about stock called EOR!!
"Operating Performance 1st Quarter 2014"
The Company was unable to negotiate a financing on terms acceptable to the Company to fund its development
drilling in the Milnesand Field that it hoped to commence in the first quarter of 2014. After an extended period of
reviewing proposals and draft loan documents and an extended diligence period, management determined that the
selected lenders could not complete the required financing without substantial costs and delays or on terms
otherwise acceptable to the Company. In addition, the Company incurred a substantial cost in a workover to recover
a significant oil well in the first quarter of 2014 that seriously affected the Company’s current financial condition.
As a consequence, the Company must either, complete one or more debt or equity financings, enter into some form
of joint venture or sell assets in order to fund its operations and development activities. The Company sold certain
non-core property interests in Texas for approximately $0.4 million in February 2014 and is endeavoring to market
the Crossroads field in a private transaction. As a result, the Company has restricted its current operations to those
matters necessary to sustain production.
"Accordingly, the timing of development drilling in the Milnesand field, expected to commence in January of 2014, has been delayed until the Company completes one or more of the following: a financing arrangement, a third party joint venture drilling
arrangement or sells assets. In April 2014, the Company executed two non-binding letters of intent with potential joint venture partners for the drilling of three wells in Milnesand. Definitive agreements are expected to be negotiated where the co-venture partner can earn an interest in the Company’s Milnesand or Chaveroo field development projects in exchange for funding the Company’s share of the drilling and completion cost of the initial wells."
1.NOTICE OF NO AUDITOR REVIEW OF INTERIM FINANCIAL STATEMENTS
Under National Instrument 51-102, Part 4, subsection 4.3 (3) (a), if an auditor has not performed a review of the interim financial statements, they must be accompanied by a notice indicating that the financial statements have not been reviewed by an auditor.
2. S@P Capital review McGraw Hill financial shows $10,000.00 invested 5 years ago is now worth $1,254.00 Is that a 10 banger that headed in the wrong direction
3. At March 31, 2014, Enhanced Oil's cash and cash equivalents were $4.2 million, net cash used in operating
activities was $414,000, and net cash used in operating activities was $399,000.
4. total current liabilities of $5.9 million
5. Revenues for the three months ended March 31, 2014 were $1.9 million vs. $2.4 million in the prior year,
declining 21% year over year
6. FROM .28 TO .028 WITHIN 2 YEARS!!
