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In late July, 2016 the AER sent a notice that they had rescinded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.