CALGARY, May 14, 2012 /CNW Telbec/ - Exall Energy Corporation ("Exall" or the "Company") (TSX: EE EE.DB) is pleased to announce its International Financial Reporting Standards ("IFRS") compliant financial and operating results for the three months ended March 31, 2012. Exall's public filings can all be found at www.exall.com or www.sedar.com.
Highlights:
| HIGHLIGHTS | Three months ended March 31 |
||
| Thousands of Canadian $ |
2012 | 2011 | % change |
| Financial | |||
| Gross revenue | 8,604 | 7,383 | 17 |
| Funds from operations | 4,127 | 4,179 | (1) |
| Netback per boe (6:1) ($) | 51.89 | 48.96 | 6 |
| Funds from operation per share - basic | 0.07 | 0.07 | Nil |
| Comprehensive income | 1,065 | 1,755 | (39) |
| Comprehensive income per share - basic | 0.02 | 0.03 | (33) |
| Capital expenditures, net | 28,165 | 12,025 | 134 |
| Net debt | 37,971 | 9,806 | 287 |
Corporate Developments
Production
Exall's average daily production for the first quarter of 2012 increased 7 percent to 1,118 barrels of oil per day ("boe/d") from 1,045 boe/d in the first quarter of 2011. As at March 31, 2012 Exall's net exit production rate and productive capacity were as outlined below:
http://files.newswire.ca/357/NOWPP.pdf
Low reservoir pressure in the eastern extent of the South Marten Mountain waterflood project resulted in reduced production from four wells. An application was submitted for an amended waterflood scheme which included the addition of three producing wells to the scheme and conversion of one well to water injection. Exall has received approval by the ERCB for the amended waterflood scheme. Water injection in the eastern extent of the South Marten Mountain waterflood project commenced April 1st, 2012. Once pressure has been re-established, production from the three wells included in the amended application should net Exall approximately 340 BOEPD.
Outlook
Exall has continued to focus its capital in development of its Gilwood Channel Play in the Marten Mountain Prospect area through the first quarter of 2012. Five gross (3.28 net) wells have been spud with seven gross (4.66 net) wells drilled and cased through the first three months of 2012 adding three gross (2.13 net) producing wells which were tied in and are on stream by March 31, 2012 through the Company-owned pipeline and battery facilities. One gross (0.72 net) Water Source well and one gross (0.36 net) Water Disposal well were drilled, completed and tied in during the firtst quarter of 2012.
The wells drilled during the first quarter of 2012 have continued to add reserves with multi-zone sand development and identified a number of offset drilling opportunities. The ability to continue development of this key property year round has allowed Exall to increase its production potential and accelerate development plans in the Marten Mountain area.
During the first quarter of 2012, Exall successful completed the proprietary data acquisition of 51 sections of an 86 section 3D seismic programs in the Mitsue area. During the second quarter the data will be processed and interpreted. The 3D seismic acquisition has the potential to identified a significant number of well locations on several Gilwood sand trends, locations which will primarily be accessible year round.
Exall has completed the installation of an electric drive compressor at its Marten Mountain Battery, and is currently awaiting the completion of electrification of the battery site by ATCO. The electric drive compressor with adequate capacity to handle future expected increases in gas deliveries and will significantly reduce operating costs once brought online.
Current net production for Exall is approximately 1,467 BOEPD. Exall currently has well capacity to produce approximately 1,867 boe/d as there are four wells awaiting pressure response from the amended south waterflood operations. The target 2012 average yearly production rate is currently estimated at 2,000 boe/d.
Exall is a light oil-weighted company with high operating margins. This puts the Company in a favorable position to exploit existing opportunities and potentially take advantage of opportunities that arise. Exall will continue to focus on organic growth through exploitation and expansion of its existing oil producing properties.
