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Melrose Resources had same idea:
On 31 May 2001, Melrose completed the acquisition of various lease interests immediately adjoining existing interests in the Turner Gregory field area in Mitchell County, Texas. The lease interests acquired cover approximately 1,000 acres with proved reserves of 1.8 MMbbls and a discounted net present value of US$5.2 million. Current production from these leases is approximately 40 bopd net to the interests acquired. The acquisition cost was US$1.0 million.
Petrozene could easily increase production an average of 260% or more.
The increase could be up to 600%.
http://72.14.253.104/search?q=cache:yIU2S0MEuB8J:www.hemscott.com/scripts/AFXnewstory.dll/text%3FEPI....
Melrose update:
Turner Gregory field interests Work on the Turner Gregory Unit in 2004 was focused on bringing wellbores into regulatory
compliance, including the abandonment of some old wells, prior to water injection operations commencing. In the meantime, average daily production declined in line with expectations by 10% during 2004 to 106 boepd.
http://72.14.253.104/search?q=cache:s3Y9pHp8SXUJ:www.oil-barrel.com/pressreleases/melrose310305.pdf+....
I think that we are close to knowing,
the truth about BIGN. I thought that we would have it months ago, but I was locked down by management, Royal Pet. management.
June 27th is my best guess.
http://www.royalpetro.com/projects.php
http://72.14.253.104/search?q=cache:JmMrQVm3X0kJ:www.rrc.state.tx.us/divisions/og/ogdirectory/r.html...
Dave Hagarty (President)
Royal Petroleum Corp.
Bankers Hall West
Suite 1000
888 - 3rd St. West
Calgary, AB
T2P 5C5 Telephone: 1-403-444-6896
The future of Freestone is "here" and "now"
"The here" is in the research of a business partner-Natural Resource Recovery (NRR):
"The versatile "Carbonator" process on tires will produce four commodities that will be marketed and sold to identified and ready industries. In particular, the unique chemical solvent is a revolutionary complex hydrocarbon product, proven to enhance oil production (and eliminate storage tank sludge waste streams entirely), and shown to increase daily outputs over 200%, and monthly increases for other wells of 550% - these are revolutionary results just in that market alone. Test customers are clamoring for the product, and Freestone Resources, Inc. (our first distribution partner) has started full scale sales distribution. A new development effort is positioning to deliver a line of oil field chemical products as a total solution to achieve distinctive increases in energy production.
Research is continuing for adaptation of the core technology to other waste and energy product streams into man-made natural resources. Early testing with difficult energy streams including tar sand, shale, and coal is being leveraged for expanded market success."
"The now",is in that the last press release on 06/15/07 stated "Freestone Resources, Inc.'s filings should be made the first of this next week. Freestone is striving to meet the standards for becoming a full reporting company."
Once the SEC filings are out of the way, then the company can focus on production of profits and acquisitions in a credible environment of verifiable growth and value. And now they will be revealed "quickly".
The stock price has pulsed as high a a close of .42 cents per share and higher intra-day on the expectation of the events starting this next week. Market Makers see the potential too. One who has been content to sit at .51 for months has now backed up to the .70's.
Here and now we will find out what this company is made of and what it is worth. Expect some dreams come true. The share structure is right for that to happen. The business plan is right for that to happen. The focus of the business is right for that to happen- oil, natural gas, Petrozene and environmental remediation. Each is of great value in our world. What's not to like about the dream? Owning shares is all that is needed to experience the dream come true!
Back to radio silence.....
Ready for some real excitement?
Freestone is ready to use their assets with maximum leverage in the best acquisition imaginable. No wonder the name is Freestone Resources and not Freestone Oil & Gas Company. Even my friend Bill Gross has figured out how to live with "Da Bomb"...Natural Resources and things to use them more efficiently and effectively.
Globalization has made the demand for commodities and commodity enhancers "Da Bomb". And Freestone has THE BOMB.
