I don't give people hell, I just tell them the truth and they think it's hell. H. Truman
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Yup, sold 800 acres for $10,000,000
15,000 acres valued at $54.2 million
Cash of $9.6 million
Current AUDITED financials
$9.6 MILLION in CASH and
ASSETS of $58 MILLION
Professional RESERVE REPORT
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.
Results for the Quarter Ended March 31, 2015
•
Produced 1,640 net barrels of oil per day (“BOPD”) from the Delhi field, a 259% increase from the year-ago quarter and a 38% increase from the prior quarter.
•
Increased gross production in the Delhi field by 5.3% from the prior quarter to 6,203 BOPD from 5,892 BOPD
•
Increased total revenues to $7.1 million, 63% higher than the year-ago quarter and an 8% decrease from the prior quarter, as lower oil prices offset the effects of higher net production after the November 1, 2014 reversion of our working interest
•
Generated net income of $0.6 million, or $0.02 per diluted common share, a 25% decrease from the year-ago quarter and a 47% decrease from the prior quarter, primarily due to lower oil prices and partially offset by increased sales volumes
•
Approved the capital expenditure budget by our operating partner of $24.6 million net to the Company for the construction of a natural gas liquids (“NGL”) recovery plant in the Delhi field expected to be operational in the middle of calendar 2016 with projected gross production of 2,000 barrels of liquids per day or more
•
Reached agreement with the operator of the Delhi field to reverse suspended overriding royalty interests totaling 2.892% and collected previously suspended funds
•
Entered into three master service agreements with new large customers for installation of our GARP® technology
1
•
Successfully resolved the Jones lawsuit, which was dismissed with prejudice without any consideration being paid to plaintiffs
•
Remained debt free and distributed $1.6 million of cash dividends to our common shareholders in the current quarter
Yes, reserves increased by 464 MBO TO $54.2 Million
Delhi Field - Enhanced Oil Recovery Project
Gross production at Delhi in the third quarter of fiscal 2015 averaged 6,203 BOPD, a increase of 1% from the year-ago quarter, and a 5% increase from the prior quarter. Net production averaged 1,640 BOPD, a 259% increase from the year-ago quarter, and a 38% increase from the prior quarter. Gross production continues to be positively impacted by a replacement well that was redrilled and placed into production in January 2015.
In the quarter ending March 31, 2015, our net share of the joint interest billed lease operating expenses was approximately $2.9 million, of which $1.6 million is related to CO2 purchases and transportation expenses. Under our contract with the operator, purchased CO2 is priced at 1% of the oil price in the field per thousand cubic feet (“Mcf”) plus transportation costs of $0.20 per Mcf. Total average CO2 costs per month are down 36% from the prior quarter monthly as result of both lower oil prices and lower purchased CO2 volumes in the quarter. Purchased CO2 volumes in the prior quarter were significantly higher than the expected rates going forward of 90,000 to 95,000 Mcf per day. On a total BOE basis, average CO2 costs were down 29% from $15.33 BOE in the prior quarter to $10.82 BOE, primarily due to increased working interest volumes and lower realized oil prices in the current quarter. Our purchased CO2 costs are directly correlated with realized oil prices.
In late February 2015, we signed an authorization for expenditure for construction of a natural gas liquids ("NGL") recovery plant in the Delhi field, which will extract both NGL and methane from the field. In addition to the value of these hydrocarbon products, according to the operator, the increased purity of the CO2 stream re-injected into the field should result in significant operational benefits to the CO2 flood and potentially increase oil production from existing wells and/or accelerated recovery of oil reserves. The NGL plant has an estimated gross cost of $103 million ($24.6 million net to the Company) projected to be expended through the summer of 2016. Recovered methane will be utilized to generate much, if not all, of the electricity for the operation of the gas plant and other CO2 field operations. This will substantially reduce operating costs for both the existing field operation and the new plant operating costs. The plant is projected by the operator to produce up to approximately 2,000 barrels of NGL's per day when in full operation and NGL volumes potentially may be higher based on performance and yield.
