I don't give people hell, I just tell them the truth and they think it's hell. H. Truman
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$9.6 MILLION IN CASH. CASH IS CASH!
I never used the term. I STATED $9.6 million in cash.
Yup, AUDITED FINANCIALS, $9.6 MILLION IN CASH!
$58 MILLION IN ASSETS.
PROVEN TIME AND TIME AGAIN,
$9.6 MILLION IN CASH, DRILLING, AND INCREASING RESERVES.
$54.2 MILLION IN PROVEN RESERVES. $83.2 PROVEN AND PROBABLE RESERVES.
The new horizontal drilling program added 464 MBO (372 MBO net to EORI) proved undeveloped reserves.
The Company has reported undeveloped reserves for the year ended December 31, 2014, within the meaning of that term under NI 51-101, either proved, probable and possible reserves. These undeveloped reserves relate to the continuing evaluation of the property interests at the Milnesand and Chaveroo Fields. The proved undeveloped reserves represented in the table above are the reserves attributable to drilling 20 infill horizontal wells in Milnesand Field and 18 infill horizontal wells in Chaveroo Field. Gross reserves for the Milnesand program were estimated at 3,200 MBO with an average of 160 MBO per horizontal well. The Chaveroo Field program estimates 2,700 MBO with an average of 150 MBO per horizontal well. The reserves are based on a type curve developed from the production data of the Milnesand wells #141H and #522H and from analogous San Andres fields with infill horizontals. The type curve assumes fracture stimulating a lateral length of 4,600 feet, an initial rate of 190 BOPD and a life of approximately 22 years. As part of the ongoing evaluation of Milnesand and Chaveroo Fields, the Company contracted Nutech Inc. to normalize and reprocess over two hundred well logs. The well logs were tied to existing core data and original oil in place (OOIP) was calculated using the new data. In Milnesand Field, the 3,200 MBO represents a recovery factor of 2.5% of the approximately 70 MMBOOIP. Chaveroo’s estimated 2,700 MBO represents a recovery factor of 1% of the 248 MMBOOIP.
Yup, BE REASSURED $9.6 MILLION IN CASH!
Yup, as I said, $9.6 MILLION IN CASH
$83.2 MILLION IN PROVEN AND PROBABLE RESERVES
the AOT doesn't work as planned!
CEO BIGGER ALREADY TOLD US THAT!
More tests, more flawed results!
$83.2 MILLION IN PROVED and PROBABLE RESERVES.
$9.6 MILLION IN CASH.
YUP, and left $9.6 MILLION IN CASH, $58 MILLION IN ASSETS, $54.2 MILLION IN PROVEN RESERVES and MILLIONS IN REVENUES!
Yes, MILLIONS IN REVENUE !
$9.6 MILLION IN CASH. READ THE AUDITED FINANCIALS.
CASH IS CASH!
CASH IS CASH!!!
EOR HAS $9.6 MILLION!!!
What's misleading is misquoting a post!
It's $9.6 MILLION IN CASH!
The new horizontal drilling program added 464 MBO (372 MBO net to EORI) proved undeveloped reserves.
$9.6 MILLION IN CASH, DRILLING, AND INCREASING RESERVES.
$54.2 MILLION IN PROVEN RESERVES. $83.2 PROVEN AND PROBABLE RESERVES.
UPDATED RESERVES: $83.2 MILLION IN PROVED and PROBABLE RESERVES
Another example of MISREPRESENTATION! It DUAL EXCHANGE! OTCQX!
They filed a notice of LATE FILING, THEN FAILED TO FILE BY THAT DATEk
Yet we find them reporting on the OTC....
From your previous post
"Obviously things are heating up with financials filed and attorney letter filed, both are often signs a 15c211 sponsorship is forthcoming so hopefully we should be able to see what's really happening shortly. I sincerely doubt this is a failed motion picture company coming out of the ashes, or has all of their eggs in a 3rd rate, startup cosmetics company. "
What is amusing is the inconsistency being reported. Not really, it's a sad state of affairs when a company can't get their act together and attorneys confirm the inaccurate reporting.
The Company, through its wholly owned subsidiary Ridgeway Arizona Oil Corp., owns and operates an approximate 100% interest in various units and leases within the 25,000 acre Chaveroo field. The Company has an average net revenue interest of approximately 75.5%.
