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They are Inactive as an operator. That is why Xstar Resources is listed as the operator and the lease holder is still Heartland. Who knows what is going on.
Inactive
Heartland Oil & Gas, Inc.
PO 659
La Cygne KS 66040
713-231-0334
http://www.kcc.state.ks.us/conservation/oil_license.cgi
Still pumping in 2011
Not sure who gets the gas, but Kansas Geological reports Heartland as the lease owner.
http://chasm.kgs.ku.edu/pls/abyss/oil.ogop4.OpPage?f_id=1028093260
What a cluster.
Crap I still own 300,000 shares can somebody confirm this Company has gone away?????
I was told this company went out of business when I called a former number today for Heartland. The guy who answered the phone told me that Heartland has nothing to do with them. Just relaying what I was told on a phone call.
Looks like finally some decent volume on HTOG today but the stock is in the wrong direction...Go FIgure....
I lost my BUTT here is it time to move on????? I invested some of my wife's inheritance she got from her WWII Grandpa.... Ouch
Wrong stock ticker
XTOG Going to bast off!
Xtreme Oil & Gas Completes Third Party Valuation of $102 Million
http://media.marketwire.com/attachments/201105/64291_XtremeLogoSeptember2009.jpghttp://at.marketwire.com/accesstracking/AccessTrackingLogServlet?PrId=789327ProfileId=051205sourceType=1
PLANO, TX -- (Marketwire) -- 08/17/11 -- Xtreme Oil Gas, Inc. (OTCBB: XTOG) (OTCQB: XTOG) announced today that over the last 18 months, the Company has been successful in filing with the Securities Exchange Commission a Form 10 and a S-1 Registration Statement (both approved), a 15C-211 with FINRA through Spartan Securities (approved), three years of Audited Financials and as part of the process of becoming a fully reporting company updated and completed a third party private valuation that concluded the Company was worth $102,520,900 or $2.24 per share today.
The valuation was performed using several methods including discounted cash flow, price to earnings based on market comparable data, and book value. The results from each method were combined and averaged to determine a fair value for the Company.
Willard G. McAndrew III, CEO of Xtreme, (4th generation former Exxon employee), commented, "We have made substantial and steady progress executing our business model, bringing projects online, and acquiring assets for our Company. With a number of projects nearing completion, our experienced management team, and increased reserves, we are closer to generating significant oil production and saltwater disposal bringing additional returns to our shareholders."
Xtreme Oil Gas, Inc. is a rapidly growing Dallas-based independent energy company engaged in the exploration, development, acquisition, and production of crude oil and natural gas with operations from properties it owns in Texas, Oklahoma, and Kansas.
Statements included in this release related to Xtreme Oil Gas, Inc. constitute or may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements involve a number of risks and uncertainties such as the inherent uncertainty of finding and developing oil and gas properties, the technological and financial difficulties inherent in these activities, the price of hydrocarbons and the Company's ability to estimate accurately net revenues due to variability in size, scope and duration of projects. Further information on potential risk factors that could affect the Company's financial results can be found in the Company's reports filed with the Securities and Exchange Commission.
JMO
Im still sitting on shares -
Would be nice to get some PR though
So, without a firm resolution to this case, it's going to go nowhere but down, or sideways at best, for a very long time.
Too bad, the company had potential on all those leases,before Kamal gave away 800 million shares in his schemes. It's disconcerting to see that a judge cannot slam the crook for good and order the cancellation of all fraudulently issues shares.
Law360, New York (July 6, 2011) -- A former oil company executive convicted in a pump-and-dump scheme asked a New York federal court Friday for a new trial, saying the government withheld witness statements and broadened the case once his trial had already begun.
Kamal Abdallah, who was found guilty in March in the Eastern District of New York, also said in a separate motion Friday that he should be acquitted because the government tried him in the wrong venue.
http://etfdb.com/2011/three-etfs-for-natgas-act-2011/
Three ETFs For NatGas Act 2011
by Jared Cummans on June 3, 2011 | ETFs Mentioned: FCG • MLPG • UNG
14Share
The debate on our nation’s dependence on oil has been a major issue for quite some time now. Crude oil is a finite resource, and one that we will eventually run out of–though estimates of just how long that will take stretch across the board. But as the largest consumers of crude (roughly 7.3 million barrels per day) in the world, and with 51% of our oil coming from foreign nations, the U.S. will eventually be forced to face its addiction to crude head on. From here, many experts and analysts have their own opinions as to which resource would be the most environmentally friendly and cheapest alternative. While alternative sources of power such as wind and solar energy have been in the works for years, these industries face considerably hurdles still before becoming economically viable.
In recent years, natural gas has gained momentum as a viable piece of the domestic energy equation thanks to the high profile efforts of a number of individuals and organizations. Natural gas is already a major energy source for homes all across the country, as over half use some form of natural gas to run appliances like stoves, water heaters, and clothes dryers (in 2009, about 25% of domestic energy was derived from natural gas). But as a fuel for automobiles, natural gas is a relatively new concept. Liquefied natural gas (LNG) has slowly been gaining popularity as a fuel for cars, though less than 1% of all vehicles currently utilize this method. In order to help promote this clean-burning– and abundant– alternative to gasoline, Congress has proposed The New Alternative Transportation to Give Americans Solutions of 2011, aka the NatGas Act 2011 [see also Natural Gas ETFs: Seven Ways To Play].