Results of Operations
| Production | |||
| Daily production by area | Three months ended March 31 |
||
| % | |||
| boe/d (6:1) | 2012 | 2011 | Change |
| Mitsue, Alberta | 1,053 | 941 | 12 |
| Jayar, Alberta | 63 | 90 | (30) |
| Bow Island, Alberta | 2 | 1 | 100 |
| Harris County, Texas | - | 13 | (100) |
| Total production (boe/d) (6:1) | 1,118 | 1,045 | 7 |
Production for the first quarter of 2012 at Mitsue, Alberta averaged 1,053 boe/d a 12 percent increase over the same quarter in 2011 due primarily to the addition of 3.0 gross (2.13 net) wells drilled on the 2011 3D seismic interpretation. Production for the first quarter of 2012 at Jayar, Alberta averaged 63 boe/d a 30 percent decrease over the same quarter in 2011. Production for the first quarter of 2012 at Bow Island, Alberta averaged 2 boe/d a 100 percent increase over the same quarter in 2011, primarily due to additional water injection in the area by a new operator. Harris County, Texas assets were sold effective December 31, 2011.
| Three months ended March 31 |
|||
| % | |||
| Daily production by product | 2012 | 2011 | Change |
| Oil (bbl/d) | 1,004 | 898 | 12 |
| NGLs (bbl/d) | 15 | 26 | (42) |
| Natural gas (mcf/d) | 598 | 732 | (18) |
| Total production (boe/d) (6:1) | 1,118 | 1,045 | 7 |
Production for the first quarter of 2012 averaged 1,118 boe/d a 7 percent increase over the same quarter in 2011 due primarily to the continued drilling success at Marten Mountain / Mitsue, Alberta, which resulted in a 12 percent increase in both oil production and over all production from the area.
For the three months ended March 31, 2012 oil and natural gas liquids accounted for 90 percent of production which is expected to increase as the oil production from additional successful drills in the Marten Mountain area of Alberta are placed on production and the Jayar field continues to decline.
| Commodity Pricing | |||
| Three months ended March 31 |
|||
| % | |||
| Average sales prices realized | 2012 | 2011 | Change |
| Oil ($/bbls) | 91.74 | 86.37 | 6 |
| NGLs ($/bbls) | 66.45 | 59.88 | (40) |
| Natural gas ($/mcf) | 2.46 | 4.11 | 11 |
| Weighted average ($/boe) (6:1) | 84.54 | 78.49 | 8 |
The average price received per boe in the first quarter of 2012 increased 8 percent over the same period in 2011 to $84.54. The price for light, sweet oil at Edmonton in 2012 averaged $92.28 per barrel in the first quarter of 2012, up from an average of $80.07 for the first three months of 2011. Alberta natural gas at AECO averaged $2.26 per mcf in the first quarter of 2012 and is currently trading near-month at approximately $1.75 per mcf.
The Company's Marten Mountain oil production attracts a price based on the average of the daily settlement price of the NYMEX near month Light Sweet Crude Oil contract as it trades, excluding weekends / holidays, for the calendar month of production, plus the weighted average of the Net Energy Index and the NGX index for Light Sweet Crude Oil, plus the one month prior Enbridge Sweet WADF. This pricing is adjusted for battery quality, pipeline and terminaling fees of $5.00/m3, the then current Rainbow loss allowance and a Trunkline Tariff. The Company's Marten Mountain gas produc tion attracts a premium price due to its high heat content. The Company has not entered into any commodity hedges to date.
| Oil and Gas Production Sales | ||||
| Three months ended March 31 |
||||
| 2012 | 2011 | |||
| $ 000 | % | $ 000 | % | |
| Oil | 8,379 | 97 | 6,974 | 94 |
| NGLs | 91 | 1 | 138 | 2 |
| Natural gas | 134 | 2 | 271 | 4 |
| Total | 8,604 | 100 | 7,383 | 100 |
Oil and gas sales in the first quarter of 2012 increased 17 percent from the same period in 2011 as a result of the 7 percent increase in production and the 8 percent increase in commodity prices received on a period over period basis.
| Royalties | |||
| Three months ended March 31 |
|||
| % | |||
| $ 000 | 2012 | 2011 | Change |
| Royalties $ | 1,911 | 2,055 | (7) |
| Average royalty rate (%) | 22 | 28 | (21) |
| Royalties ($/boe) | 18.77 | 21.85 | (14) |
The decreased royalty rate in the first quarter of 2012 is reflective of the fact that during the first quarter of 2012 Exall had three new wells producing which were paying the New Oil Well Production Period ("NOWPP") rate of 5%.
