Are the Jensen days over officially? Or is it part of the rebirth?
     
  7. TheDude

    TheDude Member

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    BNX still has a tax loss credit of around $13 million. Also, they got that $500K deposit with the ERCB that can be recovered if this subsidiary takes over those Jensen well bores. So BNX does have a few things left they can offer, but from my last conversation with Mr.Doody, there's a bigger plan in the Southern Alberta/Montana area he wants to work on.
     
  8. TheDude

    TheDude Member

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    BNP Resources
    Calgary, Alberta

    July 29, 2017

    RE: July 2017 - Letter to Shareholders

    Dear Shareholders:

    The purpose of this monthly letter is to bring BNP shareholders up to date, on issues and news, since the last letter.

    1. The following is a summary of activities over the past month:

    (a) Just received an update from our agent, this past Thursday evening. He has advised us, that his primary debt financing agent, had some delays, with their main capital provider. Rather than waiting until these issues are resolved, we are now working with another group of companies on a Phase 1 / Phase 2 financing program. This involves an initial debt financing of $20 million in Canadian funds, followed by a $100 million Canadian debt financing. As business plans, resumes, financial projections and application details have already been prepared and submitted, we expect the next phase to move forward, more quickly, over the next few months. We will keep shareholders posted on our progress.

    (b) Our board of directors met, during the month of July, for a business development meeting. We reviewed our current progress, as well as future business development opportunities, outside of the oil and gas industry. We’ve looked at industries such as hotel / hospitality, entertainment / sports, consolidation of car dealerships, McDonalds Restaurant franchises, trucking, and the garbage / sludge business, among others. At this period of time, most of the opportunities are outside of the Province of Alberta, with many in the USA, Northwest Territories, Ontario and Quebec. The business climate in both Alberta and BC, is now considered negative, by the business community, resulting in the cancellation of LNG projects in BC.

    A second business, outside of the oil and gas industry has been identified, that holds potential, to allow us to raise equity for the company, within 9-12 months of receiving the initial debt financing. As always, this is subject to our ability to negotiate economic pricing, obtain legal and regulatory approvals, and negotiate tax credits where applicable.

    (c) Oil prices are holding steady in the $49.79 US range for WTI crude. Gasoline prices are also rising. We enjoyed low gasoline prices for just a short time this summer.

    (d) As of last month, our agent had $2.1 Billion in projects. Based on recent discussions, he now has a backlog of $50 - $60 Billion of projects around the world, for which he is seeking financing. He has a large depth of contacts and we are working closely with him to put together our financing package. He appears to be in the top 10% of independent agents, involved in finding financing packages for clients, within Canada and the USA. Very impressed so far with his depth of contacts, and backlog.

    (e) Recent news regarding Jimmy Pattison of Vancouver – His group of companies recently purchased a number of radio stations and John Deere dealerships in Saskatchewan.

    (f) I had discussions with our pipeline/power generation/ transmission partner in Calgary this afternoon. He continues to look at analyzing tie in opportunities for our pipeline and power generation project in Northern Canada.

    We are very focused on the next three stages of development: (a) Raise $20 million debt financing, followed by an additional $100 million, debt financing, (b) Complete year end financials for 2013-2016, and reinstate trading of BNP shares at $0.10 - $0.25 cents, and (c) Kick start the raising of equity, with a “catalyst” transaction (to be advised at next AGM), offered at $0.25 - $1.00 per share. Note to shareholders: These are my current target prices based on initial management projections. Actual valuations will be determined by market conditions, and shareholder demand for the “catalyst” transaction. There is no guarantee that (a) shares will trade within this range, (b) no guarantee that we will be able to acquire the target business, at the target valuation price, with the required approvals, (c) no guarantee that a broker will raise equity for us, and (d) no guarantee that we can obtain exchange approval for the transaction.

    I was asked by one of our shareholders about when we would be issuing formal news releases again. Formal news releases will follow after the raising of the first stage of financing. Our currently annual budget is just $1800.00 for the storage locker, and $200 for annual corporate filing fees, for a total of $2,000 annually. At this stage, we do not have funding for news releases, which cost $350 - $750 each, depending on the number of words.

    Yours truly,

    James Doody
    BNP Resources
     
  9. TheDude

    TheDude Member

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    BNP Resources
    Calgary, Alberta

    October 1, 2017


    RE: September 2017 - Letter to Shareholders

    Dear Shareholders:


    The purpose of this monthly letter is to bring BNP shareholders up to date, on issues and news, since the last letter.