See the link below:
http://www.pimco.com/LeftNav/Featured+Market+Commentary/IO/2007/IO+May-June+2007.htm
Billiam & Dig:
All that I can do now is point at a "recent" press release and hope along with the rest of you:
TYLER, Texas, Feb. 27, 2007 (PRIME NEWSWIRE) -- Biogenerics Limited (Pink Sheets:BIGN) Board of Directors is pleased to report that its due diligence has been completed on the Central Louisiana Oil Field reported in its January 22nd Press Release...
"The Board of Directors expects the Central Louisiana transaction to close in the second quarter of the calendar year.
Three weeks or less to wait to know how this turns out...I never expected that it would be this long to find out and in this much doubt.
This has been a big disappointment to many,
but you don't give up when you have no choice. That is the difference for those of "US" left here.
"He that perseveres to the end, he shall be saved."
Hold that thought and hold on another week. There may be salvation sooner than we think.
RIGATONI- very encouraging here,
and sooner than later. I'll be off shore and under the radar on this one.
BSWB, I learned one thing here,
don't piss off an honest company.
Next week? Who knows? Tomorrow? Who knows?
Never tell a secret and never bite on a worm.
One thing for sure, we are up a dime or so since you first started watching this stock: Correct?
SARBOX is a high bar, but every vaulter gets three attempts before they are out. Then the next height for the bar is OTCBB.
Back to my summer off work....I'll stay out of South Flordia os you can relax, if you ever do.
Long and strong FSNR.
FSNR: OTCBB next week!
I talked to the company today and it is true and coming next week!
We migrate to a higher stock exchange and it starts next week. I am relieved and ready for the summer off from investing. Long and strong FSNR.
There must now be a 5th division of Freestone:
"Freestone Resources is an East Texas based publicly traded oil and gas Company currently active in Texas and New Mexico. Freestone Resources specializes in the areas of oil and gas lease acquisitions, production, exploration, development, and petroleum waste disposal."
"Petroleum waste disposal" must be the division that is going for a share of the 2.5 billion dollar government contract. This company is diversified. That adds stability and longevity. Now lets see them execute. Like I said, see you all in August! Long & Strong!
On that news, we have stopped buying,
the bid and certainly not the ask.
Is it soup yet? eom
The momo crowd will be here on this news,
when they hear there are contracts with foreign national oil companies and major oceanic shipping companies:
"...A key use example of Petrozene is its use in oil tankers. During the transport of oil, the tankers accumulate a vast amount of oil waste buildup, which costs millions of dollars in cleanup fees and downtime. This cleanup must be done multiple times a year. Along with the oil, Petrozene can be added to the oil tankers prior to transport and will reduce, even eliminate, the need for such costly cleanups.
"...To date, Petrozene has been used in approximately 20 oil storage tanks to aid in the removal and extraction of accumulated tank bottom sludge. With proper application and treatment, these tests have shown Petrozene to be one hundred percent effective in clearing tank bottom sludge and allowing for the sale of previously unusable oil.
Petrozene has also shown unbelievable results in treating shallow oil wells with paraffin restriction in the production tubing or in the perforated formation. After treating over 25 wells, Petrozene has been shown to produce up to 400% increase in oil production in these wells, with an average of a 200% increase in barrels of oil per day per well. The potential market for Petrozene is huge. In the state of Texas alone, there are over 40,000 producing oil wells that could benefit from Petrozene. We expect the future domestic market to be very lucrative, especially due to the recent remarks made by President George W. Bush during the 2007 State of the Union address, calling for the U.S. oil industry to "step up domestic oil production in environmentally sensitive ways" (see State of the Union 2007).
Petrozene is now being actively marketed by authorized sales representatives placed in key markets throughout the United States and abroad. Freestone has recently signed agency agreements for sales agents in California and Texas, and is directly engaging potential clients in Yemen, the United Arab Emirates, and Libya. We are primarily focusing on solutions for tank bottoms, high paraffin oil wells, oil transport and refineries. Our agents have already contacted dozens of potential end-users and have distributed hundreds of gallons of sample product for operational tests and lab analysis...."
