Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
Hi jchords,
I owned quite a few shares back in 2007-2009.
I believe the company was heavily involved in trying to get the oil out of old reserves. Think they purchased quite a few of them.
If memory serves, most oil reserves are "capped" while the majority of the oil is still in the ground. The pressure drops after a certain amount of the oil is taken out. Then you have to pump it out — which can be more expensive then just starting a new rig.
Fracking has come along and changed all that. Hopefully NNYR is still in business and making a lot of money.
That's what I am hoping.
Hey Jon,
NNYR just went Grey to Pink today.
You still the CEO?
DELETED POSTS!?!?!
What? So now someone truthfully states how much they have lost on this stock and we delete their posts?? And the reply to my post which I never saw BTW.
CowboyUp5000
Check out the website (www.northamericanenergy.net) and see where the Chinese bought the controlling interests
Was looking over the board for some old posts and came across this one. Curious as to your present day thoughts. Any hope whatsoever for either of these characters? I still hear that Lbwr's phone works...so one bill is being paid. lol.
Anyone hear anything on this lately?? Is John in jail yet? :)
SEC shut-down but 'still tradable'...WTF good is that ?
1/2-ass measures @ best !
Would you happen to know whom it is that I should email? And maybe an e-mail address??
You mean Jon Christian Ginder, the name he often used. He was supposed to be some oil/gas expert but Google News has almost nothing about him. He certainly doesn't appear to be known in that industry.
So happy to see the SEC shut down this scammer! Jon used to appear here and would present himself as some wonderful christian fellow. Then about 2 or 3 days before the reverse split the volume went crazy!
I knew then, this guy was a snake but thought, another typical pink-sheet, he'll never get caught. HAHAHA! I really hope they take away all his toys and lock him up for a long time with people of his kind.
cowboy >>> email the SEC lawyers who are involved with the litigation. Encourage them to use their fullest efforts to assure justice. Let them know you will be eager to cooperate. Give them the names of anyone you believe abetted any scam
Overworked govt lawyers love fan mail (or emails). thats probably the easiest and cheapest thing you can do at this stage
Anyone can answer AAsuited question? Any chance the stock investors can join in on the law suit?
08/18/2010 14 ORDER to provide accounting.(Signed by Judge Sim Lake) Parties notified.(hcarr, ) (Entered: 08/18/2010)
Doc 14 PDF file
http://viewer.zoho.com/docs/mfdxf
08/18/2010 13 ORDER appointing receiver Kelly M Crawford.(Signed by Judge Sim Lake) Parties notified.(hcarr, ) (Entered: 08/18/2010)
Doc 13 PDF file
http://viewer.zoho.com/docs/zdQrb
08/18/2010 12 AGREED INTERLOCUTORY JUDGMENT granting 11 Motion.(Signed by Judge Sim Lake) Parties notified.(hcarr, ) (Entered: 08/18/2010)
Doc 12 PDF file
http://viewer.zoho.com/docs/fbcDd
08/17/2010 10 STIPULATION re: Consent of Defendants by U.S. Securities and Exchange Commission, filed. (Attachments: # 1 Proposed Order Agreed Interlocutory Judgment)(Loftin, Harold) (Entered: 08/17/2010)
Doc 10 PDF file
http://viewer.zoho.com/docs/kasbh
Doc 10-1 PDF file
http://viewer.zoho.com/docs/qaobbf
Document Number: 10 5 pages 196 kb
Attachment Description
1 Proposed Order Agreed Interlocutory Judgment 5 pages 166 kb
Pacer update 18 Aug 10 CIVIL DOCKET FOR CASE #: 4:10-cv-02867 U.S. Securities and Exchange Commission v. Ginder et al
Date Filed # Docket Text
08/18/2010 14 ORDER to provide accounting.(Signed by Judge Sim Lake) Parties notified.(hcarr, ) (Entered: 08/18/2010)
08/18/2010 13 ORDER appointing receiver Kelly M Crawford.(Signed by Judge Sim Lake) Parties notified.(hcarr, ) (Entered: 08/18/2010)
08/18/2010 12 AGREED INTERLOCUTORY JUDGMENT granting 11 Motion.(Signed by Judge Sim Lake) Parties notified.(hcarr, ) (Entered: 08/18/2010)
08/17/2010 11 Unopposed MOTION Agreed Interlocutory Judgment, Appointing Receiver and Provide Accounting by U.S. Securities and Exchange Commission, filed. Motion Docket Date 9/7/2010. (Attachments: # 1 Proposed Order Agreed Interlocutory Judgment, # 2 Proposed Order Agreed Order Appointing Receiver, # 3 Proposed Order Agreed Order to Provide Accounting)(Loftin, Harold) (Entered: 08/17/2010)
08/17/2010 10 STIPULATION re: Consent of Defendants by U.S. Securities and Exchange Commission, filed. (Attachments: # 1 Proposed Order Agreed Interlocutory Judgment)(Loftin, Harold) (Entered: 08/17/2010)
Plaintiff
U.S. Securities and Exchange Commission
V.