    1. The following is a summary of activities over the past month:


    (a) Met with our management team on Friday, September 22, 2017, at SunLife Plaza in Calgary. This included our funding agent, our nominee for upstream CEO (oil and gas) and our power generation partners. We discussed the difficulties in raising money in the current business climate. The brokers are no longer able to raise equity funds for the junior explorers and producers, which is one reason for initially raising debt financing. The previous financing deal that we had worked on was not successful, as our previous contact had a heart attack, is still recovering, and is not back in the business. An equity raise for BNP will follow, after the debt financing and property acquisition are completed, and the shares are trading again. Even with a 10% cost to obtain the capital, this is offset by the ability to purchase $1.25 in assets for just $1.00.

    (b) Our agent is working with a new debt financing company, based in the UK, and with a representative in Calgary. This company is agreeable to funding $150 million, based on our business plans, but requires an initial down payment of 10%. The group is credible and is currently being vetted on another deal.

    (c) The 10% financing was discussed and we have been advised by the UK financier, that it can be done in the following stages:

    - $500,000 deposit, to raise $5 million.

    - Reinvesting $3 million of the $5 million raise, to borrow an additional $30 million.

    - Reinvesting $15 million of the $30 million raised, to borrow $150 million.

    (d) It is our intention to raise the initial $500,000+ from an “Angel Investor”. The “Angel” would receive a 24% - 30% annual return, but it is anticipated that the money will be returned within 6 months.

    (e) Once an Angel Investor is found, we can kick off the application process which includes business plans, proof of life, etc. The funds are transferred to the UK financial company at the term sheet stage. At the term sheet stage, the amount of the loan and the interest rate are confirmed.

    (f) The loan will be unsecured, but funds are drawn on an AFE format, for the purchase and development of assets. For example, if $100 million is allocated for an acquisition, these funds could be drawn, with a cheque payable to the seller.

    (g) If an Angel Investor is found and was willing to put up $15 million, we could close on the $150 million term loan more quickly. The “Angel” is always paid off first, upon receipt of the debt financing.


    (h) Business development activities:


    We’re talking with other junior companies which are potential acquisition targets. We hope to have serious discussions, once the funding is raised, and we are working towards re-listing the shares for trading. We are also looking at potential farm in opportunities at South Ferguson, a production acquisition at Chin Coulee, and the Reagan field.


    Our agent is working on potential “Angel” investors. We’re also talking with others in our network, and will also talk with a few Wall Street agents.


    Any shareholders that can introduce us to an “Angel” investor, will be eligible for a 5% commission, up to a maximum of $250,000, for amounts of $500,000 - $15 million. Commissions would be payable upon receipt of the final debt financing.


    Oil prices are holding steady in the $51.64 US for WTI crude. I remain very confident and believe that we have one of the best financing agents in Calgary. I’m also convinced that as a conglomerate, our oil & gas, environmental, pipeline, power generation and transmission businesses will be successful. Our business partners and executives are some of the best people in the industry. All that we need now, is a wee bit of capital.


    Yours truly,

    James Doody

    BNP Resources
     
  10. YoungInvestor

    YoungInvestor New Member

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    BNP Resources
    Calgary, Alberta

    October 29, 2017


    RE: October 2017 - Letter to Shareholders

    Dear Shareholders:


    The purpose of this monthly letter is to bring BNP shareholders up to date, on issues and news, since the last letter.


    1. The following is a summary of activities over the past month:


    (a) Met with our management team on Friday, October 20, 2017, in Calgary. This included our funding agent, our nominee for upstream oil and gas, and our power generation team. We had good discussions regarding plans going forward and funding.

    (b) Our agent continues to work on funding of a $160 million debt financing package. This remarkable and talented gentleman, has been doing this type of work for 2 years now, and has developed a real “rolodex” of financial contacts. He is optimistic these days, as he has other deals closing in November-December. We are one of his few Canadian clients.

    (c) Once the debt is raised, I will start working on getting the accounting caught up, hold an AGM, with the goal of getting the shares trading again.

    (d) I have developed 4 possible catalyst transactions to work towards raising $160 million US in equity, which would reduce the debt equity ratio to 1:1.

    (e) A large debt financing package will be sufficient to purchase cash flow producing, oil properties, and provide $12 million towards our pipeline, power generation and transmission (PPGT) pre-feasibility project.

