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Wednesday, October 09, 2013 9:57:04 AM
Logan County, OK Project - Breaux #2: FTTN's partner, Bedford Energy, does not appear to even be in existance - their stock is trading on the grey market, and their CEO is facing felony charges: http://www.oscn.net/applications/oscn/GetCaseInformation.asp?submitted=true&viewtype=caseGeneral&casemasterID=2967265&db=Oklahoma
Hughes County, OK Prospect - Gates #1 S14: FTTN's partner, Green Oil Operating Oklahoma, is in a RICO lawsuit:
http://law.justia.com/cases/federal/district-courts/oklahoma/okwdce/5:2011cv01441/82500/8
Big Canyon Texas Project: From the latest 10Q: "No wells were drilled on the Big Canyon Prospect prior to the expiration of the Big Canyon Agreement": http://www.otcmarkets.com/edgar/GetFilingHtml?FilingID=9457720
Conecuh County, AL Project - Little Cedar Creek 35-5#1: FTTN owns a 1% working interest in this well. Contrary to your iHub Box update, the well is in fact not producing "slightly more than 400 barrels of oil and 350 thousand cubic feet of gas on average per day". The current production is much less than that, and as of June was only producing an average of 66 bbls/day and 40 mcfd of gas: http://www.gsa.state.al.us/ogb/production.aspx . The water production (a bad indicator) has steadily been increasing. Cumulatively, this well has produced a little over 54,000 bbls of oil (540 bbls net to FTTN's 1% WI) - nowhere near the touted 400,000-800,000 bbls.
Also, it might be helpful to post your compensation in the ibox: FTTN: QS, an affiliate of DreamTeamGroup, will receive $50,000 from FTTN per quarter for 180 days [$100,000 in total**] of advertising, branding, marketing, investor relations and social media services provided by QS.
**Interesting to note that FTTN's net oil & gas revenue for the latest quarter was only $2915....
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