The fault-finder will find faults even in paradise. -Henry David Thoreau
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In all honesty here, the only thing that happened is the 10Q will be later than expected and we are at Pink Limited.
In my experience with other OTCs that this happens, the company does not file anything further after they miss the 10Q. In this case, Jerry came out the last day of the 5 day period and said it is going to be late. He could have said nothing, but he is keeping shareholders updated.
Nothing else has changed, there is no indication or evidence that anything has stopped in terms of the JVs and Mazut deal. There is no evidence the company has turned towards bankruptcy. The only thing that changed is the 10Q will be later than expected and we are on Pink limited with the company still putting out SEC filings and Jerry still answering questions on the forum.
Nice find.
Additionally, the shares listed here equate to 1,402,006,515 shares, which is 26.73% of outstanding shares as of November 17, 2014.
Not a problem, it intrigued me when I saw it before, so I thought I would share.
Per the quarterly report ending November 30, 2013 under part IV number 3 about significant changes:
“The Registrant anticipates that its net profit for the quarter will be $231,743. The Registrant expects a profit compared to its operating loss of $254,302 for the same quarter ending November 30, 2012 as a result of a one time unwinding of a financial services agreement. The financial results may change subject to the auditor's review.”
congrats on mod status Kahuna76!
I tried e-mailing them months ago, but they did not reply. Hopefully you have more luck than I.
Any thoughts on the volume recently?
Happy New Years everyone!
When did Jerry post here?
I believe you are referring to the drilling permits expiring in April 2015, not the rights. Per the 10Q ended August 31, 2014:
"On August 31 , 2014, the Company forfeited its rights to drill on the Corse and Lalley oil and gas leases in Venango County, Pennsylvania. The Company retains its drilling rights on the Rice 3, Rice 4, Rice 6 and Rice 14 by "Held By Production" and drilling permits which expire on April 28, 2015."
As for as the leases expiring, it was not stated from what I saw. To clarify that, try asking the question on the company forum.
The no-action you refer to is optional per the SEC website if you are not sure if it would violate security laws, not required:
"An individual or entity who is not certain whether a particular product, service, or action would constitute a violation of the federal securities law may request a "no-action" letter from the SEC staff. Most no-action letters describe the request, analyze the particular facts and circumstances involved, discuss applicable laws and rules, and, if the staff grants the request for no action, concludes that the SEC staff would not recommend that the Commission take enforcement action against the requester based on the facts and representations described in the individual's or entity's request. The SEC staff sometimes responds in the form of an interpretive letter to requests for clarifications of certain rules and regulations."
Based on current oil prices as stated, it shows foresight that Jerry is looking for better revenue streams, such as XOM, then only focusing on drilling wells.
Additionally, once the Vencedor payable has been paid, the remaining four wells will be drilled and put into production per a response from the CEO on the company website:
"Question #2: Also, the payment to Vencedor per the settlement is for five wells drilled and operating in Pennsylvania (2,3,4,,14 and the existing well 15). Will they now continue operations to place the other four wells?
Response #2: At the time Vencedor Energy Partners (VEP) assigned its receivable to Equity Capital, on August 5, 2013, the Company was obligated to pay $835,000 to VEP of an 8 well drilling program on the Rice Lease costing $1,336,000. They permitted 5 locations and per the Participation and Operating Agreement - Rice Lease (POA), the Company has to prepay VEP prior to them doing any work on the leases per the POA. The pricing, an average of $167,000 per well, is on the basis of doing 4 to 6 wells at one time to take advantage of economies of scale. VEP invoiced the Company on December 18, 2012 and the Company was obligated to pay this lump sum on receipt of the invoice per the POA. Based on immediate payment, all 5 wells would have been completed on or before March 31, 2013. The financing the Company was working on with a funder did not materialize and as a result VEP could not start the drilling as scheduled in the POA. VEP started work on the Rice Lease in March at their own cost and carried the costs until the Company began making advances on the account from funds received through CPN's.
