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$100mm gone and 60 barrels to show for it. This has proven to be one heckuva scam for shareholders shl. Nothing left now which is why the CEO quit. Management and promoters pocketed $100mm over the years while the stock dropped 99%. Who loses 99% and doesn't demand change? Hard to imagine any shareholder continuing to support this company after they've fallen victim to 99% losses. I'm sure there is some reason.
And it'a all gone. The PV-10 WAS $68.5mm years ago. It's nowhere near that today. Probably more like $6.8mm if they are lucky.
LMAO….4 years would make it even worse!! How does a company lose 99% with those type revenues???? Because it's a scam and management pocketed the cash!! Shareholders have watched helplessly as their asset have been sold off and the proceeds pocketed by management and promoters.
Sad to see but they were warned long ago.
"Exceeded" being the key word. Exceeded is past tense. The stock declined 99% as revenues "exceeded" $10mm for 3 years running. Think about where the stock is going now that EOR will do less than $1mm!!!
Great point and yet another reason to avoid this scam. They have sold all of their production and reserves. The only thing left is the shell.
WOW, $100 million in wasted cash!!
Only to arrive at 60 bopd. IMPRESSIVE how this scam has been orchestrated!! Glad it worked out for the CEO and promoters that fleeced innocent people out of their hard earned money with broken promises of "big financings", "CO2 floods" and "pipelines"!!! All lies in hindsight as we see now. Those that lost all of their money in this scam will no doubt sleep much better at night than those that lied to them.
On second thought I'm sure the scammers here sleep just fine at the investors expense.
EOR bought these fields years ago and have never produced anything from them….what does that tell us? Failure after failure to develop these fields and then the hoax of a "CO2 Flood" and "pipelines" to resurrect these wastelands?? This was nothing more than a promotional stunt and it failed.
EOR has never been successful at developing any field much less these 2 remaining goat pastures. These 2 fields have been HISTORICAL FAILURES!! There is nothing left here to promote, no $68.5mm in reserves, no cash and no hope. However…there are plenty of retread postings of dated PR's that were proven to be useless.
Just another reason why people don't trust this company or any involved with it. 99.9% losses tell the story here.
Odd to hear that EOR has 15,000 acres with a PV-10 of $68.5mm when this clearly states otherwise!! Probably need to have one of the moderators update this dated info. These were numbers using oil at MUCH higher prices so we can all readily see that $68.5mm is patently false and misleading.
Permian Basin - Oil - Eastern New Mexico
1. Milnesand- San Andres - Roosevelt County, NM -
Total field potential under full field CO2 flood: 14 mmbo
2. Chaveroo- San Andres - Chavez County, NM -
Total field potential under full field CO2 flood: 34 mmbo
EOR sold acreage for $30mm in cash. Why not report that? That $30mm and this $10mm are both gone now so it doesn't matter what they sold acreage for years ago.
The 15,000 acres left does NOT have a PV-10 of $68.5mm. Nowhere near. Blatant mischaracterization of this companies remaining assets.
Right on schedule…just as predicted!! We got our daily dose of old PR's from years gone by!! Too bad there is no "current" activity to report here. LOL!
Watch shl….next we'll get our daily dose of "2 historic oilfields" reposts from 5 years ago. Funny how these "historic" oilfields were never discussed when EOR still owned St. John's and Crossroads!! All previous attempts to drill them have failed but now that this is all that's left they have left they have now become "historic"!!! LMAO!
What a scam!
The insiders here are smart enough to not fall for their own line of BS shl. Peavy was simply lied to just like any other shareholder.
No apologies necessary. I'm not the one that needs to be sold on this old reserve report (or apologized to). I know how old it is. "Current" is a subjective term. If anybody actually believes 2013 is "current" that's their prerogative. This so called "current" reserve report includes assets no longer owned and oil at $94. It was dated 12-31-13.
Nobody will agrees that this report is"current" or relevant for that matter. Nothing else to hang on to here so might as well pass it off as "current". I will agree that although it's 2 years old now and irrelevant... it's all they have.
What about the pipeline? We don't hear about that anymore. It was "currently being built" years ago. Just like the pipeline…. We won't hear about this reserve report soon as well.
Repeating (reposting) old news will not save this scam. They 100% interest in what no other company wants. 100% of trash acreage that has never been successfully drilled.
So…when is EOR attempting to drill a well seaohtoo? They have not completed a successful well in years. Where is the money coming from? Barry stole the last cash here. Is new guy coming with a "big financing" that wipes everybody out?
Like I said…the rear view mirror reposts mean nothing. The pipeline was a lie and the 9 San Andres wells were a lie. The $27mm in asset retirement obligations are real so where does the money come from to attempt the next failure?
