I don't give people hell, I just tell them the truth and they think it's hell. H. Truman
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In July 2013, 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.
Yes, the horizontal drilling program added and increased the company PROVED PRODUCING RESERVES
$54.2 MILLION Pv-10
CASH OF $9.6 MILLION
Still sleeping?
Mark, do you follow BHGI. Suppose to file soon. What's your thoughts?
Volume died off
Share price coming back....
NEW BLOOD, Change of leadership
Oil $59.69. DNR $7.41
Hummm........In September 2014, the Company amended its articles of incorporation for the purpose of increasing the number of common shares it is authorized to issue from 300,000,000 to 500,000,000 and to create a Class A Preferred Stock with 25,00,000 authorized shares"
Already issuing shares on convertible note. Beware another 140 million at .0025.
"In May 2014, the Company received a conversion notice requesting the issuance of 4,781,200 shares upon conversion of $11,953 of the note’s outstanding balance."
Issued shares climbing. 57,999,000 12-31-2014
Now 63,789,939
9. SUBSEQUENT EVENTS On October 1, 2014, the Company’s shareholders authorized an amendment to the Company’s Articles of Incorporation for the purpose of increasing the number common shares the Company is authorized to issue from 300,000,000 to 500,000,000 and to authorize the number of preferred shares the Company can issue to 25,000,000. The Amendment to the Articles has been filed with the Secretary of State but is not yet effective.
HOLY CRAP.... THEY ARE GOING TO NEED A LEGAL TEAM TO DEFEND THE COMPANIES INACCURATE FINANCIALS.
GREY SHEET! Non-Audited Financials FULL OF ERRORS!
Newly issued Convertible notes. HUMMM after 7 years. Add another 140,000,000 shares
.0025 a share conversion rate,
In May 2014, the Company issued a replacement convertible promissory note to the holder of this debt in the principal amount of $335,850, reflecting the principal and accrued interest of the August 2002 note payable through March 31, 2014. (Now $348,000 or 140 MILLION SHARES)
.......permits the holder to convert.....into shares or common stock at a conversion price of $0.0025 per share.
NOT SO AWESOME......
Hiding nothing. SEDAR. AUDITED FINANCIALS
SCAM SELLING ASSETS TO POSTPONE BK
BEWARE OF SCAM, SEC INVESTIGATION AND SCAM PROMOTER!
2. Net Present Value of Future Net Revenue (Forecast Case) – The following summarizes the future net revenue attributable to the Company’s proved reserves disclosed in section 1, estimated using forecast prices and costs before deducting future income tax expenses, if any, calculated without discount and using discounts as presented: Summary of Net Present Values of Future Net Revenue as of December 31, 2014 Forecast Prices and Costs United States Net Present Values of Future Net Revenue (1) Unit Value Before Income Tax Discounted at 10%(2) Before Income Taxes Discounted at (%/Year) Reserve Category 0% (M$) 5% (M$) 10% (M$) 15% (M$) 20% (M$) Proved Developed Producing $ 1,731 $ 1,310 $ 1,044 $ 872 $ 754 $ 14.29 Proved Developed Non- producing $-$-$-$-$ - Proved Undeveloped 2 $ 202,831 $ 101,313 $ 53,142 $ 26,357 $ 9,892 $ 11.26 Total Proved $ 204,562 $ 102,623 $ 54,186 $ 27,229 $ 10,646 $ 11.30 Probable $ 78,852 $ 42,176 $ 28,984 $ 22,115 $ 17,696 $ 29.99 Possible $-$-$-$-$ - $- (1) Amounts before and after income taxes are equivalent. (2) Expressed as dollars per boe's - barrel oil equivalents
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.
Yes, the horizontal drilling program added and increased the company PROVED PRODUCING RESERVES
$54.2 MILLION Pv-10
CASH OF $9.6 MILLION
Not sure unless one adds up the data
Help yourself.....
http://www.emnrd.state.nm.us/ocd/
More than 60!
We don't, we produce more. That is the lies and deceit being posted
It also lists an auditing firm, yet the FINANCIALS JUST FILED AND THE CURRENT ATTORNEY LETTER make no mention of them.
So are we to believe OTC or the Financials and Attorney letter?
LMAO, AND THOSE WELLS ADDED464 MBO!
Hummm....
No mention of SRFF as legal council
9) Third Party Providers
Please provide the name, address, telephone number, and email address of each of the following outside providers that advise your company on matters relating to operations, business development and disclosure:
Legal Counsel
Name: RANDALL V. BRUMBAUGH
Firm: LAW OFFICE OF RANDALL V. BRUMBAUGH
Address 1: 8780 19th STREET, SUITE 450
Address 2: ALTA LOMA, CA 91701
Phone: 626 429 9634
Email: rbrumbaugh@gmail.com
Accountant or Auditor Name: NONE
WELLS DRILLED!!!
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.
