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This isn't even pink sheets… it's the rogue "Scamvouver" exchange. Anything goes.
Nobody expects anything from this scam after 99% losses. It's been over here for years. We should only expect that any here insisting on "integrity, ethics and accuracy" elsewhere be ethical enough to be the same here. This company has proven to be dishonest and wholly misleading with their claims to shareholders of "CO2 floods" and "pipelines being built".
Nothing here has been real but the losses which was accurately predicted years ago. I never knew they would be this massive. 99% is far beyond what I expected this quickly.
WOW!! Reserves increased from $54.2mm to now $83.2mm overnight??
Yet another reason why people don't trust this company.
The financials provide everything we need to know, The $9.6mm in cash includes $4mm in restricted cash and it's from last year.
We need integrity, ethics and accuracy from this company and all involved with it. Nobody needs to be told that RESTRICTED CASH is included as cash on hand or otherwise available.
We see many reasons why people no longer trust this company or any involved with it. People do not appreciate restricted cash being promoted as "on hand" here. Ethics and integrity seem as difficult to com by as does accuracy.
99% losses.
EOR has no cash left and no acreage worth owning much less drilling. Ask why this company has drilled a well in years.
Any prospective shareholder should demand to know why management here does not own a share between and refuses to buy a share even at all time lows. They should also question where the next dime of cash is coming from before they invest here.
They definitely should be asking why EOR has not drilled a well in many years.
No need to ask why it's at all time lows. The reasons are obvious.
But the "new horizontal drilling program' didn't add any meaningful production. Reserves are meaningless with no cash to develop them!! Everybody knows that wells are expensive and they don't drill themselves. EOR has no money for any development of any amount of reserves.
The company initiated that drilling program and announced this PR years ago. It failed and they have not attempted another well since.
We are looking for "integrity, accuracy and ethics" from this company but we know that nobody trusts this company or any involved with it. Integrity is not promising "CO2 floods" and telling people that "pipelines are being built" when they are not. Accuracy is not passing on restricted cash as cash on hand. Ethics is not well represented by a CEO that gets arrested for being involved in a car crash under the influence of alcohol with children aboard.
Small wonder this scam sits at all time lows down 99%. There is NO "integrity, ethics or accuracy" here by any involved.
How does a company develop any amount of reserves when they have no cash to do so? This company had $4MM IN AVAILABLE CASH LAST YEAR…IT'S GONE NOW.
The company announced a capital raise months ago but obviously they have no takers. How do expect this company to survive with no money?
Why won't the insiders buy a share between them?
Doesn't this sound awfully fishy??? Management of a company that owns no shares?
So why aren't they drilling these "two large historic fields" if they are so "valuable"? Why do they have only 30 bopd out of Chaveroo? How do we explain the company completely abandoning all activity in these fields over the last few years?
Why the "standstill agreement" if there's "37 MILLION BARRELS OF OIL"??? Probably the biggest question of all is WHY did EOR have to bring in Schlumberger if they REALLY felt there was anything here and why hasn't the company reported the Schlumbereger findings after the review was completed 6 months ago?
Seems they were awfully excited about bringing Schlumberger in for an evaluations but they are not willing to share the results?? Obviously Schlumberger told the company whatn they already knew and what I've been telling people here for years. The acreage left here is not worth owning.
I agree seaohtoo. Management of ANY company should always be held responsible for everything they report whether it be financials, projects or general company initiatives. Integrity and ethics should always come into question when management of a company does not do what they say they are going to do. Accuracy is equally as important especially when reporting or interpreting financials.
Integrity, accuracy and ethics. Companies should never make promises they cannot keep (mislead shareholders with false claims), misrepresent financials (as in including restricted cash as a current asset) or using shareholder assets as their own piggy bank.
Goes to integrity and ethics of any company. Valid point.
Further study revealed that EOR would have to pay $2.7mm in updates to infrastructure before being able to attempt any new drilling.
Great illustration of how washed up and run down this acreage is. Not much has happened since 1956.
It wouldn't matter either way….EOR has no cash to drill anything with anyway.
They are holding it because nobody will buy it. They have no money to drill it and it's not worth drilling anyway.
Hopefully people were able to separate the real promotions here from the reality that they never happen and see there was never going to be any "CO2 Floods" or "pipelines being built", or "big financings", or "partnerships with Schlumberger".
The list of failed promoted initiatives here is astounding. And of course it sits at all time lows after a 1:10 split and 99% losses.
J-frog….what most people don't hear about is the failed attempt to sell this 15,000 acres. They could not even find a JV partner on it!!