    (f) Prepared the organizational chart for the new business, as well as a list of the 5 proposed directors. Each director will own shares in the company. The board of director nominees, currently hold approximately 50% of the shares, in BNP Resources.

    (g) I will start having discussions with those holding outstanding invoices. We plan on issuing shares at $0.10 each to settle the working capital deficiency. This could take the outstanding shares up to 75 -80 million, from the current 64 million, but offers creditors a chance to benefit in the upside of the business, while reducing our liabilities.

    (h) Our November management meeting will be held in Calgary, over the US Thanksgiving holiday, to finalize applications for the loan and review the business plans.


    (i) Business development activities:


    - Looking at one oil development project in the NWT, in an under explored region near Norman Wells. Longer term (10 year) development opportunity, requiring expertise in exploration geology, with potential for elephant discoveries.

    - Starting to work on opportunities in the downstream industry, where new technologies can be applied to an older industry.

    - Looking at downstream retail distribution opportunities, to build our refining brand. Medium term opportunity (5 year).


    Oil prices are holding steady in the $54.07 US level for WTI crude. The oil markets are still well supplied with Libya and Nigeria bringing production back on line. At 1 million barrels per day, Libya has brought back the majority of undamaged production. More extensive engineering and construction will be required to increase production beyond current rates. I don’t expect oil prices to break $55 WTI, due to the fact that global oil markets, are generally well supplied. In the NYC area, low gasoline prices are increasing demand, with more people driving.


    My New Years resolution for 2018 is to get the shares trading again, at the ten cent level, and start putting a few Albertans back to work. I also hope to improve the zero valuation for BNP shares in your accounts, due to the lack of trading. Initially the shares may trade in the five cent range, prior to stabilizing at 10 cents. The average cost of shares exchanged for debt over the years is 10 cents, so I expect that there could be a lot of trading activity within that range. I’ll be handling the investor relations role initially and hope to attend the 2019 Prospectors and Developers conferences in Vancouver and Toronto, held in late 2018 and early 2019. I hope to see some of our shareholders there. We will have a booth to explain how our new power plant and power lines, will positively impact the Yellowknife mining business, and improve the economics of all existing mines. The Calgary Petroleum Club (CPC) has completed their renovations and is now open for business again, which will help improve the local Calgary economy. Many a deal will be done, over a meal and drinks, at the CPC.


    I’ve decided to write a book on my BNP turn around experience, once we’ve raised the debt, equity and are trading again. The book could be called “Corporate Turn Around Guide – How to Rebuild a Small Junior Company from Scratch, After Being Delisted from the Stock Exchange, With No Money, and turn it into a Billion Dollar Dividend Paying Enterprise”. Still some work to be done, but I must continue with the positive thinking.


    Yours truly,

    James Doody

    BNP Resources
     
  11. TheDude

    TheDude Member

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    BNP Resources
    Calgary, Alberta

    December 2, 2017

    RE: November 2017 - Letter to Shareholders

    Dear Shareholders:

    The purpose of this monthly letter is to bring BNP shareholders up to date, on issues and news, since the last letter.

    1. The following is a summary of activities over the past month:

    (a) Met with our management team this past month, in Calgary. This included our funding agent, our nominee for upstream oil and gas, and our engineering and construction team. We had good discussions regarding plans going forward and funding. Next meeting will be held on December 15th in Calgary to review funding progress and meet with team members. I’ll wear my Christmas sweater and prepare for the cold weather and snow. I’ve started to enjoy the weather on the east coast of New York State. Less snow than Calgary, and a much milder winter.

    (b) Our engineering and construction partners are currently looking for office space in Calgary at 10655 Southport Road in Calgary. This red brick office building is located on the west side of MacLeod Trail, north of the train station. They have indicated that there is a 3,500 square foot space available for BNP Resources, when we are ready, post completion of funding, and our 2,000 barrel per day acquisition. This site allows most of us to drive against traffic and keeps us out of downtown Calgary. Lease terms are for 3-5 years.

    (c) Our funding agent is targeting April – June for completion of the $160 million US debt financing deal. He is also working hard to improve the closing dates. Our funding agent is also in the process of closing another $100 million US deal, by year end. It appears that we are next in the queue. Patience is necessary for this process but I believe that 2018 will be the year that BNP gets funded and starts trading again. Our goal is to get the shares trading at ten cents, which will allow anyone wishing to sell, to do so, with liquidity. I’m starting to plan for the summer of 2018 golf tournament and barbeque. All Calgary based staff, directors and shareholders are invited to attend.