Upon receipt of the funds by VEP from Equity Capital, VEP is obligated to complete its obligations to the Company. VEP cannot return any unused portion of the cash or invest in the Company or any of its affiliates. VEP invoiced for $835,000 for services to be rendered on a prepaid basis and it is expected that VEP will complete its obligation of drilling and completing oil wells equal to or greater than $835,000 for the Company, whether on the Rice lease or any other oil and gas lease the Company approves. In simple terms the $835,000 rolls forward until it is expended."
In response to your first question, I would think that answer cannot be answered until the wells start producing yes? As it took some time to see how much Rice Well #15 was producing because it needed to get through the ground water.
To clarify, XUN001 was part of the Kentucky division that was lost due to an investor not completing their contractual part to provide funds. Second, XUN001 was not a new drilling, it was a re-work, but could not produce after so much oil. They were working to remedy this with an offset well beside XUN001 before funding ran out. Per the Quarterly ended August 31, 2011:
“Our first workover well, XUN001, was successful for producing oil. However, upon examining the well bore, we observed that the well bore was damaged and that we would not have sustained production from the oil well. XUN001 produced 122 barrels of oil before we shut it down. Our operations team has elected to drill an offset well next to XUN001 instead of repairing it. The cost of drilling the offset well will be less than the cost and the associated risks of trying to repair the well bore damage. After XUN001, we began the workover on XUN002 and had to stop as we did not have the funds to complete the workover program.”
The money to pay for Vencedor will come from the debt settlement when Equity Capital Ventures, Inc. (ECVI) is able to sell the shares, given to them by Xun, to pay the debt. Once they sell those shares and pay Vencedor, they will finish the wells. Per a company response on the company website:
"Question #2: Also, the payment to Vencedor per the settlement is for five wells drilled and operating in Pennsylvania (2,3,4,,14 and the existing well 15). Will they now continue operations to place the other four wells?
Response #2: At the time Vencedor Energy Partners (VEP) assigned its receivable to Equity Capital, on August 5, 2013, the Company was obligated to pay $835,000 to VEP of an 8 well drilling program on the Rice Lease costing $1,336,000. They permitted 5 locations and per the Participation and Operating Agreement - Rice Lease (POA), the Company has to prepay VEP prior to them doing any work on the leases per the POA. The pricing, an average of $167,000 per well, is on the basis of doing 4 to 6 wells at one time to take advantage of economies of scale. VEP invoiced the Company on December 18, 2012 and the Company was obligated to pay this lump sum on receipt of the invoice per the POA. Based on immediate payment, all 5 wells would have been completed on or before March 31, 2013. The financing the Company was working on with a funder did not materialize and as a result VEP could not start the drilling as scheduled in the POA. VEP started work on the Rice Lease in March at their own cost and carried the costs until the Company began making advances on the account from funds received through CPN's.
Upon receipt of the funds by VEP from Equity Capital, VEP is obligated to complete its obligations to the Company. VEP cannot return any unused portion of the cash or invest in the Company or any of its affiliates. VEP invoiced for $835,000 for services to be rendered on a prepaid basis and it is expected that VEP will complete its obligation of drilling and completing oil wells equal to or greater than $835,000 for the Company, whether on the Rice lease or any other oil and gas lease the Company approves. In simple terms the $835,000 rolls forward until it is expended."
Actually, there were 2 deals that brought income, limited revenues from XUN001 and the first Rice well currently producing. Per the last 10Q ending August 31, 2014 regarding Rice Well #15 production:
“During the 3 month period ending August 31, 2014, 296 gross barrels of crude oil were sold, net 243 barrels of crude oil, for an average sales price of $99 per net barrel. Operating costs, including Depletion and Depreciation, averaged $40 per gross barrel, $48 per net barrel.”
The form 4’s you refer to are shares issued to the board of directors. Each board member receives 5,000 shares a month, per compensation in their contracts. Per the 10Q (Page 25):
“Each Board member will receive 5,000 shares per month of the Company ’ s common stock in consideration for their serving on the Company ’ s Board of Directors. The common stock will be valued based on the average of the 5 trading day close price prior to each month end. This amount includes all costs related to their engagement as Directors of the Company except 3 rd party or travel expenses. The terms and conditions will be renegotiated upon the successful consummation of a Business Combination through the acquisition of, or merger or consolidation with, a company that has substantial additional capital and or operating revenues; or the Company is able to finance operating expenses with additional debt or through equity financing of not less than $5 million.”