I will miss these quiet days and buying on the bid. When the momo crowd arrives here, we will stop buying and forget about FSNR for 3 months. I will check back near the end of summer to see how FSNR is doing and laugh at the flipping fools. Owning this stock will be immensely more profitable than renting it for a weekend. THAT's how "the rich get richer and the poor get poorer." LOL
P.S. Note "strategic oil refineries" in the following article- something that I have thought for years- government refineries that can be BUILT and where production can be ramped up when private refineries are damaged or down for repairs:
http://biz.yahoo.com/ap/070516/gas_demand.html?.v=6
I have all the shares that I want,
from the day's lows. I guess you could call me "lowman".
mt- guess you were right,
but imagine sitting on the bid for three months. This is a long term investment and flippers know it. Look at the bid/ask stand off. Look at the quiet board here, especially at night. This is a long term investors paradise. The company has set that tone and investors have fallen in line, waiting for the vision to become reality. All it takes is time. And time is something that the impatient do not have to spend. But we do.
See you all in three months at $3.00.
P.O.
Sorry about lowering the bid here,
but yesterday there was too much competition with buying at the ask. Today it is our turn average a better basis. Then we all sit back 6 months and watch the run to where this stock belongs.
Freedom12-Desperate times call for
desperate measures. Freedom12, thanks for setting the record "straight". But Well Renewal will be fine in the long term, and Charlatan is a veteran here. He will straighten this all out too.
The government lease/production records on wrnw were posted here by davidmark black:
http://www.investorshub.com/boards/profile.asp?user=50451
i.e.: http://www.investorshub.com/boards/read_msg.asp?message_id=18422187
Let's all take a deep breath,
it will take awhile for my group to buy out all of VFIN's source of shares and we would like to do it at the bid. Last post here until we are done.
Thank you, sumisu, that is important,
NG is a cleaner alternative to oil, much less coal which is destroying the planet.
http://library.thinkquest.org/C004471/tep/en/traditional_energy/coal_power.html
Rig, there is a bright future here,
talk about under valued long term play!
All we need is some lowman like patience,
and to "keep our eyes on the prize":
"Two technological strengths of Freestone Resources are their development and use of new emerging technologies, and their unique “Full Lifecycle Management” methodology. Constant innovations, (like their down-hole completion tool and new treatments) reportedly resulted in increased efficiency and profits. Their Full Lifecycle Management approach to the energy industry means that they manage everything from prospecting to production, to responsible waste management and removal. This should allow them to control and deliver at a lower cost with potentially higher quality.
It seems most of their hidden talents lie in their key subsidiaries, such as Petrozene, MineralInfo.com, Freestone Fabrication, and a few others. MineralInfo.com is especially interesting since it’s a web-based company that pairs mineral owners selling or leasing land and resources with corporate and private buyers. The site maintains a large database of the latest mineral properties, along with details on permits, producing wells, surveys and pipelines. Our guess is that this allows Freestone to be aware of the most lucrative prospects right when they go on the market, before anyone else.":
http://www.oilstockadvisor.com/currentpick.php
Spark, news is nice, but the vision
to "control the minerals right of land for mining and Oil and Gas" is what interests me for the longer term. I like that business plan. Trophy needs to publish its current portfolio of properties and volume may well go up.
Interesting question, how long will Freestone
remain priced in the .20's? I would venture to guess, WAG, that it will be trading in the .30's before Friday, June 1st, 2007.
Potential investors should not forget about Freestone's option to drill several new gas wells in Crockett County, Texas near the town of Ozona. This option has been on the "back burner" for months.
But most of all, investors should prize the diversification that this company has in its vision of the future: Oil & Gas Exploration; petrochemical solutions; E-Bay style real estate trading; oil service fabrications; and refinery construction/enlargement. Such diversification is key to long term survival and investment. Stripper well renewal companies, the latest fad, need to remember that the price of crude oil is quoted in US dollars. The US dollar was taken down by Greenspan from 120 to 80 after 911. Now it is around 82, and the US Dollar chart looks bullish. Perhaps Buffett's new currency play will surprise many. The high price of oil in USD is what made stripper wells profitable. What happens if the US dollar has bottomed and its cycle is up? The Price of oil goes down, that's what happens. It could go down to $40 to 50$ just on the currency risk alone, regardless of the supply/demand dynamic. If it goes down too far, then oil from OLD oil fields becomes less profitable to produce. Look at the 1980's experience here in Texas.