The decrease in royalties per boe in the first quarter reflects the 8 percent increase in commodity prices received during the first quarter of 2012 as compared to the first quarter of 2011 in addition to the 21 percent decrease in the average royalty rate paid.
| Oil and Gas Production Expenses | |||
| Three months ended March 31 |
|||
| % | |||
| $ 000 | 2012 | 2011 | Change |
| Operating expenses | 1,412 | 723 | 95 |
| Operating expenses ($/boe) | 13.88 | 7.68 | 81 |
Operating expenses in the first quarter of 2012 increased 95 percent from the same period in 2011, primarily as a result of; 1) a 146 percent increase in equipment rentals associated with the rental of a second compressor, costs which will be eliminated once the installation of the electric drive compressor is completed and power is established at the Marten Mountain bettery, 2) a 52 percent increase in costs associated with chemicals and treating, reflective of increased production operations, 3) a 195 percent increase in fuel and power costs as a result of the rental of the second compressor, costs which will be significantly reduced once the installation of the electric drive compressor is completed and power is established at the Marten Mountain bettery, 4) a 533 percent increases in costs associated with trucking, reflective of increased trucking requirements due to drilling locations and water disposal requirements reflective of the increased drilling and production operations, and 5) a 209 percent increase in costs associated with equipment supplies and maintenance, the result of replacing two pumps in two of the wells at Marten Mountain. On a per boe basis, operating costs increased 88 percent, to $13.38 per boe due the previous items listed.
Management is confident that as production increases during the remaining nine months of 2012, and with the completion of the installation and electrification of the electric drive compressor at the Company's Mitsue battery, the per boe cost of operations will return to historical levels.
Operating Netback
| Exall realized the following netbacks from oil and gas operations: | |||
| Three months ended March 31 |
|||
| % | |||
| Netback per boe (6:1) $ | 2012 | 2011 | Change |
| Production revenue | 84.54 | 78.49 | 8 |
| Royalties | 18.77 | 21.85 | (14) |
| Operating expenses | 13.88 | 7.68 | 81 |
| Operating netbacks ($/boe) | 51.89 | 48.96 | 6 |
Operating netbacks in the first quarter of 2012 increased 6 percent to $51.89 per boe compared to the first quarter 2011 operating netbacks of $48.96 per boe. This is primarily the result of the overall commodity price improvement of 8 percent and the 14 percent decrease in royalties offset by the 81 percent increase in operating costs, on a quarter over quarter basis.
| Abandonment Expense | |||
| Three months ended March 31 |
|||
| % | |||
| $ 000 | 2012 | 2011 |
Change |
| Abandonment expenses, gross | 402 | - | 100 |
| Abandonment liabilities settled | (51) | - | 100 |
| Abandonment expenses, net | 351 | - | 100 |
| Administration ($/boe) | 3.46 | - | 100 |
The abadonment expense represents the expense incurred above the carrying value of the decomiisioning liabilities. During the first three months of 2012 Exall incurred $351, or $3.46 per boe, of decommissioning cost in order to abandon one water source well and one water injection well in the overlea are of Mitsue, Alberta. The water source well was originally drilled in 2004, while the water injection well was drilled in 2002. These expenses are not indicative of the costs to abandon wells in the area as Exall encountered cementing problems during the abandonment operations.
| Depletion, Depreciation and Amortization ("DD&A") | |||
| Three months ended March 31 |
|||
| % | |||
| $ 000 | 2012 | 2011 | Change |
| Depletion & Depreciation | 2,369 | 1,535 | 54 |
| Amortization | 4 | 3 | 33 |
| Total | 2,373 | 1,538 | 54 |
| DD&A ($/boe) | 23.31 | 16.36 | 42 |
Depletion is calculated using the unit-of-production method based on total estimated proved plus probable reserves. DD&A for the first quarter of 2012 was $2,373 compared to $1,538 for the same period in 2011. DD&A expense per boe in 2012 have increased 42 percent from 2011; primarily a result of continued successful drilling operations at Marten Mountain, Alberta. It is this continued drilling success which management believes will lead to increased reserve assignments by the Company's third party Reserve Engineers at year end resulting in DD&A per boe rates being reduced to more historical levels.
| Administration Expenses | |||
| Three months ended March 31 |
|||
| % | |||
| $ 000 | 2012 | 2011 | Change |
| Administration, gross | 793 | 613 | 29 |
| Overhead recoveries | (474) | (262) | 81 |
| Administration, net | 319 | 352 | (10) |
| Administration ($/boe) | 3.12 | 3.74 | (17) |
General and administration costs represent the costs required to effectively operate a public company. The increase in costs from 2011 reflect the increased cost of staffing commitments made in conjunction with the increased production and capital expenditures in 2011 and 2012 as Exall continues to achieve positive results with regard to its drilling program in the Marten Mountain, Mitsue area.