The Chaveroo San Andres field was discovered in 1960 and to date has produced over 25 million barrels of crude oil. The field produces from fractured, low porosity dolomites at a depth of approximately 4,500 feet. Since purchasing interest in the field, the Company has upgraded surface facilities, reactivated several additional wells and plugged and abandoned numerous wells. Current production at Chaveroo is approximately 30 bopd. As with the Milnesand field, there is a potential to increase recovery efficiencies in the Chaveroo field through the drilling of horizontal infill wells. These horizontal wells could also be utilized for future enhanced oil recovery projects.
The Company, through its wholly owned subsidiary Ridgeway Arizona Oil Corp., owns and operates an approximate 100% interest in various units and leases within the 25,000 acre Chaveroo field. The Company has an average net revenue interest of approximately 75.5%.
The Chaveroo San Andres field was discovered in 1960 and to date has produced over 25 million barrels of crude oil. The field produces from fractured, low porosity dolomites at a depth of approximately 4,500 feet. Since purchasing interest in the field, the Company has upgraded surface facilities, reactivated several additional wells and plugged and abandoned numerous wells. Current production at Chaveroo is approximately 30 bopd. As with the Milnesand field, there is a potential to increase recovery efficiencies in the Chaveroo field through the drilling of horizontal infill wells. These horizontal wells could also be utilized for future enhanced oil recovery projects.
The Milnesand field was discovered in 1956 and, to date, has produced approximately 12.6 million barrels of oil from an estimated 130 million barrels of oil in place, resulting in a recovery efficiency of only 10%. The field was developed on 40 acre spacing with minimal infill drilling in the past. In 2012, a horizontal and vertical infill drill program was implemented to increase recovery. Three horizontal wells, the Milnesand Unit #522H, Milnesand Unit #141H and Milnesand Unit #123H were drilled and placed on production. These wells were the first wells drilled in Milnesand since the 1990’s and began producing in August, 2012. The horizontal wells were re-entry into existing wellbores and were acidized but not fracture stimulated. The 2,300 foot lateral length wells’ initial potential (IP) was approximately 89 barrels of oil per day (BOPD) each for the MSU 522H and MSU 141H with a 30-day IP of 39 BOPD and 58 BOPD respectively.
Current AUDITED financials $9.6 MILLION in CASH, ASSETS of $58 MILLION, $83.2 MILLION IN PROVED/PROBABLE RESERVES.
DRILLING
The Company has initiated the first ever lateral drilling program at the Milnesand San Andres oil field, located in Roosevelt County, New Mexico. The initial program of 3 horizontal wells is expected to take approximately 30 to 45 days to complete and will be followed by extensive testing and potentially, fracture stimulation.
The new horizontal drilling program added 464 MBO (372 MBO net to EORI) proved undeveloped reserves.
$83.2 PROVEN AND PROBABLE RESERVES
PROVEN TIME AND TIME AGAIN,
$9.6 MILLION IN CASH, DRILLING, AND INCREASING RESERVES.
$54.2 MILLION IN PROVEN RESERVES. $83.2 PROVEN AND PROBABLE RESERVES.
Enhanced Oil Resources Inc. owns and operates two large historic oil fields in New Mexico, the Milnesand & Chavaroo oil fields. Recorded Production of these two fields is in excess of 37 million barrels, representing approximately 10% of the oil in place. The Company plans to unlock the value in these resource-rich fields by increasing the efficiency of its operations, and by applying new and proven unconventional production technologies.
AUDITED financials $9.6 MILLION in CASH and
ASSETS of $58 MILLION,$54.2 MILLION IN PROVEN RESERVES
The Company has reported undeveloped reserves for the year ended December 31, 2014, within the meaning of that term under NI 51-101, either proved, probable and possible reserves. These undeveloped reserves relate to the continuing evaluation of the property interests at the Milnesand and Chaveroo Fields. The proved undeveloped reserves represented in the table above are the reserves attributable to drilling 20 infill horizontal wells in Milnesand Field and 18 infill horizontal wells in Chaveroo Field. Gross reserves for the Milnesand program were estimated at 3,200 MBO with an average of 160 MBO per horizontal well. The Chaveroo Field program estimates 2,700 MBO with an average of 150 MBO per horizontal well. The reserves are based on a type curve developed from the production data of the Milnesand wells #141H and #522H and from analogous San Andres fields with infill horizontals. The type curve assumes fracture stimulating a lateral length of 4,600 feet, an initial rate of 190 BOPD and a life of approximately 22 years. As part of the ongoing evaluation of Milnesand and Chaveroo Fields, the Company contracted Nutech Inc. to normalize and reprocess over two hundred well logs. The well logs were tied to existing core data and original oil in place (OOIP) was calculated using the new data. In Milnesand Field, the 3,200 MBO represents a recovery factor of 2.5% of the approximately 70 MMBOOIP. Chaveroo’s estimated 2,700 MBO represents a recovery factor of 1% of the 248 MMBOOIP.
