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Do you know what the compliance requirements consist of? I would imagine share price may be one, do you expect a reverse split?
Eager to see what kind of stock can be picked up at a further discount with tax loss selling. Do you think it may make any moves before year end?
That is impressive. Have they made any statements of what their plan of attack is on making acquisitions and developments?
GGR GeoGlobal Resources: New play chart looking good. Due diligence from latest financial results below the chart.
GeoGlobal Reports Second Quarter 2011 Financial Results
Aug 15, 2011 4:20:00 PM
CALGARY, ALBERTA--(Marketwire - Aug. 15, 2011) - GeoGlobal Resources Inc. (GeoGlobal or the Company) (NYSE Amex:GGR) today announced operating highlights and selected financial results for the quarter ended June 30, 2011. All amounts are in U.S. dollars unless otherwise noted.
"In this quarter we continued to advance our preparations with respect to our Israeli drilling program, finalizing the Assignment Agreement for a semi-submersible drilling that we'll be able to access before the end of the year," said Paul Miller, President and CEO of GeoGlobal. "With the support of our board of directors, we also retained a financial advisor to assist us in the evaluation of a range of strategic options designed to derive additional shareholder value from our diverse asset base."
Selected Operational Highlights
Since April 1, 2011 the following events have occurred:
-- An agreement with Export Development Canada (EDC) to provide bonding
capacity to cover the Company's performance and financial guarantees
which were provided by GeoGlobal for the period of April 1, 2011 to June
30, 2012 for its Indian operations, allowing the Company to release $4.1
million from its restricted deposits upon EDC providing sufficient
security to GeoGlobal's bank;
-- Commencement of drilling of the first well on the Rajasthan Block RJ-
ONN-2004/2. The well (Phulasar-1) was subsequently tested, determined to
be non-productive and was plugged and abandoned;
-- The Israel Petroleum Commissioner's Office granted us an extension for
the planned drilling program on the Myra and Sara offshore Israel
licenses to July 13, 2012. Under the terms of the extension, the
partners were to present to the Petroleum Supervisor their final
prospects for the Myra and Sara licenses by August 1, 2011, which has
been presented, and begin drilling the first exploration well by no
later than March 31, 2012;
-- Retention of Rodman & Renshaw, LLC to assist management in investigating
a broad range of strategic alternatives available to the Company to
enhance shareholder value with capital restructuring and financing
alternatives including, but not limited to, a sale of assets or stock, a
recapitalization or consolidation of the Company, or a joint venture;
-- Release of a Resource Report prepared by Netherland, Sewell &
Associates, Inc. (NSAI) of Houston, Texas on the offshore Israel
licenses known as Myra and Sara;
-- Finalization of the terms on the Assignment Agreement entered into with
a third party whereby GeoGlobal took assignment of the third party's
rights and obligations to an existing Drill Rig and Associated Services
Contract for a Semi-submersible Drilling Rig; and
-- Completion of the 43 square kilometer 3D seismic acquisition program on
the Israel Samuel block.
Financial Review
All of the Company's oil and gas sales are derived from production in India. With the approval of the Tarapur 1 field development plan by the Management Committee, three wells began production in mid-May 2009, two in September 2009 and one in January 2010. There are ten additional wells which are drilled, tested and awaiting tie-in to the oil tank storage facilities. Further, associated natural gas from one gas well is being contained and sold while awaiting approval of a development plan for completion of a pipeline.
Oil and gas sales for the three months ended June 30, 2011 were $108,000 as compared with $235,000 for the three months ended June 30, 2010. Oil and gas sales for the six months ended June 30, 2011 were $251,000 as compared with $426,000 for the six months ended June 30, 2010. This decrease is mainly attributable to lower oil and gas production for the three and six months ended June 30, 2011 when compared with the same periods in 2010.
Oil sales are currently based on the spot price based on discount to the Nigeria Bonny Light Crude bench mark. To date, none of GeoGlobal's production has been hedged. All associated natural gas is sold to local markets at a firm contract price of $7.00 per Mcf adjusted for rebate/premium on account of calorific value.
Interest income during the three months ended June 30, 2011 was $9,800 as compared with $11,000 for the same period in 2010. The average cash balance and restricted deposits during the three months ended June 30, 2011 was $10.0 million compared with $16.5 million for the three months ended June 30, 2010. Interest income during the six months ended June 30, 2011 was $20,000 compared with $30,000 for the same period in 2010. The average cash balance and restricted deposits during the six months ended June 30, 2011 was $11.1 million compared with $19.3 million for the six months ended June 30, 2010. The decreases in interest income are primarily attributed to lower cash balances and restricted deposits available for investment.
Operating costs for the three months ended June 30, 2011 were $34,000 or $22.33 per BOE compared with $40,000 or $11.26 per BOE for the three months ended June 30, 2010. Operating costs for the six months ended June 30, 2011 were $68,000 or $20.76 per BOE compared with $102,000 or $13.82 per BOE for the six months ended June 30, 2010. The decreases were mainly attributable to lower oil and gas production for the periods ended June 30, 2011 when compared to the same periods for 2010. The operating costs include handling and processing charges, transportation costs and utilities, maintenance and tank rental charges and contain a fixed and variable portion.