On January 26, 2015, Denbury notified us it had withheld and suspended 2.891545% of our overriding royalty revenue interest in the field for the months of November and December 2014, as previously disclosed. This unilateral suspension of a portion of our overriding royalties by the operator was made without consultation with the Company and, we believe, was without legal basis. On February 26, 2015, we entered into an agreement under which Denbury agreed to reverse the previously disclosed suspension of our overriding royalty interest revenues and release to Evolution amounts previously suspended totaling approximately $712,000. Denbury further agreed not to suspend any future revenues attributable to any of our revenue interests, except under very limited circumstances. This agreement does not settle any of the outstanding litigation
matters with Denbury, including their counterclaim related to the net revenue interest conveyed in the 2006 Purchase and Sale Agreement.
California Bar Journal Discipline Summaries
Summaries from the California Bar Journal are based on discipline orders but are not the official records. Not all discipline actions have associated CBJ summaries. Copies of official attorney discipline records are available upon request.
June 12, 2014
GENE EDWIN O’BRIEN [#99524], 63, of Palm Desert, was suspended for one year, stayed, placed on two years’ probation with an actual 30-day suspension and ordered to take the MPRE. The order took effect June 12, 2014.
The State Bar Court found O’Brien culpable of four counts of misconduct in a single client matter: failing to perform legal services with competence, communicate, return unearned fees or to account. In August 2010, a woman hired O’Brien to file a lawsuit against her lender for predatory lending. The following month, she hired him to file another action against her niece in a real estate fraud matter. She paid O’Brien $10,000 to handle both matters.
In March 2011, the client emailed O’Brien asking for an update on the matters, but got no response. Over the next few months, she called him 33 times seeking an update on the lawsuits and left several voicemail messages. In August 2011, she met with O’Brien, who told her he would file the lawsuits the following month. He never did.
O’Brien made several other promises to file the lawsuits and even brought in a second attorney who is an expert in predatory lending practices, but did not file anything on her behalf in 2012.
In 2013, after the State Bar filed a notice of disciplinary charges against him, O’Brien filed an action in San Bernardino County Superior Court. On June 22, 2013, he refunded the $5,000 his client paid for the legal action against her niece.
In mitigation, O’Brien had no prior record of discipline in almost 30 years of practicing law and an extremely time-consuming and emotional divorce distracted him from his duties as a lawyer.
Maintaining more than $20 Million in cash
Evolution Petroleum Announces Share Repurchase Program
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HOUSTON, May 19, 2015 /PRNewswire/ -- Evolution Petroleum Corporation (NYSE MKT: EPM) ("Evolution" or the "Company") announced today that its Board of Directors approved a share repurchase program covering up to $5,000,000 of the Company's common stock. Under the program's terms, shares may be repurchased only on the open market and in accordance with the requirements of the Securities and Exchange Commission. The timing and amount of repurchases will depend upon several factors, including financial resources and market and business conditions. There is no fixed termination date for this repurchase program, and the repurchase program may be suspended or discontinued at any time. Payment for shares repurchased under the program will be funded using the Company's working capital. The Company intends to retire the repurchased shares.
Robert Herlin, Chief Executive Officer, said: "This share repurchase program underscores our confidence in the quality of our assets and ability to generate cash flow across business cycles. Our cash flow forecast through fiscal 2016 and current liquidity exceed our expected financial needs, including projected capital expenditures in the Delhi field, continued commercialization of our artificial lift technology and our current rate of common dividends. At recent market price levels, we consider our common stock to be undervalued and believe that repurchasing shares is a responsible way to return excess cash back to shareholders.
"It is notable that we are not leveraging the balance sheet with debt and increasing our financial risk in this historically cyclical industry to fund the program, and we retain the full flexibility of our undrawn credit facility. We considered the option of increasing our regular common stock dividend, but determined that the current uncertainty of oil prices and our capital commitments for the NGL plant in the Delhi field made this option less attractive than the repurchase program. We look forward to a possible increase in the common stock dividend during calendar 2016 when increased cash flow from the NGL plant should give us greater financial resources and better long-term visibility with respect to our financial performance."
