Grizzly oil sands done?

[luvz da mud]

Has anyone heard what's goin on at grizzly oil sands? I was told they are all but tits up, all I could find on the webbernet is they are down to 3 part time employees the CEO, CFO and someone else all on a part time basis. I read they returned 3 leases back to the province that were on provincial park land and might not have been rezoned or explored anyways and was paying 50K a year in taxes for each to hold them so they threw them back at the gov to free up some loot. Did they mothball the sag-d ops and shut it down completely or are they still pushin steam and maintaining untill they get a cash infusion? They just got first returns a year ago, machienery isn't even broke in yet. Does anyone know for sure? Thx in advance

 

[mathrulz]

Currently shutting down and semi-decommissioning - many more than 3 people for now. There's always more to the story than most read or hear about. If you look on the internet you'll see how wealthy Grizzly's 2 owners are - the company is definitely not broke in that regard! It's unfortunate for sure though - supposedly the facility was starting to work quite well.

 

[luvz da mud]

Yea the owners do have deep pockets, found it hard to believe they would just pull the pin wholesale when they just started to hit their stride, wow. Thanks for the info

 

[steveo10]

We had the vac and water on the sagd south of Fort mac. Also had vac and water west of Conklin for them a couple of winters ago. Seemed like a good company. They wanted to develop the Conklin stuff they bought off of into 70,000bpd+. Grizzly sold some of their assets to a disposal company we have invested in.

My thoughts are they are done coring at Conklin and are preparing to ramp up sagd