Defendant
Jon C Ginder
Defendant
Northamerican Energy Group, Inc.
Defendant
Northamerican Energy Group, Corp.
https://ecf.txsd.uscourts.gov/cgi-bin/iquery.pl
SEC: Oil-And-Gas Scammer Paid Belize Company For Ad That Ran On CNBC, Fox Business News; Offer Proved To Be Fraudulent; Jon C. Ginder Charged In Emergency Action
By PatrickPretty.com 9:27 a.m. Aug. 13, 2010
http://patrickpretty.com/2010/08/13/sec-oil-and-gas-scammer-paid-belize-company-for-ad-that-ran-on-cnbc-fox-business-news-offer-proved-to-be-fraudulent-jon-c-ginder-charged-in-emergency-action/
A Texas man paid a Belize company to produce ads that ran on CNBC and Fox Business News for his oil-and-gas venture, but the offer proved to be fraudulent and the SEC has filed an emergency court action to stop the scheme, the agency said.
Jon C. Grinder of Houston used “at least” $210,000 of investor funds to pay the offshore firm to launch the TV ads, which claimed investors could earn annual returns of up to 40 percent from “low risk producing wells.”
Ginder personally called prospects who responded to the ads. The SEC described the scheme as multilayered, saying Ginder “fraudulently raised approximately $3.5 million from over 50 investors nationwide through three unregistered oil and gas limited partnership offerings.”
Investors were told their money would be used to purchases leases and renovate existing wells to enhance production, amid claims that “historical oil and gas data” suggested production would surge once the properties were improved.
The SEC described the claims as “wildly optimistic” and “fraudulent on their face” because “the historical oil and gas production from the partnership leases was very poor” and “many of the wells had no recent production history.”
In one of the offerings, annual production was estimated at 91,000 barrels even though the wells had produced a total of only 67,000 barrels in the preceding 15 years.
“There were no reserve reports or any other credible basis upon which he could form a reasonable belief that the wells could be reworked to yield a production rate in a single year that would exceed over 135 percent of the prior combined 15 years['] worth of productivity,” the SEC said.
During the first year of the venture (2008), total production after several wells “purportedly” were reworked topped out at only about 3,522 barrels — a far cry from the projection of 91,000 barrels, the SEC said.
In 2009, the agency said, production topped out at about 3,986 barrels.
Ginder continued to raise funds based on the same “false and misleading” projections through March 2010, while also failing to disclose the venture was operating at a loss, the SEC said.
But production misrepresentations were only part of the scheme, the SEC said.
Ginder, according to the agency, also used investor funds to provide an unauthorized, interest-free loan of $300,000 to a penny-stock company “founded by his friend and in which Ginder owned stock.”
The penny-stock firm “failed to repay the loan,” the SEC said.