But FSNR is primarily into natural gas wells along with oil and a host of other energy related endeavors. Now it even seeks a potential business indirectly related to gasoline: oil refinery construction. Lloyd Lane's vision is impressive.
My group of investors finds Freestone Resources an attractive investment for the long haul. Price will not remain in the .20's and .30's very long. VFIN cannot handle the size of the bid that is coming soon.
yahabiby- no it was not,
and I am disappointed at the withholding of news about BIGN, not its allies.
WWO&G has 400,000,000 authorized shares,
according to the Nevada Secretary of State:
https://esos.state.nv.us/SOSServices/AnonymousAccess/CorpSearch/
corpActions.aspx?lx8nvq=QEwprnm0YZSBKfn59v1gPg%253d%253d&CorpName
=WW+OIL+%26+GAS%2c+INC.
And as we know, BIGN has long owned 50% of WWO&G along with WWNG's 50% share. So that is 200 million shares each.
The recent divy of 1 share of WWO&G for every share of BIGN equals 19.8 million shares or 10% of "one or the others" holdings:
Biogenerics Limited Shareholders to Receive Special Dividend From Subsidiary WW Oil And Gas Inc.
December 11, 10:54 am ET
TYLER, Texas, Dec. 11, 2006 (PRIME NEWSWIRE) -- Biogenerics Limited (Other OTC:BIGN.PK - News) announced that its shareholders will be receiving a special dividend gifting from its subsidiary, WW Oil and Gas Inc. Biogenerics' shareholders who hold shares as of January 2, 2007 will be eligible for the special dividend. The shares will be payable on January 30, 2007. This special dividend represents 10% of WW Oil and Gas Inc.
Plus, WWNG shareholders got 1 share of WWO&G for every 25 shares of WWNG. This also represented another 10% of WWO&G shares:
http://biz.yahoo.com/pz/061211/110201.html
So apparently 40 million shares have been given to shareholders of BIGN and WWNG. But why is this called 10% of WWO&G in each of the PR's when it is only 5% of 400 million A/S?
Unless it is all a mistake, all 40 million shares must have come from "one or the others" half (200 million share) in order to be 20%.
Looking at the PR's, it is not clear at all WHO is gifting the Shares-but the ratio implies that the giver only owns 200 million shares:
12/11/06 WWNG PR: "...This special dividend represents 10% of WW Oil and Gas Inc. which is a subsidiary of WW Energy and is not a publicly traded company."
TYLER, Texas, Dec. 11, 2006 (PRIME NEWSWIRE) -- Biogenerics Limited (Other OTC:BIGN.PK - News) announced that its shareholders will be receiving a special dividend gifting from its subsidiary, WW Oil and Gas Inc. Biogenerics' shareholders who hold shares as of January 2, 2007 will be eligible for the special dividend. The shares will be payable on January 30, 2007. This special dividend represents 10% of WW Oil and Gas Inc.
Maybe BIGN gave 10% of its interest in WWO&G to its own shareholders and WWNG did the same.
So what's the point?
WWO&G is not a publicly traded company. But it is "in charge" of the 30 Oklahoma wells (with various interest in them by Royal, BIGN and WWO&G) and it does own a drilling rig.
If it turns a profit, are all the profits retained in the company? Or can a cash divy be issued to the shareholders of this non-trading company? OR, if WWO&G is sold, the purchase price will be divided up according to the shares owned. Would the "purchase price" be cash, shares of the acquiring company or a combination of both? In any event, who would want to own all of WWO&G? Royal? Tyche? Who ever bought WWO&G would have to make a tender offer.
Why did BIGN and WWNG give away their interest a combined 20% interest in WWO&G?