2. Net Present Value of Future Net Revenue (Forecast Case) – The following summarizes the future net revenue attributable to the Company’s proved reserves disclosed in section 1, estimated using forecast prices and costs before deducting future income tax expenses, if any, calculated without discount and using discounts as presented: Summary of Net Present Values of Future Net Revenue as of December 31, 2014 Forecast Prices and Costs United States Net Present Values of Future Net Revenue (1) Unit Value Before Income Tax Discounted at 10%(2) Before Income Taxes Discounted at (%/Year) Reserve Category 0% (M$) 5% (M$) 10% (M$) 15% (M$) 20% (M$) Proved Developed Producing $ 1,731 $ 1,310 $ 1,044 $ 872 $ 754 $ 14.29 Proved Developed Non- producing $-$-$-$-$ - Proved Undeveloped 2 $ 202,831 $ 101,313 $ 53,142 $ 26,357 $ 9,892 $ 11.26 Total Proved $ 204,562 $ 102,623 $ 54,186 $ 27,229 $ 10,646 $ 11.30 Probable $ 78,852 $ 42,176 $ 28,984 $ 22,115 $ 17,696 $ 29.99 Possible $-$-$-$-$ - $- (1) Amounts before and after income taxes are equivalent. (2) Expressed as dollars per boe's - barrel oil equivalents
AUDITED FINANCIALS $9.6 MILLION IN CASH!
Yet we see reports of wells drilled and adding to reserves
MORE FACTS!
Adding 464MBO!
Another intentional lie. Provide the link or statement of FACT from the company
BEWARE OF MISINFORMATION BEING POSTED HERE!
Item 2.1 Reserves Data (Forecast Prices and Costs) 1. Breakdown of Reserves (Forecast Case) - The following summarizes the aggregate proved reserves of the Company, which are located in New Mexico: Summary of Oil and Gas Reserves as of December 31, 2014 Forecast Prices and Costs Reserves (United States) Light and Medium Oil ( Heavy Oil Natural Gas non-associated & associated) Natural Gas Liquids Reserve Category Gross Net (Mbbl) (Mbbl) Gross Net (Mbbl) (Mbbl) Gross Net (MMcf) (MMcf) Gross Net (Mbbl) (Mbbl) Proved Developed 91.2 73.0 - - 0.5 0.4 - - Proved Undeveloped 5,900.0 4,720.8 - - - - - - TotalProved 5,991.2 4,793.8 - - 0.5 0.4 - - Probable1 1,208.6 966.6 ------ 1 All Proved undeveloped and probable reserves are related to recoverable through infill drilling horizontal wells at Milnesand Unit and Chaveroo.
Have you seen this post? Is this flexing muscle? It's a sad state of affairs.
Financials filed by current management states they are starting out with $38,636 in assets and $828,568 in debt. $348,000 of that debt is convertible at .0025 a share, adding another 140,000,000 shares.
.......permits the holder to convert.....into shares or common stock at a conversion price of $0.0025 per share.
In May 2014, the Company received a conversion notice requesting the issuance of 4,781,200 shares upon conversion of $11,953 of the note’s outstanding balance.
Unless you can show me on the financials filed by the new management where it states that is incorrect/old information.
The attorney letter states the older filings are accurate.
Annual Report for the period ending 12/31/14 May 12, 2015
Supplemental Information ending 9/30/14 December 6, 2014
Supplemental Information ending 9/30/14 December 6, 2014
Quarterly Report for the period ending 9/30/14 November 13, 2014
Quarterly Report (restated) for the period ending 6/30/14 October 27, 2014
Quarterly Report (restated) for the period ending 3/31/14 October 27, 2014
Quarterly Report for the period ending 6/30/14 August 14, 2014
Quarterly Report for the period ending 3/31/14 June 9, 2014
Quarterly Report (amended) for the period ending 3/31/14 May 15, 2014
Quarterly Report for the period ending 3/31/14 May 11, 2014
Annual Report for the period ending 12/31/13 April 12, 2014
After reasonable investigation I have no reason to believe that, at the time such information was submitted to OTC Markets, the information contained any untrue statement of material fact or failed to state a material fact necessary in order to make any statement proffered, in light of the circumstances under which it was made, not misleading.
".0025 a share conversion rate,
"In May 2014, the Company issued a replacement convertible promissory note to the holder of this debt in the principal amount of $335,850, reflecting the principal and accrued interest of the August 2002 note payable through March 31, 2014. (Now $348,000 or 140 MILLION SHARES)"
GREY SHEET! Non-Audited Financials FULL OF ERRORS!
YUP, AVERAGE REVENUES IN EXCESS OF $10 MILLION LAST 4 YEARS
$9.6 MILLION IN CASH
$54.2 MILLION IN RESERVES
$58 MILLION IN ASSETS
15,0000 ACRES IN THE PERMIAN BASIN
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.
Report TOS
SCAM IS IN SERIOUS TROUBLE
At September 30, 2014, the Company had working capital of $3,805,867 (including Assets Held for Sale of $14,951,977) and outstanding debt of $9,200,000 (consisting of a line of credit). The company would have a working capital deficit of $9,569,588 (excluding Assets Held for Sale, Net of ARO Liabilities associated with the Assets Held for Sell). The Company was not in compliance with the covenants of its line of credit with Independent Bank and had no availability under this line of credit. The Company currently does not have sufficient funds to repay these obligations. The Company is exploring available financing options, including the sale of debt, equity, or assets. If the Company is unable to finance its operations on acceptable terms or at all, its business, financial condition and results of operations may be materially and adversely affected. As a result of these conditions, there is substantial doubt regarding the Company’s ability to continue as a going concern. The accompanying financial statements do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets or the amounts and classifications of liabilities that may result from the possible inability of the Company to continue as a going concern.
Your DD is very eye opening and appreciated by the investing public. It is obvious to me this is an on going scam that should be investigated by the sec.
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 Company’s net proved reserves at December 31, 2014 and 2013, respectively, were 4.8 million and 3.6 million barrels of equivalents with a net present value of $54.2 million and $68.5 million using a 10% discount rate for 2014 and 2013.
Current AUDITED financials state $9.6 MILLION in CASH and ASSETS of $58 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.
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.