    (d) During the month of November, our business development group has looked at two additional projects, with potential for BNP to purchase, after the raising of the $160 million US debt deal. Very good prospects and potential.

    (e) Our board of directors has identified two new nominees to join the board, once the debt financing deal is completed. This would increase our board to four persons.

    (f) Planning on attending the 2018-2019 Prospectors and Developers Conference next year in both Vancouver and Toronto. We hope to have a small booth and some good stories to tell, resulting from our current business development efforts. Shareholders are also invited to visit the booth.

    (g) Currently looking at a final “shares for debt” deal in 2018, offering debt for equity in the 10 cent range. This could add another 8-10 million shares. We are targeting August 2018 for completion of this program.

    Oil prices are holding steady in the $58.29 US level for WTI crude. OPEC agreed this week to limit production, which bodes well for all of us in the petroleum industry. These are the best prices I’ve seen in a while, and a much happier time to be in the industry.

    I would like to thank our shareholders for their extreme patience over the past 4 years. It has been a tough 4 years for all of us, based on my discussions with many of you, but I continue to be very positive on our prospects going forward. As this will be my final letter before the Christmas break, I would like to wish everyone a very Merry Christmas and a Happy New Year.

    Yours truly,

    James Doody

    BNP Resources
     
  12. YoungInvestor

    YoungInvestor New Member

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    BNP Resources
    Calgary, Alberta

    January 8, 2018

    RE: December 2017 - Letter to Shareholders and Year End Report

    Dear Shareholders:

    The purpose of this monthly letter is to bring BNP shareholders up to date, on issues and news, since the last letter. In addition, this letter serves as a general update on 2017 business development activities, not previously reported.

    1. The following is a summary of business development activities for 2017:

    (a) Very sorry for the delays with this letter. My family and I enjoyed the Christmas and New Year celebrations in New York this year, but I also suffered with the flu over the past few days. I’ve recovered today and will get caught up on my shareholder updates, with 2017 business development activities, not previously discussed.

    (b) Funding is still the primary focus. Will continue to review and update.

    (c) US News - Trump Tax Plan: Basically, the US corporate tax rates have been reduced to the same levels as Canada. This will prevent head offices leaving the USA for Canada due to lower Canadian tax rates (Burger King / Tim Hortons). The US stock market is up mainly due to the drop in the US corporate tax rates. All US based corporations will benefit. As the economy improves, US salaries will rise. Florida will continue to be one of the best head office locations as there is no state income tax, and the weather is pleasant year round. If BNP was going to have an operating head office in the USA, Florida would be the 1st choice. Other options include Alaska, Nevada, South Dakota, Texas, Washington and Wyoming. Building a hotel on Daytona beach, might be a good place to start, for those of us that enjoy car racing. Beaches, car racing, and American beer – life doesn’t get any better.

    (d) Next trip to Calgary planned for January 26th.

    (e) I have been looking at the new Duvernay oil play in Alberta. Raging River (RRX) is one of the participants and believe that they may have staked the “sweet spot” of this major oil play. With a shale play, porosity and permeability is very important, as without it, the oil will not flow. Another few years of drilling will be required to confirm that RRX is in sweet spot. I tried to roughly map the play to determine what infrastructure could be required to support the play, outside of the midstream / pipeline business. It appears to me that new hotel construction has been limited. I am proposing that a new 100 room, 3 star hotel (Hampton, Hilton Garden Inn, or Ayres) be constructed at Hardisty, Alberta, on the main highway. Most oil from this play will find its way to Hardisty, for export by Enbridge or TransCanada. Over the next 10 years, there will be more economic activity and capital projects, directed towards conventional oil. Hardisty currently has a nice 64 room 2.5 star hotel in town. There is a nice 75 room motel for sale in Three Hills for $6.4 million, which could benefit from the drilling. Camrose and Stetler are also areas to consider. Quick serve restaurants, such as McDonalds and Tim Hortons, have locations in Camrose and Wainwright, but not in Hardisty. The Hardisty community could benefit from either a McDonalds or a Tim Hortons during this sustained construction period.

    (f) Angel investing – I have been working on a business plan to apply $15 million in capital, towards obtaining funding for capital projects. My internal estimates allow for a 50% annual pre-tax return. Assuming that we could obtain access to $15 million US, we could have it paid out within 2 years. The tax losses within BNP may be able to shield us from paying any income tax on profits, for 3-5 years. This venture will be held in our merchant banking division. We have one Senior Vice-President (SVP) candidate proposed. Compensation is based on a base salary plus bonus. Bonus is calculated against rate of return, plus return of 100% of capital, over a 12 month period. Base quota is a 50% return on invested capital. The SVP bonus is based on exceeding the baseline quota. Interesting business unit that could grow into M&A.

