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We need to watch where this new crew is intending to take EOR's shell. My guess is the shell that remains will be morphed into a new scam. None involved now have admitted to open market purchases which always suggests a move to dilute the bag holders left here. There is no "oil and gas" company left here. The remaining assets were bought years ago for $5mm and are now worth substantially less given EOR's failures at attempts to drill it. They bought the trash acreage only to concoct a pump and dump under the guise of a "CO2 Flood". This stock has NEVER had an up year even as oil went from $50 to over $100. Now we are back to $50 oil and EOR has failed at every attempt to drill the acreage now reported as being a part of a"$68.5mm in reserves" from a 2013 "reserve report"!!
I knew this scam was DEAD when Regions bank abandoned/cancelled their line with a ZERO balance on it 2 years ago. THEY KNEW!!
If he did it was not reported. Nor has any new BOD member. Funny thing is the last CEO only had $23,000 invested per public filings. No insider here outside of the poor Peavey stooge has ever had any of their own money in this scam. In Peavey's defense…he was lied to like every other shareholder here.
Does the "current reserve report" include Crossroads Seaohtoo? Thanks in advance for your clarification on this.
IMPRESSIVE!! A whole 30 bopd out of this "HISTORIC" field and 60 out of the other!! And they last attempted a well when????? LMAO!! They have 100% of this wasteland!! Good for them. Nobody else will touch it as we found when EOR attempted to find a JV partner with no success!!
100% of nothing leaves….?
"Large, historic fields"??? These two goat ranches (Chaveroo and Milnesand) were bought together for barely $5mm!! "Current production at Chaveroo is approximately 30 bopd.". Hardly historic unless we're talking about failure. These fields were trash then and they remain trash today. Attempts to drill them have been unsuccessful and by EOR's own admission they are only worthy of attempting recovery through a last ditch CO2 flood. It was a cheap way to concoct a "story" behind a pump and dump.
Problem is EOR has no money left to either drill the trash or drag CO2 in to it. They are screwed either way but we've known this for years despite the non-stop promo of the scam.
Does the "current reserve report" include Crossroads?
shl….I wonder why we are not getting a simple answer to the Crossroads question?? This "$68.5mm in reserves" either includes Crossroads or it doesn't. That answer will give us an idea of how "current" this reputed "reserve reserve" really is. One thing is for certain…this "current reserve report" is not using $50 oil!!
There's not much left to talk about here except for the old news from 2013. I guess next we'll start hearing about "EBITDA" from 2013?
Does this $68.5mm include Crossroads?
It wouldn't matter if it did or did not include Chaveroo shl….they could never drill a successful well there anyway.
Let's play along for kicks and giggles and assume Chaveroo or Milnesand had a section worth drilling and EOR is the operator. Who in the right mind would ever participate in an EOR operated well given their long track record of failures to begin with? EOR does not have the capital to drill it alone so in their right mind will loan them a dime now that they have sold everything worthy of collateral? What EOR is faced with in a BEST CASE scenario is proposing a well, letting somebody else operate it and take what pittance of participation they can beg for. In other words….DILUTE the living crap out of their interest in whatever may be left. Beggars can't be choosy.
EOR has drilled their last well…3 years ago. This story has reached it's inevitable end.
I have to believe there is NOT a more recent reserve report than the one you reference ("68.5mm in reserves) because the company has not provided one. The report IS the most current although it is OUTDATED having reported 2013 data. It's doubtful the company has the money to pay for a new reserve report so I don't expect to see a more current report than the one from 2013.
The burden here is on you to provide us with something other than year end 2013 data. We can all see that oil was substantially higher and that Crossroads would've been included as an asset. I'll ask again…
WERE THE RESERVES FROM CROSSROADS INCLUDED IN THE "$68.5mm" YOU ARE SUGGESTING?
EOR has refused to report to the SEC shl. They would've been shut down long ago. Funny you bring that up…I recall reading here about EOR being an "SEC reporting" company for years when they never were.
Yet ANOTHER example of why don't trust this company or any involved with it. For all of the right reasons I might add!
"Historic" failures!! There is nothing "historic" about these fields!! That's promotional hyperbole from this scam company. If these fields are so "historic" we have to ask ourselves why EOR hasn't successfully drilled them or even attempted to drill them in the last 3 years.
If they are so "historic" what does EOR need Schlumberger for? If these history rich fields are so prolific why is only 60 barrels/day coming out of them now? "Large, historic oil fields" don't go un-drilled. The only history here is the failure. EOR and it's promo minions have attempted to portray this trash acreage as something it's not and will never be. Pretty much like the "pipelines" and "CO2 floods" we've heard about for years. Oh yeah….and the "current reserve report" from 2 years ago using $100 oil and assets no longer owned.