Inside NatGas 2011
The NatGas Act “provides incentives for the use of natural gas as a vehicle fuel; the purchase of natural gas fueled vehicles; and the installation of natural gas vehicle refueling property,” writes Ryan Gray. The bill will provide numerous provisions such as a tax credit of up to 80% of the cost of buying a natural gas vehicle. This could include vehicles that utilize both natural gas and another fuel for power, as well as those that exclusively use natural gas. The bill will also extend the current 50 cent per gallon credit on LNG. Tax incentives will also be offered for manufacturers of natural gas as well as those involved in the fuel’s infrastructure. The proposed bill make sense, as the EIA has reported that the U.S. possesses 2.55 quadrillion cubic feet of natural gas resources (this compared to the modest 22.84 trillion cubic feet that was consumed in all of 2009). If natural gas companies are able to tap into these major reserves, supplies could skyrocket in a relatively short period of time [see also Natural Gas ETFs: Investing In The Fuel Of The Future].
With the possibility of a viable alternative to oil on the horizon, and possible legislation to push it to the forefront, investing in the natural gas sector has become increasingly popular. There are a number of ETFs that offer exposure to natural gas in various ways, including direct ownership in futures contracts, equities that are involved in gas production and exploration, and gas-focused master limited partnerships (MLPs). Below, we outline three natural gas option to keep an eye on as NatGas 2011 makes its way through Congress in the coming weeks:
United States Natural Gas Fund (UNG)
UNG is one of the most popular ETFs, as nearly 16 million shares change hands on an average day. This ETF invests in front month natural gas futures, rolling holdings on a monthly basis. That strategy creates some meaningful contango-related headwinds for long-term investors, but also results in increased correlation with spot prices over the short run. As the huge ADV figures indicate, UNG is more of a trading vehicle used by those expressing a short-term outlook than it is a buy-and-hold security [see also Strange Times For The Natural Gas ETN (GAZ)].
First Trust ISE-Revere Natural Gas (FCG)
This product offers exposure to natural gas indirectly, investing in companies that derive a substantial portion of their revenues from the exploration and production of natural gas. The underlying index is an equal-weighted index that considers, among other factors, historical correlation to natural prices in selecting component stocks. FCG holds over 85% of its assets in U.S. equities, with the other allocations going to companies in Canada, the UK, and Norway. The passing of NatGas could be major boost for FCG, as many of its 31 holdings would be eligible to receive a tax benefit based on their production and manufacturing on natural gas.
E-TRACS Alerian Natural Gas MLP Index (MLPG)
MLPG is an exchange-traded note linked to the Alerian Natural Gas MLP Index, which provides investors with a benchmark for the infrastructure component of the natural gas industry. Top holdings in this product include Copano Energy LP, ONEOK Partners LP, and El Paso Pipeline Partners LP, companies that are engaged in the pipeline transport primarily of natural gas. Increased usage of natural gas would boost demand for the assets owned by MLPG components, potentially allowing these companies to charge higher “tolls” to transport fuel through the tollways (i.e., pipelines) they own. While many products in the MLP ETFdb Category are involved in the storage and transfer of petroleum-based products, MLPG is a purer play on natural gas.
[For more ETF ideas sign up for our free ETF newsletter]
Disclosure: Photo courtesy of Adam E. Moreira. No positions at time of writing.
ETF Database is not an investment advisor, and any content published by ETF Database does not constitute individual investment advice. The opinions offered herein are not personalized recommendations to buy, sell or hold securities. From time to time, issuers of exchange-traded products mentioned herein may place paid advertisements with ETF Database. All content on ETF Database is produced independently of any advertising relationships. Read the full disclaimer here.
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So somebody bought 1,000,000 shares for .0006 then sold said 1,000,000 shares for .0004 at a loss of $200 gotta love computers lol
Is this company out of business or what?????? Anybody have any contact info for who is in charge?????
HTOG @ .0006!
looks like someone dumping shares
So he was convicted in March. What's taking so long for the sentencing?
06/30
Last March, Abdallah was found guilty by a Brooklyn federal jury on charges of conspiracy to commit mail, securities and wire fraud. He has yet to be sentenced, and no final judgment has yet been entered in the civil case against him.
http://newsandinsight.thomsonreuters.com/New_York/News/2011/06_-_June/SEC_bans,_fines_securities_dealer_in_penny-stock_scheme/
Has the crook been sentenced? It was supposed to happen on June17.
Do you know if the judge can order that all 850 million illegally issued shares be retired? TIA
http://www.msnbc.msn.com/id/43539470/ns/business-us_business'Enron moment': Insiders sound alarm amid a natural gas rush
Natural gas companies have been placing enormous bets on the wells they are drilling, saying they will deliver big profits and provide a vast new source of energy for the United States.
But the gas may not be as easy and cheap to extract from shale formations deep underground as the companies are saying, according to hundreds of industry e-mails and internal documents and an analysis of data from thousands of wells.
In the e-mails, energy executives, industry lawyers, state geologists and market analysts voice skepticism about lofty forecasts and question whether companies are intentionally, and even illegally, overstating the productivity of their wells and the size of their reserves. Many of these e-mails also suggest a view that is in stark contrast to more bullish public comments made by the industry, in much the same way that insiders have raised doubts about previous financial bubbles.