For the three months ended June 30, 2011, general and administrative expenses increased to $1,220,000 from $928,000 for the three months ended June 30, 2010. These general and administrative expenses include costs related to the corporate head office including administrative salaries and services, directors' fees, rent and office costs, insurance, bank guarantee fees, NYSE Amex listing and filing fees, investor relations services and transfer agent fees and services. This increase is mostly attributable to an increase in the Directors' and Special Committee fees by $88,000 combined with an increase in salaries and benefits of $62,000, mostly related to restructuring of our management team which was previously included in consulting fees, and an increase in travel and hotel costs by $62,000 due to increased activity. Stock-based compensation costs increased by $100,000 to $246,000 for the three months ended June 30, 2011 from $146,000 for the comparative three months in 2010. These compensation costs are for stock-based compensation arrangements with employees and directors which are being expensed over their respective vesting periods of the related option grants. Further, there was a general increase in general and administrative costs due to increased activity in Israel, offset by overhead recoveries of $105,000 for the three months ended June 30, 2011 as compared to nil in the prior period.
For the six months ended June 30, 2011, general and administrative expenses increased to $2,300,000 from $1,596,000 for the six months ended June 30, 2010. These general and administrative expenses include costs related to the corporate head office including administrative salaries and services, directors' fees, rent and office costs, insurance, bank guarantee fees, NYSE Amex listing and filing fees, investor relations services and transfer agent fees and services. This increase is mostly attributable to the following: Directors' and Special Committee fees increased by $111,000, salaries and benefits increased by $307,000, mostly related to restructuring of the management team which was previously included in consulting fees and the inclusion of a new executive officer in March 2010, and travel and hotel costs increased by $58,000 due to greater activity. Stock-based compensation costs increased by $241,000 to $490,000 for the six months ended June 30, 2011 from $249,000 for the comparative six months in 2010. These compensation costs are for stock-based compensation arrangements with employees and directors which are being expensed over their respective vesting periods of the related option grants. Further, there was a general increase in general and administrative costs due to increased activity in Israel, offset by overhead recoveries of $105,000 for the six months ended June 30, 2011 as compared to nil in the prior period.
For the three months ended June 30, 2011, the Company incurred a net loss of $1.6 million compared with a net loss of $1.1 million for the three months ended June 30, 2010. As at June 30, 2011 GeoGlobal had an accumulated deficit of $50.7 million.
At June 30, 2011, GeoGlobal's cash and cash equivalents were $6.7 million (December 31, 2010 - $7.8 million). The majority of this balance is being held in US funds, of which $2.2 million is held in term deposits. At June 30, 2011, the Company had current assets of $23.3 million and current liabilities of $21.0 million, or working capital of $2.3 million. Current assets as of June 30, 2011 include $734,000 of restricted deposits which management expects will be released from escrow on or before September 30, 2011.
Outlook
Management expects exploration and development activities pursuant to its Production Sharing Contracts ("PSCs") in India will continue through 2011 in accordance with the terms of those agreements. During 2011 and up to March 31, 2012, based on the current budgets in India, management anticipates drilling seven exploratory wells; drilling two core wells; acquiring, processing and interpreting 2,480 line kilometers of 2D seismic data; and acquiring, processing and interpreting 350 square kilometers of 3D seismic data as well as processing and interpreting an additional 400 square kilometers of 3D seismic data. Management further expects to tie-in additional oil wells in Tarapur along with the construction of a gas pipeline for the Tarapur G gas discovery and to continue with the construction of the gas gathering and production facilities together with further development drilling on the KG Offshore Block. Additional expenditures may be incurred in connection with additional exploratory, appraisal and development wells the Company may participate in. Also, if the Government of India approves the increase to GeoGlobal's participating interest in the KG Onshore Block to 20%, the Company's obligations to fund 3D seismic acquisition and exploratory drilling on the block will increase.
Management expects the Company's exploration activities pursuant to our licenses in Israel will continue through 2011 in accordance with the terms of those agreements. During 2011, management expects to complete the acquisition, processing and interpretation of 43 square kilometers of 3D seismic data in its Samuel license as well as to complete the processing and interpretation of 1,360 square kilometers of 3D seismic data covering the Sara and Myra licenses and also to commence drilling the first deepwater exploration well before the end of the year.
Thanks for your detailed due diligence on this play. I will spend some time over the weekend doing some more research.
CFW- Strategy outlined in recent annual report:
"we believe that we are nearing the conclusion of a process that has solicited interest and offers from third parties for either the sale or combination of the entire company and/or the sale of some or all of its assets. "
SO this is worth repeating?
" He was a director of Prize Energy and its audit committee chairman from October 2000 until its acquisition by Magnum Hunter Resources in March 2002, and he continued as a director and the audit committee chairman of Mangum Hunter until October 2004."
Latimer's MO seems to be taking over BAOCs after economic downturns, reorganization and reselling the company when conditions improve.
SO- could hear something by 11/28/2011 ???