Bottom line, the venture capitalists own most of BIGN
and is this a way to shift some form of future value to the VC's and incidentally to us?The VC's stand to gain the most since they own most of the 376 million shares of BIGN. Plus if this increases the value of publicly traded shares in WWNG and BIGN, the biggest shareholders could sell those companies traded shares even if there is no buy-out or cash divy of profits from WWO&G.
It is all a mystery! Real "wormwood"...as Waverider said. Maybe tomorrow will shed some light on this mystery. I guessed tomorrow would be a day of revelation. Will the fates cooperate?
popcorn202- BIGN has news of its own
but has not released it since Jan 22, 2007. I do not know why they keep it to themselves. But it must be to their advantage to do so. 48 hours or less is my guess for the news release.
PBLS is selling something,
finally, and not buying something. PPS will show the difference.
Now, what about their oil division???
The Cheneyboro Field is located 17 miles southeast of Corsicana, Texas, in Navarro County/North West Freestone County .
http://www.google.com/maps?q=Corsicana,+TX&sa=X&oi=map&ct=image
(Note Fairfield Texas-FSNR Headquarters- down the Highway 45 past the lake & Streetman Tx. on the map)
This field is productive in the Cotton Valley Limestone
formation (also called the "Cotton Valley Lime") at a vertical depth of
approximately 9,500 feet. (Carroll #1 was packed at 9.200 feet) Field development continued following the initial
discovery in 1978 into the early 1980s, eventually encompassing an area 12 miles
long and 5 miles wide (approximately 30,000 acres). Between 1978 and 1987, the
Cheneyboro Field produced approximately 3.0 million Bbl of oil from 69 vertical
wells, representing an average of approximately 45,000 Bbl per well. Some of the
vertical wells have produced over 100,000 Bbl, indicating better drainage where
the wells penetrated the fracture system. In 1987, the Tarrant County Water
Authority expropriated approximately 20,000 acres of this field. Producing wells
were plugged and abandoned to permit construction of the Richland/Chambers Creek
Reservoir, a water supply project for Tarrant County and the City of Fort Worth,
Texas.
The Cotton Valley Lime reservoir at Cheneyboro is highly fractured. The
primary objective reservoir rock is an oolitic carbonate grainstone of Jurassic
age that was deposited on a Paleozoic shelf break. Subsequent pullout of the
deeper Louann Salt caused extensive fracturing. The salt withdrawal left the
residual field structure as simple regional dip. Hydrocarbon trapping occurs as
a result of the high degree of fracture density bounded by areas of
non-permeability. Core and log analyses indicate the presence of 2.5 to 4.5% oil
saturated matrix porosity in the field. Vertical wells in this reservoir produce
42(degree) API oil.
Horizontal drilling techniques will lead to
initial rates and recovery efficiencies several times those experienced in the
original vertical well completions. Since the majority of the field is under
lake water, directional drilling from the shoreline was anticipated. Based on analogy
to horizontal drilling in fractured limestone reservoirs in other areas,
increased productive capacity and ultimate reserves are anticipated relative to
historical, vertical per well averages.
When the field was first developed, several shallower zones tested
hydrocarbons at commercial rates. Due to the expropriation of the field, these
zones were not developed. The Cretaceous Rodessa, Glen Rose, Pettit and Travis
Peak intervals may also prove productive in the field area.
Gas from these wells is expected to be connected to one of several
pipelines in the area.
(Horizontal Drilling. Horizontal drilling begins with drilling in the
normal manner (vertically) to a point above the objective formation. From that
point, the hole is directionally deviated until the bit is drilling generally
horizontally in the producing zone. Directional drilling technology has advanced
to the point that the drill-bit can be kept in one geological horizon for many
hundreds of feet away from the vertical well bore. It is no longer necessary to
strike a localized fracture zone accurately with a vertical well. Instead, a
well can be drilled horizontally through an area where fractured zones are known
to exist with a greater chance of encountering the vertical fractures. A single
horizontal well can encounter several localized fracture zones.
Horizontal drilling was first developed over 20 years ago, and has been
used successfully in oil and gas fields as diverse as those located in West
Virginia, the North Sea, Saskatchewan, Argentina, Prudhoe Bay and South Texas,
to extract oil and gas where vertical drilling is impossible or uneconomical.