“Money is pouring in” from investors even though shale gas is “inherently unprofitable,” an analyst from PNC Wealth Management, an investment company, wrote to a contractor in a February e-mail. “Reminds you of dot-coms.”
“The word in the world of independents is that the shale plays are just giant Ponzi schemes and the economics just do not work,” an analyst from IHS Drilling Data, an energy research company, wrote in an e-mail on Aug. 28, 2009.
Company data for more than 10,000 wells in three major shale gas formations raise further questions about the industry’s prospects. There is undoubtedly a vast amount of gas in the formations. The question remains how affordably it can be extracted.
The data show that while there are some very active wells, they are often surrounded by vast zones of less-productive wells that in some cases cost more to drill and operate than the gas they produce is worth. Also, the amount of gas produced by many of the successful wells is falling much faster than initially predicted by energy companies, making it more difficult for them to turn a profit over the long run.
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If the industry does not live up to expectations, the impact will be felt widely. Federal and state lawmakers are considering drastically increasing subsidies for the natural gas business in the hope that it will provide low-cost energy for decades to come.
Video: The battle over natural gas drilling
But if natural gas ultimately proves more expensive to extract from the ground than has been predicted, landowners, investors and lenders could see their investments falter, while consumers will pay a price in higher electricity and home heating bills.
Environmental implications
There are implications for the environment, too. The technology used to get gas flowing out of the ground — called hydraulic fracturing, or hydrofracking — can require over a million gallons of water per well, and some of that water must be disposed of because it becomes contaminated by the process. If shale gas wells fade faster than expected, energy companies will have to drill more wells or hydrofrack them more often, resulting in more toxic waste.
The e-mails were obtained through open-records requests or provided to The New York Times by industry consultants and analysts who say they believe that the public perception of shale gas does not match reality; names and identifying information were redacted to protect these people, who were not authorized to communicate publicly. In the e-mails, some people within the industry voice grave concerns.
“And now these corporate giants are having an Enron moment,” a retired geologist from a major oil and gas company wrote in a February e-mail about other companies invested in shale gas. “They want to bend light to hide the truth.”
Others within the industry remain optimistic. They argue that shale gas economics will improve as the price of gas rises, technology evolves and demand for gas grows with help from increased federal subsidies being considered by Congress. “Shale gas supply is only going to increase,” Steven C. Dixon, executive vice president of Chesapeake Energy, said at an energy industry conference in April in response to skepticism about well performance.
Studying the data
“I think we have a big problem.”
Deborah Rogers, a member of the advisory committee of the Federal Reserve Bank of Dallas, recalled saying that in a May 2010 telephone call to a senior economist at the Reserve, Mine K. Yucel. “We need to take a close look at this right away,” she added.
A former stockbroker with Merrill Lynch, Ms. Rogers said she started studying well data from shale companies in October 2009 after attending a speech by the chief executive of Chesapeake, Aubrey K. McClendon. The math was not adding up, Ms. Rogers said. Her research showed that wells were petering out faster than expected.
“These wells are depleting so quickly that the operators are in an expensive game of ‘catch-up,’ ” Ms. Rogers wrote in an e-mail on Nov. 17, 2009, to a petroleum geologist in Houston, who wrote back that he agreed.
“This could have profound consequences for our local economy,” she explained in the e-mail.
Fort Worth residents were already reeling from the sudden reversal of fortune for the natural gas industry.
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In early 2008, energy companies were scrambling in Fort Worth to get residents to lease their land for drilling as they searched for so-called monster wells. Billboards along the highways stoked the boom-time excitement: “If you don’t have a gas lease, get one!” Oil and gas companies were in a fierce bidding war for drilling rights, offering people bonuses as high as $27,500 per acre for signing leases.
The actor Tommy Lee Jones signed on as a pitchman for Chesapeake, one of the largest shale gas companies. “The extremely long-term benefits include new jobs and capital investment and royalties and revenues that pay for public roads, schools and parks,” he said in one television advertisement about drilling in the Barnett shale in and around Fort Worth.
To investors, shale companies had a more sophisticated pitch. With better technology, they had refined a “manufacturing model,” they said, that would allow them to drop a well virtually anywhere in certain parts of a shale formation and expect long-lasting returns.
Wall Street holy grail
For Wall Street, this was the holy grail: a low-risk and high-profit proposition. But by late 2008, the recession took hold and the price of natural gas plunged by nearly two-thirds, throwing the drilling companies’ business model into a tailspin.
In Texas, the advertisements featuring Mr. Jones disappeared. Energy companies rescinded high-priced lease offers to thousands of residents, which prompted class-action lawsuits. Royalty checks dwindled. Tax receipts fell.
The impact of the downturn was immediate for many.
“Ruinous, that’s how I’d describe it,” said the Rev. Kyev Tatum, president of the Fort Worth chapter of the Southern Christian Leadership Conference.
Mr. Tatum explained that dozens of black churches in Fort Worth signed leases on the promise of big money. Instead, some churches were told that their land may no longer be tax exempt even though they had yet to make any royalties on the wells, he said.
That boom-and-bust volatility had raised eyebrows among people like Ms. Rogers, as well as energy analysts and geologists, who started looking closely at the data on wells’ performance.