General and administration expenses per boe in 2012 have decreased 17 percent from 2011 on a quarter over quarter basis, as a result of the 7 percent increase in production combined with the 29 percent increase in gross administrative costs and the 81 percent increase in overhead recoveries as a result of the increased capital expenditures in the first quarter of 2012 as compared to 2011. Management is continually monitoring general and administrative expenses to ensure that they are being managed effectively and efficiently.
| Share Based Payment Expense | |||
| Three months ended March 31 |
|||
| % | |||
| $ 000 | 2012 | 2011 | Change |
| Stock-based compensation | 280 | 97 | 190 |
| SBC ($/boe) | 2.76 | 1.03 | 168 |
The share based payment expense represents the expense for options granted and are recorded over the vesting period of the options. Additional unamortized stock-based compensation costs will be charged to income over the remaining vesting period of the options outstanding as well as any additional options that may be granted in the future. See note 9 of the March 31, 2012 interim financial statements for additional details on the options granted and outstanding.
Exall recorded $280 or $2.76 per boe of non-cash, stock based compensation expense for the three months ended March 31, 2012 and $97 or $1.03 per boe for the first three months of 2011.
| Financing Costs | |||
| Three months ended March 31 |
|||
| % | |||
| $ 000 | 2012 | 2011 | Change |
| Accretion expense | 12 | 9 | 33 |
| Interest | 429 | 74 | 482 |
| 441 | 83 | 434 | |
| Interest ($/boe) | 4.33 | 0.89 | 389 |
Financing costs represent the costs required to effectively finance the capital program of Exall. Exall recorded $429 or $4.21 per boe of interest expense for the three months ended March 31, 2012. In comparison, Exall recorded $74 or $0.79 per boe of interest expense for the three months ended March 31, 2011. The increase in interest expenses from 2011 are directly attributable to financing completed by the Corporation on February 1, 2011 and the increased capital expenditures in 2012 as compared to 2011.
Additionally, Exall recorded $12 or $0.12 per boe of accretion expense for the three months ended March 31, 2012. In comparison, Exall recorded $9 or $0.10 per boe of accretion expense for the three months ended March 31, 2011.
| Comprehensive Income and Funds from Operations | ||
| Three months ended March 31 |
||
| $ 000 | 2012 | 2011 |
| Comprehensive income | 1,065 | 1,767 |
| Basic per share | 0.02 | 0.03 |
| Diluted per share | 0.02 | 0.03 |
| Funds from operations | 4,127 | 4,179 |
| Basic per share | 0.07 | 0.07 |
| Diluted per share | 0.06 | 0.07 |
Liquidity and Capital Resources
Exall has a revolving demand credit facility with a Canadian chartered bank for $36.0 million that bears interest at the lender's base prime rate plus 1.50 percent which is reviewed periodically by the bank. At March 31, 2012, the Company had approximately $28.8 million outstanding on its revolving credit facility and an approximate working capital deficit, excluding bank indebtedness, of $9.2 million for total net debt of approximately $38.0 million. As at March 31, 2012, the Company was not in compliance with the working capital covenant on its loan facility. The Company has received a waiver from the bank confirming that they will not demand the loan as a result of the March 31, 2012 working capital covenant violation.
During the three a month period ended March 31, 2012, the Company used funds received through its March 2012 brokered convertible debenture private placement and cash flow from operations to fund capital expenditures and other financial requirements. In 2012, the Company's capital expenditures will be limited by the cash flow available from operations, additional debt or equity as market conditions may allow and potential asset sales if the Company so chooses.
On March 08, 2012, Exall announced that its bought deal offering, announced March 7, 2012, of 7.75% convertible unsecured subordinated debentures maturing March 31, 2017 (the "Debentures"), had been increased by $10 million, to $20 million. The offering was underwritten by a syndicate of underwriters co-led by Stonecap Securities Inc. and Emerging Equities Inc. and including Acumen Capital Finance Partners Limited, Dundee Securities Ltd. and Raymond James Ltd. Exall has also granted the underwriters an over-allotment option to purchase up to an additional $3 million of Debentures on the same terms, exercisable in whole or in part for a period of 30 days following closing. On April 11, 2012 the over-allotment option was exercised in full, as such the total gross proceeds to Exall from the sale of the Debentures was $23 million.
