RESTRUCTURING – Synenco begins with layoffs

CALGARY - SYNENCO ENERGY, 60% partner and manager of the NORTHERN LIGHTS oil sands partnership, is reviewing its options for a strategic repositioning. The first announcement was the layoff of 46 workers, or 30% of its employees.

Todd Newton, Synenco president and COO, said in a press release, Northern Lights is proceeding with our near-term priorities: the Northern Lights mine application, mine planning, pilot testing of extraction technologies and development of the overseas modularized construction strategy for upstream. Unfortunately, our more limited focus has led to the decision to terminate a number of our employees, which is always a difficult thing to do.

At the end of last month, the first independent coal resource estimate was released for the Northern Lights property (see CMJ Net News, May 30, 2007).