In May 2010, the Federal Reserve Bank of Dallas called a meeting to discuss the matter after prodding from Ms. Rogers. One speaker was Kenneth B. Medlock III, an energy expert at Rice University, who described a promising future for the shale gas industry in the United States. When he was done, Ms. Rogers peppered him with questions.
Might growing environmental concerns raise the cost of doing business? If wells were dying off faster than predicted, how many new wells would need to be drilled to meet projections?
Mr. Medlock conceded that production in the Barnett shale formation — or “play,” in industry jargon — was indeed flat and would probably soon decline.
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“Activity will shift toward other plays because the returns there are higher,” he predicted. Ms. Rogers turned to the other commissioners to see if they shared her skepticism, but she said she saw only blank stares.
Bubbling doubts
Some doubts about the industry are being raised by people who work inside energy companies, too.
“Our engineers here project these wells out to 20-30 years of production and in my mind that has yet to be proven as viable,” wrote a geologist at Chesapeake in a March 17 e-mail to a federal energy analyst. “In fact I’m quite skeptical of it myself when you see the % decline in the first year of production.”
“In these shale gas plays no well is really economic right now,” the geologist said in a previous e-mail to the same official on March 16. “They are all losing a little money or only making a little bit of money.”
Around the same time the geologist sent the e-mail, Mr. McClendon, Chesapeake’s chief executive, told investors, “It’s time to get bullish on natural gas.”
In September 2009, a geologist from ConocoPhillips, one of the largest producers of natural gas in the Barnett shale, warned in an e-mail to a colleague that shale gas might end up as “the world’s largest uneconomic field.” About six months later, the company’s chief executive, James J. Mulva, described natural gas as “nature’s gift,” adding that “rather than being expensive, shale gas is often the low-cost source.” Asked about the e-mail, John C. Roper, a spokesman for ConocoPhillips, said he absolutely believed that shale gas is economically viable.
A big attraction for investors is the increasing size of the gas reserves that some companies are reporting. Reserves — in effect, the amount of gas that a company says it can feasibly access from its wells — are important because they are a central measure of an oil and gas company’s value.
Forecasting these reserves is a tricky science. Early predictions are sometimes lowered because of drops in gas prices, as happened in 2008. Intentionally overbooking reserves, however, is illegal because it misleads investors. Industry e-mails, mostly from 2009 and later, include language from oil and gas executives questioning whether other energy companies are doing just that.
The e-mails do not explicitly accuse any companies of breaking the law. But the number of e-mails, the seniority of the people writing them, the variety of positions they hold and the language they use — including comparisons to Ponzi schemes and attempts to “con” Wall Street — suggest that questions about the shale gas industry exist in many corners.
“Do you think that there may be something suspicious going with the public companies in regard to booking shale reserves?” a senior official from Ivy Energy, an investment firm specializing in the energy sector, wrote in a 2009 e-mail.
A former Enron executive wrote in 2009 while working at an energy company: “I wonder when they will start telling people these wells are just not what they thought they were going to be?” He added that the behavior of shale gas companies reminded him of what he saw when he worked at Enron.
Production data, provided by companies to state regulators and reviewed by The Times, show that many wells are not performing as the industry expected. In three major shale formations — the Barnett in Texas, the Haynesville in East Texas and Louisiana and the Fayetteville, across Arkansas — less than 20 percent of the area heralded by companies as productive is emerging as likely to be profitable under current market conditions, according to the data and industry analysts.
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Richard K. Stoneburner, president and chief operating officer of Petrohawk Energy, said that looking at entire shale formations was misleading because some companies drilled only in the best areas or had lower costs. “Outside those areas, you can drill a lot of wells that will never live up to expectations,” he added.
Although energy companies routinely project that shale gas wells will produce gas at a reasonable rate for anywhere from 20 to 65 years, these companies have been making such predictions based on limited data and a certain amount of guesswork, since shale drilling is a relatively new practice.
Most gas companies claim that production will drop sharply after the first few years but then level off, allowing most wells to produce gas for decades.
Gas production data reviewed by The Times suggest that many wells in shale gas fields do not level off the way many companies predict but instead decline steadily.
“This kind of data is making it harder and harder to deny that the shale gas revolution is being oversold,” said Art Berman, a Houston-based geologist who worked for two decades at Amoco and has been one of the most vocal skeptics of shale gas economics.
The Barnett shale, which has the longest production history, provides the most reliable case study for predicting future shale gas potential. The data suggest that if the wells’ production continues to decline in the current manner, many will become financially unviable within 10 to 15 years.
A review of more than 9,000 wells, using data from 2003 to 2009, shows that — based on widely used industry assumptions about the market price of gas and the cost of drilling and operating a well — less than 10 percent of the wells had recouped their estimated costs by the time they were seven years old.
Terry Engelder, a professor of geosciences at Pennsylvania State University, said the debate over long-term well performance was far from resolved. The Haynesville shale has not lived up to early expectations, he said, but industry projections have become more accurate and some wells in the Marcellus shale, which stretches from Virginia to New York, are outperforming expectations.
Sense of confidence
Many people within the industry remain confident.
“I wouldn’t worry about these shale companies,” said T. Boone Pickens, the oil and gas industry executive, adding that he believes that if prices rise, shale gas companies will make good money.
Mr. Pickens said that technological improvements — including hydrofracking wells more than once — are already making production more cost-effective, which is why some major companies like ExxonMobil have recently bought into shale gas.
