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Disputing even more lies here…$5.5mm is in RESTRICTED CASH!!!!!!
Be careful people and question why restricted cash is being passed of as "on hand" here.
People have been fleeced here for years with constant misrepresentations and mischaracterizations and it's obvious that NOBODY trusts this company or ANY involved with it.
Please continue to question these misleading allegations and PLEASE do your own DD without relying on why you are being passed on here.
People have been scammed here….look at the 99% losses for all of the evidence you need.
I don't blame you or anybody else for disputing all of the lies this company has been telling over the years!! I've been doing the same thing. We should all be questioning the never ending lies after all of the BS they have fed hard working, innocent people here! These honest investors deserve better than 99% losses and disingenuous management/promoting scammers that stole $100mm here.
The failed drilling programs here should be questioned and disputed. Amazing that they have abandoned all efforts to develop these disappointing fields. Schlumberger took a look and passed. We are now being told that EOR wasted millions on wasted "studies" and "models"???? Previous management reported efforts to find "partners" but nothing came of that either. The "studies" and "models" failed miserably like their efforts to drill. This company has been a complete disaster for good and honest people trying to invest for their future. They have been fleeced by self dealing, ingratiating scammers that have walked with $100m at their shareholders expense. We should all dispute these lies of this company to help those that may fall for this scam in the future.
These fields and constant lies from this company are certainly worth questioning here so nobody should be blamed for questioning all of the never ending lies here.
BE VERY CAREFUL PEOPLE!!! This company will never allow you to retire or send a kid to college.
It's been a VERY effective tax write off for all involved. 99% losses.
Let's please be accurate for everybody here and include the $5.5mm in"RESTRICTED CASH" as part of this misleading "cash" number. It's part of the audited financials so they should be quoted accurately and responsibly unless there is some reason to dispute the $5.5mm restricted cash entry.
"Studies" and "models"??? They spent all of the money on "studies" and "models"??? LMAO!
Obviously the "studies" and "models" were bogus. They never drilled anything and they could not find any partners that actually fell for their "studies" and "models".
Studies and models….hum…
Let's read this again…
"analyzing the cost of the CO2 source pipeline"…FOUND TO BE $18MM (ALLEGEDLY). No money for that! Pipe dream attempting to lure in buyers.
"The study also included modeling the waterflood and CO2 injection in CO2"…No pipeline..no CO2 flood. No money for that either.
"The study concluded that poor horizontal and vertical sweep in certain areas of the field would have to be addressed"…great example of why this acreage has been a huge failure. No money to "address" these issues either. Now we have no pipeline, no flood and and a company admission that certain areas would have to addressed BEFORE any CO2 flood. ($2.7mm by the company's own admission).
WOW…what else do we need to know? The company reports having no cash to do anything they say they need to do before ever staring any new drilling. Of course all previous attempts to drill anything here have failed and $100mm is now gone... wasted cash. $100mm and only 60 bopd.
Not sure how a "scam" is defined but after 99% losses this surely qualifies.
So why did EOR abandon all plans to drill anything new and agree to a "STANDSTILL AGREEMENT" last year??? Schlumberger didn't find anything and jumped ship in January. EOR is still at a STANDSTILL!. No activity, no new drilling, no money.
Nothing has been attempted on this trash acreage in years and Schlumberger passed on doing anything. Hard to develop "reserves" with no money.
No partners.No financings. No new drilling in years.
It's a quote from the company ergo the " " marks. I have no doubt the company is providing more lies here again so perhaps best to take it up with them. "Pipelines', "CO Floods", "big financings", "9 San Andreas wells being drilled" etc. Most everything we've ever heard about this company over the years has been a lie so maybe you're right.
Don't shoot the messenger here…I'm simply cutting' and pastin' info provided by the company.
It was reported at 68 back in 2013 Jeremiah so 60 now is all over it. We can all read it for ourselves in the management discussion. Since they haven't drilled a well since we know it's no more than the 68 they reported.
And then there's this…" in the north portion of the field Current production at Milnesand is approximately 60 bopd."
There are never dates included in those claims. I have asked that they be included but it will never happen. It's a great example of why people don't trust anything about this company or any involved with it.
Pipelines that "were being built", CO2 floods that were happening, "big financings" that never materialized and now we are getting PR's from years ago with "4 year averages" of production that no longer exists???
Utterly amazing one is supposed to fall for this!!
LMAO as well because they have not attempted another well since. It's been YEARS!!! This company is a joke of a scam. 99% losses are one needs to know.
LMAO!! The company has not drilled a well in years. They've been broke and in a STANDSTILL AGREEMENT since 2014!!
EOR has drilled their last well. YEARS AGO!
No wells drilled in years and yet the company spent $6mm last year. There are no revenues left here now and only a massively dilutive equity raise will keep this company on life support.