    (g) Windsor toll bridge to the USA - Currently, this is one of the only privately held bridges in North America. The owner is currently fighting the Government of Canada over construction of the competing Gordie Howe Bridge. An opportunity exists to buy out the Windsor bridge, the duty free business, and a fuel sales business, from current owners. Approximate cost is about $3 Billion US. In my opinion, the Gordie Howe bridge will never get built, without a private sector solution. The bridge owner would benefit by selling this year, based on the lower federal taxes, which increases EBITDA, and the value of the company. I’ve picked out a theme song for this deal, which is New York New York, by Mr. Frank Sinatra. This deal was developed with inspiration from our independent director, who uses the bridge daily, while I was living in White Plains, New York, just 40 minutes north of NYC. The song is inspirational for a small start-up company – “If I can make it there, you know I’m going to make it just about anywhere”.

    (h) Quebec City Hockey Team. We had been following the New York Islanders, arena problem very closely, over the past year. They were successful in getting a new venue approved at the Belmont Racetrack, in Nassau County. I congratulate their owners for getting this deal done, which will keep the team in Long Island. We are still interested in buying an existing NHL hockey team, with the intent of moving it to Quebec City. We believe that there is sufficient fan support, to fund the purchase of the team with equity. We recognize that the Quebec City fans are the best in Canada. We prefer to purchase an existing team and relocate to Quebec City, rather than obtaining a new franchise. The Calgary Flames are our next target, for relocation to Quebec City, if the City of Calgary does not support the construction of a new stadium. “Quebec Flames 2019” - Two theme songs for this deal – 1) Rainy Days and Mondays – Richard and Karen Carpenter – for the Calgary Fans, and 2) Top of the World – Richard and Karen Carpenter – for the Quebec fans.

    (i) Canadian / US Politics Blog – The Trump Administration has done an excellent job during the first year in office, specifically the tax plan to reduce corporate taxes. The Alberta / Canadian Government has just added a carbon tax on gasoline valued at approximately ten cents per gallon. The Trump administration approved 2 pipelines over the past year, including Dakota Access and Keystone. The Dakota Access line is in service and is benefiting producers. The TransCanada line still has routing issues in Nebraska. In Canada, the City of Burnaby is refusing permits for the Trans Mountain Pipeline expansion. I’m seeing limited interest from the Government of Canada to resolve this issue. Completion of pipelines will narrow the crude oil discount, improving netbacks for producers and government royalties. This will improve job prospects for Albertans. I encourage the Government of Canada to allow construction of the pipeline without the City of Burnaby permits, if necessary.

    (j) Standard Exploration (SDE) was up to four cents, on rumours and speculation (denied by management) that it could become a marijuana distributor. Nine million shares traded in one day. We await the next news release from SDE. Marijuana appears to have good medicinal qualities, according to Scott Adams of Dilbert fame, but I haven’t been able to find any doctor that will prescribe it. My doctor always discouraged smoking cigarettes.

    As I go back to the 1983 Hemlo , in the mining business, it has always been the junior companies that made the big discoveries. Although BNP is a small junior company, we have a strong backlog of business development prospects. The proposed purchase of an NHL team, for relocation to Quebec City is my favourite deal. I am also committed to finding a path forward to get the Gordie Howe Bridge constructed. Canadians need the jobs and alternate routes between Windsor and Detroit. “Make Canada Great Again”.

    Oil prices are holding steady in the $61.59 US level for WTI crude. I believe that the range for oil prices in 2018 will be from $53 - $65, with an average price of about $59. Sufficient supply exists in the world with Libya and Nigeria working to bring back supplies. US shale oil production can be brought on quickly by bringing on DUC’s (drilled uncompleted wells). Growth in electric cars will utilize electricity from coal fired and natural gas fueled generation.

    The management and directors of BNP wish all shareholders a prosperous year ahead.


    Yours truly,



    James Doody

    BNP Resources
     
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  13. TheDude

    TheDude Member

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    BNP Resources
    Calgary, Alberta

    January 28, 2018

    RE: January 2018 - Letter to Shareholders

    Dear Shareholders:

    The purpose of this monthly letter is to bring BNP shareholders up to date, on issues and news, since the last letter.