Ginder also did not disclose that $800,000 in investor funds were used to purchase leases from a private company he controlled, netting him a cash profit of $700,000 and 10 “partnership units” worth $60,000 each, the agency charged.
All in all, Ginder netted $1.3 million from self-dealing, the SEC alleged.
The SEC has asked a federal judge to freeze Ginder’s assets, along with the assets of two related companies: Northamerican Energy Group Inc. (NEG) and Northamerican Energy Group Corp. (NEGC). The agency alleged that the scheme operated between February 2008 and May 2010.
Read the SEC complaint.
http://sec.gov/litigation/complaints/2010/comp21624.pdf
http://patrickpretty.com/2010/08/13/sec-oil-and-gas-scammer-paid-belize-company-for-ad-that-ran-on-cnbc-fox-business-news-offer-proved-to-be-fraudulent-jon-c-ginder-charged-in-emergency-action/
u cant compare junk like nnyr with 99% of big board stocks. otcbb/pink pennies never invent anything, never cure any disease, and never employ american workers except perhaps a few temps to answer the phone. Mostly just the owner and his three lawyers lol. >>> the category adds nothing to our economy
Any chance for NNYR stock Investors to join in the lawsuit?
I hear you and I appreciate the concern. Lbwr and this one were among my first in the foray of penny stocks. I did give them more of a leeway since they claimed to be Christian. With that said, they weren't the first and probably not the last to rip me off.
With that said, I switched to the pennies after recognizing that large companies are just as scammy in their own ways, only more expensive. We're all aware of the billion dollar fines paid without any admittance of guilt, along with the shredders working OT at Arthur Anderson. I've managed to survive this long, but I admit there are sharks all over the place, including under the Christian guise.
SEC warns on religious affinity scams. This warning is especially appropriate in reference to this stock, imo
http://www.sec.gov/investor/pubs/affinity.htm
Thanks Joe, and likewise.
Agree with all that you wrote.
SEC Takes Emergency Action to Shut Down Alleged Oil and Gas Fraud
On August 13, 2010, in Oil and Gas, SEC, Scams, Securities Industry (general), Texas, by IW Dog
http://investorswatchdog.com/blog/investorswatchblog/?p=2226
Oil and gas frauds will never fade. They’ve proven too good a vehicle for separating people from their life savings.
The U.S. Securities and Exchange Commission (“SEC’) has charged Houston resident Jon C. Ginder (“Ginder”) and two related companies, Northamerican Energy Group, Inc. (“NEG”) and Northamerican Energy Group Corp. (NEGC”), with securities fraud. Specifically, the SEC claims that the defendants fraudulently raised approximately $3.5 million from about 50 investors between February 2008 and May 2010, The SEC’s press release reads in part:
Investors were solicited through television advertisements touting annual returns as high as 40% from low risk producing wells. The estimated returns were purportedly based upon historical oil and gas data. In fact, the complaint alleges that historical oil and gas production from the leases in the first two partnership offerings was very poor, and many of the wells had no recent production history.
In connection with the first, and largest offering that raised in excess of $2.4 million, investors were told that funds would be used only for partnership purposes, specifically to purchase leases and renovate existing wells to “further enhance monthly production.” Contrary to these representations, the complaint alleges that $800,000 of investor funds were utilized to purchase leases from a private company Ginder controlled for an undisclosed profit of approximately $700,000 in cash plus an additional ten partnership units worth $60,000 per unit — in essence an undisclosed profit of $1.3 million. Further, without the partners’ approval, it is alleged that Ginder withdrew $300,000 from the partnership’s operating account to make an unsecured and non-interest bearing “loan” to a penny stock company operated by a personal friend and in which Ginder owned stock. The general partner has also borrowed over $478,000 from the partnership. None of these funds were repaid to the partnership. Ginder also paid at least $210,000 of investor funds for the television advertising campaign that generated investor leads.. None of the above expenditures, which total approximately 70% of the offering proceeds, were approved by investors.