CFW- Compliance submission date: 11/28/2011.
Cano has been afforded the opportunity to submit a plan of compliance to the Exchange by November 28, that provides for the Company to regain compliance with Section 1003(a)(iv) by January 26, 2012 and Section 1003(a)(i), Section 1003(a)(ii) and Section 1003(a)(iii) by October 26, 2012.
CFW Management- Cont. #2
Latimer's key Bio Statement in red..
"He was a director of Prize Energy and its audit committee chairman from October 2000 until its acquisition by Magnum Hunter Resources in March 2002, and he continued as a director and the audit committee chairman of Mangum Hunter until October 2004."
Latimer's MO seems to be taking over BAOCs after economic downturns, reorganization and reselling the company when conditions improve.
Couple that with deep pockets from NGP- and this is worth a .13 risk- An even better risk in mid- to late- December if tax loss selling happens.
In addition, Mr. Latimer's prior experience includes senior executive positions with several private energy companies, consulting with the firm of McKinsey & Co. and service as an officer in the United States Army Signal Corps. Mr. Latimer graduated with a B.A. in Economics from Yale University in 1968 and an M.B.A. from Harvard University in 1970. He has received the Chartered Financial Analyst and Certified Public Accountant designations.
CFW- Management- Cont. #1
Latimer is still listed on BOD of NGP Capital Resources ....... that "invests".....
NGP Capital Resources Company is a closed-end, non-diversified management investment company that has elected to be regulated as a business development company under the Investment Company Act of 1940. We principally invest in energy-related private companies and from time to time, we may also invest in public companies. We invest primarily in senior secured and mezzanine loans according to our business plan and in some instances receive equity interests in portfolio companies in connection with such investments. Our manager is NGP Investment Advisor, LP, an affiliate of NGP Energy Capital Management, L.L.C., an Irving, Texas-based leading investment firm with over $9.5 billion of cumulative capital under management since inception, serving all sectors of the energy industry.
Board of Directors ----------------
Kenneth A Hersh - Chairman
David R Albin
Edward W Blessing
James R Latimer III
Where to start. I'm going to try and put the future of the company into perspective. I could go on forever, but I'll try not to.
First off, read their update from October 18th, 2011
Bowood Operational Update
Secondly, I recommend listening to the CEO's webcast from October 25th at The Canadian Energy Explorers & Producer's Investment Conference.
Webcast from The Canadian Energy Explorers & Producer's Investment Conference
As an investor going into the Bakken, you MUST focus on the land that the company is situated with. Why??? Excerpt from the below article:
Junior companies with meaningful, strategically situated lands will be purchased outright by mid/large cap producers who seek to bolt on additional acreage to already established positions. The potential exists that players who were late to the game may try to establish a position in the play via a small corporate acquisition, once some of the associated risks have been mitigated by the early-comers.
The Bakken Oil Play the Majors Are Watching
Bowood was one of the 1st companies to get in on the Southern Alberta Bakken play. Therefore, they got some of the best land. Right now they have 110,000 acres. Hence, why the mid cap company Legacy Oil & Gas Legacy Oil & Gas rushed to make an alliance with them. See article below. Of the 110,000 acres, 9,658 acres, Bowood and Legacy added last September. Those new lands are expected to be prospective for the Bakken Petroleum system and the shallower Second White Specks oil resource play.
Bowood Partnership with Legacy Oil & Gas Odds are, and this is purely speculative, is that Legacy is going to acquire Bowood in early 2012, if not the 4th quarter of 2011. That's the whole goal for a Junior. To get bought out.
Also, its just not about Bowood. if ANY player in the Bakken strikes a gusher, that makes everybody shoot up. Right now, there are 85 wells that have been licensed and permitted in the play and 25 wells are currently on production. All it takes is one and everybody wins. By the 1st quarter of 2012 the odds of something like that happening are huge.
Also keep in mind, that we're heading into winter. Drilling in Canada is a son of bitch during the winter months. Delays and cost overruns are a constant threat. With Legacy in charge of 80% of operational costs, Bowood's risk and potential 1st quarter losses due to Mother Nature/Father Winter go way down.
All and all, the 1st Quarter 2012 for Bowood, from all of my research, I am convinced that Bowood, for it's current share price, has the best chance for success of any other Junior player in the Bakken for the start of 2012.
My strategy is to acquire a decent amount of Bowood stock, from the ROAOF American ticker and hold for a buyout. With some of the shares I might flip at resistance/support depending on whats happening. Keep in mind that on November 21st, Bowood is doing another investor conference at SEPAC
SEPAC Oil & Gas Investor Showcase
Put it on your calendar. Put Bowood on your watchlist, if its not already in your portfolio.
CFW management bios: worth a look while the stock is still $.13.
Jim Latimer , CEO
Chief Executive Officer and Director. Effective February 10, 2011, Mr. Latimer was appointed Chief Executive Officer. In addition to serving as a Managing Director of Blackhill Partners LLC, Mr. Latimer has headed Explore Horizons, Incorporated, a privately held exploration and production company based in Dallas, Texas since 1993. Previously, Mr. Latimer was co-head of the regional office of what is now Prudential Financial, Inc. Mr. Latimer’s prior experience includes senior executive positions with several private energy companies, consulting with the firm of McKinsey & Co. and service as an officer in the United States Army Signal Corps.