Their normal salaries have not been paid out. CEO explains this from a company response on their website:
"Question, Post #16B: Has the board considered a reduction in compensation to assist the company in securing funds required to move forward in more drilling on the Rice leases? Cumulatively the board makes roughly 35 K per month. Would it not benefit the company and the board to forgo a portion of its compensation in order to see the company advance (i.e. Less than 200K to drill a well can be secured in several months if the board were willing).
Response, Post #16B: The Board has not recently considered a reduction in the compensation of the Executives. As disclosed in our 10-K, the salaries of the Executives is accrued. There is no cash paid to the Executives. Cutting back the accruals has no impact on the cash flow and will have no impact or any benefit to the Company other than lower the operating deficit. The Company must accrue salaries for its employees including Executives as a requirement of US GAAP and FASB. The salaries accrued must to comparable to the industry that the Company is involved in. Our salaries accrued are below the average for a comparable company in the development stage of oil and gas industry."
The settlement is not added to debt outstanding, it is the way that the debt will be reduced when shares are sold by ECVI. This debt settlement will increase the liquidity of the balance sheet by reducing liquidity.
True, the information I post comes from filings, company websites, and court documents. However, the interpretation of said information is not fact. If anyone has questions or wants an interpretation of information, the best way to get clarification is to post any questions to the company forum, and you should get an answer straight from the source.
Ok I understand, thanks for the info.
In re-reading the 10Q, it sounds like just the drilling permits expire in April 2015. However, there is nothing on if they lose leases on the property. here is the quote from the 10Q:
"On August 31 , 2014, the Company forfeited its rights to drill on the Corse and Lalley oil and gas leases in Venango County, Pennsylvania. The Company retains its drilling rights on the Rice 3, Rice 4, Rice 6 and Rice 14 by "Held By Production" and drilling permits which expire on April 28, 2015."
Drilling permits can be renewed and have been by Vencedor Energy in the past on the Rice Lease. Per the company website under "Operations:"
"On February 4, 2014, four of the five drilling permits on the Rice lease expired. The Operator, VEP, initiated the process to renew the four expired permits. The process for obtaining the permits may take 60 days or longer to obtain from the Pennsylvania Department of Environmental Protection."
Sure from one well, but look at the last 10Q:
Revenues were $24,123 and direct expenses were $11,736 leaving a gross profit of $12,387 from one well for three months.
Now they plan on having 4 more of these wells, multiply those numbers by 5 to give you an idea of what these can produce per quarter with all the wells drilled and operating. Again, not much but when you are still developing your company, something is better to work with than nothing.
Per the agreement, fees need to be pre-paid before services are rendered:
“For the services to be rendered and performed by Consultant during the term of the Agreement, Client agrees to pay the Consultant $365,000 upon signing the Agreement. Additional months of services rendered beyond month 13 would be compensated at $30,000 per month paid in advance of the month of services. All payments to be made by wire transfer or ACH payment”
and from the 10K:
“On May 1, 2014, the Company entered into a twelve month Investor Relations and Marketing Agreement (IRMA) for $365,000 with a third party payable in cash. The IRMA requires the fees to be pre-paid prior to services rendered. The Company has been invoiced for the pre-payment and recorded the invoice in our accounts payable and recorded the expense as a prepaid charge which will be amortized as the work is completed. The Company may terminate the IRMA without penalties or damages and is only liable for work completed by the Consultant. As of May 31, 2014, the Consultant has not commenced work on the IRMA.”
Pertaining to the wells, why wouldn’t they want to drill them? Rice Well #15's oil sales was the only revenue Xun had last quarter, now is not a time to be picky. If there is opportunity to provide net revenues, revenues minus direct expenses, that will help pay for indirect expenses then Xun should go for it. Why would the company pass on potential revenue streams when they are incurring losses? It seems to me it would not be in the best interest of the company to pick and choose which revenues or projects they undertake. Keep in mind, the share structure can be fixed later when the company becomes profitable, compared to nothing that can be done if the company would go under.