Huge scam here folks. Look at the evidence and 99% losses.
Does this current report include the reserves from Crossroads?
Schlumberger finished this "evaluation" long ago. The REAL question is how long is this company going to take to tell us what they've known for years and how will they attempt to spin it.
If there was something here Schlumberger would've found it long before now. What difference would it really make anyway? EOR has no cash to drill any of the trash acreage they are left with now.
Given my predictions that have come to pass here over the years I will stake my credibility against any other here. The reserve report being presented here as "current" is NOT current. It just happens to be the most recent provided by the company. If there is a reserve report indicative of $50 oil and prepared POST sale of Crossroads it is not being made available to the public. If you care to share your copy of this "current" report then feel free otherwise we can only make assumptions based on what is provided by the company.
My claims here are TRUE as always.
Nobody cares who has the right to cancel!!! LMAO…there is no CO2 going anywhere, no need for it and no money to pay for it!!! WHO CARES?
The "contract" is a meaningless piece of paper. Pretty much like the "current reserve report" from 2013 we are attempting to be sold on!!!!
"CURRENT RESERVE REPORT" is from 2013!! It was based on $100+ oil and included assets no longer owned by EOR!!
BE CAREFUL PEOPLE!!!! Great example of why people do not trust this company. 99% losses here are another great example.
They can't cancel it…IT'S TAKE OR PAY!!! LMAO!! Not a good subject to discuss here. Nor are the $30mm+ in asset retirement liabilities that are building that will eventually force EOR into inevitable BK.
Barry (former CEO) fled this sinking ship to avoid the liability. Nobody wonders why he never bought a share of his own company. Why should anybody else?
Only one opinion on this board has been dead wrong in the last 6 years.
They sold 800 acres for $10mm to keep the lights on and pay salaries!! There is nothing left of that $10mm!! The company even admitted to this!
OK…I'll play along…ASSUMING there is $10mm still magically left here at $50 oil. How does the $18mm pipeline we've been promised build itself? Are we to assume this last trash acreage is worthy of drawing $18mm of pipeline to?
The story here has never added and it never will.
Even an also ran, washed up "oil and gas" engineer or geologist could tell us this. Obviously there are exceptions to the rule that may not be smart enough to figure it out but the ordinary passerby here will.
Of course they have the cancellation clause!! they have no way to pay for it, nowhere to take it, no way to get it there and no use for it!!!
EVERY PROJECT THEY EXPECTED TO USE CO2 FOR HAD TO BE SOLD!!! They have no use for the hot air now.
Why is the "contract" even being discussed now as if it has any relevance now that EOR has sold every field worthy of any CO2 flood? Are people supposed to be so unsuspecting they now expect this "$18mm pipeline" to build itself to take CO2 to what's left here now??
CO2 flood projects are being abandoned everywhere…not that EOR had a choice... but the Kinder Morgan "contract" discussion is a complete hoax and a laughable joke to any that understand the irrelevance.
It's probably much less than $15mm. EOR failed at every attempt to drill the trash. Everybody should understand that EOR bought this acreage only because it was never productive. They wrapped a mythical "CO2 Flood" propaganda, pump job around "Permian acreage" assuming people would think all "Permian acreage" is created equal. Ask anybody in the Permian about this acreage. It's a laughingstock as is this company and it's promoter/management.
Nobody has ever taken this scam seriously. EOR has also-ran, rank amateur geologists, engineers and promoters. Most are involved in lawsuits elsewhere and most have other FAILED ventures.
They announced this "evaluation" almost 6 months ago and we have heard nothing!! Obviously Schlumberger found nothing here and has moved on. EOR is trying to find a way to tell the shareholders the evaluation was a failure.
UNTRUE! The PV-10 number using $68.5mm included the asset you claim was sold for $10mm. It also was based on $100 oil.
BEWARE OF THIS $68.5MM CLAIM PEOPLE. IT'S MISLEADING!
Shl…maybe you didn't know the moon has over 15,000 acres too!!! Plans are in place to "unlock the value in the EOR's resource-rich fields"!! OMG…and guess what…EORID is going to "increase the efficiency of it's operations by applying NEW and PROVEN unconventional production"!!!
Sounds exciting. "Increasing the efficiency of it's operations"…does that mean they will resume operations? No wells in 3 years. Much like the moon.
Shl…remember the promoted "insiders are buying" promotion referring to Peaveys' purchases?? That guy got HOSED by this cast of clowns!! He never knew what hit him when he walked into this hornet's nest of lies. Not sure why he would ever leave KM for this scam but and he fell victim to the lies here like every other shareholder. I'm sure you remember when I warned people to not fall victim to the promoter fall cry of "insiders buying"?? Barry and his henchmen never bought a share while poor peavey bought every share at .10!!!