John H. Homier, Chief Financial Officer and Secretary
Mr. Homier has over 30 years experience in finance, investment evaluation, and engineering. He is currently a Managing Director of J. H. Homier and Associates. Previously, he served as President and Chief Executive Officer of a Business Development Company focused on upstream oil and gas investments. He also developed and managed oil and gas investment programs for Continental Bank, Bank of America, and Deutsche Bank. Early in his career, he worked as a petroleum engineer with Exxon U.S.A. and served in the Civil Engineer Corps of the U.S. Navy. He holds registrations in petroleum and civil engineering and is a CFA charterholder.
Jayme Wollison, Executive Director of Operations
As the Executive Director of Operations for Cano Petroleum, Mr. Wollison brings over 35 years of oil and gas experience to his position. He is responsible for the operations at Cano’s properties located in Oklahoma, Texas and New Mexico. Prior to working for Cano Petroleum, Mr. Wollison had responsibilities in various areas of the oil and gas industry, to include many years as a Production Superintendent with extensive drilling, waterflood, well service and facility experience, mainly in the Mid Continent region. Mr. Wollison has also owned and managed several independent well servicing and oil and gas companies in Oklahoma.
Cano Petroleum (CFW) has seen better times. The one analyst covering it has Cano losing 15 cents/share this year. It has missed earnings for four straight quarters. Each quarterly miss was at least 100%, with the largest miss being 300%.
Cano has acquired a series of assets over the years, for the purpose of using secondary and enhanced oil recovery methods to obtain resource. Its assets are located in New Mexico, Oklahoma and Texas.
These acquisitions have been paid for through the issuance of stock. This stock dilution has been part of the reason Cano trades for 18 cents per share, down from $1.13 two years ago. Third quarter of 2011 results saw operating quarterly revenues increase 16% year over year.
Cano saw oil sales volumes decrease, but realized a higher sales price. It lost 11 cents per share for the quarter. The problems with Cano's business seem to be too large to be optimistic about its future.
I would not normally buy Cano as it will have to continue to cut shares to maintain its business even if oil prices continue to improve. However I agree a solid management team and make things happen and bring the value back in so I am keeping this one as a super spec play for now.
Just look at Latimer and Homier's resume and previous history..
You bet on management.
Great DD I am a big fan of the Canadian Bakken plays. What do you think you would see going into 1st quarter?
What do you think CFW can do to get to the next level. Do they just need the capital to properly develop their holdings? I like the price here wonder if they can pull it off.
2012 Oil Trade Tips
With the holiday season quickly approaching, the new year will be here before you know it. There is no reason not to start getting prepared for your 2012 stock play plans. Analysts and traders are beginning to talk 2012, are you going to be ready?
Find additional tips here: http://turnkeyoil.com/2011/11/03/2012-oil-trade-tips/
ROAOF (V.BWD) Bowood Energy, Inc. to present at the SEPAC Oil & Gas Investor Showcase on November 21st, 2011.
On Monday, November 21, SEPAC will host its Oil & Gas Investor Showcase. A key event on Calgary's business calendar, the Investor Showcase allows hundreds of retail investors, along with media, analysts and other industry executives, to hear the CEOs of Canada's most dynamic junior and mid-cap oil and gas producers make 20 minute presentations on their company's growth plans.
The SEPAC Oil & Gas Investor Showcase offers a unique setting for investors to get immediate, first-hand information from the CEOs of some of Canada's leading junior and mid-cap oil and gas producers. This event attracts hundreds of retail investors, along with industry analysts, oil and gas executives and media. Market conditions have created a great buying opportunity in the junior sector for investors.
SEPAC Oil & Gas Investor Showcase
Indeed. With an economic environment where investors are running from risky investments, Bowood lowered it's risk and partnered up with Legacy Oil & Gas.(T.LEG) Through the partnership, Legacy assumes 80% of all operational costs in the Farmout and Blood Tribe Lands and will get 50% of profit. Roughly 131 sections of land.
When drilling in Canada, you have to deal with harsh weather conditions which delay drilling and operations on a constant basis. This runs up the cost of operations. With Legacy footing the majority of the drilling bills, Bowood escapes the array of costs associated with this business, immensely lowering their risk per well.
Once the wells start producing, there will be plenty of profit to go around. Which leads me to how the oil business works. To make it short:
Big companies do not like competition. Especially from smaller companies. Bowood, if their lands proves to have the amount of oil that it is suspected of having, and is currently proving with favorable results from their initial wells, THEY WILL BE BOUGHT OUT. Simple as that. Legacy will most likely make a move to acquire Bowood by years end.
National Oilwell Varco Making the Grade?
Predicting oil stock futures are all speculation, there is not way to solidify the outcome of a company. However, there are a number of checks and balances to go through in order to better predict where a company is going.