Within the past two weeks, Investor’s Watchdog has conducted three Winnow® investigations for clients interested in three separate oil and gas ventures. In two of those investigations we found multiple red flags suggesting a strong likelihood of fraud.
Oil and gas frauds will never fade. They’ve proven too good a vehicle for separating people from their life savings. Before you invest in one, consider finding out what an SEC-trained investigator can learn for you.
http://investorswatchdog.com/blog/investorswatchblog/?p=2226
creede >>> 'not a joke. jchristiang is actually Jon C. Ginder.'
Posted by: creede Member Level Date: Wednesday, February 22, 2006 11:37:40 PM
In reply to: jchristiang who wrote msg# 19 Post # of 1380 t
Welcome to our forum Jon.
http://www.northamericanenergy.net/board.htm
Jon C. Ginder - Chairman & CEO
Mr. Jon Ginder, the Chairman of Northamerican Energy Group Corporation has in excess of thirty years experience in corporate management, including Senior Vice President & Regional Manager of Northamerican Sureties, a private surety bonding company, Vice President & Division Manager of JWP Electronics, a former Fortune 500 electronic/technical systems company, President and COO of Southern Coke and Chemical, a coke & chemical company formed in partnership with ABB International, a Fortune 100 international company, which was created to purchase Lone Star Steel coke & chemical plant, President & CEO of a group of international construction services companies, Vice President and Group Operations Manager of a international industrial contracting firm. Recent interests include being a Director and the major stockholder in PC People, a software distributor implementation company.
Fellas, this is not a joke. jchristiang is actually Jon C. Ginder. I told him we had established this forum, and he showed up. I called him today and he confired. I asked him what he could post, and he said that anything he says here must be public knowledge. So, please keep everything above the boards so that your post won't be deleted.
P.S. Ever been on an IHUB thread with the CEO? Me either. Told you Jon was a real cowboy.
You have to give Jon a lot of credit. The SEC is so far behind in going after suspect business practices, that he must have done something so eye-opening, that they just had to respond. Dexter of Labwire and Cotton of Cwrn (whom Jon often chastens) have yet to reach this dubious honor.
In my history of watching the SEC act, they just don't bother unless they're sure they got the goods on the individual.
As a Christian, I'd like to see this all go away, but then again, the Lord will not pull punches in His determination to wake someone up....jail time included.
LOL...how's THIS for irony? What a shipthead he is imo.
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=53301963
Saw this coming about 3 years ago...CEO's posting on message boards usually = the first clue that somethin' just ain't right...
I hope they hang him and anyone else (and you know who you are on here)involved in this long running scam if true.
08/11/2010 7 MOTION for Preliminary Injunction by U.S. Securities and Exchange Commission, filed. Motion Docket Date 9/1/2010. (Attachments: # 1 Proposed Order)(Loftin, Harold) (Entered: 08/11/2010)
Doc 7 PDF file
http://viewer.zoho.com/docs/qL8ic
Doc 7-1 PDF file
http://viewer.zoho.com/docs/qL6Fj
Document Number: 7 3 pages 109 kb
Attachment Description
1 Proposed Order 6 pages 217 kb
08/11/2010 1 COMPLAINT against Jon C Ginder, Northamerican Energy Group, Corp., Northamerican Energy Group, Inc. filed by U.S. Securities and Exchange Commission. (Attachments: # 1 Civil Cover Sheet)(Loftin, Harold) (Entered: 08/11/2010)