Randy Keys, President and CFO, added: "We do not believe our current stock price adequately reflects the exceptionally long life and quality of our reserves and the predictability of our production profile, nor does it reasonably account for the near term catalysts for growth from the NGL plant and the expansion of the CO2 flood in the eastern part of the field. In addition, we have a strong balance sheet with no debt. Based on our most recent reserves report, production from the Delhi field is forecast to increase and, as a result, so is the expected PV-10* value of the field over the next several years while simultaneously generating significant free cash flow.
"The Delhi field is approximately 70% developed with substantially all the major infrastructure, including the CO2 pipeline, compression facilities and the majority of the CO2 injection and production wells, already in place. Based on the same reserves report, the incremental cost to complete the NGL plant and expand the CO2 flood to the eastern part of the field is estimated to be approximately $8.50 per barrel for remaining development of the proved reserves. The incremental capital cost associated with our probable reserves is only $3.30 per barrel since approximately 45% of our probable reserves are already developed, and there is no incremental capital cost associated with our possible reserves as they are incremental to previous capital expenditures. It is notable that the probable and possible reserves are associated largely with recovering more oil already in place in and around the existing wellbores."
Pretty sure the 15,000 acres in the Permian Basin haven't moved. Still valued at $54.2 MILLION.
Yes agree. Very difficult times.
Oil 59.43. Trading at $3.25
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.
Report TOS
On May 14, 2015, Jed Miesner was appointed to fill the vacancy on our board of directors created by the resignation of Terrence J. Dunne on April 20, 2015. Further, Mr. Miesner was appointed president and principal executive officer, filling the vacancies created by Mr. Dunne's resignation from those positions. Mr. Dunne had no disagreements with us on any matter relating to our operations, policies or practices.
On May 14, 2015, Matthew J. Colbert and Daniel R. McKinney, Sr. resigned as directors. Mr. Colbert continued to retain his position as principal financial officer, principal accounting officer, secretary and treasurer. Mr. Colbert and Mr. McKinney, Sr. had no disagreements with us on any matter relating to our operations, policies or practices.
On May 14, 2015, Bob Manning was appointed to our board of directors to fill the vacancy created by the resignation of Matthew Colbert from our board of directors and Tony Alford was appointed our board of directors to fill the vacancy created by the resignation of Daniel R. McKinney, Sr. from our board of directors.
Finally, on May 14, 2015, Darrell R. Carey was appointed to our board of directors to fill an unoccupied seat thereon.
Jed Miesner began his career in the oil and gas industry on a drilling rig in the Texas Panhandle in 1978. In 1982, he became involved with production where he helped install CO2 flood operations. Mr. Miesner later joined Exxon USA and remained with the company for 13 years. Drawing on his experience at Exxon, Mr. Miesner formed his own oil and gas company, L&R Energy Corporation, in 1994, and was involved in drilling projects throughout Texas and Oklahoma. In 2002, Mr. Miesner founded Jilpetco, Inc., an oil and gas operating company, as well as Petro Pro, Ltd., which is currently involved in multiple purchase and sale transactions throughout Texas, Oklahoma and Louisiana. Building upon his successes at Jilpetco, Inc., Mr. Miesner founded Amazing Energy, LLC in 2008 and formed Amazing Energy, Inc. in 2010 to potentially serve as the vehicle to take the company public.
INCREASING RESERVES. $54.2 MILLION
DRILLING PROGRAM ADDING 464 MBO.
Goes to the integrity and ethics of the MANAGEMENT AND LAWYERS WHO SIGNED THE FINANCIALS AND OTHER REPORTED DOCUMENTS.
ACCURACY IS IMPORTANT!