Find additional research here:http://turnkeyoil.com/2011/10/31/national-oilwell-varco-making-the-grade/
Thanks for the heads up on this one. Looks like it might take off.
ROAOF (Bowood Energy, Inc) Uptrend established. Alberta Bakken Oil & Gas play. Strong movement off it's bottom. Heading back to high .30's - .40's
More Bakken charts on the ihub Bakken page:
The Alberta Bakken Oil & Gas Plays
Bowood Energy Company Website
Analyst Strong Buy
Bowood on the Canadian TSX Exchange
Bowood Operational Update
Webcast from The Canadian Energy Explorers & Producer's Investment Conference
Bowood Partnership with Legacy Oil & Gas
IMPORTANT: 2 TICKER SYMBOLS FOR BOWOOD ENERGY.
Bowood is a Canadian Company, that thru an American acquisition of Road Runner Oil and Gas, kept it's American ticker as well. For those in the US, the company trades under ROAOF. For those in Canada, its BWD.
A further description is layed out in the company information above.
Also, because of the difference in exchange rates, the PPS will be different with both tickers
ROAOF is the American Ticker
BWD is the Canadian Ticker.
Candlestick chart BWD
Candlestick Chart ROAOF
Thanks, will look at those....
I own AXST and have had some since 2008- so rode the ups and downs.. Key is to pick one and add during low spells- like AXST at 6 cents this past year..
Cano may be in a low spell for couple more months-- so will see. Not sure if they are selling shares to pay new Mgmt Co..
If Latimer or Homier bought any and reported as insiders to SEC- might make the pps jump a bit..
Yeah when we first started chatting was back in November / December 2010. Played the same range then when it started to push back up in February is when we did some features on it and our group made some night gains.
Since then there just hasn't been any confirmation of a new bottom but this price range is starting to make it attractive again. I will be keeping an eye on that one.
I do see lots of bargain stocks out there. While I trade listed and etf oil & gas stocks mainly I also work with some associates on some small cap spec opportunities. These are usually OTCBB. MNLU is one we are currently playing and EERG is one we are looking at accumulating among others.
I will take a closer look at AXST but as you know I like to keep my money in oil & gas for the most part.
Yes- CFW is only BAOC hold right now. You are involved in many oil comapanies, so there may be other bargains out there?
This is certainly risky- but only going on mgmt's previous history of turnaround and resale at some point... I just accumulate on dips and hold. Should be lots of shares being dumped by EOY for tax loss- so saved cash till then...
Bought CFW last December at .29 then resold in .40's early in the year- but missed the .80 Blackhill frontload.
-------
One other I have been holding is AXST- small tech that makes boxes for Sprint and other wireless products.
Look at the Insider buying for past few months... CEO, CFO, CMO and Directors all bought 300- 500 shares on open market.. They had been an AMEX company until the 2009 mortgage crisis.. Did a reorganization- started production in Mainland, and have stable finacing in place... Never know but suspect they will have good results early in November- but insiders cannot buy since Sept 16th ( 2 weeks before end of quarter- until 72 hrs after the ER comes out )...
SIOR seems to be forming a new base on the chart. Increased lease holdings could lead to short term gains. Recent bankruptcy emerging and management seems to be taking a pretty aggressive approach. Due diligence still under way.
Check this link for great DD: http://investorshub.advfn.com/boards/read_msg.aspx?message_id=68415760
AS you are talking about CFW right? Sorry I got mixed up with all the stocks I am playing. I do like the potential from here but going to be a rough couple months.
my BAOC (Broke Azz Oil Co) is Latimer's Folly...
in at 13/14 or so... for now and holding..
Not being the smartest guy in the world, or an oil expert, I buy management and their track record.
Johnson probably had good plan, just bad timing, so his big salary and perks are gone.. Looking to add some here if it drops later in December during tax loss selling and hold till latimer/Homier sell it off? I hope..
PCFG is just a pink Gold cheap play... in at .03 or so, and waiting for their earnings this quarter if they have any...
EERG is a stock I think has a lot of upside at this point. Financial condition is decent, there has been lots of insider buys this year and it seems to have found a new base around $.20.
Here is some financial DD I posted:
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=68412410
I like MNLU since its 52 week high is over $1, they have a pending merger and it recently hit bottom and bounced. I am holding until I see some more information. Potential concerns would revolve around their ability to finance operations.
I like FPP's portfolio of properties. Should be a good one to continue to hold into 2012.
Properties
Block A-49 and Block 6 Field, Andrews County, Texas is a producing oil field located in Andrews, Texas. The Company owns a 74%-100% working interest in five producing oil wells and three injection wells producing out of the Devonian and Ellenburger formations at an approximate depth of 7,000 to 9,000 feet.
South Vacuum Field, Lea County, New Mexico is a producing natural gas field located outside of Hobbs, New Mexico. The Company owns a 25%-50% working interest in three producing gas wells producing out of the McKee formation at a depth of approximately 11,600 feet.
Spraberry Trend, Midland County, Texas is a producing oil and natural gas field located 6 miles east of Midland, Texas. The Company owns a 6% to 15% working interest in five oil and natural gas wells producing out of the Spraberry formation at a depth of approximately 7,000 feet.
