silverado goldmines (867737)

        2. Last sale reports of transactions in OTC Equity Securities executed outside the hours of 8:00 a.m. and 6:30 p.m. Eastern Time shall be reported as follows:
           (i) Last sale reports of transactions in American Depositary Receipts (ADRs), Canadian issues, or domestic OTC Equity Securities that are executed between midnight and 8:00 a.m. Eastern Time shall be transmitted through ACT between 8:00 a.m. and 9:30 a.m. Eastern Time on trade date, be designated as ".T" trades to denote their execution outside normal market hours, and be accompanied by the time of execution. The party responsible for reporting on trade date, the trade details to be reported, and the applicable procedures shall be governed, respectively, by paragraphs (b), (c), and (d) below;
           (ii) Last sale reports of transactions in ADRs, Canadian issues, or domestic OTC Equity Securities that are executed between 6:30 p.m. and midnight Eastern Time shall be transmitted through ACT on the next business day (T+1) between 8:00 a.m. and 6:30 p.m. Eastern Time, be designated "as/of" trades to denote their execution on a prior day, and be accompanied by the time of execution. The party responsible for reporting on T+1, the trade details to be reported, and the applicable procedures shall be governed, respectively, by paragraphs (b), (c), and (d) below; and
           (iii) Last sale reports of transactions in foreign securities (excluding ADRs and Canadian issues) shall be transmitted through ACT on T+1 regardless of time of execution. Such reports shall be made between 8:00 a.m. and 1:30 p.m. Eastern Time in the same manner as described in subparagraph (3)(B)(ii) above.
  4. All members shall report weekly to the Market Surveillance Department on Form T, last sale reports of transactions in OTC Equity Securities that were not transmitted through ACT, for whatever reason, either on trade date or the next business day. Form T shall be used exclusively as a back-up mode whenever electronic entry of trade data is not feasible due to system malfunctions or other unusual conditions.

  5. A pattern or practice of late reporting without exceptional circumstances may be considered conduct inconsistent with high standards of commercial honor and just and equitable principles of trade, in violation of Rule 2110.*

# Which Party Reports A Transaction

  1. In transactions between two OTC Market Makers, only the member representing the sell side shall report.

  2. In transactions between an OTC Market Maker and a Non-Market Maker, only the OTC Market Maker shall report.

  3. In transactions between two Non-Market Makers, only the member representing the sell side shall report.

  4. In transactions between a member and a customer, the member shall report.

# Information To Be Reported

Each last sale report shall contain the following information:

  1. Symbol of the OTC Equity Security;

  2. Number of shares;

  3. Price of the transaction as required by paragraph (d) below; and

  4. A symbol indicating whether the transaction is a buy, sell, or cross.

# Procedures for Reporting Price and Volume

Members that are required to report pursuant to paragraph (b) above shall transmit last sale reports for all purchases and sales in OTC Equity Securities in the following manner:

  1. For agency transactions, report the number of shares and the price excluding the commission charged.

  2. For dual agency transactions, report the number of shares only once, and report the price excluding the commission charged.

  3.

        1. For principal transactions, except as provided in subparagraph (B) hereof, report each purchase and sale transaction separately and report the number of shares and the price. For principal transactions that are executed at a price which includes a mark-up, mark-down or service charge, the price reported shall exclude the mark-up, mark-down or service charge. Such reported price shall be reasonably related to the prevailing market, taking into consideration all relevant circumstances including, but not limited to, market conditions with respect to the OTC Equity Security, the number of shares involved in the transaction, the published bids and offers with size displayed in any inter-dealer quotation system at the time of the execution (including the reporting firm's own quotation), the cost of execution and the expenses involved in clearing the transaction.

        2. Exception: A "riskless" principal transaction in which a Non-Market Maker, after having received from a customer an order to buy, purchases the security as principal from another member or customer to satisfy the order to buy or, after receiving from a customer an order to sell, sells the security as principal to another member or customer to satisfy the order to sell, shall be reported as one transaction in the same manner as an agency transaction, excluding the mark- up or mark-down.

Die Ölbranche hat bis zum Jahr 2015 umfangreiche Investitionen zur Produktionssteigerung angekündigt, die ein Bericht der unabhängigen Bundesbehörde NEB auf 125 Milliarden kanadische Dollar (knapp 88 Milliarden Euro) beziffert. Vor zwei Jahren war mit 60 Milliarden kanadischen Dollar das Volumen nicht halb so hoch erwartet worden.

Der nachhaltig gestiegene Ölpreis macht die Investitionen lukrativ. Die Produktion von Öl aus Teersand erreiche bei einem Ölpreis von 30 bis 35 US-Dollar/Barrel die Gewinnschwelle, sagen Experten. „Der Ölpreis wird auf lange Sicht über diesem Preis liegen“, ist Bart Melek, Ökonom bei der kanadischen Investmentbank BMO Nesbitt Burns in Toronto, sicher. Er geht langfristig von 55 bis 60 US-Dollar/Barrel der Sorte West Texas Intermediate (WTI) aus. Das NEB errechnet bei einem Preis von 50 US-Dollar/Barrel Renditen zwischen 16 und 23 Prozent.

Um die Absatzmärkte braucht sich die Branche keine Sorgen zu machen. Nach einer Analyse der kanadischen Bank CIBC World Markets war Kanada im Dezember 2005 mit rund 2,5 Millionen Barrel/Tag der größte Öllieferant der USA vor Mexiko und Venezuela. Die CIBC-Analysten erwarten, dass die Abhängigkeit der USA von Ölimporten von derzeit 65 Prozent bis Ende des Jahrzehnts auf 72 Prozent wachsen wird. Daneben zeigt auch China zunehmend Interesse an kanadischem Öl.

Das rasante Wachstum wird dennoch nicht ganz reibungslos erfolgen. Das NEB beobachtet bereits heute einen Mangel an Facharbeitern. Mit attraktiven Löhnen würden Arbeitskräfte aus ganz Kanada nach Alberta gelockt. Pipelines und Raffinerien seien voll ausgelastet. „Wir haben bei weitem nicht die Kapazität, um das Öl zu den Märkten zu bringen“, bemängelt Analyst Melek. Umweltschützer forderten mehrfach, den Produktionsausbau bis zur Klärung der Umweltfolgen auszusetzen. Sie fürchten unter anderem Umweltschäden wegen des enormen Wasserverbrauchs bei der Ölgewinnung.

Öl aus Teersand

Fundort: Der bitumenhaltige Ölsand liegt vor allem im Norden der Provinz Alberta.

Gewinnung: Im Tagebau wird der Sand in der oberen Schicht mit heißem Wasser vermischt, so dass sich das Bitumen löst. Bitumen in tieferen Schichten wird durch in den Boden gepumpten Wasserdampf gelöst und damit an die Erdoberfläche befördert.

Vermarktung: Vermarktet wird das gewonnene Rohöl in Form von Schweröl oder nach Aufbereitung als synthetisches Öl.
[06.06.2006]  Gerd Braune