For CM Research, per the debt settlement they need to be pre-paid for their services. They are in the same boat as Vencedor, that the agreement requires the money up front before services are performed. Per “Compensation” of the agreement for CM Research:
“For the services to be rendered and performed by Consultant during the term of the Agreement, Client agrees to pay the Consultant $365,000 upon signing the Agreement. Additional months of services rendered beyond month 13 would be compensated at $30,000 per month paid in advance of the month of services. All payments to be made by wire transfer or ACH payment”
http://civilinquiry.jud.ct.gov/DocumentInquiry/DocumentInquiry.aspx?DocumentNo=8154974
Additionally, from the 10K:
“On May 1, 2014, the Company entered into a twelve month Investor Relations and Marketing Agreement (IRMA) for $365,000 with a third party payable in cash. The IRMA requires the fees to be pre-paid prior to services rendered. The Company has been invoiced for the pre-payment and recorded the invoice in our accounts payable and recorded the expense as a prepaid charge which will be amortized as the work is completed. The Company may terminate the IRMA without penalties or damages and is only liable for work completed by the Consultant. As of May 31, 2014, the Consultant has not commenced work on the IRMA.”
http://www.otcmarkets.com/edgar/GetFilingHtml?FilingID=10203336
Two things to note here. 1. Services will not be provided unless fees are pre-paid. 2. The company was invoiced for the agreement and put in their Accounts Payable. Meaning, this was on the books prior to the debt settlement.
Now, under Part D of the agreement, it says
“The client agrees that the above monthly expenditure are estimates and may vary from month to month. Consultant agrees not to exceed expenditures of $365,000 for the 13 month period unless approved in writing by the Client.”
http://civilinquiry.jud.ct.gov/DocumentInquiry/DocumentInquiry.aspx?DocumentNo=8154974
I take based on this, they are prepaying for $365,000 worth of services, and that they have not already performed services. IMO think of the $365,000 as the budget for expenses and anything over need to be approved in writing by XNRG.
Looking again at the services in the agreement, it looks more like complimentary services rather than primary PR services. Per the agreement under Engagement of Consultant part A:
“The consulting services to be provided by Consultant shall include, but are not limited to, the development, implementation and maintenance of an ongoing program to increase the investment community’s awareness of Clients activities and to stimulate the investment community’s interest in Client. Client acknowledges that Consultant’s ability to relate information regarding Clients activities is directly related to the information provided by the Client to the Consultant”
http://civilinquiry.jud.ct.gov/DocumentInquiry/DocumentInquiry.aspx?DocumentNo=8154974
IMO, Sounds more like they are there to get the most awareness out of PRs or 8Ks, not to write and handle shareholder questions.
Further, looking at part C of the agreement, with the exception of the third bullet, they relate to getting awareness, not writing PRs.
Bullet point three, IMO, sounds like a catch-all for miscellaneous things that come up.
To sum this up, it is an agreement which needs to be paid up front for services to begin, and the amount is the budget for services provided. I do not see how this is a bad thing, this will provide more attention when the company puts PRs out.
I don’t see how this is encumbering shareholders, XNRG is giving a way to get some debt paid off. Further, I do not see how this is fraudulent or a hijacking of the debt settlement.
I did not say all debts would be paid off. I referred to the debts mentioned in the court case only.
Having the debt settlement go through will result in the debts mentioned in the court case being paid off. This increases liquidity of the company, which in turn improves their balance sheet. Additionally, the debt to Vencedor will be paid off, resulting in more wells being drilled, thus leading to more revenues for the company.
Can you elaborate on why you think none of the debts are legitimate?
The way I understand it, the shares have to be sold by ECVI, which Xun provides them with shares, then ECVI will remit proceeds from sale to Vencedor. After Vencedor receives prepayment of the wells, then they can start drilling.