Horizontal drilling has also increased production of oil and gas from fields
with thin pay zones, low permeability sands, vertical fractured reservoirs,
discontinuous formations and reservoirs with gas and water coning problems. High
angle directional drilling has been performed extensively onshore in California
to reach bottom holes in congested cities or harbors where vertical drilling
would not be feasible. Horizontal drilling has been used extensively offshore to
drill many wells from one platform. )
nasdaq, Rio is not what it once was,
from a demographic point of view. In fact, it is easy to be murdered there. But I suppose that a penny player might make it back home to the states.
I expect news now on "THE DEAL" and later on Petrozene as the solution to many problems with old wells, storage tanks and marine oil barges. (See below as to well problems)
Best wishes and enjoy the trip where ever you decide to go to celebrate.
################################################################
Asphaltene Near-well-bore Formation Damage Modeling
Kosta J. Leontaritis, Ph.D.
AsphWax Inc., 12976 Sugar Ridge Boulevard, Stafford, Texas 77477
(Received 18 March 2004; revised 1 April 2005)
When during oil production the thermodynamic conditions within the near-well-bore formation lie inside the asphaltene deposition envelope of the reservoir fluid, the flocculated asphaltenes cause formation damage. Mathematically, formation damage is a reduction in the hydrocarbon effective mobility, lambda, lambda=ko/µo=kkro/µo. Three possible mechanisms of asphaltene-induced formation damage have been discussed in the literature. Asphaltenes can reduce the hydrocarbon effective mobility by a) blocking pore throats thus reducing the rock permeability, k, b) adsorbing onto the rock and altering the formation wettability from water-wet to oil-wet thus diminishing the effective permeability to oil, ko, and c) increasing the reservoir fluid viscosity, µo, by nucleating water-in-oil emulsions. In the most frequently encountered case of asphaltene-induced formation damage where under-saturated oil is being produced without water, the most dominant damage mechanism is blockage of pore throats by asphaltene particles causing a reduction in rock permeability k. This paper presents a rather simple, yet realistic way of modeling asphaltene-induced near-well formation damage caused by blockage of pore throats by asphaltene particles. The model utilizes both macroscopic and microscopic concepts to represent the pore throat blockages. It also utilizes the Thermodynamic-Colloidal Model of Asphaltene, TCModelSM, an existing AsphWax asphaltene phase behavior model capable of simulating the asphaltene particle size distribution as a function of the thermodynamics of the system. The new asphaltene near-well formation damage model is applied in one case where it is used to track the degree of formation damage as a function of time and the effect it has on near-well-bore and well-bore hydraulics. Similarly the model can be used to study a priori the economics of developing a reservoir known to contain under-saturated asphaltenic oil. ©2005 American Society of Mechanical Engineers
http://www.petrozene.com/
Freestone History:
From SEC Filing:
"On July 6, 2006, we filed an 8-K/A disclosing that we had signed a Memorandum of Understanding to acquire Freestone Resources, Inc., a Nevada Corporation which specializes in the drilling and recompletion of oil and gas wells in east central and west Texas.
Certain of the conditions to closing were changing our name from Ichargeit, Inc. to "Freestone Resources, Inc." and increasing our authorized capital from 50,000,000 to 100,000,000 shares of common stock with a par value of $0.001 per share, and redomilciling the Company from Delaware to Nevada. These actions had previously been approved by our shareholders and on July 27, 2006, our Board of Directors approved a resolution to effect these actions. We will file Articles of Conversion to redomicile from Delaware to Nevada. Although we previously reported that the name change would be effective at the closing of the Share Exchange, the parties decided it was best to effect the name change and redomicle now in order to prevent delays should the remaining closing conditions be met; accordingly, the effective date of these actions by our Borad of Directors was July 27, 2006.