Shale companies are also adjusting their strategies to make money by focusing on shale wells that produce lucrative liquids, like propane and butane, in addition to natural gas.
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Asked about the e-mails from the Chesapeake geologist casting doubt on company projections, a Chesapeake spokesman, Jim Gipson, said the company was fully confident that a majority of wells would be productive for 30 years or more.
David Pendery, a spokesman for IHS, added that though shale gas prospects had previously been debated by many analysts, in more recent years costs had fallen and technology had improved.
Still, in private exchanges, many industry insiders are skeptical, even cynical, about the industry’s pronouncements. “All about making money,” an official from Schlumberger, an oil and gas services company, wrote in a July 2010 e-mail to a former federal regulator about drilling a well in Europe, where some United States shale companies are hunting for better market opportunities.
“Looks like crap,” the Schlumberger official wrote about the well’s performance, according to the regulator, “but operator will flip it based on ‘potential’ and make some money on it.”
“Always a greater sucker,” the e-mail concluded.
Robbie Brown contributed reporting from Atlanta.
This story, "Insiders Sound an Alarm Amid a Natural Gas Rush," originally appeared in The New York Times.
wow i cant believe that graph that's insane!!! there crooks alright!!
Crooks and scum bag management. They are still pumping, but no one knows were the money is going. Status says inactive but cummulative is highest ever. Who Knows?
http://abyss.kgs.ku.edu/pls/abyss/oil.ogop4.OpPage?f_id=1028093260
if shale gas is booming what happened to HTOG???
South Texas enjoys major boom from oil fracking
Desolate South Texas towns enjoy first major oil boom in rush to frack Eagle Ford shale
In this May 16, 2011 photo, a drilling rig is installed down the road from a Chesapeake Energy storage tank, near Dilley, Texas. The Oklahoma City-based company has signed a deal with a Chinese company giving them a 33 percent stake in the 600,000 acres Chesapeake has leased to extract oil and gas from Texas’ tightly locked Eagle Ford shale formation. (AP Photo/Pat Sullivan)
Ramit Plushnick-Masti, Associated Press, On Sunday June 12, 2011, 2:06 pm EDT
COTULLA, Texas (AP) -- Bill Cotulla's hand rests on the handle of his great-grandfather's cane, his gravelly voice recounting the changes in the small town his ancestor founded and named for himself some 130 years ago. Almost overnight, it has transformed from a South Texas backwater to the hub of a major oil boom.
"You can't be choosy," the 75-year-old muses, considering the expanse of new RV parks, hotels and restaurants. "The oil companies that are putting up buildings are keeping nice yards."
For generations, Cotulla has been a town where even the paved roads had the aura of the dusty, saloon-lined paths from old Western movies. Cowboys, ranchers and shop owners tied their livelihood to the hunting season. Young people left to escape double-digit unemployment and poverty rates.
Now, the challenge is all the people pouring in. Cotulla, about 90 miles south of San Antonio, and nearby towns are rushing to house hundreds of workers and approve plans for apartment complexes and industrial parks to keep up with the development of the Eagle Ford shale formation, one of the most plentiful new oil fields in the country. After several years of preliminary work, the project is fully under way and sales tax revenues are soaring. Municipalities are paving roads, laying water lines and creating parks while trying to avoid being overextended when the boom tapers off.
"There's still more people coming," said Jerry Cox, owner of JJ's Country Store, a restaurant and convenience store on the main highway that runs through the town. "It's like Davy Crockett at the Alamo. You gotta think, are they ever going to stop coming?" he added, referring to the onslaught of Mexican soldiers who overwhelmed the fort.
The economic transformation is the result of a new drilling method, hydraulic fracturing, combined with horizontal drilling, that allows companies to extract oil and gas from impermeable layers of shale. Major industry players have joined the Eagle Ford project, including Anadarko, Range Resources and Shell. Chesapeake Energy of Oklahoma City signed a multi-billion dollar deal with the Chinese state-owned oil company to raise cash to drill in the shale.
No solid estimate of likely production has been made, but the American Petroleum Institute said the field should yield billions of barrels of oil. The project already supports 12,600 fulltime jobs, and by 2020 could account for $11.6 billion and nearly 68,000 jobs in a 24-county area, according to study in February by the University of Texas' Center for Community and Business Research.
Initially, some residents were skeptical about the windfall. In this barren land of mesquite trees, cactus bushes, rattlesnakes, feral hogs, coyotes and bobcats, oil booms-- the real ones-- always happened elsewhere. But the fat bonus checks and royalties rolling in to mineral rights' owners have changed attitudes.
Cox renovated the kitchen in his restaurant and put down new flooring. He desperately wants to hire at least six people. A friend who began building a Best Western on the Cotulla highway had all the rooms booked before construction was complete. People are driving around town in new cars.
Larry Dovalina, interim city administrator of Cotulla, home to barely 3,500 people, said new requests for water and sewer services are coming in daily. The power system is overburdened. Sales tax revenue rose from $445,000 in 2009 to more than $600,000 last year.
Some residents, like Mariane Hall, manager of the Cotulla Chamber of Commerce, are worried about possible side effects from the boom, especially ground water contamination. The development uses a technique known as fracking, which injects chemical-laced water into the shale to push out the minerals. Environmental groups and the Environmental Protection Agency have expressed concerns about the method. But the industry insists it is safe, and residents generally say they'll rely on federal and state agencies to enforce environmental regulations and provide oversight.
