Friday, November 06, 2015 1:22:52 PM
Our plans are to commence drilling on the Villines #1 in December 2015 or January 2016 We currently expect to develop the Pottawatomie prospect by the end of this year. We believe that the Villines #1 and the Pottawatomie will each require from us approximately $120,000 to drill and complete, funds we not currently possess. Without further funding, we will be unable to commence development of these prospects, however.
Regardless of the production from the Lester #1 – 2H or the success of drilling on the Villines #1 or Pottawatomie prospect, we will require additional capital to either stabilize our operations or to acquire and develop additional prospects. We plan to continue to use debt financing for the rest of the year, continuing such funding in 2016. We will, however, also commence drilling programs either in late 2015 and more extensively in 2016.
We believe that pursuing smaller projects for the next 18 to 24 months can be achieved with modest and available financing, principally financing through debt. In the first half of 2015 we secured $400,000 in year debt with 8% annual simple interest. The notes mature from one to three years from date of issuance. This debt should allow us to complete the initial well in Hughes County and pursue another nearby if the opportunity presents itself. We are currently conducting and gathering modest geological data to determine if should seek to extend our existing prospect in Hughes county. If financing permits during the next 24 months, we may engage in drilling programs to develop larger prospects."
http://www.otcmarkets.com/edgar/GetFilingHtml?FilingID=10991753
FEATURED Cannabix Technologies and Omega Laboratories Inc. Advance Marijuana Breathalyzer Technology - Dr. Bruce Goldberger to Present at Society of Forensic Toxicologists Conference • Sep 24, 2024 8:50 AM
FEATURED Integrated Ventures, Inc Announces Strategic Partnership For GLP-1 (Semaglutide) Procurement Through MedWell USA, LLC. • Sep 24, 2024 8:45 AM
Avant Technologies Accelerates Creation of AI-Powered Platform to Revolutionize Patient Care • AVAI • Sep 24, 2024 8:00 AM
VHAI - Vocodia Partners with Leading Political Super PACs to Revolutionize Fundraising Efforts • VHAI • Sep 19, 2024 11:48 AM
Dear Cashmere Group Holding Co. AKA Swifty Global Signs Binding Letter of Intent to be Acquired by Signing Day Sports • DRCR • Sep 19, 2024 10:26 AM
HealthLynked Launches Virtual Urgent Care Through Partnership with Lyric Health. • HLYK • Sep 19, 2024 8:00 AM