    1. The following is a summary of business development activities and research for this month:

    (a) Ottawa Senators – Owner is considering moving the team if attendance doesn’t improve, but is not willing to sell the team. I believe that Quebec City would be a much better venue than Ottawa. Calgary Flames – No deal yet with the City of Calgary on an arena, puts the team at risk to leaving Alberta.

    (b) Ambassador Bridge – Plan on opening discussions during Q1-Q2 with current owners.

    (c) Hotels and Real Estate – Had first meeting with bank to discuss financing requirements for new build versus purchase of existing hotels in Central Alberta. Focus on serving Alberta domestic oil industry. One of our 9% shareholders suggested looking at existing public hotel companies include GUS and Regent, as possible acquisitions in the future. In addition Lakeview Hotels (LHR.V), GUF.V, RRR.UN, RPP.V have potential. I will start working on the hotel business plans over the next quarter, after hearing back from the bank. This would be a business in which we could possibly utilize our $13 million in tax losses. Thanks to our shareholder for the good leads.

    (d) Gas Stations – Had first meeting at bank to discuss investment in gas stations. Our focus is higher volume stations with airport locations, catering to rental car returns. The Calgary airport does not yet have a gas station at the airport. The land lease requirements at the airport make financing a little more complicated.

    2. The following is US business related news, over the month of January:

    (a) William Bain passed away this month. Mr. Bain was the founder of Bain & Company and mentored Mitt Romney in his early years. Source – Wall Streeet Journal 20 Jan 2018.

    (b) A Philadelphia refinery has just filed for Chapter 11 Bankruptcy, due to their inability to blend fuels with ethanol, forcing them into buying uneconomic carbon credits. Source – Wall Street Journal 23 Jan 2018.

    (c) Newell will be selling off the following businesses: Rawlings (baseball gloves), Goody and US Playing Cards. These are lower growth steady businesses, that would be suitable as BNP acquisitions, once we reach Gate 2, for the equity raise. Source – Wall Street Journal 26 Jan 2018.

    (d) Casino – The Revel Casino in Atlantic City, New Jersey, was sold for $200 million US. Original cost was $2.4 Billion, and it will be rebranded as the Ocean Resort Casino. This casino has 1,399 rooms on 20 acres. It appears that Atlantic City is coming back. Source – Wall Street Journal, 9 Jan 2018.

    Funding is still the primary focus. I will continue working directly on developing the deals, as I have done previously. In addition, I will also take on the responsibility of being the financing agent. We will continue working with our existing agent, and will consider working with new sources of financing, including the Alberta banks for hotel mortgage financing, in order to consolidate Alberta hotel and real estate ownership, with a single owner.

    Trump Tax Plan: I met with an accountant regarding the Trump Tax Plan. He was quite excited with the new 21% rate and expects to be quite busy with corporate taxes throughout the year. Taxes are due on April 15th and he expects the deals to start this summer. The 21% rate is not eligible for LLC’s, and small businesses, but applies only to C-Corps. Personal tax gets simplified and corporate tax, gets more complicated. The carried interest benefit for hedge funds stays in place, resulting in very happy Greenwich, CT, based hedge fund managers. Campbell Soup is closing their Canadian plant in Toronto, and moving operations to the USA, as a result of the tax deal (and low Canadian sales growth).

    We continue to work on plans to recapitalize BNP, and to get the shares trading again. I welcome discussions with shareholders, if you have any ideas, leads or just want to say hello. I’m as motivated as all of you to get this little company trading again, with a goal of ten cents per share. I’ll be asking the board of directors to maintain my salary at $1.00 per year for 2018. I believe that I’m currently being overpaid, but hope to have some better results this year. No bonus for 2017, as I did not meet my goals. Hope that 2018 is better. Our monthly costs are about $150 for the storage locker and annual filing fees are about $100.00.

    Yours truly,

    James Doody

    BNP Resources
     
  14. YoungInvestor

    YoungInvestor New Member

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    BNP Resources
    Calgary, Alberta

    April 8, 2018

    RE: March 2018 - Letter to Shareholders

    Dear Shareholders:

    The purpose of this monthly letter is to bring BNP shareholders up to date, on issues and news, since the last letter. Sorry for the late issue but I’ve been working on the document for the past week, and over the Easter break. This letter is more of a business plan going forward, than a standard letter to shareholders. Many thanks to our Calgary shareholder, who encouraged me to look at the tax losses in more detail.