Flying M Field, Lea County, New Mexico is a producing oil and natural gas field located outside of Hobbs, New Mexico. The Company owns a 39.25% working interest in two oil and natural gas wells producing out of the ABO formation at a depth of approximately 8,300 feet.
Sulimar Field, Chaves County, New Mexico is a producing oil field located 35 miles north east of Artesia, New Mexico. The Company has a 100% working interest in one oil well producing out of the Queen formation at a depth of approximately 1,800 feet.
Apache Field, Caddo County, Oklahoma is a waterflood project producing from the Viola/Bromide formation. The Apache Bromide Unit is located approximately 5 miles west of the town of Apache and 25 miles north of Lawton, Oklahoma. The Company has a 25.23% working interest in the unit which consists of 11 producing oil wells and nine water injection wells.
North Bilbrey Field, Lea County, New Mexico is a producing natural gas field located outside of Hobbs, New Mexico. The Company owns a 50% working interest in the North Bilbrey #7 federal well producing out of the Atoka formation at approximately 13,000 feet.
Longwood Field, Caddo Parish, Louisiana is a producing natural gas field located north of Greenwood, Louisiana. The Company owns a 12.22% working interest in two natural gas wells producing out of the Cotton Valley formation at a depth of approximately 7,800 feet.
Lusk Field, Lea County, New Mexico is a producing oil and natural gas field located outside of Hobbs, New Mexico. The Company owns an 87.5%-100% working interest in two oil and natural gas wells producing out of the Bonesprings and Yates formations at depth ranging from approximately 3,400 feet to approximately 10,000 feet and a 14.06% working interest in one natural gas well producing out of the Morrow formation. The Company also owns an 87.5% working interest in one water disposal well. Working interest in Sections 15 and 14.
Loving North Morrow Field, Eddy County, New Mexico is a producing natural gas field located 2 miles west of Loving, New Mexico and 12 miles south east of Carlsbad, New Mexico. The Company owns a 4.3% - 12% working interest in three natural gas wells producing out of the Morrow formation from a depth of approximately 12,300 feet to 12,450 feet.
Chickasha Field, Grady County, Oklahoma is a waterflood project producing from the Medrano Sand. The Rush Springs Medrano Unit is located approximately 65 miles southwest of Oklahoma City, Oklahoma. The Company has a 20.64% working interest in the unit which consists of 21 producing oil and natural gas wells and 11 water injection wells.
Hutt Wilcox Field, McMullen and Atascosa Counties, Texas is an oil and natural gas field located approximately 60 miles south of San Antonio, Texas producing from the Wilcox sand. The Company has a working interest in 14 oil wells.
West Allen Field, Pontotoc County, Oklahoma is a producing oil and natural gas field located approximately 100 miles south of Oklahoma City, Oklahoma. The Company has a working interest in 52 leases or a total of 224 wells, the leases have multiple wellbores and the Company has plans to participate in the future recompletion of behind pipe zones.
Giddings Field, Fayette County, Texas is in the Austin Chalk field located in various counties surrounding the city of Giddings, Texas. In February 1998, the Company acquired a 97% working interest in the Shade lease. The lease currently has three producing oil and natural gas wells with a daily production rate of approximately 120 Mcfe net to the Company. Oil and natural gas are produced from the Austin chalk formation. The Company will evaluate whether additional reserves can be developed by use of horizontal well technology.
Big Muddy Field, Converse County, Wyoming is a producing oilfield located approximately 30 miles south of Casper, Wyoming. The Company owns a 100% working interest in the Elkhorn and J.C. Kinney lease which consists of three oil wells producing out of the Wallcreek and Dakota formations at depths ranging from approximately 3,200 feet to approximately 4,000 feet.
Whisler Field, Campbell County, Wyoming is a producing oilfield located approximately 15 miles north east of Gillette, Wyoming. FieldPoint Petroleum owns a 20% working interest in the Whisler Unit which consists of two wells producing out of the Minnelusa formation at depth of approximately 8,340 feet to 8,400 feet.
Serbin Field, Lee and Bastrop Counties Texas is an oil and natural gas field located approximately 50 miles east of Austin and 100 miles west of Houston. The Company has a working interest in 72 producing oil and natural gas wells. Oil and natural gas are produced from the Taylor Sand at depths ranging from approximately 5,300 feet to approximately 5,600 feet; it is a 46-gravity oil sand.
Tuleta West Field, Bee County Texas, is a natural gas field located North of Corpus Christi, Texas. The Company owns a 5% working interest in one natural gas well producing from the Wilcox formation at a depth of approximately 12,000 feet.
Regarding broke ass oil company's there are many lol. I actually look for distressed companies that with access to projects and capital can be turned around. That is one of the major objectives of this board actually.
I will look at PCFG more. I have a strong history in precious metals but believe the gold bull market has had its run and oil is now in the hot seat. Some of my executive broker associates at Canaccord and other firms feel the same way which is why I am 97% oil now.
Love to hear more of your ideas.