As a result of the name change and increase in authorized capital, we will receive a new cusip number which will be reported on an 8-K/A. The closing of the Share Exchange remains contingent upon the satisfaction of a number of material conditions, including satisfactory audits of both companies; and various other customary closing conditions. Accordingly, the closing of the Share Exchange has not yet occurred. If the conditions to be satisfied are not fully met in a timely fashion, the Share Exchange may not occur. The parties are still completing some of the closing conditions.
The foregoing information has been disclosed herein as it is a material condition to the closing of the Share Exchange Agreement and should not be construed as an offer to sell or solicitation of an offer to buy our securities.
The closing of the Transaction is subject to customary closing conditions, including iChargeit’s Board of Directors approval of the Share Exchange agreement, and the redomiciling of IChargeit as a Nevada company. In addition, the closing is conditioned on the US GAAP financial audit of Freestone Resources Inc., as well as on the satisfactory results of additional legal and operational due diligence. If the closing conditions are satisfied or waived, the Transaction is expected to be effective as soon as possible after the audits are complete, but no later than November 1, 2006."
THIS REALLY IS A VERY YOUNG AND GROWING COMPANY. THIS IS THE GROUND FLOOR.
Thank you, Waverider110
This is a great board with an exciting future.
coy wanted fast guns:
FSNR in play on big news!
Freestone Resources Inc. Plans 50 Drill Sites
Thursday February 15, 9:00 am ET
Potential Drill Sites Surrounding Well that Has Produced in Excess of a Billion Cubic Feet of Gas
FAIRFIELD, Texas--(BUSINESS WIRE)--Freestone Resources Inc. (OTC:FSNR.PK - News) has optioned for 4,300 acres to add to the 517 acres lease of the Carroll unit #1. According to geologists, this acreage is in line and has the same formation as a major resource company which completed two wells only 2 1/2 miles away.
Their last well's open flow tested at 5 million cubic feet of gas per day. At todays prices that makes the well as produced in excess of 10 million dollars. The Carroll well has this zone behind the casing and the company plans on producing this zone as soon as we deplete the lower zones. This gives the Carroll well a very huge potential.
Lloyd Lane, CEO of Freestone resources noted: "The additional acreage added to the Carroll unit #1, will give Freestone 50 excellent drill sites off setting a well that has produced in excess of a billion cubic feet of gas. This well with todays completion practices could have been much larger. At todays prices that makes the well as produced in excess of 10 million dollars. The potential here is enormous."
Freestone Resources Inc. is talking with potential drilling partners and aims to commence drilling the first well by early spring
"...5 million cubic feet of gas per day. At todays prices that makes the well as produced in excess of 10 million dollars...". Times 50 wells = 500 million dollars divided by 50 million shares = $10 EPS
Advanced Decline Curve Model for
Stripper Well Production Analysis (METEOR)
Lead Organization: Advanced Resources International, Inc.
Key Contact: Larry Pekot (703-528-8420 or lpekot@adv-res.com)
Other Participants: Equitable Production, Belden & Blake
Level of Funding: $80,000
http://www.energy.psu.edu/swc/proposals/2001completelist.pdf
Executive Summary
Successful stripper well production requires careful attention to cost control and this requirement
extends to engineering and geologic evaluations to determine a stripper well’s potential for
remediation or production improvement. Thus, a premium should be placed on evaluation
techniques that are fast, simple and reliable.
This project will meet this need by refining the use of advanced decline curve techniques into a
fast and easy to use program that is designed specifically for low permeability, multiple
completion gas wells. The availability of this program will provide a new tool to help analyze
stripper wells allowing operators to make more informed decisions when considering well
remediation, recompletion or drilling options in stripper production areas.
The applicant proposes to build upon an existing visual basic decline curve program, named
METEOR, and incorporate additional advanced decline curve analysis techniques. Results of the
program will be verified against a series of reservoir simulation cases constructed from real data
taken from a variety of stripper well conditions. Based on industry feedback, considerable
attention will also be given to create features that are fast and easy to use, especially concerning
data input and output handling. This will allow the user an opportunity to evaluate low rate and
low revenue stripper wells with a minimum of time and effort.
The project cost share will be supported by a $25,000 cash grant from Equitable Production
Company (Equitable) and a $5,000 cash grant from Belden & Blake Corporation (BBC).