    1. The following is a summary of business development activities and research for this month:

    (a) The main asset of BNP Resources is our estimated $13 million in tax losses. We were not successful in 2016-2017 in obtaining debt financing. One of our shareholders requested that we accelerate our turnaround efforts. Cost estimates and level of effort will be provided, to do so.
    (b) Met with a Calgary accountant regarding the monetization of our estimated $13 million in tax losses (we don’t know exact amount yet). Accountant advises that we must file our taxes from 2013 – 2017 (unaudited), and apply with CRA, to allow use of the tax losses. Tax losses are valid for 20 years maximum. Our losses are business losses, and cannot be used for capital gains or dividend income. Business income must be active. Active income includes commercial rental income, residential rental income, hotel income, manufacturing income, but excludes passive income, such as dividends and interest.
    (c) I will start organizing the tax files with the intent of filing unaudited returns for 2013-2017, by year end 2018. We will then apply with the CRA for the use of the tax losses. Our original BNP bookkeeper (2006 – 2013) has agreed to assist. We will refer to this as the Accounting Project.
    (d) Once this stage is completed, we can seek an acquisition of an income producing asset, currently in the 50% tax bracket. With an acquisition by BNP Resources, we can defer the payment of taxes, by shielding $12-$13 million in taxable income. The actual tax loss value will be determined through the filings, expected to be completed by year end.
    (e) I checked with a Canadian business owner, experienced with 7 figure tax bills, and he confirmed his corporate tax rate was in the range of 50%. I am assuming 35% federal and 15% provincial. A $13 million tax loss should be able to shield $4.5 million in federal taxes payable, assuming a 35% federal rate. Provincial taxes must still be paid.
    (f) We will also determine a better estimate of our working capital deficiency, which can help plan our future shares for debt program (after we are trading again). Once we determine the net present value of the tax losses, we will adjust our balance sheet to show the main asset as a tax loss, valued at $3.0 - $4.5 million (To be determined), less working capital deficiency, less abandonment costs in excess of deposit on file with the AER.
    (g) Total cost estimate to get the shares trading again is $160,000 - $200,000, most of which is audit fees. The exchange will allow us to issue 40 million shares at $0.005 per share, to fund this purpose. We retain this as an option but will also investigate other alternatives. This alternative was discussed with a Toronto broker that specializes in this field. If we are able to acquire a debt financed asset, we will have sufficient cash flow to cover audit expenses for 2013 – 2017 and applications to resume trading, without issuing shares.

    2. My focus for the remainder of the year will be tax filings and working on our confidential project (to be referred to hereafter as the Martha’s Vineyard Project). This would allow us to start monetizing our main tax asset. The following is a cost estimate, related to the CRA income tax filing and 2018 G/A costs to operate the company:

    (a) $5,000 to cover the 2013 – 2017 tax filings. Does not include audit fees.
    (b) $3,500 to cover 2013 – 2017 unaudited accounting expenses.
    (c) $250 annual license fee for Quickbooks software. Data entry by book keeper.
    (d) Storage locker - $155 per month cost of the storage locker, where we store our tax files. Annual cost is $1,860.

    3. Once the filings are completed, we require a committee of the board, to search for and work with the board to make offers on Canadian hotels, apartments and businesses. This will be referred to as the Asset Acquisition Project (Hotels). We will require a $10-$15 million asset (or multiple $5-$7.5 million assets), with $1-$1.5 million per year in income, to utilize our estimated $13 million in tax losses, prior to their 20 year expiry date.

    Our asset purchase offer will involve 100% debt (60% - 75% bank loan and 25% - 40% Vendor financing) and we require an understanding seller, that has a long history of paying a 50% tax rate on earnings, beyond the first $500,000 in annual income (12% tax owing on first $500,000 in taxable income). BNP Resources must purchase the asset directly, as it cannot be a share purchase. We are open to asset purchases anywhere in Canada, including Yarmouth or Halifax, Nova Scotia, Moncton or St. John, New Brunswick, Windsor, Sarnia and London, Ontario, Regina or Saskatoon, Saskatchewan, Red Deer, Edmonton, Calgary, Fort McMurray, Alberta, Prince George, Kamloops, Hope, Langley or
    White Rock, BC. This process could take anywhere from a few months to a year. We need exact tax losses to be registered with the CRA, prior to proceeding. The seller must work with us to put the funding in place prior to the sale, and be willing to place a Vendor take back mortgage on the property (balloon payment due within 3-5 years). Real estate fees would be paid out of the financing by the seller. Due to the rules regarding our May 2014 cease trade order, we are not allowed to promise to issue shares until after BNP shares are trading again. Income from the business could be used to get the shares trading again, with no dilution to the shareholders.