Doc 1 PDF file
http://www.sec.gov/litigation/complaints/2010/comp21624.pdf
Pacer update 13 Aug 10 CIVIL DOCKET FOR CASE #: 4:10-cv-02867 U.S. Securities and Exchange Commission v. Ginder et al
U.S. Securities and Exchange Commission v. Ginder et al
Assigned to: Judge Sim Lake
Cause: 15:77 Securities Fraud
Date Filed: 08/11/2010
Jury Demand: None
Nature of Suit: 850 Securities/Commodities
Jurisdiction: U.S. Government Plaintiff
Date Filed # Docket Text
08/13/2010 9 WAIVER OF SERVICE Returned Executed as to Jon C Ginder served on 8/12/2010, answer due 10/12/2010; Northamerican Energy Group, Corp. served on 8/12/2010, answer due 10/12/2010; Northamerican Energy Group, Inc. served on 8/12/2010, answer due 10/12/2010, filed.(Loftin, Harold) (Entered: 08/13/2010)
08/12/2010 8 ORDER Expediting Hearing on 4 Motion for Orders Freezing Assets Appointing Receiver and Other Expedited Equitable Relief. Motion Hearing set for 8/20/2010 at 02:00 PM in Courtroom 9B before Judge Sim Lake. Defendants response due 8/17/2010 at 3:00 p.m. Plaintiff reply due 8/19/2010 at 3:00 p.m.(Signed by Judge Sim Lake) Parties notified.(hcarr, ) (Entered: 08/12/2010)
08/11/2010 7 MOTION for Preliminary Injunction by U.S. Securities and Exchange Commission, filed. Motion Docket Date 9/1/2010. (Attachments: # 1 Proposed Order)(Loftin, Harold) (Entered: 08/11/2010)
08/11/2010 6 MEMORANDUM in Support re: 4 MOTION Asset Freeze Order, Appointment of Receiver and Other Orders Granting Emergency Equitable Relief by U.S. Securities and Exchange Commission, filed.(Loftin, Harold) (Entered: 08/11/2010)
08/11/2010 5 EXHIBITS re: 4 MOTION Asset Freeze Order, Appointment of Receiver and Other Orders Granting Emergency Equitable Relief by U.S. Securities and Exchange Commission, filed. (Attachments: # 1 Appendix Exhibit D, # 2 Appendix Exhibit E, # 3 Appendix Exhibit F, # 4 Appendix Exhibit G, # 5 Appendix Exhibit H, # 6 Appendix Exhibit I, # 7 Appendix Exhibit J, # 8 Appendix Exhibit K, # 9 Appendix Exhibit L, # 10 Appendix Exhibit M, # 11 Appendix Exhibit N, # 12 Appendix Exhibit O, # 13 Appendix Exhibit P, # 14 Appendix Exhibit Q Part 1, # 15 Appendix Exhibit Q Part 2, # 16 Appendix Exhibit R)(Loftin, Harold) (Entered: 08/11/2010)
08/11/2010 4 MOTION Asset Freeze Order, Appointment of Receiver and Other Orders Granting Emergency Equitable Relief by U.S. Securities and Exchange Commission, filed. Motion Docket Date 9/1/2010. (Attachments: # 1 Proposed Order Freezing Assets and Granting Emergency Equitable Relief, # 2 Proposed Order Appointing Receiver, # 3 Proposed Order Expediting Hearing, # 4 Appendix, # 5 Appendix Declaration of Richard E. Zadina, # 6 Appendix Exhibit A, # 7 Appendix Exhibit B, # 8 Appendix Exhibit C)(Loftin, Harold) (Entered: 08/11/2010)
08/11/2010 3 ORDER for Initial Pretrial and Scheduling Conference and Order to Disclose Interested Persons. Initial Conference set for 12/3/2010 at 02:00 PM in Courtroom 9B before Judge Sim Lake.(Signed by Judge Sim Lake) Parties notified.(smurdock, ) (Entered: 08/11/2010)
08/11/2010 2 CERTIFICATE OF INTERESTED PARTIES by U.S. Securities and Exchange Commission, filed.(Loftin, Harold) (Entered: 08/11/2010)
08/11/2010 1 COMPLAINT against Jon C Ginder, Northamerican Energy Group, Corp., Northamerican Energy Group, Inc. filed by U.S. Securities and Exchange Commission. (Attachments: # 1 Civil Cover Sheet)(Loftin, Harold) (Entered: 08/11/2010)
Plaintiff
U.S. Securities and Exchange Commission
represented by Harold R Loftin , Jr
US Securities & Exchange Comm
801 Cherry St
Ste 1900
Ft Worth, TX 76102
817-978-6450
Fax: 817-978-4927 fax
Email: loftinh@sec.gov
ATTORNEY TO BE NOTICED
V.