Similar booms have happened in other shale regions -- most notably Pennsylvania, North Dakota, Wyoming and Montana. In the places with mostly natural gas, however, production is slowing as the price of natural gas drops.
In South Texas, oil courses through the Eagle Ford's geologic layers -- just as the price per barrel lingers at or above $100.
The area, home to barely a half-million people in some three dozen counties, has been one of the nation's poorest. Several counties have poverty rates over 30 percent -- three times the national average.
"We've gone through a long dry spell," said Jill Martin, owner of Ben's Western Wear shop in downtown Cotulla.
At times, Martin thought she might have to close. The store relied on online sales and the hunting season, when hundreds descend on the area for its white-tailed deer.
Now she knows she should stay open later and on weekends but can't find enough employees. "It's just been amazing from no activity to ...," Martin says, gesturing at the commotion in the small shop packed with cowboy boots and plaid shirts, along with the steel-toed boots and flame resistant clothing coveted by the oilfield workers.
Sixteen miles north, Dilley, sits just off the shale. Yet plans for a 60- to 90-room hotel have been approved, city administrator Melissa Gonzalez said. Three RV parks are going up. Recently, a man offered to buy the town's airport.
Forty miles away in Carrizo Springs, 72-year-old Doris Jackson's RV park has grown from 42 units to 125 in the past two years. The supermarket is packed and runs out of food. She has one well and is getting thousands of dollars in royalties every month. And she's about to get a second well on her property.
"What are we gonna do with all that money?" Jackson says shaking her head. "I'll still buy my clothes in the second-hand shop like I've always done."
Follow Plushnick-Masti on Twitter at http://twitter.com/RamitMastiAP
Who has information on this company??
knight247.....Good post bud! This is what I was trying to say in my last post on this board. Lets see if its just talk or action will be taken soon to get the ball rolling and get permits approved NOW and not 9 years from now. Not only the benifits of producing our own oil/gas, but these are mostly good paying jobs. Exactly what our country needs now! Oh well, thats why I own this stock......waiting for the games to begin here in our country and not some other land with people trying to stick it to us. GLT us! Whoooa two post in one day on HTOG, time to break out a cold one. GO HTOG !!
http://finance.yahoo.com/news/With-gas-costs-high-Obama-to-apf-475286155.html?x=0&sec=topStories&pos=main&asset=&ccode=
With gas costs high, Obama to speed oil production
Obama plans steps to speed up US oil production but moves won't calm gas prices any time soon
FILE- In this April 28, 2011 file photo, John Magel pumps gas at a station in Wethersfield, Conn. Consumers paid more for gas and food in April, lifting inflation to its highest level in two and a half years. But inflationary pressures have begun to ease in May 2011, and analysts say some prices could taper off by summer. (AP Photo/Jessica Hill, file)
Darlene Superville and Dina Cappiello, Associated Press, On Saturday May 14, 2011, 3:06 pm
WASHINGTON (AP) -- Amid growing public unhappiness over gas prices, President Barack Obama is directing his administration to ramp up U.S. oil production by extending existing leases in the Gulf of Mexico and off Alaska's coast and holding more frequent lease sales in a federal petroleum reserve in Alaska. But the moves won't calm spiraling prices at the pump any time soon.
Obama said Saturday that the measures "make good sense" and will help reduce U.S. consumption of imported oil in the long term. But he acknowledged anew that they won't help to immediately bring down gasoline prices topping $4 a gallon in many parts of the country, and an oil industry analyst agreed.
"There is practically nothing that Washington can do that would materially change the price of fuel in this country," said Raymond James analyst Pavel Molchanov, noting that the United States produces about 5 percent of the world's petroleum while consuming about 20 percent. "Given that imbalance, there is simply no policy shift that could plausibly come from the federal government that can significantly change that dynamic."
An oil industry group praised Obama's move as a first step with a "couple of positive nuggets" but contended that more was needed to boost oil production. Erik Milito, upstream director for the American Petroleum Institute, called in a statement for more access to key shale reserves and construction of a pipeline that would import crude from Canadian oil sands.
Sen. Robert Menendez, D-N.J., who is opposed to drilling off the Atlantic coast, expressed concern about possible dangers to the environment. "I think it is disappointing he would pursue a strategy that comes with considerable risk while offering no hope of driving down gas prices," Menendez said in a statement.
Obama's announcement followed passage in the Republican-controlled House of three bills -- including two this week -- that would expand and speed offshore oil and gas drilling. Republicans say the bills are aimed at easing gasoline costs, but they too acknowledge that benefits won't come fast.
The White House had announced its opposition to all three bills, which are unlikely to pass the Democratic-controlled Senate, saying the measures would undercut safety reviews and open environmentally sensitive areas to new drilling.
But Obama is adopting some of the bills' provisions.
Answering the call of Republicans and Democrats from Gulf Coast states, Obama said in his weekly radio and Internet address that he would extend all Gulf leases that were affected by a temporary moratorium on drilling imposed after last year's BP oil spill. That would give companies additional time to begin drilling.
The administration had been granting extensions case by case, but senior administration officials said the Interior Department would institute a blanket one-year extension.