Thanks for the detailed share of your DD on Norse Energy. I think the big game changer would be the lift in New York. I am working with a geologist / executive where we raised $12m for 30k arces in NY but it is currently on hold as well. Very tough on business.
Small Cap Bakken Stocks: Watch Them Like a Hawk
With the recent acquisition of Brigham Exploration, there has been a spark of interest back in the Bakken. Small cap stocks are seeking some increased interest and benefits from this buyout. We like small cap stocks in the oil industry, and at this moment you should too.
Find additional research and charts here: http://turnkeyoil.com/2011/10/27/small-cap-bakken-stocks-watch-them-like-a-hawk/
World-Renowned Petroleum Geologist Dr. George V. Chilingar, Ph.D. Joins Mainland Resources' Advisory Board
Date : 10/24/2011 @ 8:00AM
Source : PR Newswire
Stock : Mainland Resources (MNLU)
Quote : 0.15 0.01 (7.14%) @ 2:28PM
World-Renowned Petroleum Geologist Dr. George V. Chilingar, Ph.D. Joins Mainland Resources' Advisory Board
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Mainland Resources (OTCBB:MNLU)
Historical Stock Chart
1 Month : September 2011 to October 2011
Mainland Resources, Inc. (the "Company") (MNLU-OTCBB, 5MN-Frankfurt) reports that Dr. George Chilingar joined its Advisory Board to assist the company with a strategic partnership alliance and the supporting financing effective immediately.
Dr. Chilingar states, "I am excited by the potential of Mainland's Buena Vista shale gas project in Mississippi. It is a significant prospect where I feel I can assist the Company both with strategic partnership affiliation, financing and a greater understanding of the long term development of this play."
Dr. Chilingar is an expert with extensive knowledge, experience and recognition in the oil and gas industry, as well as the environmental sector. He is one of the most well-known petroleum geologists in the world and the founder of several prestigious journals in the oil and gas industry.
George V. Chilingar, Ph.D., is a distinguished Emeritus Professor of civil and petroleum engineering at the University of Southern California, member of American Association of Petroleum Geologists, Certified Petroleum Geologist, Certified Professional Chemist and Certified Geologist, State of California. He received B.S. and M.S. degrees in petroleum engineering and a Ph.D. degree in geology with minor in petroleum engineering from the University of Southern California. He has been the Honorary Consul for the Republic of Honduras since 1983. Dr. Chilingar was the first American petroleum geologist elected to the Russian Academy of Sciences. He is also a member of the Armenian Academy of Sciences, the International Academy of Engineering and the President of the US Branch of the Armenian Academy of Engineering.
Since 1993, he served as the President of the US Branch of the Russian Academy of Natural Sciences. He served as senior petroleum engineering adviser to the United Nations from 1967 to 1969, and then again from 1978 to 1987. He was also an energy policy adviser to California Governor Ronald Reagan in 1973.
Dr. Chilingar is author of approximately 500 original research articles, 150 scientific reviews and 70 books. Of particular importance are his works in the field of geology of petroleum reservoirs, petrophysics, sedimentology; and petroleum engineering. He has been honoured by several nations, including but not limited to Russia, India, Saudi Arabia, Iran, Thailand and Honduras. His method of identifying oil-rich rock by analyzing the ratio of calcium to magnesium in core samples is considered to be one of his greatest contributions to the petroleum industry and led to the discovery of one of Iran's largest oil fields. The particular oilfield was subsequently named in honour of him and known as the "Chilingar Field." Dr. Chilingar redirected exploratory efforts in the Gulf of Siam and led to the development of Thailand's offshore oil reserves.
In 2001, King Fahd of Saudi Arabia acknowledged Prof. Chilingar's contributions to the success of Saudi Aramco and the discovery and extraction of oil reserves around the world.
President of Mainland Resources, Mike Newport states, "We are extremely pleased to have Dr. Chilingar join our Advisory Board to assist with a strategic partnership alliance. His world-class expertise lends tremendous credibility to our current Mississippi project and shows the calibre of talent that our Company is attracting. His insight and contribution will be greatly appreciated by our management."
About Mainland Resources, Inc.
Mainland and its working interest partners control in excess of 17,800 net acres or 28 sections on the Buena Vista prospect area where the Burkley-Phillips No. 1 well was drilled to 22,000 feet, cored and logged. Upon successful completion of its proposed merger with American Exploration, Mainland would own 92% of the 28 sections in the Buena Vista prospect. As recently announced, core analysis has determined that gas in place in the Buena Vista prospect could be up to 500 BCF/section based on the cored interval.
Mainland Resources, Inc. is engaged in the exploration of oil and gas resources. The Company's current initiatives are focused on the acquisition and development of acreage in emerging and early developing oil and gas regions with the potential for material discoveries. For information see: http://www.mainlandresources.com.
Symbol:
MNLU – OTCQB, Symbol: 5MN; Frankfurt, WKN No.: A0ND6N
OSR,
On Norse Energy, its definitely a wait and see stock. They have 2 major lease areas. One is a 50,000 acre area in southwest NY State.