The new horizontal drilling program added 464 MBO (372 MBO net to EORI) proved undeveloped reserves.
RESERVES. $54.2 MILLION
DRILLING PROGRAM AD
The Company has initiated the first ever lateral drilling program at the Milnesand San Andres oil field, located in Roosevelt County, New Mexico. The initial program of 3 horizontal wells is expected to take approximately 30 to 45 days to complete and will be followed by extensive testing and potentially, fracture stimulation.
The new horizontal drilling program added 464 MBO (372 MBO net to EORI) proved undeveloped reserves.
37 MILLION BARRELS OF OIL
Enhanced Oil Resources Inc. owns and operates two large historic oil fields in New Mexico, the Milnesand & Chavaroo oil fields. Recorded Production of these two fields is in excess of 37 million barrels, representing approximately 10% of the oil in place. The Company plans to unlock the value in these resource-rich fields by increasing the efficiency of its operations, and by applying new and proven unconventional production technologies.
3 Undervalued Stocks in Oil Worth Buying
By Tyler Crowe | More Articles
May 24, 2015 | Comments (0)
Source: BP corporate website.
With the S&P 500 growing close to 90% over the past five years, it's getting harder and harder to find undervalued stocks in the market today. That is, unless you are looking in the oil and gas sector. The slog in oil prices that has gone on for close to a year now has presented several opportunities to buy undervalued stocks if you are willing to wait a while for the payback.
Of all the companies in energy today, three really stand out as undervalued: National Oilwell Varco (NYSE: NOV ) , Atwood Oceanics (NYSE: ATW ) , and Denbury Resources (NYSE: DNR ) . Let's take a quick look at why these three companies are some of your best bets when looking at buying undervalued stocks in oil today.
The undervalued trio
There are lots of companies in the energy sector that boast some pretty low valuations in comparison to the broader S&P 500, but that shouldn't come as a big surprise, because the energy sector as a whole has always traded at a discount to the broader market. Over the past 15 years, the sector has traded at a price to earnings ratio of 16.6 times, while the broader market has traded at an average price to earnings of 25 times during that same time period.
What makes these three companies unique, though, is that they have both bargain-bin pricing on the market today as well as histories of decent operational reputations:
National Oilwell Varco is the name when it comes to oil and gas equipment manufacturing. More than 80% of the drilling equipment on floating offshore drill rigs comes from National Oilwell Varco. This dominant market share and a standardization program that ensures any customer that needs a replacement aftermarket part comes back to National Oilwell Varco provides for strong cash flows over the long haul.
Atwood Oceanics may not be one of the flashier names in the offshore rig business since it is a smaller operation, but it has one of the newer fleets of floating rigs that are capable of handling the jobs production companies are willing to pay a premium for. At the same time, though, it has kept a more modest balance sheet and didn't chase too much growth with debt, which has helped the company generate the best returns on capital employed in the offshore business.
Denbury Resources gets unduly lumped in with other American oil and gas producers. Unlike many of its peers that are chasing shale, Denbury's primary business is extracting oil from mature sources with an enhanced oil recovery method of injecting CO2 into the reservoir to repressure the reservoir and release some of the oil left behind after conventional production is done. This business takes a lot of planning and prudent capital management, and Denbury has proven it can do it effectively by generating more cash than its capital expenditures for the past two years running, something very few other independent oil and gas producers can claim.
3 Undervalued Stocks in Oil Worth Buying
By Tyler Crowe | More Articles
May 24, 2015 | Comments (0)
With the S&P 500 growing close to 90% over the past five years, it's getting harder and harder to find undervalued stocks in the market today. That is, unless you are looking in the oil and gas sector. The slog in oil prices that has gone on for close to a year now has presented several opportunities to buy undervalued stocks if you are willing to wait a while for the payback.
Of all the companies in energy today, three really stand out as undervalued: National Oilwell Varco (NYSE: NOV ) , Atwood Oceanics (NYSE: ATW ) , and Denbury Resources (NYSE: DNR ) . Let's take a quick look at why these three companies are some of your best bets when looking at buying undervalued stocks in oil today.