New safety requirements put in place since the BP spill also have delayed drilling in Alaska, so Obama said he would extend lease terms there for a year as well. An oil lease typically runs 10 years.
Lease sales in the western and central Gulf of Mexico that were postponed last year will be held by the middle of next year, the same time period required by the House. A sale off the Virginia coast still would not happen until 2017 at the earliest. But Obama said he would speed up environmental reviews so that seismic studies to determine how much oil and gas lies off the Atlantic Coast can begin.
To further expedite drilling off the Alaskan coast, where such plans by Shell Oil Co. have been delayed by an air pollution permit, Obama said he would create an interagency task force to coordinate the necessary approvals. He also will hold annual lease sales in the vast National Petroleum Reserve on Alaska's North Slope. Officials said the most recent sale was last year, but that they had not been held on any set schedule.
The moves come as Americans head into the summer driving season and gas prices remain high. A gallon of regular cost $3.97 on average nationwide Saturday, according to the AAA, Wright Express and Oil Price Information Service. That's up from $3.81 a month ago and $2.88 a year ago, but it's about a penny less than a week ago.
The price of gasoline increased every day between March 23 and May 6 for a total of about 30 percent, essentially tracking a 35 percent rise in crude oil prices that started in mid-February as investors pushed more and more money into commodities. Refinery shutdowns also contributed. And gas prices tend to rise every spring as refineries follow federal regulations to produce summer gasoline blends that evaporate less readily but are more expensive to make.
Molchanov said global oil prices also have risen because the global supply and demand picture has tightened the past few months due to volatility in the Middle East and North Africa.
Even if the U.S. government started offering new leases in Alaska and new areas of the Gulf or off the East Coast, it would probably take at least a year to start drilling and then another five years for that to translate into barrels of production, the analyst said. Wells that can produce quickly tend to be small.
"Even if all that works out, it still would not materially change global oil supply, and therefore would not materially change fuel prices in this country or any other," Molchanov said. "In the grand scheme of things, none of this changes the reality of $4 gasoline at the pump."
House Natural Resources Committee Chairman Doc Hastings of Washington, sponsor of the three measures that recently passed the House, said it was "ironic" that Obama "is now taking baby steps in our direction" after the White House and congressional Democrats criticized the bills.
"The president is finally admitting what Republicans have known all along, that increasing the supply of American energy will help lower prices and create jobs," Hastings said.
Philip Johnson, a petroleum engineer and University of Alabama professor, cautioned that new leases offer no guarantee that a company will find oil. Leases give a company permission to explore an area and set limits for what the company can do.
"You've got strong suspicions because you know what the underground structure looks like," he said. "But until you stick a hole in it you don't know what's in that structure."
Johnson noted, for instance, that while there are about 3,000 producing wells in the Gulf of Mexico in U.S. waters, about 50,000 wells have been drilled including many that have been emptied.
Obama on Saturday also reiterated his call on Democrats and Republicans to vote to eliminate $4.4 billion in taxpayer subsidies to oil and gas companies. Industry advocates, including most Republicans in Congress, have argued that doing away with the tax breaks will raise companies' cost of doing business, crimp their investment in exploration and production and lead to higher gas prices.
The 41 U.S. oil and gas companies that break out their federal taxes said they paid Uncle Sam $5.7 billion in 2010, more than any other industry, according to data compiled by Compustat. Exxon alone paid $1.3 billion.
The industry's federal tax bill would rise 70 percent without the subsidies, but it would remain highly profitable: Oil companies' combined pre-tax profits could hit $200 billion this year.
In the weekly Republican message, Alabama Rep. Martha Roby said it's time for Washington to get serious about the challenges facing the country, including straightening out its finances and tackling the gas price issue. She praised the House for passing measures to expand domestic energy production "because when we're talking about energy, we're talking about jobs."
"The greatest threat to our economy, job creation, and the future of our children is to do nothing," Roby said. "We have to act. It is what we were sent to Washington to do."
AP Business Writers Laura Impellizzeri in San Francisco and Tom Murphy in Indianapolis contributed to this report.
cool. Wondering where they go from here now with HTOG?
Former Chief Executive Officer of Small Cap Company Convicted in Market Manipulation Scheme
Following three weeks of trial, a federal jury in Brooklyn yesterday returned guilty verdicts against Kamal Z. Abdallah, the former chief executive officer at Universal Property Development and Acquisition Corp. (UPDV), on charges of securities fraud, wire fraud, and conspiracy to commit securities and wire fraud. These charges arose out of his participation in a scheme to artificially inflate UPDV’s stock price. When sentenced by United States District Judge Joseph F. Bianco on June 17, 2011, Abdallah faces a maximum sentence of 25 years’ imprisonment on the most serious charge.
The guilty verdicts were announced by Loretta E. Lynch, United States Attorney for the Eastern District of New York.
The government’s proof at trial established that the defendant served as UPDV’s chief executive officer from 2005 to 2008. During that time, he obtained hundreds of millions of shares of UPDV stock, some of which he received at no cost as part of his compensation. Shortly before Abdallah left UPDV, the company defaulted on over $14 million in loans, and one of its subsidiaries bounced approximately $2.5 million in checks to its suppliers. Neither the defendant nor anyone else at UPDV disclosed these financial problems to UPDV’s shareholders or the investing public.