Advanced Resources International (ARI), the project applicant, will also contribute $5000 in
unbilled labor and expenses. Equitable will also provide the well and reservoir data necessary for
the program verification study. To complete the project as proposed, a sum of $80,000 is
requested from the Stripper Well Consortium.
http://72.14.253.104/search?q=cache:BgdCBqI3kHUJ:www.energy.psu.edu/swc/proposals/2001completelist.p....
THE WOODBINE Formation, named for a small town in east-central Cooke County, Texas, is the basal formation of the Gulf Series. It is best known for being the source of the East Texas oil field, one of the largest oil fields on the North American continent. It unconformably overlies the Grayson Marl, uppermost member of the Washita Group, and is unconformably overlain by the Eagle Ford Group.
Two major members are widely recognized in the Woodbine Formation. They are the Dexter Member (lower sandstone) and the Lewisville Member (upper shale).
The East Texas Field was discovered in 1930 and quickly became identified as the largest
contiguous oil field in the world, extending over 4 counties, 140,000 acres, and at its peak
had 35,000 wells (Figs. 1-2). Total production to date is in excess of 5 billion barrels of
oil and an estimated 1.4 billion barrels still remain to be recovered. The field has a strong
water drive and oil has been pushed to the eastern edge of the field as production
proceeded; consequently, the Woodbine sand zones on the eastern or up-dip edge of the
reservoir have produced in excess of 100 per cent of the oil in place due to the migration.
Wells on the western edge of the field have progressively gone to a high water percentage
and have either been shut-in or plugged. Many leases have been abandoned and the
Texas Railroad Commission has been required to assume the plugging liability. A large
number of these leases have shut-in wells and are available to us for this project.
Currently fewer than 7000 wells remain in production. Oil production has been reduced
in half over the past decade and expectations are that it will reach two-thirds in the
coming decade.
BIGN wants to use well enhancement technologies to address these facts. More later....
bob- that pipeline is
constipated with doubt.
News will provide relief and elation at last.
I rest my case!
This was a good day on modest to good volume.
Be bold and hold, IMHO.
"We now have approximately 5000 acres of contiguous property to the Carroll Unit under signed lease option and are currently engaged in negotiations to begin exploiting this field with a large Oil and Gas company active in this same area. We are also in the process of acquiring our next re-entry prospect, and are actively seeking others. Freestone Oil and Gas will most certainly show a net profit for the first quarter of 2007, and hopefully for each quarter thereafter. We will release details of our next well project within the next few weeks..."
Yes, this company is about to become very interesting too.
The "large oil & gas company active in the same area" is on-board now, it seems. Risk transfer is not a bad thing if the cost is right and the potential profit is high.
Yes, Mr. Whazoo and let me add,
since my days posting here are at an end, this is the most important information that this board will ever need about the future of BIGN:
Biogenerics Announces Financing Plan for the Hydroslotter Roll Out
PrimeZone via COMTEX
Oct 18, 2005 10:34:06 AM
TORONTO, Oct 18, 2005 (PRIMEZONE via COMTEX) --
Biogenerics Limited (Pink Sheets:BIGN): The company is pleased to announce that it has secured an agreement with an institutional investor Royal Petroleum. Royal Petroleum purchases and finances producing oil and gas wells. Biogenerics has financing in place for hydroslotting at 8.5% interest as needed and secured by our current production.
Biogenerics plans to primarily fund the hydroslotting expansion with its current cashflow. This is possible since the costs for slotting are returned in an average of 45 days from production. Having Royal Petroleum behind us eliminates the need for any financings which may cause dilution of equity.
Biogenerics' Paul Smith states that, "This hydroslotter joint venture is offering perhaps the most capital efficient way to create aggressive economic returns without exploration risk. Now that we have the ability to draw down the capital required we can aggressively move forward."
Website: http://www.bignltd.com
Mr. popcorn, I hope it does not
sound that way, as it was not intended to imply any such thing.
I was not at or "inside" any BOD meeting this week. I hope that clears up any confusion.