"Upon receipt of the funds by VEP from Equity Capital, VEP is obligated to complete its obligations to the Company. VEP cannot return any unused portion of the cash or invest in the Company or any of its affiliates. VEP invoiced for $835,000 for services to be rendered on a prepaid basis and it is expected that VEP will complete its obligation of drilling and completing oil wells equal to or greater than $835,000 for the Company, whether on the Rice lease or any other oil and gas lease the Company approves. In simple terms the $835,000 rolls forward until it is expended."
(Post #2)
http://forum.xunenergy.com/default.aspx?g=posts&t=4730#post6084
Not sure where you are getting shareholders were sued. If you are referring to the debt settlement, that is a way to extinguish debt of the company. The documents as to what debt will be paid off with the issuance of shares can be found here:
http://civilinquiry.jud.ct.gov/CaseDetail/PublicCaseDetail.aspx?DocketNo=DBDCV146015986S
This will result in debts being paid off, one of which will be the final 4 wells on the Venango county land can be drilled. Drilling will result in extra revenue for the company, as they will have more wells pumping oil to be sold.
Executives salaries are being accrued. Per response on the company forum (response #33):
"The Board has not recently considered a reduction in the compensation of the Executives. As disclosed in our 10-K, the salaries of the Executives is accrued. There is no cash paid to the Executives. Cutting back the accruals has no impact on the cash flow and will have no impact or any benefit to the Company other than lower the operating deficit. The Company must accrue salaries for its employees including Executives as a requirement of US GAAP and FASB. The salaries accrued must to comparable to the industry that the Company is involved in. Our salaries accrued are below the average for a comparable company in the development stage of oil and gas industry."
http://forum.xunenergy.com/default.aspx?g=posts&t=4640#post5918
I had a great holiday as well, just too short as always!
That isn’t the reverse split that was built into the ACYD/Wialan merger is it?
Looking at the past quarterly from the fourth quarter 2013 to second quarter 2014 no stock was issued. The only reason it was issued this past quarter was because of discharge of a note. IMO, They seem to still have a decent amount of shares that are not outstanding, a little under 1 billion shares before they max out the authorized shares based on OTC website, and they do not seem to be selling shares to fund operations. Is there concern they will use the reverse split?
Tonyo, I am not the one with the question, he can post it.
To your first question, your best bet is to ask on the Xun Energy forum, as the company set the forum up for investors to ask them questions.
However, if you look at the Debt Claim Purchase Agreement for Vencedor Energy, it was signed in August 2013. However, the well was paid off in 2014. So, this might be just the original contract when nothing was paid on the wells. Again, it would be best to ask something on the company forum to clear this up. Page 106 of the documents is the Debt Claim Purchase Agreement for Vencedor Energy:
http://civilinquiry.jud.ct.gov/DocumentInquiry/DocumentInquiry.aspx?DocumentNo=8154974
To your second question, the leases are still active, so why shouldn’t they try to drill the wells if possible before they expire? Those wells are an additional stream of revenue for the company and the lessors.
According to MarketWired, the last time PRs were released was when Rice #15, and Rice pads, were being worked on and completed.
http://www.marketwatch.com/investing/stock/xnrg
Additionally, the debt settlement was 8Ked when completed.
http://www.otcmarkets.com/edgar/GetFilingHtml?FilingID=10321415
IMO, there is some potential here, taken from the 10Q:
“The light Wi-Fi access points can also be combined with security cameras that can provide municipalities with 24/7 video surveillance for selected areas of the municipality. Wialan's 4.9 GHz Security has already been installed in various areas of Miami Dade County, most notably at the Miami Dade OMNI Bus station, Haulover Beach Park, Goulds Park and many other that are on the planning stage of the installation.”