Defendant
Jon C Ginder
Defendant
Northamerican Energy Group, Inc.
Defendant
Northamerican Energy Group, Corp.
https://ecf.txsd.uscourts.gov/cgi-bin/iquery.pl
I guess so. What say you to this?
Posted by: scion Date: Friday, August 13, 2010 6:05:52 PM
In reply to: None Post # of 16666
SEC Seeks Receiver in Alleged Houston Oil and Gas Fraud
U.S. Securities and Exchange Commission
Litigation Release No. 21624 / August 12, 2010
Securities and Exchange Commission v. Jon C. Ginder, Northamerican Energy Group, Inc., and Northamerican Energy Group, Corp. Civil Action No. 4:10-cv-02867 (U.S.D.C Texas, Houston Division)
SEC Seeks Receiver in Alleged Houston Oil and Gas Fraud
On August 11, 2010, the U.S. Securities and Exchange Commission filed a complaint in the United States District Court for the Southern District of Texas, Houston Division seeking emergency relief including the appointment of a receiver, against Houston resident Jon C. Ginder ("Ginder") and two related oil and gas companies, Northamerican Energy Group, Inc. ("NEG") and Northamerican Energy Group Corp. (NEGC). The complaint alleges that from February 2008 to May 2010, trhe defendants fraudulently raised approximately $3.5 million from over 50 investors nationwide through unregistered oil and gas limited partnership offerings. Investors were solicited through television advertisements touting annual returns as high as 40% from low risk producing wells. The estimated returns were purportedly based upon historical oil and gas data. In fact, the complaint alleges that historical oil and gas production from the leases in the first two partnership offerings was very poor, and many of the wells had no recent production history.
In connection with the first, and largest offering that raised in excess of $2.4 million, investors were told that funds would be used only for partnership purposes, specifically to purchase leases and renovate existing wells to "further enhance monthly production." Contrary to these representations, the complaint alleges that $800,000 of investor funds were utilized to purchase leases from a private company Ginder controlled for an undisclosed profit of approximately $700,000 in cash plus an additional ten partnership units worth $60,000 per unit — in essence an undisclosed profit of $1.3 million. Further, without the partners' approval, it is alleged that Ginder withdrew $300,000 from the partnership's operating account to make an unsecured and non-interest bearing "loan" to a penny stock company operated by a personal friend and in which Ginder owned stock. The general partner has also borrowed over $478,000 from the partnership. None of these funds were repaid to the partnership. Ginder also paid at least $210,000 of investor funds for the television advertising campaign that generated investor leads.. None of the above expenditures, which total approximately 70% of the offering proceeds, were approved by investors.
In connection with another offering that raised approximately $900,000, it is alleged that the defendants made material misstatements and omissions concerning the identity of the general partner, and the defendants' prior oil and gas activities.
The complaint alleges that the defendants violated the registration provisions of Sections 5(a) and 5(c) of the Securities Act of 1933 and the anti-fraud provisions of Section 17(a) of the Securities Act and Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 thereunder. In addition to the emergency relief, the complaint seeks preliminary and permanent injunctions, disgorgement plus prejudgment interest and civil monetary penalties.
See Also: SEC Complaint
http://www.sec.gov/litigation/complaints/2010/comp21624.pdf
http://www.sec.gov/litigation/litreleases/2010/lr21624.htm
If you actually think that this is ever going to get out of greysheet hell then please do not ruin it for us by reversing the shares.