As part of its capital management program, Exall compares its net corporate debt (the total amount of bank loan, net of working capital, excluding convertible debetures) to the annual, or annualized, funds from operations before changes in working capital (See Advisories - Non-GAAP Measurement - Funds Flow). Maintaining a ratio of less than 2:1 is a Company target but can be subject to significant short-term fluctuations.
| Debt to Funds From Operations Ratio(1) | Funds From Operations in Quarter |
Annualized | Net Corporate Debt |
Debt to Funds From Operations |
| 2010 Q2 - June 30, 2010 | 2,510 | 10,040 | 8,797 | 0.9 |
| 2010 Q3 - September 30, 2010 | 3,837 | 15,348 | 10,492 | 0.7 |
| 2010 Q4 - December 31, 2010 | 3,023 | 12,092 | 14,174 | 1.2 |
| 2011 Q1 - March 31, 2011 | 4,179 | 16,716 | 9,806 | 0.6 |
| 2011 Q2 - June 30, 2011 | 3,484 | 13,936 | 12,789 | 0.9 |
| 2011 Q3 - September 30, 2011 | 4,715 | 18,860 | 24,204 | 1.3 |
| 2011 Q4 - December 31, 2011 | 6,274 | 25,096 | 32,645 | 1.3 |
| 2012 Q1 - March 31, 2012 | 4,127 | 16,508 | 37,971 | 2.3 |
(1) See Advisories Non-GAAP Measurements - Funds From Operations
While Q1 2012 debt to funds from operations are higher than the targeted 2:1 ratio, the debt was incurred in order to complete the aggressive 56 section 3D seismic program and the aggressive land acquisition program which has yielded an increase of 134,815 net acres. The results of the 3D Seismic program are expected by June 2012, and are expected to de-risk multiple drilling locations on a significant portion of the acreage acquired from Q2 2011 to Q1 2012. Had the 3D Seismic program and the land acquisition programs not been completed the debt to funds from operations would have been approximately 1.5:1.
The Q2 2012 capital expenditure program is fairly nominal due to break up in the Slave Lake area. This nominal Q2 2012 capital program combined with increased Q2 cash flows resulting from increased production in response to additional water injection, which commenced April 1, 2012, is expected to decrease the debt to funds from operations ratio to historical levels.
Going Concern Assessment
The consolidated financial statements have been prepared on a going concern basis which contemplates the realization of assets and the discharge of liabilities in the normal course of business for the foreseeable future. As at March 31, 2012, the Company had a working capital deficit, excluding bank indebtedness, of $9.2 million, a cash flow from operating activities of $4.9 million and a comprehensive income of $1.3 million.
On March 08, 2012, Exall announced that its bought deal offering, announced March 7, 2012, of 7.75% convertible unsecured subordinated debentures maturing March 31, 2017 (the "Debentures"), had been increased by $10 million, to $20 million. The offering was underwritten by a syndicate of underwriters co-led by Stonecap Securities Inc. and Emerging Equities Inc. and including Acumen Capital Finance Partners Limited, Dundee Securities Ltd. and Raymond James Ltd. Exall has also granted the underwriters an over-allotment option to purchase up to an additional $3 million of Debentures on the same terms, exercisable in whole or in part for a period of 30 days following closing. On April 11, 2012 the over-allotment option was exercised in full, as such the total gross proceeds to Exall from the sale of the Debentures was $23 million.
Fair Value of Financial Instruments
The Company's financial instruments as at March 31, 2012 include cash, accounts receivable, accounts payable and accrued liabilities, convertible debetures and the bank indebtedness. The fair value of accounts receivable, accounts payable and accrued liabilities approximate their carrying amounts due to their short terms to maturity. The Company's bank debt bears interest at a floating market rate and accordingly the fair market value approximates the carrying value. Additional information concerning the Company's financial instruments and related risks are in note 15 to the consolidated financial statements.