This field is "valued" only at what one is willing to pay for it which we know there are no willing buyers. It would take MILLIONS OF DOLLARS poured to updating the infrastructure of these fields before it was worth attempting to drill. EOR has already told us that they would have spend almost $3mm on infrastructure BEFORE attempting another well.
People need to be made aware that this so called $54.2mm in "value" is a mischaracterization. Reserves have to be ACCESSED to have any REAL value and EOR has no access to these reserves. They could never find a bank to loan against them so thus tells us what the REAL value is.
BE CAREFUL WHAT YOU READ HERE PEOPLE! Understand the difference between what "value" REALLY means. It's only in the eye of the beholder and not meaningful in the real world. Nobody will touch this acreage.
Hopefully there is nobody reading this board that believes there is any drilling activity going on here. There is not. EOR entered into a "STANDSTILL AGREEMENT" last year and has not since reported any change in that status. EOR has not attempted any drilling in years and at this point they have no money to do so.
Also be aware that previous attempts to find a joint venture partner on this acreage were unsuccessful. Look further at the fact that new management does not report owning any shares between them and there is no reported activity of any buying in the open market.
BE VERY CAREFUL OF THIS DORMANT COMPANY!!!
Jeremiah…that cash is long gone. EOR has had a historical burn rate of $1mm/month from reading the financials. They have little revenue left so the cash they had left burned a lot quicker.
The only hope of keeping a pulse here is this alleged $5.5mm capital raise. It will be so heavily promoted and at such a discount (most likely with huge warrant overhang) that any success in raising will all but assure those here now are wiped out.
There is a reason it's down 99%. All of these posts are years old and notice the refusal to provide dates for most of them?? What people really need to understand is that EOR dropped 99% while actually owning production of 500 bopd at $100+ oil!! If the stock dropped 99% in that scenario with revenues topping $10mm and the company liquidating acreage to the tune of $40mm….just think where it's going from here now that there is little production left on the remaining trash acreage left (that could not be sold or J-V'd!!), oil at $60 and no cash left!
EOR has never had an up year in it's history and has never fulfilled ANY promise to shareholders. Instead it's been a systematic sell down of shareholder assets to line the pockets of self dealing management and promoters.
800 acres sold for $10mm. 15,000 acres couldn't be sold. The difference between the 2??? 800 had production and recoverable resources. The 15,000 has neither. It's worthless.
All acreage in the Permian is NOT created equal!!!!!!! This is a complete hoax.
How can anybody NOT know? LOL…the company tells us there is only 60 bopd left and that was from LAST YEAR.
The math says EOR will drag about $1mm in gross revenues for 2015. This company will be dead and gone in a year. As if it ever existed!!!
What's too bad is only 30 barrels a day came from it. It was a complete disaster Jeremiah. One of the reason why they never attempted another well.
That and they have no cash.
Jeremiah….It's no coincidence that over the years there has NEVER been a constant supported of this company outside the obvious. EVERY shareholder that attempted an honest investment here has since sold and taken their losses. It's important to remind folks that 99% losses are real and "pipelines", "CO floods" and unicorns are all fantasy.
Passing off restricted cash as "on hand" will usually run the average, un-educated passerby off so little chance of any new investors coming from here.
"Just stopped by this morning. Said hello to Kyle." It's your post. Did you forget you were there or who you spoke with? I'm sure the visit was forgettable but the 99% losses here are not.
LOL…$5.5mm in restricted cash has been passed off as "on hand" here for years. The only constants here in the cash is the lack of it on hand and the restricted.
30 bopd….and that release is years old. Kyle won't recover the losses here for those suffering from $100mm in their wasted cash and 99% losses.
Not sure what good any amount of reserves are to any company with no money to develop them. With $100mm wasted thus far I'm pretty sure EOR has raised it's last dime. They've only existed for 5 years because of management's decision to sell their shareholder's assets and pay themselves.
Kinda curious how it is any shareholder isn't incensed by this much less continues to support them.
No matter….nobody believes anything they hear from this company or any involved anyway.
We're ALL pretty sure that the price of the stock has moved…DOWN!! Why is the stock tanking with all of this $54.2mm in magical beans?
Joey makes a great point. This management is attempting a capital raise much higher than the current price??? It will be locked up and highly dilutive and the REALLY funny thing is that this new management doesn't own a share and refuses to buy shares on the open market cheaper than what they are pushing on others??
Veritable "dream team" here!!! They should bring Barry back!
Or buy shares here.
Yep…and this "drilling program" failed. They never attempted another well. No cash to do so.
They had management to pay instead of listening to the millions they spent on "studies"???
Another great example of why nobody trusts this company or any involved with it.