Beginning in June 2009, the defendant orchestrated a scheme to unload as many of his UPDV shares as possible before the company went out of business. Due to a lack of demand for UPDV’s stock, the defendant paid cash kickbacks to a co-conspirator in exchange for the coconspirator’s creating false demand for UPDV’s stock, which, in turn, increased UPDV’s share price and allowed the defendant and another conspirator to sell tens of millions of UPDV shares at artificially high prices. The defendant’s co-conspirator created the false demand by fraudulently inducing several stock brokerage houses to purchase a total of more than 200 million shares of UPDV. The co-conspirator telephoned each of these brokerage houses, falsely identified himself as a representative of an actual client of the broker, and placed orders to buy large blocks of UPDV common stock. After the brokerage houses purchased the stock, the co-conspirator ceased contact with the brokerage houses and failed to pay for the shares he had caused the brokerage houses to purchase.
The false demand enabled the defendant and another conspirator to sell over 70 million UPDV shares for approximately $300,000. In exchange for the creation of the false demand, the defendant paid his co-conspirator approximately $40,000 in secret kickbacks from his UPDV sale proceeds.
Ms. Lynch extended her grateful appreciation to the Federal Bureau of Investigation in New York, the agency responsible for leading the government’s criminal investigation, and thanked the United States Securities and Exchange Commission for its assistance.
The government’s case was prosecuted by Assistant United States Attorneys Scott Klugman and David Woll.
Who has an opinion for the future one of this company??
HTOG>>>where is the panic????
I think it's all because of Middle East Crises. Once this is over everything will go back to status quo. This happened back in late 1980's and Early 1990's when most, if not all, European communist Countries, all of a sudden became Democratic. I see history repeating itself in Middle East.
why this stock still trading ? what is the speculation here?
assassin......wish I could be of some help to ya! I only know what pinksheets.com says and scottrade says the same. Until I see otherwise thats what I figure it is. I dont know the phone # to call and dont know how to find out what the # is. I'm only here because of the recent interest in this stock and spike in volume ect. And I'm dumb enough to think that our country will "wake up" and start to increase the use of our own resourses and stop getting the majority of our oil from people that dont even like us!! If we had started to use our own stuff 20 years ago we probably wouldn't be in the mess we are in now. Sorry I cant be of better help to you. Everyone do your own dd and dont make any investment decisions based on anything I say because I dont know anything!! GLTYA
Is there any way of contacting the TA for info on share structure? at this point I would pay any fee to find out what the story is with this?
With the crooks convicted, does anyone know of any law suits out against these crooks for the money they stole. It should be a class action either agains the crooks or the company itself.
It should, but Kamal and his goons dumped so much HTOG stock on the market, that even if it goes up, the effect is minimal.
HTOG is ready imo--was a lot of accumualtion in the 0005-6 range weeks ago, but we'll get there
How many shares in the 000 is there of HTOG
by hoping that you was right
At this point, this is a good thing(in my view) here is why:
First,
UPDV, HTOG, CNFU own some very nice assets. The former management of these companies had good plan and did acquire great assets.
second
They did mis-manage the plan and were obviously dishonest (understatement). The default on to Sheridan and vendors, probably caused the companies and personal assets of officers to be seized by debtors. This was probably a good event for shareholders as it took the companies OUT OF THE HANDS OF THE CROOKS well over a year ago. Since the debtors have a lot invested in these companies, they would try hard to recoup investment. In my view this is what they have been working on(in any case this seems logical progression of events).
Third
With oil over $100, it seems the assets are now MORE VALUABLE
Fourth
The CROOKS have been taken out of the picture.
Fifth
These companies are under the microscope of the FBI and SEC, this is a good thing for us BAGHOLDERS, as whoever is running the show now will be compelled to deal fairly with shareholders
In my view it is a matter of time (hopefully sooner rather than later) before the facts are revealed and the shareholders will see clearly what the situation is. YES, I was sucked in by the plan and went ALL IN on these stocks---I am hoping that justice will prevail in the end for us shareholders as well. I my view, with Oil at $100, and gas assets in demand, and honest parties now in control, shareholders have reason to be hopeful.
Yours TRULY
ALL IN bagholder
WOW! wondering what this means to HTOG? How will they operate now or will someone take over.
Does anyone have any idea on how to draw some information with regards to HTOG? share structure, who owns them, are they still in buisness?? all the good stuff
Looks like it. Good Morning,
Smitter SMTT
Consolidating at higher prices huh Smit?
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State Of Nevada Status currently Revoked.
If we Get reinstated HTOG will Run Big
http://www.heartlandoilandgas.com/
Heartland Oil and Gas Corporation, a development stage company, engages in the exploration, development, production, and sale of coal bed methane in northeast Kansas. It owns and operates Soldier Creek property, which covers approximately 224,860 gross acres and Evergreen north block that covers approximately 631,317 gross acres in Forest City Basin. The company also owns Evergreen southern block, which covers approximately 113,380 gross acres consisting of 24 wells in Bourbon arch. As of December 31, 2005, it had proved reserves of approximately 1,046,878 thousand cubic feet of gas. The company also engages in the processing and sale of gas through pipelines from its Lancaster wells. Heartland Oil and Gas Corporation was incorporated in 1998 and is based in Denver, Colorado.
Shares Outstanding | 889,407,720 | a/o Aug 14, 2008 |
Auth 1 billion
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