I apologize for the length, but this is an interesting scenario.
The interesting thing about this is that Norse has already sold its main pipeline earlier in the year that would’ve serviced those leases, to a company owned by Norse’s former CEO.
That 50,000 acre lease area is what I think Norse could be considering to be a non-core asset which could be used to monetize their debt, leaving the company with larger 130,000 lease area to the east, which is where the Chesapeake / Statoil leases are.
Since these leases are carrying “risked” asset values right now because of New York’s frac ban, they are having a harder time getting loans based on asset valuation.
But if Norse can sell the 50,000 acre lease area, even if it is at “fire sale” prices, they could have enough cash to survive into 2012. Norse was actually anticipating Its first shale permit approval after the frost restrictions in the spring of 2012. Cuomo is pushing for drilling in New York as early as 2012.
If Norse can survive till that time, it could be a winner.
My main point is this, if Norse cant survive, and has to sell the larger lease area to cover its liabilities to a company who can hold off long enough to prove the wells are viable, it could be a game changer to whoever purchases those leases from Norse.
Once those lease areas become “unrisked” they would become worth anywhere from $4,000 to $8,000 per acre. Some leases have gone for as high as $12,000 per acre, but some analysts have downgraded those values a bit lately.
If you assume an “unrisked” asset value @ $6,000 per acre with a 130,000 acres, you get an asset that would be worth almost $800 million.
So one of two things are going to happen here.
Either Norse survives and ends up with the leases to develop that could be worth $800,000,000, at a time when power plants are switching from coal to gas, or Norse sells it all and someone will get the Norse energy lease rights at a deep discount and will have their 10Qs significantly bolstered once the wells are proven, which could be as early as 2012.
Norse ADR closed at .54 today. 10:1 common, so that puts Norse at .054 per common share. Not bad for a penny stock holding potentially an $800 million dollar asset once proven if they survive.
Given the progress on the NYGEIS as of late, and the location of the leases, I would consider Chesapeake and/or Statoil as interested parties on the 130,000 acres held by Norse.
Whoever ends up holding that 130,000 acre lease area in New York, is a company that I am gonna put a substantial amount of money into.
I just don’t know yet if it is gonna be a stinky pinky, or a NYSE stock.
All IMO and FWIW.
Field Point FPP Q3 reports will be released next month and they have shown Steady Revenue Growth in Q1 & Q2 2011 $3,575,958
They have cash in the bank to grow through aquisiton and historical numbers are good
Revenue 2010 $ 7,008,783 Net Income $ 787,470 EPS $ .10
Thanks for the information about SIOR. I am looking for new small cap spec oil & gas plays and this one looks interesting. Low volume but it moves pretty easy which is interesting.
AT thanks for the follow I will do the same. I like your board and will share my ideas there as well. As you can see I focus mainly on listed and etf oil & gas stocks but do deal with some small cap and speculative plays including reverse mergers. Money to be made let's just post good DD.
Rumor: SIOR doubled their Mississippian Lime Play Leaseholdings...
For details, please follow the link below:
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=68343050
Hey OilStockReport, I've gotcha personmarked...
I'm looking for small companies to watch here that are related to UTICA SHALE
Anything interesting day by day please post on my board too. tia
it will not be nice if his predictive abilities are correct-- Unless you're mostly in cash or sitting in a broke azz defaulting oil company that really can not go much lower? Any one come to mind?
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Look at PCFG- another pinky-- gold not oil, but the gold sector seems to be up today, and Pacific Gold will report first earnings since re-opening the nevada site...
Nice, thanks for passing these along.
If you're a sucker for bargains- then watch this guys video regarding the Bear Market Rally that may have just ended.....
He's using 60- 95 dma as guideline/predictive markers..
Low Oil Inventories, Mean What?
Understanding the big picture of the oil industry can be crucial to your successful investment. There are many elements within the oil industry, and with our volatile markets, learning how each is connected is important. Recently there have been lower than average inventories, what does this mean to refiners and oil prices?
Find additional research here: http://turnkeyoil.com/2011/10/25/low-oil-inventories-means-what/
Good to know!
I like your way of thinking. I am a sucker for a bargain.
CFW- Bounce play chart.........
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=68255053
May not have to wait until December...
Dear SIOR Shareholders:
A number of you have written or called me inquiring about the current status of Superior Oil and Gas’s business and outlook. I do apologize for not keeping you current. We have been handicapped by a lack of sufficient operating funds while simultaneously being pressed by the most encouraging developments in decades in Oklahoma’s oil and gas industry.
Unfortunately, regulations of the Securities and Exchange Commission prohibit Superior’s selective disclosure of material information to some persons and not to the public at large. The means by which Superior should use to communicate with persons interested in its business is through the timely filing of quarterly and annual reports it is required to file with the Commission plus appropriate press releases and special filings with the Commission. Due to a lack of sufficient operating funds, we have fallen behind in filing these reports.
We do anticipate the correction of this situation in the next few weeks. Until then, we appreciate your patience and understanding.
Sincerely,
Dan Lloyd, Jr
President, Superior Oil and Gas Co.
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