The undervalued trio
There are lots of companies in the energy sector that boast some pretty low valuations in comparison to the broader S&P 500, but that shouldn't come as a big surprise, because the energy sector as a whole has always traded at a discount to the broader market. Over the past 15 years, the sector has traded at a price to earnings ratio of 16.6 times, while the broader market has traded at an average price to earnings of 25 times during that same time period.
What makes these three companies unique, though, is that they have both bargain-bin pricing on the market today as well as histories of decent operational reputations:
National Oilwell Varco is the name when it comes to oil and gas equipment manufacturing. More than 80% of the drilling equipment on floating offshore drill rigs comes from National Oilwell Varco. This dominant market share and a standardization program that ensures any customer that needs a replacement aftermarket part comes back to National Oilwell Varco provides for strong cash flows over the long haul.
Atwood Oceanics may not be one of the flashier names in the offshore rig business since it is a smaller operation, but it has one of the newer fleets of floating rigs that are capable of handling the jobs production companies are willing to pay a premium for. At the same time, though, it has kept a more modest balance sheet and didn't chase too much growth with debt, which has helped the company generate the best returns on capital employed in the offshore business.
Denbury Resources gets unduly lumped in with other American oil and gas producers. Unlike many of its peers that are chasing shale, Denbury's primary business is extracting oil from mature sources with an enhanced oil recovery method of injecting CO2 into the reservoir to repressure the reservoir and release some of the oil left behind after conventional production is done. This business takes a lot of planning and prudent capital management, and Denbury has proven it can do it effectively by generating more cash than its capital expenditures for the past two years running, something very few other independent oil and gas producers can claim.
Effective March 1, 2010, a subsidiary of the Company executed a five year CO2 purchase agreement with Kinder Morgan CO2 Company, L.P. (Kinder Morgan) for use by the Company in its tertiary oil recovery projects in the Permian Basin. The contract, as amended, calls for a take or pay purchase commitment of 27.4 Bcf of CO2 over a five year period commencing no later than, as amended, September 1, 2018. The Company had planned the development of a pipeline to take delivery by the due date from a take point on the Kinder Morgan Cortez CO2 pipeline (the “Cortez Pipeline”), which would have connected approximately 38 miles from the Milnesand field. Effective January 31, 2012, the parties executed a second amendment to the agreement which extended certain dates and eliminated the termination fee that allows a cancellation of the contract prior to the contracts contemplated date for commitment of the take or pay obligation. A third amendment effective February 28, 2014, extended the date of delivery; the Company will not be obligated to take or pay for deliveries of CO2 prior to December 31, 2016, prior to which time the Agreement may be terminated without any obligation or payment of a termination penalty. After December 31, 2016, the Company will be required to complete a pipeline connection to the Cortez Pipeline by January 1, 2018 and commence taking delivery or payment for CO2 on January 1, 2018. See Notes to Consolidated Financial Statements for the year ended December 31, 2014.
The Company completed a Milnesand field CO2 implementation study analyzing the cost of the CO2 source pipeline, processing facilities, wellbore utilization, and pattern alignment. The study also included modeling the waterflood and CO2 injection in CO2 Prophet, an industry simulation software program developed by the Department of Energy. The study concluded that poor horizontal and vertical sweep in certain areas of the field would have to be addressed before implementation of a field-wide CO2 flood. Further study into the geology of the field found that in analogous fields, horizontal drilling with fracture stimulation resulted in higher recoveries and that horizontal wells provided better sweep efficiency in secondary and tertiary recovery.
The Company, through its wholly owned subsidiary Ridgeway Arizona Oil Corp., owns and operates an approximate 100% interest in various units and leases within the 25,000 acre Chaveroo field. The Company has an average net revenue interest of approximately 75.5%.
The Chaveroo San Andres field was discovered in 1960 and to date has produced over 25 million barrels of crude oil. The field produces from fractured, low porosity dolomites at a depth of approximately 4,500 feet. Since purchasing interest in the field, the Company has upgraded surface facilities, reactivated several additional wells and plugged and abandoned numerous wells. Current production at Chaveroo is approximately 30 bopd. As with the Milnesand field, there is a potential to increase recovery efficiencies in the Chaveroo field through the drilling of horizontal infill wells. These horizontal wells could also be utilized for future enhanced oil recovery projects.