Maybe something is in the works
i pop in every now and then....gl
So I'm guessing that this board is completely dead now?? Does the company even care about share price anymore??
So now you're allowed to post on here again??? Lemme guess... this weeks gonna be a good week right? Wait no... dont say that, last time you did we had a 20/1 RS.
The server is down - will be repaired and back up shortly
hmmmm.... where'd the website go... does NNYR still exist?
Thanks for the update. So what does this inevitably mean for us? Seems to me like they have given up all hope on market share value and are putting all their eggs into their private investor basket?
CowboyUp5000
Thanks for the headsup.
Investor Newsletter News
April 27, 2009: This Partnership/Investor Newsletter is designed to help keep our investors and partners informed on the kinds of things we’re currently working on, and how these things might interact with Northamerican Energy’s goals and plans for the future.
Specific announcements and news releases may be posted as newsworthy events occur, but in the time periods between those releases our Investor Newsletter will fill in the gaps and continue to keep you, our partner/investors, informed.
Northamerican Energy MLP(I): The daily reports I get from our field operations continue to report that our workover rigs are performing well, our monthly production is stabilizing and continues to improve on the wells we've worked over to date.
As our quarterly reports to our investor/partners indicated this is a long slow process, a process that throwing lots of $'s at will not alleviate. We anticipate that we will achieve the production levels indicated in that report by the 3-4th quarter of 2009 and would ask that you be patient in the interim.
Current oil prices oil seem to be holding at $50+ bbl, even considering a glut in the current oil inventory reports and all the experts we've seen say that prices will rebound because of the depletion of major worldwide oil fields. as we previously menbtioned the 2008 rate of depletion of 9.1% was much worse than expected and given that when the world economy recovers everyone expects a strong bounce back in the price of oil. In other words, no one believes that these low oil prices are going to last!
We are optimistic that oil prices will return to the $75 bbl level in the near future, as will natural gas prices this winter, and that the Partnership's annual income will meet, or exceed, all expectations in the coming quarters as production improves, workovers are completed, and additional production is brought online.
Acquisition of New Leases and Wells: As mentioned previously the Pecos County filing of the assignment, conveyance and bill of sale of both Sunrise's assets, and the existing leases were conveyed from Northamerican Energy Group to Northamerican Energy Master Limited Partnership and copies of the filings conveying those interests were included in the last quarterly report.
The leases and associated wells will continue to be worked over, re-equipped and put on production and the initial results on the wells that are already basically completed seem to be much better than anticipated, especially as it relates to the natural gas production.
Should these results continue we anticipate that these leases will return their purchase price in one year, or so, all of which fully corresponds with our business plan.
We will continue to analyze these opportunities and continue to negotiate the acquisition of additional leases/wells for both Partnerships as an ongoing basis and these acquisitions will be announced, and reported to our partners, as agreements are finalized.
As mentioned previously all of the leases we plan on acquiring for our Partnerships are properties that are in a mature, existing field, and were developed and operated until they became inactive in the past 10-15 years when oil and gas prices did not support their continuing operation.
These leases, and their wells, are low-cost, low-risk, primary production properties in need of workovers using a number of workover procedures. After completion we are certain they will return investment, and the workover costs, quickly resulting in positive cash flow for the Limited Partnerships within 6 months after completion.
Current Production - Partnership I: The natural gas we're producing and bringing on line as workovers are completed runs almost 1400 BTU's instead of 1000 BTU's per MCF which means that the Partnership receives a premium of almost 40% over and above the quoted price per MCF as outlined in Southern Union Gas settlement statements.
Sunrise's workover rig, which is working on the wells that are part of the Sunrise acquisition, and BE Burton's workover rig, which is currently working over the the wells on our other leases gives use of 2 workover rigs to use to work our leases as we continue to expand and grow.
These workovers are progressing each week and we continue to try to put 3-4 new wells to add to the existing production each month.