Under “International Developments”
“Dominican Republic:
Effective July 1, 2013 the business name of “Wialan Technologies Dominicana” was registered in the Dominican Republic. In association with Hughes Network Satellite Delivery Systems, Wialan plans to deliver wireless internet, together with its public announcement and video surveillance systems, to initially 500 schools in the Dominican Republic which do not presently have these types of facilities. During mid-June 2014, the Company began installing itsproprietary combined Wi-Fi/PA System/Security Surveillance device at a selected school in the Dominican Republic. There was a high profile ribbon-cutting ceremony at the location on August 8, 2014, attended by local government officials and senior management of both the Company and Hughes Network. This installation and successful operation of the Company’s technology occurred at the Cigar Family Community School located in the Bonao region of the Dominican Republic, which has approximately 500 students from pre-school the 12th grade. It is part of the Cigar Family Community Complex which includes the Elementary and High Schools, Health Clinic, Baseball and Basketball Stadiums, Solar Energy Station and Organic Farm. The complex was first created by the Cigar Family Charitable Foundation by the Fuente and Newman families in 2001. Today, Cigar Family Community Complex serves well over 5,000 families and has achieved tremendous results. When the testing was completed and the switch was turned on, it was met with great success and celebration at the August 8, 2014 event. With this milestone completed, the road is now open for the Company to conclude negotiation to roll out the Wialan system to 500 schools in the Dominican Republic, as well as beyond into Central and South America, beginning in 2015.
Haiti:
On July 15, 2013 Wialan established and registered a 50/50 joint venture in Haiti called Wialan Technologies for the sale and deployment of Wialan systems in Haiti. HughesNet has agreed to provide internet connectivity. Similar to the achievement in the Dominican Republic, the plan is to assemble the Wialan product locally under Wialan’s supervision using Wialan’s authorized selective components shipped from Wialan’s base in the US.
Brazil:
On August 6, 2013 Wialan established and registered a 50/50 joint venture in Brazil called Wialan Technologies Brazil with local Brazilian partners for the assembly, sale and deployment of Wialan’s combined wireless internet, video surveillance and public announcement systems throughout Brazil. (Presently, these systems are being tested in Brazil for compliance with local regulatory compliance.) Revenues and operating results from the foregoing 50/50 joint ventures are expected to be reflected by Wialan commencing in calendar 2015.
Venezuela:
Wialan Technologies, Inc. delivered, via an agreement with The United Nations, and supplied 250 Outdoors Access points and 450 CPE devices in Venezuela. The wireless equipment is in use in the country of Venezuela, where the government is providing some areas of the city of Caracas, the capital and the airport with free wireless Internet. These devices have been installed and were put in service in 2005, 2006 and 2007. Since then the devices have continue operating without a failure, which has proven the technology to be easy to use and most of all, very reliable.
Mexico:
Mexico City and Cancun have both developed wireless technology in many sites, including the Cancun Air port where fourteen million passengers are in transit annually.
Colombia has also invested in Wialan's equipment to provide wireless services. Digital Cable System, a cable operator with over one hundred cable ends, has deployed Wialan Technologies Access points to provide wireless services”
under “Other Developments”
“During second quarter, 2014 the Company made its first successful sale of it product to a customer in South Africa. The Company expects to expands its sales efforts both in South Africa and to other African countries, potentially sourced with solar power, which desperately need wi-fi connectivity and video security surveillance.”
“On August 1,2014, as one of the four finalists in bidding for the installations of its wi-fi communication solution to be integrated into a comprehensive disaster recovery
system, the Company submitted its updated and enhanced proposal and bid to the New York City RISE program administrators. The winning provider is expected to be announced by the end of November, 2014.. Should the Company be the winner, the contract would be worth more than $ 4.5 million in gross revenue to Wialan.”
Also, looking under “Issuance History” there was no stock issued for 3 quarters (Fourth Quarter 2013, First Quarter 2014, and Second Quarter 2014). The only exception was in third quarter 2014 an issuance related to a note holder opting to exchange shares to discharge a note.
Not sure if this was posted, but I found this in the 10Q regarding MediaWorld (Page 16 under Other Developments):
“Effective April 1, 2014, the Company retained Mediaworld Ventures, LLC (“Mediaworld”) to provide executive advisory services to the Board of Directors of Wialan, including assisting the Company’s management on operations, business and execution planning, and strategic initiatives to support the growth of the Company. The Company believed that Mediaworld will add significant depth of experience and business skill by enhancing management strength to accelerate business development, market expansion, financing and communications. However, an engagement agreement was never signed and the Company subsequently became concerned that Mediaworld was not providing and /or delivering all ofthe services that the Company had first anticipated and the engagement ended effective May 31, 2014. A dispute has arisen between the Company and Mediaworld regarding the appropriate level of compensation due for the 2 months concerned, Negotiations are currently in progress between the parties to attempt to mutually settle this contested compensation issue.”
