I worked for the orphan fund a million years ago. The EUB has known about this problem forever. One of the first was when Imperial Oil sold a field (I think it was big valley) to a dentist. He obviously knew his stuff and promptly ran a pile of crap into the ground.
Every single person in the patch knew about Sequioa as it happened. Also, there's at least ten more Sequioas out there I know of and probably more to come. I could list them.
This one called Tallahassee, I had no idea what they were about so I went to the interview (since I was currently working at a much larger schitco and wanted out). It was like a Hunter S Thomson inspired movie. Interview was at lunch time for some reason.
No sign on the door or a way to get in. I try phoning the HR guy, no answer for fifteen minutes. Finally comes out some other door down the hall, dude looked like Kuato from Total Recall complete with deformed mini hands. Took some strength to shake the little baby hand.
Go into the interview and the CEO is like 19 years old. All the properties were a complete nightmare. Who in the fata gave YOU this much money for this giant turd of an asset base. See they are headed the same direction.
Another one, Long Run, holy shat. This one I knew was bad it was when oil went negative just after getting punted for the first time. Chinese backed company. Had heard their CFO wouldn't rates being charged for services so just wouldn't pay the invoices and would try to re-negotiate. That's not how business works here buds, you negotiate before the work is done, definitely not after. I guess the Hell's Angels was affiliated with one of the companies and came to Calgary went went up to the floor to demand payment and got said payment.
Anyway, interview with these guys. One very frail asian dude and charismatic white puppet CEO, went very well I thought, 40 minutes in after saying absolutely nothing the whole time, slam his fist on the table and shouts "Enough!". I guess it didn't go well. White guy fired the next day. Dodged that bullet.
Definitely would find another industry if I could go back in time.
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