HIKO Update - SEC reports and accounting.
Management forwarded 10K's for years 2007, 2008, 2009 to attorney for review. Years 2010 and 2011 and first quarter of 2012 will follow this week. Based on the last filing of former management in September of 2007 and write downs of non identifiable assets on the books, Hiko shows to have a tax loss carry forward in excess of $3 million. Management is waiting on further information from DTC to conclude its share tally.
South Texas well set to be drilled by Lincoln Energy Operating should commence operations within 5 weeks according to Martin Daube and Lincoln Energy Operating. The well was to be drilled in May but rig scheduling has postponed commencement until end of June. Hiko Energy has a carried interest in the project.
Search for hidden assets. Management is continuing to research old mining claims in Nevada and Montana previously held by Hiko as recorded in historic SEC filings. Additionally, management is researching overriding royalty in the Bluebell Altamont Field in Utah, mineral interest in Asphalt Ridge Utah and royalty interest in the Greater Monument Butte Field in Uintah and Duchesne Counties Utah operated by NewField. Management recently discovered a 6% Overriding royalty interest in the Bonanza Field operated by Thurston Energy
A date for the annual shareholders meeting will be set once all filings have been sent to the SEC and is expected to take place in July in Corpus Christi, TX.
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