I don't give people hell, I just tell them the truth and they think it's hell. H. Truman
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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.
Oil $59.72, DNR $7.45
So does anyone live near the company offices?
Current AUDITED financials $9.6 MILLION in CASH, ASSETS of $58 MILLION, $83.2 MILLION IN PROVED/PROBABLE RESERVES.
UPDATED RESERVES: $83.2 MILLION IN PROVED and PROBABLE 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.
Yup, they sold 800 acres for $10,000,000
Still holding 15,000 acres valued at $54.2 MILLION
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.
Yup, sold 800 acres for $10 MILLION, $9.6 million in cash, 12-31-2015!
LMAO, $9.6 million in cash, per the AUDITED 12/31/2015 FINANCIALS.
$54.2 MILLION IN RESERVES.
On May 13, 2015, the Company entered into a Letter of Intent to purchase 16,100
net mineral acres located in Daniels County, Montana for a combination of cash,
debt, and equity totaling $7,000,000. The acreage would include 36 leases with
approximately a 24 months life and a net revenue interest of 80% with the right
to renew for 3 years.
The Letter of Intent provides for the parties to negotiate and enter into a
Purchase and Sale Agreement and for the transaction to close on or about July 25, 2015.
Yet in 2015 we are still experiencing FLAWED testing.
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.
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.
Current AUDITED financials
$9.6 MILLION in CASH and
ASSETS of $58 MILLION
Yup, sold 800 acres for $10,000,000
15,000 acres valued at $54.2 million
Cash of $9.6 million
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.
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.
Hummm... Another 30 BOPD
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.
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.
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.
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.
15,000 acres valued at $54.2 MILLION
Not, I think the run is done.
Always nice to out perform the market!!!
Up a buck since my post on 1-31-2014. $5000.
Always nice to outperform the market!
Up 15%
I prefer to believe TransCanada and Gregg Bigger.
Commenting on the Company's financial results and operational progress, Greggory Bigger, STWA's Chief Executive Officer and Chairman stated,
Upon review of the July 2014 test results and preliminary report by Dr. Tao, STWA and TransCanada mutually agreed that this initial test was flawed due to, among other factors, the short term nature of the test, the inability to isolate certain independent pipeline operating factors such as fluctuations in upstream pump station pressures, and limitations of the AOT device to produce a sufficient electric field to optimize viscosity reduction. Although Dr. Tao’s preliminary report indicated promising results, STWA and TransCanada mutually agreed that no conclusions could be reliably reached from the July 2014 test or from Dr. Tao’s preliminary report.
Bigger can't even the testing right!
Now the KM test is have major set backs.
Picked up another 5,000 shares!
Is "low float" like a sinking ship.
Rumors and promo pump failed. True financial disaster of a putt putt golf course on the Las Vegas Strip.
Wow did know it's $12 million of debt. Now that's a boat anchor for any company with $1-2 million of sales.
Where is TransCanada?
Coming on on 1 year anniversary.
Obviously, the AOT is a BIG FAIL!
No Bid; No Ask
No Voluntary Filings, Now 2 days past the late filing date.
No Website.
No 15c211.
Things are definitely GREY!!!
Be careful, no revenues.
Current AUDITED financials
$9.6 MILLION in CASH and
ASSETS of $58 MILLION
Yup, 800 acres.. MILNESAND AND CHAVEROO 15,000 acres
There is 15,000 acres of oil producing property. Yup, I already knew that.
That is va,used at $54.2 MILLION
ON TOP OF THAT THEY HAVE $9.6 MILLION IN CASH.
Oil $58.98, DNR $7.50
Agree, many got BURNED buying at higher priced. Obviously, it was a pump and dump campaign. None of what was being touted came to fruition. This stock was never worth $4.89.