NORX good news... bad news
The good news is NORX says they have kept up to date on their filings. And they have for the usual 10K, 10Q.
The bad news is they are not up to date, now owing the market a couple of 8Ks: one for this material event, plus one for the latest SNOVF geology report.
The good news is SNOVF is volunteering to foot the bill for example Block #1 for $1.175M.
The bad news is the average cost to drill a horizontal well is $4M, and starts at $8M when fracking is introduced. The last filing for Super Nova Minerals Corp (annual 31-May) had a cash flow of -$738K, and their only source of revenue being convertible notes and/or stock sold. Balance of cash on the books: $1,522. Also note SNP hasn't been too forthcoming with disclosure since 30-Sep when the last Canadian "Certification of filings" for the annual went in on 30-Sep for the CEO.
The good news is oil has been found in the Montana Alberta Bakken, Pondera and Toole counties, north of Norstra’s South Sun River Prospect acerage. Presumably with attached NG.
The bad news is the Alberta Bakken has been uneconomical to produce oil (NG?) from, and would require an oil price in excess of $200/bbl. Clearbrook pricing for Bakken oil has been running close to $80.
NORX starts as an oil company. Runs afoul of the SEC while dumping its stock into the market. Now it has partnered with a Canadian company piggy backed as a Pink stock in the US market free to dump its stock into the market. SNOVF which up to now hasn't been able to sell enough of its stock to prevent a -$738K loss, has just taken on an obligation to finance the Block 1 well at $1.175M or 25% of the usual cost of drilling. The bait is the claim is some 3rd party geologist (Senior Lopez again?) has found the mother lode of all NG finds in the state of Montana "stacked" complete with oil at shallow levels. Which just so happens to have been overlooked by all the major Bakken oil and gas players for the past 20 yrs. And of course it will be hit on the first try, without any dry holes to worry about.
The real question: Is this an attempt by CEO Landry to scam using SNP as the front company? And how far does the SEC reach extend with the SNOVF piggy back pink shares?
Conclusion: The penny "investor still has nothing to "invest" in. The penny trader may have a speculative trade based on timing the speculation about how much "investing" speculation will occur.
The Jewel of the Mind is Colored with the Hue of what it Imagines