    4. Timelines – We should know by July – August of 2018, if the Martha’s Vineyard project (Confidential) will go ahead. If it is positive, we will issue a news release at that time, and continue working on the program. If not, we will let the shareholders know that we were unsuccessful, and move on to the Asset Acquisition Project (Canadian Hotels).

    5. The following is a list of potential businesses, that we could develop, once the shares are trading again:

    (a) Canadian Hotels – 70 – 100 rooms
    (b) Canadian residential rental property – 100 unit apartment complexes
    (c) Purchase light oil assets in Mississippi
    (d) Del Bonita Midstream and Oil Trucking
    (e) Del Bonita Pipelines
    (f) Del Bonita Power (3-Phase overhead lines and power generation)
    (g) Golf courses (BNP Links)
    (h) BNP Fuels (gasoline stations at Canadian airports). Calgary still does not have a gas station at the airport.
    (i) BNP Oil and Gas (offshore horizontal drilling for light oil near Lambton and Chattam Kent)
    (j) BNP Insurance Agencies
    (k) BNP Ford - Car Dealerships / Car Rentals
    (l) BNP Liquor Stores (after Rob Ford government privatization of Ontario liquor stores)
    (m) BNP farm machinery dealerships (Saskatchewan)
    (n) BNP Stainless Steel Rebar Company (use of stainless steel rebar in concrete bridges to prevent corrosion)
    (o) BNP Timber
    (p) BNP Gold Mines (Buy out Eldorado Gold in Greece). Sign up Greece to a free trade agreement with Canada to trade commodities and manufactured goods, in return for permits. Trade oil and timber for olive oil and sunshine.
    (q) Buy Short Line Railway to Churchill Manitoba (needs new ore body discovery to pay for railway repairs)
    (r) Buy Churchill Grain Terminal. Need new ore body discovery to pay for the railway upgrade
    (s) BNP Toll Bridge Management
    (t) BNP Merchant Banking (buying and selling assets for a fee)
    (u) Bring Vapiano Italian food to Davie Street in Vancouver. Build a new Boardwalk at the bottom of Davie Street, to draw crowds to the restaurant.
    (v) Purchase former Hyatt Hotel, 775 rooms, in Dearborn, Michigan and upgrade. Develop convention business.
    (w) Purchase Fairlane Mall, adjacent to former Hyatt Hotel, Dearborn. This mall is in need of an upgrade. We would want Nordstrom as an anchor, plus an Apple store. For restaurants, a Cheesecake Factory, PF Changs, Vapiano and Bubba Gump Shrimp Co. would be preferred. A strong mall will help drive convention business at the old Hyatt Hotel location.
    (x) Purchase Hilton Hotel at JFK Airport, Jamaica, Queens.
    (y) Buy an existing NHL Hockey team and possibly look at bringing the NHL back to Quebec City.
    (z) Canadian Lobbying and Consulting firm. Canadian tax specialization & consulting. It just takes a little capital, and our first deal. Don’t lose hope and stay positive. I believe that we are getting closer. At this stage, we have a good chance of becoming a Canadian Hotel operator.

    6. Our BNP USA field office will be moved from NY to the Chicagoland area of Illinois in early May. This will be closer to Calgary as well as being closer to our Martha’s Vineyard Project location. We will have access to direct flights between Chicago O’Hare and Calgary.

    7. Our 1 st Annual BNP Golf Tournament will be held this summer, in lovely Windsor, Ontario, and will be organized by our independent director. So far we have two confirmations for golf and 5 people scheduled for the golf dinner. Dates, time and location, to be advised. Please RSVP to me, and advise on your interest in attending. We are currently looking at a 9 hole, par 3 program, depending on demand.

    The Calgary business climate is still very weak and the next federal election is just over a year away. Rob Ford won the leadership of the Ontario PC Party on a fiscally conservative platform. Caroline Mulroney was the favorite but wasn’t successful. The TransMountain Pipeline and the TransCanada Keystone Pipeline are not yet proceeding. Advised by an industry insider that shipping oil by rail now costs $20 per barrel, compared to $7.50 for pipelines.


    Yours truly,

    James Doody
    BNP Resources
     

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