Other Items of Interest: An announcement in January 9, 2009 Houston Chronicle has affirmed our business model when it announced that Quantum Energy Partners, a Houston-based private equity firm, is investing more than $100 million in a new firm that will focus on buying existing oil and gas production in Texas and Oklahoma, and then working over these leases to increase the output using enhanced recovery methods.
Next, on April 27th we executed the Farmout Agreement (Agreement) with Pinnacle Mining for drilling new wells on both the Breen and Benoit leases. This Agreement requires the drilling, or re-entering, of additional earning wells within 90 days of completion of each well on both leases.
As part of that Agreement a production payment of $100,000 on each earning well will be paid out to the Partnership out of 25% of the Working Interest, or 18.75% of the net revenue interests, after payout. This $100,000 production payment is to be paid in addition to any overrides, or royalty interests, the Partnership may have after assigning the 75% Working Interests to Pinnacle. Copies of the Agreement will be forwarded to the Partnership along with the Quarterly Report this week. .
Partnership II Information: Current oil prices, coupled with the fact that we offer our investor/partners ownership in proven production allows us to offer returns far greater that they might be able to generate in the current stock market.
In addition 20-30% (depending on the investors tax bracket) of that return is effectively sheltered by the oil and gas depletion allowance (IRS Publication 535-Section 10).
Due to the popularity and success of our current investment program we have decided to expand our program and offer our Partners the opportunity to purchase 1/2 unit and make up to 10%, or more as oil prices increase, on a $30,000 investment, all on the same terms and conditions as the full $60,000 units.
These investors will be given the option to increase their income by purchasing another 1/2 unit at a later time.
Please contact us if your are interested in obtaining a Private Placement Memorandum package.
In closing we are excited about the new partner relationships we have developed over these past few months as we continue to have lots of new, and exciting opportunities made available to us and hope that these Partnership Investor Newsletters will help you to keep current on what’s happening in our company, and aid you in better understanding what we’re attempting to accomplish.
I pray that you, and your families, are having a blessed spring and please free to call me if you have any additional questions.
Jon Ginder - President & CEO
http://www.northamericanenergy.net/index.php?action=more&type=news&nid=72&id=134
I'm not sure what you're saying.
joev, this should be of much more concern to the CEO of this company:
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=34955766
You may find this interesting. First, a copy of the newsletter stating why Jon did what he did. After that, my response to it. Finally, the split occurred on Jan 09, 2007 as per the newsletter....
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=16094840
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=16099814
Needless to say, the stock closed at .26 the first day after the r/s. You see how this has benefited the shareholders....The most recent close was .004.
What was the date of the NNYR reverse split?
Oh my, what does this sound like?
a 40% rate of return per year
Due to the popularity and success of our current investment program we have decided to expand our program and offer our Partners the opportunity to purchase 1/2 unit and make up to $1000/month on a $30,000 investment, all on the same terms and conditions as the full $60,000 units.
Followers
|
34
|
Posters
|
|
Posts (Today)
|
0
|
Posts (Total)
|
1426
|
Created
|
11/27/05
|
Type
|
Free
|
Moderators |
#board-4812
Northamerican Energy Group Corporation
P.O. Box 691172
Houston, Texas 77269-1172
Telephone: 281-944-3180
NEW Website ~~~~~~~> http://www.northamericanenergy.net/
Latest News ~~~~> http://finance.yahoo.com/q?s=nnyr.pk
NNYG Filings ~~~> http://www.pinksheets.com/quote/finance.jsp?symbol=NNYR
A/S: 500 mil
Outstanding Shares 217,164,286
Rest. Shares 141,538,680
Float 75,625,606
TA: PacWest Transfer Agent
17 Horner Street
Warrenton Virginia 20186
540-675-3129
Auto-updating oil chart (30 minute delay, updates 24/7)
Volume | |
Day Range: | |
Bid Price | |
Ask Price | |
Last Trade Time: |