Capital Expenditures
Oil and gas property expenditures were $28,165 for the first quarter of 2012. During the first quarter of 2012 the Company spud 5.0 gross wells (3.28 net) in the Marten Mountain / Mitsue area. Oil and gas exploration and development expenditures were $12,025 for the first quarter of 2011. During the first quarter of 2011 the Company drilled 4.0 gross wells (2.76 net), in the Marten Mountain / Mitsue area.
The Company has acquired additional rights in 25,600 gross (20,851 net) acres of undeveloped land in the Mitsue area, during the three months ended March 31, 2012. As at March 31, 2012, the Company had 197,320 gross acres (145,979 net acres) of undeveloped land in Canada, primarily in the Marten Mountain / Mitsue area of Alberta.
| Three months ended March 31 |
|||
| $ 000 | 2012 | 2011 | %Change |
| Land | 225 | 370 | (39) |
| Geological & Geophysical | 9,273 | 1,731 | 436 |
| Drilling and completions | 14,867 | 8,379 | 77 |
| Equipping, Tie-ins & Facilities | 3,799 | 1,545 | 146 |
| Administrative assets | 1 | - | 100 |
| Exploration & development expenditures | 28,165 | 12,025 | 134 |
| Asset retirement costs | 35 | 78 | (55) |
| Total Capital Expenditures | 28,200 | 12,103 | 133 |
| Drilling Activities |
||||||||
| Drilled | Completed | Tied In | Dry | |||||
| Periods ended March 31, 2012 |
3 Mnths | 3 Mnths | 3 Mnths | 3 Mnths | ||||
| Gross | 5.00 | 6.00 | 3.00 | 0.00 | ||||
| Net | 3.28 | 3.92 | 2.13 | 0.00 | ||||
| Drilled | Completed | Tied In | Dry | |||||
| Periods ended March 31, 2011 |
3 Mnths | 3 Mnths | 3 Mnths | 3 Mnths | ||||
| Gross | 4.00 | 1.00 | 0.00 | 0.00 | ||||
| Net | 2.76 | 0.72 | 0.00 | 0.00 | ||||
About Exall
Exall is a junior oil and gas company active in its business of oil and gas exploration, development and production from its properties in Alberta. Exall Energy is currently developing the new Mitsue area "Marten Mountain" discovery in north-central Alberta.
Exall Energy currently has 62,603,854 common shares outstanding. The Company's common shares are listed on the Toronto Stock Exchange under the trading symbol EE.
Reader Advisory
This news release contains forward-looking statements, which are subject to certain risks, uncertainties and assumptions, including those relating to results of operations and financial condition, capital spending, financing sources, commodity prices and costs of production. By their nature, forward-looking statements are subject to numerous risks and uncertainties that could significantly affect anticipated results in the future and, accordingly, actual results may differ materially from those predicted. A number of factors could cause actual results to differ materially from the results discussed in such statements, and there is no assurance that actual results will be consistent with them. Such factors include fluctuating commodity prices, capital spending and costs of production, and other factors described in the Company's most recent Annual Information Form under the heading "Risk Factors" which has been filed electronically by means of the System for Electronic Document Analysis and Retrieval ("SEDAR") located at www.sedar.com. Such forward-looking statements are made as at the date of this news release, and the Company assumes no obligation to update or revise them, either publicly or otherwise, to reflect new events, information or circumstances, except as may be required under applicable securities law.
For the purposes of calculating unit costs, natural gas has been converted to a barrel of oil equivalent (boe) using 6,000 cubic feet equal to one barrel (6:1), unless otherwise stated. The boe conversion ratio of 6 mcf: 1 bbl is based on an energy equivalency conversion method and does not represent a value equivalency; therefore boe may be misleading if used in isolation. This conversion conforms to the Canadian Securities Regulators' National Instrument 51-101 - Standards of Disclosure for Oil and Gas Activities.
PDF available at: http://stream1.newswire.ca/media/2012/05/14/20120514_C6842_DOC_EN_13600.pdf
Exall Energy Corporation
Frank S. Rebeyka
Vice Chairman
Tel: 403-815-6637
Roger N. Dueck
President & CEO
Tel: 403-237-7820 x 223
[email protected]
Please visit Exall Energy's website at: www.exall.com
Renmark Financial Communications Inc.
Maurice Dagenais: [email protected]
Nadia Marks : [email protected]
Tel.: (514) 939-3989 or (416) 644-2020
www.renmarkfinancial.com
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