Only poor Peavy bought. Barry and Co. watched and laughed at their new stooge take the bait. Poor guy actually fell for the "CO2 Flood" lie. Hopefully he doing OK. Gotta feel bad for him getting lied to as every shareholder has here.
ROFLMFAO!!!! REALLY???? "Over 200 idled rigs in texas alone"... and EOR hasn't drilled a successful well in 3 years at $100 oil???
So tell us again why we should be buying this scam???
The reserve report was from 2013. It was released in 2014.
2013 End of Year Reserves
The Company has previously 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
Those with cash and assets to drill with. They'll cut back of course but most all oil companies will continue to drill. Why did EOR not drill over the last 3 years with oil over $100?
Your "current reserve report" is from 2013 and incorporates assets no longer owned by EOR. Oil was twice as high so do you suggest we use this old reserve report to value EOR today since it was the last one available (the most current but 2 years old)?
Not sure I like that idea.
EXACTLY!!! The information you are posting is the most current available. Unfortunately (although it's the most current) it's so old it's useless! It's data from 2013!!. Just because it's the most current does not mean it's relevant today or accurate today.
Do you, yourself HONESTLY believe there is $68.5 in reserves here now? The date of the release was May of 2014. The actual data was complied and reported for 2013.
You've been quoting this "$68.5mm in reserves" since May of last year. The information you were citing was from 2013 year end reserve report. We've been hearing "$68.5mm in reserves since may 14, 2014. We all know oil was over $100 then and it's $50 now and we all know EOR sold Crossroads in September so HOW is this $68.5mm we keep hearing here unchanged? EOR has not provided a new reserve report so THIS IS THE MOST CURRENT!!!
Unfortunately it's useless and irrelevant just as is the suggestion that there is somehow $68.5mm in reserves here!!
Shl...And now we find PR's here from 2013 are being deemed "CURRENT INFO"!! "$68.5mm in reserves" using $100 oil and including Cossroads is totally BOGUS. The Websters definition of bogus is "not genuine". Not sure who considers 2 year old PR's when making investment decisions. Especially a reserve report that uses assets no longer owned and oil at half the price!
How can you suggest this claim of $68.5mm in reserves is "current info" when we've been hearing about it since MAY OF LAST YEAR?? Check the date on post 6535 here. MAY OF 2014!! The report in May was actually reporting reserves from 2013! It also included Crossroads and $100 oil. Crossroads has been sold and oil is $50.
Are we still supposed to believe there is "$68.5mm in reserves" here knowing this now?
And now we find we are getting "CURRENT INFO" from 2013??? LOL! "$68.5mm in reserves" using $100 oil and including Cossroads is totally BOGUS. Goes to credibility shl.
I don't think we'll be hearing much about this wholly misleading "$68.5mm in reserves" claim in the future here!!!
People know now that it is dated and misleading using assets that have been sold and $100 oil.
Postings of old PR's is nothing more than an attempt to create volume for those wanting out.
BE CAREFUL HERE FOLKS!
ROFLMAO…this "$68.5mm in reserves" is so incredibly misleading it not only is based on $100+ oil it ALSO includes assets like Crossroads that have long since been sold off.
BE CAREFUL HERE PEOPLE!!! This EOR scam is being promoted with ancient PR's that are meaningless now.
Why use third party valuations that are so outdated that aren using $100 oil? Next attack should be on the company's lack of successful drilling having not completed a well in over 3 years while wasting $40mm!!
Where did that money go if there have been no wells drilled since 2012?
UNBELIEVABLE WE ARE SUPPOSED TO BELIEVE AN OUTDATED RESERVE REPORT THAT USED $100 OIL!!! Just another reason why nobody has ever trusted this company or any involved with it.
What is the date of this "valuation" at at what price oil was this valuation based? The market values this company at a way too high $4mm. There's $27mm in asset retirement obligations alone!!
I don't think there is anybody that truly believes any of this fluffy bs is real shl. Not management nor promoters. As a matter of fact…they actually are the ones that know best that it's NOT true!! Any passerby that actually does a shred of DD on this company can see it's nothing more than a promoted hoax.
Of course they have nothing left shl…they had to raise cash to pay themselves by selling the only acreage left of value. The CEO ran off because he knew there was nothing left worth owning and no way to continue paying himself.
EORID will not continue as an "oil and gas" company. It's never really been one. The shell will likely be used for another promotional pump and dump like EOR was. There is no day to day business here, no activity, no drilling, no pipelines, no CO2 floods. Shareholders accepted their fate long ago. These desperate attempts to lure in new investors to this scam with the postings of outdated PR's should be viewed with great caution and skepticism.
It's not like people were not warned years ago!