It may have been right in 2013. Doubtful but maybe back then when they put it out. It's completely useless now at $50 oil and all of the production and reserves sold off.
Not sure why one would expect folks to rely on such an old report. Anybody foolish enough to rely on that old report deserves to lose exactly what they will.
YYYAAAWWWNNnnnn. New CEO in charge of rearranging the deck furniture on this Titanic!! Mr. Hromyk should've conducted his own personal "strategic review" of the company's "assets" (or lack thereof) before wandering into this burning building. He'll find out what everybody else knows just like the former insider Peavey who also quit. Hromyk will have to raise money which is IMPOSSIBLE for this scam given the trash they are left with and IF he were successful every shareholder left here would be diluted into nonexistent oblivion.
Pretty much where they've been for years. I'm simply repeating exactly what I have correctly pointed out for years. This company is EXACTLY where I predicted it would be! It just got to this low point quicker than even I imagined.
What a complete disaster for all involved except for the former management and promoters.
Nobody will ever rely on that report shl. It's just important to keep pointing out that it's 2013 info here in 2015. Notice how all we get here from promotions is the one a day reposts of old info? The only thing "current" is the measly 60 barrels of production per day. Nobody should wonder why the CEO was the first to jump off this sinking ship.
"Pipeline being built"….LOL…another "FACT" that never panned out here shl!! It's a good thing most folks are able to distinguish for themselves what's really FACT and what's FICTION.
You tell me shl….I cut this from the company release back in May of 2014. Does this sound like a FACT?
"The Company announced that its independent reserves evaluator, Cawley Gillespie & Associates, Inc. (CGA) completed their review of the Company’s oil and gas reserves as of December 31, 2013. Estimated total proved reserves increased to 4.5 million barrels from 3.9 million barrels compared to the prior year and after production of 117,000 barrels during 2013. The discounted estimated net present value, (NPV at 10%) of future cash flows attributable to the reserves was $68.5 million at year-end 2013". "$68.5mm in reserves at YEAR END 2013". Sounds like a FACT to me or else the company is lying.
How 'bout this FACT…"Average prices forecast by CGA for the reserves estimates for year-end 2013 were estimated at $94.80 per equivalent barrel". There's that 2013 reference again and we see it's a FACT this most current report is so old it uses $94.80 for a barrel.
Disturbing FACTS on display here. 2013 reserves reports using $94+ oil and assets no longer owned are being passed off as "current". People should not be confused with the most "recent" reserve report in any way being "current". It's actually outdated, irrelevant and should NEVER be relied upon to make an informed decision about investing in this scam.
This CURRENT RESERVE REPORT is stated 12-31-13. This is a FACT and it is NOT misstated. The company released this most current report in March of 2014. Accusations of misstatements should be accompanied with evidence that they are exactly that. I'll be glad to stand corrected with evidence of a more current report but it does not exist.
"yup"…unfortunately facts are facts. The "current" reserve report is from 2013. FACT. The company did not even release until march of 2014. This is March of 2015, Crossroads is gone and oil is $50. That's a FACT!
I see what you mean. All that is mentioned here is regurgitated information from years gone by.
Pretty sad when the "current" reserve report is 2 years old! I can't imagine having to make an informed investment decision on any oil and gas company with a 2 year old reserve report. My guess is that 2 years from now it will still be the most "current". It doesn't look like this company has any reserves left after selling Crossroads. If they do it's a FRACTION of what the previous report suggested.
That and the company has no cash left to pay for a new report. We'll see soon enough. The 2013 reserves were reported in March of last year. It's March again so let's see what they tell us this month….if anything.
Yes Seaohtoo….it has proven to be the most the "current' reserve report the company could afford but unfortunately 2013 does not register as "current" with most people. It's all they have but it's old, tired, outdated and irrelevant. Meaningless in todays world of $50 oil.
Let's not confuse the word "current" and it's definition….
"belonging to the present time; happening or being used or done now." Gee fella…is 2013 the present? NO…it was years ago!! We don't need financials, broken promises or outdated "reserve reports" from years ago!!!
How is this "current" reserve report from 2013 EVER going to be a "PROVEN FACT IT IS CURRENT" when it's 2 years old?? Bless it. If all we have here is old reserve reports to hand our hats on then we should pay our last respects to EOR. It had a nice run as a promoted scam but they all find their way to the inevitable graveyard of promotional scams.
Notice nobody here has backed, endorsed or otherwise tried to defend this statement of their being a "current reserve report"? ? Nobody believes it. Yet another reason why people don't trust this company or any involved with it. After 99.9% losses who would blame them??