But they have maps on the wall and a receptionist!!! Surely maps on the wall make it real. Right?
Maps and pipelines and CO2 floods and receptionists and 60 bopd make this an oil and gas behemoth doesn't it?
Can't wait to see who left here has the sense of humor to request their worthless physical certificate and frame into a doormat for all to wipe to their feet on. Shudda done that years ago. There's much more mud wiped on shareholders from management feet than from any others.
Appears to have been only ONE bid for years outside of the poor insider Mark Peavy that got fleeced. That poor guy poured $100k into this scam thinking he was going to oversee some magical flood that was never happening. What was so insulting is that the management and BOD never bought a share while he was inadvertently propping up the price. Not even the new management is willing to buy this scam.
He's gone. Just one bid left.
Mark my words..EOR becomes a dormant shell (which it has been for years) and gets re-constituted into a new scam .
They hated me on the SPRL board when I told them this was happen. They fell for Russian partnerships, sludge and takeover bids much like those here have been fed "pipelines" and "CO2 floods".
.00001 coming.
So the "studies" and "models" showed all of this sunshine but they never drilled another well?? Why spend the mopey on these "studies" and "models"??
They spent millions on their own "studies" and "models" only to tell shareholders.."The study concluded that poor horizontal and vertical sweep in certain areas of the field would have to be addressed…"
They admitted that $2.7mm would have to be spent BEFORE ever attempting another well.
So…they didn't like what they found out so they brought in Schlumberger to tell them the same thing??
What a waste of money on years of "studies" and "models" only to have Schlumberger walk away in January.
Just another example of how this company has misguided shareholder cash to their pockets and meaningless "studies" and "models".
Now nothing is left
"CASH IS CASH! $9.6 MILLION IN CASH". PLEASE PEOPLE do your own DD and understand "cash is NOT always cash". RESTRICTED CASH is never carried as a current asset and is NEVER available to the company. RESTRICTED CASH is sequestered in third party accounts, pledged to unfulfilled obligations and is NEVER available to any company much less EOR.
Available cash numbers here are being completely and totally misrepresented as available to this company. PLEASE do not fall for the $9.6mm in cash" number as being relevant. It's not nor did the last $100mm in cash matter.
Nobody believes a word they hear from this company or any involved with it.
QUESTION WHY RESTRICTED CASH IS BEING AVOIDED HERE!!! QUESTION WHY EOR HAS NOT ATTEMPTED TO DRILL A WELL IN YEARS! QUESTION WHY DATES ARE BEING LEFT OFF OF OLD PR'S!!
QUESTION WHY THIS COMPANY HAS LOST 99%!!
QUESTION WHO WOULD EVER SUPPORT THIS COMPANY AND IT'S LONG HISTORY OF LIES AND DECEIT!!
BEWARE!!!! EOR has been a scam for MANY years. Look at the 5 year chart.
Don't listen to me. Read for yourselves.
It's nice to see that any passerby's here can see how this company is largely promoted and widely discounted as the scam it is. The more we are attempting to being fed here the more we want to puke.
5 years of broken promises and lies here have resulted in 99% losses. More losses to come.
Seaohtoo….why do we get this constant disregard for $5.5mm in restricted cash? It's obvious everybody has access to the 2013/2014 financials (even thought they are years old now). Nobody believes there is $9.6mm in cash avail;able to this company especially since they blow thru $500,000 a months!!!
Does it not seem obvious that every attempt to pass off RESTRICTED CASH here as "cash on hand" is simply another example of why nobody trusts this company or any involved with it??
GHHeeezus… it really drives the point home.
Funny how these "facts" that continue to be posted here have resulted in 99% losses??? NO…it's not funny. Many have been spared HUGE losses here by listening to the real truth and not depending on self dealing promoters.
I will continue to lead people to the real truth here no matter how distorted any try to distort the so called "facts". Only one here has been right for 5 years!!!!
I warned this scam was a scam 5 years while others were continuing to urge others to buy into the scam.
Only one here has been right.
Your posts are yours…not EOR's. I am quoting from the company audited financials. Not sure if we are supposed to believe who or the company???
Doesn't really matter. All here have proven to be completely unreliable. Both have promised that "pipelines were being built" and "CO2 floods" were happening. Both said we had "big financings" coming that never happened and we heard about 9 San Andreas wells that were never drilled.
SOOOOooo…we see yet another reason why NOBODY does or should trust anything this company says or anything anybody involved with says.
Lies lies lies…pipelines, CO2 floods, big financings, 9 San Andreas wells, up listings, SEC reporting, LMAO!!!! The ONLY thing real here IS the lies.