So why are they filing the financials and NOTICE OF DELAYED FILINGS?
Hummm..... REVENUES averaging more than $10 MILLION A YEARS FOR 4 years!
Yet reserves increased by 464 MBO TO $54.2 Million
I have lots is examples of the TRUTH!
Yup, I have lots of examples of the TRUTH.
I guess I'm the only one that can find this mysterious office. LMAO.
Yet we hear no insider was buying up share. The truth prevails!
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! CASH IS CASH AND EOR HAS $9.6 million
Oil $59.43 DNR $7.38
Should have called Kinder Morgan
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.
Yet we find Quarterly Financials, Annual Financials, Attorney Letters, Supplement Information of Material Corporate Events, Restated Financials and even Notice of Late Filings.
Is accuracy to much to ask?
May 15, 2015 Notification of Late Filing Mar 31, 2015 Active
May 13, 2015 Attorney Letter with Respect to Current Information Dec 31, 2014 Active
May 12, 2015 Annual Report - 2014 Unaudited Financials Dec 31, 2014 Active
Dec 6, 2014 Supplemental Information - Supplemental Information of Material Corporate Events Sept 30, 2014 Active
Dec 6, 2014 Supplemental Information - Supplemental Information of Material Corporate Events Sept 30, 2014 Active
Nov 13, 2014 Quarterly Report - September 30, 2014 Quarterly Report Sept 30, 2014 Active
Oct 27, 2014 Quarterly Report - RESTATED June 30, 2014 Quarterly Report Jun 30, 2014 Active
Oct 27, 2014 Quarterly Report - RESTATED March 31, 2014 Quarterly Report Mar 31, 2014 Active
Aug 14, 2014 Quarterly Report - June 30, 2014 Quarterly Report Jun 30, 2014 Active
Jun 9, 2014 Quarterly Report - RESTATED March 31, 2014 Quarterly Report Mar 31, 2014 Active
May 15, 2014 Quarterly Report - Amended Quarterly Report Mar 31, 2014 Active
May 11, 2014 Quarterly Report - March 31, 2014 Quarterly Report Mar 31, 2014 Active
Apr 14, 2014 Attorney Letter with Respect to Current Information - Attorney Letter Dec 31, 2013 Active
Apr 12, 2014 Annual Report - 2013 Annual Report Dec 31, 2013 Active
Mar 31, 2014 Notification of Late Filing - Notification of Late Filing Dec 31, 2013 Active
Nov 13, 2013 Interim Financial Report - September 30, 2013 Quarterly Report Sept 30, 2013 Active
Aug 13, 2013 Quarterly Report - June 30, 2013 Quarterly OTC Disclosures Jun 30, 2013 Active
May 30, 2013 Quarterly Report - March 31, 2013 Quarterly Report with OTC Disclosures Mar 31, 2013 Active
May 16, 2013 Quarterly Report - March 31, 2013 Quarterly Report Mar 31, 2013 Active
May 14, 2013 Notification of Late Filing - QE 3-31-13 Notice of Late Filing Mar 31, 2013 Active
Results Per Page
123next >
Yet what they are reporting is not accurate. Maybe they should not report inaccurate information, just sayin
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.
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.
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.
BEWARE OF THE PROVEN RESERVES AND MILLION IN CASH.
$54.2 MILLION IN RESERVES
$9.6 MILLION IN CASH
They will need to clean up the financials for that to happen. Looks like a lot of work.
More financial errors and omissions/misreporting.
Shares 52,918,205 12-31-2014
They failed to report 5,081,734 shares issued in January 2015
and
Another 5,790,000 shares reportedly issued prior to May 13, 2013.
Share count according to OTC IS 63,789,939 May 13, 2015.
AGAIN ANNUAL FINANCIALS FAILED TO REPORT SHARES ISSUED AS SUBSEQUENT EVENTS
Until then we have to rely on what is voluntarily reported, which obviously is conflicting and confusing for some.
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.
Should have called Kinder Morgan
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.