Enhanced Oil Resources is a Canadian listed, promoted, penny stock scam that has proven to be the target of promoters and disingenuous management. They have raised more than $100mm over the years as assets have been promoted and then sold to the benefit of those cashing checks of cash rightfully belonging to shareholders. Failed attempts to portray this company as being legitimate are well documented. This scam is down 99.9% as management/promoters have gotten paid over the last 5 years by selling assets without shareholder consent.
BE VERY CAREFUL if you are considering contributing to the never ending losses here. Take a look at the posts of 2013 reserve reports being passed off s "current"!!!!
BE CAREFUL HERE!!
Hard to believe we are asked to consider a " current reserve report" that is 2 years old using $94 oil and inclusive of assets that are no longer owned!! "Credibility" is one thing but posting 2 year old info that has been completely discredited is insulting.
Not to mention that this scam is completely cashless and couldn't drill a successful well if they had a gun to their head. Why did the CEO cut and run shl? Looks like he had to sell Crossroads to catch up on his payables and salary. Did you notice that NONE of the asset sales were put up for a shareholder vote and yet the promo department supported it?
FREE SHARES!!! but they can't sell 'em. Old news is better than no news I guess. Even though the old news is irrelevant now.
Glad to see that "FACTS are FACTS here. The most "current" reserve report was from 2013. That's a FACT.
Would you buy a share here based on this "current" report?
Yes or no.??
The "credibility" question comes into play as one suggests passing off 2013 information as "current" as somehow acceptable. Nobody can "question" the reserve report being the most "current". It is the most "current" because EOR cannot afford to pay for a new report nor do they want anybody to know how ugly it is now with Crossroads gone and $50 oil!!! Is this "current" report RELEVANT with oil half of it's $94 deck and inclusive of assets already sold? Honestly? Nobody would ever fall for a dated reserve report like this to make an educated investment decision!!
Who believes this? Would you/anybody buy a share relying on this 2013 "current report"?
"yup"…definitely goes to credibility. BTW…Chaveroo has been a historical failure at any price oil. EOR has never been successful at any attempt to drill it. Why could EOR not find any partner there?
Goats would starve there.
"The latest one they are required to do"??????? REALLY? WOW!!!! So if oil has dropped 50% and the company has sold off a substantial asset that was a part of the last ("current" report") we are expected to rely on this "current" report"??? Obviously we will have to rely on this "current report" for many years to come as it's the last they will ever provide.
No wonder people don't trust this company or any involved with it.
"I did notice 2 peers that are delinquent in reporting, XBOR and RDMP." Uhhh ok….so 3 wrongs are making a right now? What fool would invest in those companies either? Comparing this company to other failures only points out what a failure this scam is. Most people recognize scams when pointed out and get out. Some scams are just perpetually promoted.
"68.5mm in PV-10 reserves" is an outright, unsubstantiated fabrication. In other words…it's a lie. The company will never admit to this number.
Oh bless it...You're right and nobody argues the point. "Yup"…it's a fact…the "current" RESERVE REPORT is only "current" because it was the last one they could afford to buy. It's from 2013.
It's 2015 and oil is half the price it was then on this report and Crossroads was a fire sale. 2 years later this "current report" is irrelevant today.
Seriously…would anybody buy a share today based on this report? Dadgummit. Wish we had something more "current" we could hang our hat on here but it looks like we'll have to settle for 2013 "current reserve reports".
EOR does not comply with or report to the SEC so it would do no good. The SEC has very strict reporting requirements for their compliant companies. EOR could never comply so as such they can pretty say or not say what they want anybody to hear which has been their M.O. for years now.
Probably the main reason why they have failed at every attempt to raise capital over the last few years and have been forced to sell off assets to pay salaries.
WAIT A MINUTE!!!! LOL…now we are hearing that the remaining 15,000 acres has a PV-10 of $68.5mm???????????? It's funny enough being told about $10mm in cash which went to pay long overdue bills but now we are supposed to actually believe the last trash 15,000 acres has a PV-10 of $68.5mm????
Please explain when EOR has less than 100 bopd in production and can't complete a successful well.
Unfortunately it is the most current. The company has not provided a new reserve report since this old one from 2013. I guess you saw that they included Crossroads and computed the $68.5mm using $94 oil. Tough to see but it's all we have to by. Oil under $50 and Crossroads sold off we'll be lucky to see reserves a fraction of that number now. The reserves are likely now lower than the asset retirement obligations. UPSIDE DOWN!!
Unfortunately the company has no cash to pay for a new reserve report so this one will probably be the most "current" many years from now!!! LMFAO!!!
