A ‘Big Guy’ Or What "Companies can’t process enough sand to meet fracking demand". At the time,, there were 68 companies processing fracking sand. The demand created an industrial boom of sorts. But,, just a year later,, the dilemma regarding fracking sand for the oil and gas industry isn’t actually about supply. Rather,, the dilemma is transportation. Not just any sand can be used as fracking sand for oil and gas proppants. The American Petroleum Institute has set fracking sand specifications for roundness,, crush resistance and pressure resistance. White quartz sand is the most preferred by fracking companies. Even with such requirements,, the major players in the silica (industrial sand and gravel) business report "decades of verified reserves". Statistics from the United States Geological Survey (USGS) in January 2013 exhibit the boom in the industry. In 2011,, 43.7 million tons of silica was produced. Of that total,, 39.7 million tons were consumed with approximately 41% used for fracking or 16
and liquidity. If one or more of these or other risks or uncertainties materialize,, or if the Company’s underlying assumptions prove to be incorrect,, the Company’s actual results may vary materially from those indicated in these statements. These factors should not be construed as exhaustive. The Company does not undertake any obligation to publicly update or review any forward looking statement,, whether as a result of new information,, future developments or otherwise. A number of important factors could cause results to differ materially from those indicated by the forward looking statements. Thanks Mary. Well,, it’s finally happened looking across at Leslie after two years of predicting it,, we finally get to celebrate coming out of the trough in earnings that we have been describing. I guess since late 2014 you will begin to see as we go through these numbers that growth in loans as we predicted have a significant impact on net interest income and I will let Leslie go into that a little further down the road