Hi Admiral, hope you had a good holiday.
I was wondering if you could reference where in the filings it states a reverse split was approved. I took a good look through the quarterly report and I did not see anything regarding a reverse split, even under page 3 of the quarterly where it says:
"List any stock split, stock dividend,recapitalization, merger, acquisition,spin-off, or reorganization either currently anticipated or that occurred within the past 12 months:"
It only said this:
"On July 26, 2013 the Company increased its authorized commons shares to 3,500,000,000 shares. Additionally,the Company merged with Wialan Technologies, LLC on August 28,2013."
Thanks in advance.
Based on the products, I think they are two separate deals. Mazut is a form of oil used to make diesel that was mentioned on the Xun Oil website here:
"Aggressively negotiating with Ready, Willing & Able buyers, sellers and financiers, Mr. Mikolajczyk has developed a business model which has successfully completed its first physical commodity trade of 200,000 metric tonnes of Mazut of a 2.4 Million tonne, 12 month, purchase and supply contract with no financial risk to XUN."
http://www.xunoil.com/Xun_Oil_Marketing_Energy.aspx
Under the title "One Such Mind" under "Xunergy"
Brief description on Mazut: http://en.wikipedia.org/wiki/Mazut
Whereas JV002 deals in aviation jet fuel. Per Xun's 10Q:
"On May 25, 2014, the Company, through its wholly owned subsidiary, Xun Oil Corporation, entered into a Joint Venture Agreement (JV002) with an arm's length 3rd party to collaborate with the 3rd party in completing its obligation on a 61 million barrel Aviation Jet Fuel FOB Rotterdam, over a 13 month period, Sales and Purchase Agreement (SPA) dated July 27, 2013 with a supplier of Aviation Jet Fuel. JV002 is subject to financing and is subject to changes to the SPA with the supplier."
the best part is its the initial trade of a 12 month contract!
" Aggressively negotiating with Ready, Willing & Able buyers, sellers and financiers, Mr. Mikolajczyk has developed a business model which has successfully completed its first physical commodity trade of 200,000 metric tonnes of Mazut of a 2.4 Million tonne, 12 month, purchase and supply contract with no financial risk to XUN ."
Thanks Wick, same to you!
A few things stood out to me on the new Xun Oil Website:
" XOM has established nine districts within the XOM network in just twelve months:
North America (NAD)
Latin America including Central America (LAD)
North West Europe (NWED)
East Europe (EED)
Middle East and North Africa (MENAD)
Africa excluding North Africa (AFD)
South East Asia (SEAD)
China (CHID)
Russia (RUSD) "
Under "Xun Oil Marketing Division" under "Xunergy"
http://www.xunoil.com/Xun_Oil_Marketing_Energy.aspx
" Recently stated in a closed-door meeting, Mr. Mikolajczyk pointed out to potential investors :
“Energy demand will not decline unless mankind invents a new form of energy…energy demand will be increasing constantly as the populations of the world increases.” "
Again, under "One Such Mind" under "Xunergy"
http://www.xunoil.com/Xun_Oil_Marketing_Energy.aspx
" Aggressively negotiating with Ready, Willing & Able buyers, sellers and financiers, Mr. Mikolajczyk has developed a business model which has successfully completed its first physical commodity trade of 200,000 metric tonnes of Mazut of a 2.4 Million tonne, 12 month, purchase and supply contract with no financial risk to XUN ."
Under "One Such Mind" on the "Xunergy" tab
http://www.xunoil.com/Xun_Oil_Marketing_Energy.aspx
Any ideas why the PR is not showing up on Ihub?
I am not confirming anything, as I have as much information as you do from the court documents. I am just replying to your question if they needed to be paid up front.