Just my opinion but bringing this report up is yet another GREAT reason to avoid buying this stock! People can see for themselves there is nothing left here worth owning! This company now in no way resembles the company in 2013. It was really bad in 2013 but now it's MUCH worse off and most likely dead in the water. This "current reserve report" really illustrates this.
Probably not the best idea to get it discussed so much now that we all see this. Old news is better than no news I guess.
It's actually MUCH older than 12 months shl. The 12 months ago reference was to when the company released the actual results of the report. Truth be known it was April 24th 2014. I was just waiting for the right time to share this but since we've received an admission to the fact the report is not current but rather it is the most recent report. Admitting it is "12 months old" is a start... people can decide for themselves how "current" it REALLY is after reading this. Note that you will see a direct reference to Crossroads mentioned. Not really a tough question to answer after all.
"ENHANCED OIL RESOURCES REPORTS 2013 ANNUAL FILINGS UNDER NATIONAL INSTRUMENT 51-101
Standards of Disclosure for Oil and Gas Activities
Enhanced Oil Resources Inc. has on today’s date announced it has filed the following documents under National Instrument 51- 101, Standards of Disclosure for Oil and Gas Activities as at December 31, 2013:
1. Form 51-101F1 - Statement of Reserves Data and Other Oil and Gas Information;
2. Form 51-101F2 - Report on Reserves Data by Independent Qualified Reserves Evaluator; and 3. Form 51-101F3 - Report of Management and Directors on Oil and Gas Disclosure.
The Company announced that its independent reserves evaluator, Cawley Gillespie & Associates , Inc. (CGA) completed their review of the Company’s oil and gas reserves as of December 31, 2013. Estimated total proved reserves increased to 4.5 million barrels from 3.9 million barrels compared to the prior year and after production of 117,000 barrels during 2013. The discounted estimated net present value, (NPV at 10%) of future cash flows attributable to the reserves was $68.5 million at year-end 2013 compared to $54.2 million at the prior year-end. Proved developed reserves were 1,024,000 equivalent barrels (or $30.6 million NPV at 10%), an increase from the 898,000 equivalent barrels ($34.9 million NPV at 10%) reported for 2012. Additional capital of approximately $6.5 million relating to large workover expenses that will be required in the proved developed reserves category in the Crossroads field, accounted for the reduction in the discounted proved developed NPV at 10%. The Company commenced one of these workovers during the first quarter of 2014 at cost of $2.7 million.
Average prices forecast by CGA for the reserves estimates for year-end 2013 were estimated at $94.80 per equivalent barrel compared to $82.43 per equivalent barrel forecast for year-end 2012. Additionally, total development costs for all categories increased to $80.4 million from $61.4 million reported for the prior year. The increase is attributed to higher cost estimates and increased number of development wells in both proved undeveloped (PUD) and proved developed non-producing (PDNP) fields.
Contact Information
The filings can be accessed electronically from the SEDAR website at www.sedar.com
For further information, please contact: Barry D. Lasker, Chief Executive Officer at 1-832-485-8503
Sooo… 12 months ago…at least we now know it DOES include an asset no longer owned by EOR and of course anyone that knows the oil and gas industry KNOWS oil half the price it was 12 months ago!!
FINALLY!!!! We've now definitively established that no matter how "current" this report is alleged to be... it certainly does not represent the value of EOR's reserves CURRENTLY. I seriously doubt discussing a reserve report that is 12 months old using assets no longer owned is helpful in promoting/finding buyers for this stock. It's actually a great reason to avoid investing in this company.
Thanks for pointing out the irrelevance of this "current", year old report. Another great reason to avoid this scam.
Sooo…. does this reserve report include Crossroads? People deserve to hear the answer when considering the merits of this "current" report. I'm sure they are all curious why the question remains unanswered.
If 2013 is considered "current" it is. If using $100 oil and including assets no longer owned is considered "current" then sure it's "current". If somebody were to invest anything in EOR using this alleged "current reserve report" they deserve to lose every dime they will eventually lose!!
Of course they did shl. OR…shareholders with the most to lose are trying drag new buyers in to this scam to unload their shares no matter how they gained them.
There's only one promo here.
No…this "current reserve report" was published in May of 2014 and represented the "YEAR END 2013" data which we all know was inclusive of assets already sold in 2015 and $100+ oil.
Was Crossroads included in this "current reserve report"???
Follow the promoters here shl and avoid the misleading postings. We all have to QUESTION what we are being told here. "Current reserve reports" from 2013, "Pipelines being built", CO2 floods". There are obvious misrepresentations here to lure in buyers for promo shares. EOR has proven to be a company that is associated with misleading "PR's" such as "CO2 floods" and "pipelines being built". The stock has TANKED 99% while the promotions continue.
To your point…let's see when and if any new insiders will buy into their own scam.