There is no money to produce any amount of reserves. They had $4.1mm last year and they have burned through all of it now. They report having to spend another $2.7mm BEFORE and new drilling cash be commenced!!
Existing shareholder have lost 99% and are about to get diluted into oblivion at the very best. The company has already admitted so.
How does a company spend $6mm in a year without even drilling a well?
That was years ago and now the company reports 50 bopd. It was a huge failure.
Father facing drunk driving charges in crash with 2 children in the car
VANCOUVER – A father is now facing drunk driving charges nearly four months after crashing his car in West Vancouver. Two young children were in the vehicle at the time and alcohol was believed to be a factor in the collision.
It was late August when a Mercedes smashed into an Audi R8. Witnesses reported seeing the car crossing the centre line several times to pass vehicles before eventually crashing into the Audi.
Andrew Alan Hromyk is now charged with impaired driving and dangerous driving causing bodily harm. He’s due in court next month.
You bring up a good point Joey…it should be investigated but it's not under SEC supervision. EOR has refused to report to the SEC for a variety of reason most relating to the fact that the SEC requires much more stringent finical disclosures. This is why it's traded on the Scamcouver exchange. Pretty much the wild wild west for rogue companies.
What's absolutely amazing is that shareholders have allowed this management to steal everything from right under their noses!! I guess after 99% losses most are simply apathetic and have lost all hope. Probably even more amazing that there could possibly be even one shareholder left that actually believes in this scam after being lied to and burned repeatedly!!
Actually buying more shares while management won't touch and buying more shares knowing there is no way out and staring down the barrel of game ending dilution….IF they are lucky.
Hopefully most listened when it was pointed out what a scam this was years ago. It's gone straight down since it's inception. Never an up year.
"Cash used in operating activities for the year ended December 31, 2014 was $5.9 million compared to $1.7 million in 2013, an increase of $4.2 million.". HUGE BURN RATE!!! HUGE LOSSES!! All of this and they are not even drilling anything. Amazing this company is losing so much money and not even drilling wells!!! LMAO!
Easy to see that EOR will not make it more than a few months now unless they wipe out existing shareholders with a massively dilutive equity raise.
"The Company’s crude oil sales revenues for the year ended December 31, 2014, decreased $5.1 million (or 39.1%) to $8.0 million, compared to $13.1 million in 2013. In addition, net loss for the period increased by $4.3 million (or 202.2%) to $6.4 million". Losses increased 202%!!!
Now Crossroads has been sold. Revenues will be less than $1mm for 2015.
"LIQUIDITY AND CAPITAL RESOURCES...As of December 31, 2014, the Company had unrestricted cash of $4.1 million". So 6 months ago the company HAD $4.1mm. We are 5 months into a new year so that $4.1mm is now gone.
The company goes on to say…."The Company has planned expenditures of $2.7 million in 2015 for the Milnesand and Chaveroo fields BEFORE any development drilling is commenced."
So EOR has to spend $2.7mm BEFORE ANY DRILLING IS COMMENCED!!! They don't have $2.7mm to spend and that certainly leaves nothing left to drill with. This company is on life support. The ONLY way it survives is to eliminate existing shareholders with a massively dilutive equity raise.
Why do you think the shares you bought years ago are down 98.8%? Do you have any opinions as to why insiders here don't own any shares and refuse to buy in the open market at these all time lows?
"Current AUDITED financials state $9.6 MILLION in CASH"….WITH $5.5MM RESTRICTED. That fact will never go away. Given the historic burn rate of $1mm/month we all know this remaining cash from LAST YEAR is now gone.
What difference does it REALLY make anyway??? They made $100mm disappear only to arrive at this all time low!!! LMAO!
Why isn't management buying this "value" play?? They won't touch it.
I can only judge from the previous posts over the years. There was mention of "adding shares" at .25 pre split which split adjusted is $2.50. That loss is $2.47/share so you're right. It's only 98.8% losses.
HUMMMM…"PV-10 of $54.2mm" and management won't touch it? PV-10 of $54.2mm and they can't drill a successful well? PV-10 of $54.2mm and 50 bopd production?
Definitely worthy of a huge HUUMMMM
"WHO CARES"?? Seems an odd answer. I've never heard of somebody not caring about 99% losses.
So you really have no idea why the stock is down 99%? I'm sure every shareholder in this company cares that their management owns no shares and are unwilling to buy into their own company. That may actually be a first!! Wholly disturbing.
That's because there is no value here. Nothing hard to understand about that.
So why do you think EOR's stock has dropped 99.9%? Surely you have an opinion with all of these positives that are constantly being pointed out?
Why do suppose management won't buy shares of their own at all time lows?
Why hasn't the management purchased any shares in the open market? They don't have a dime invested in the company they supposedly run.
So what's the explanation for a 99.9% drop?
A huge reverse split and now shares are trading below the pre-split level? Seems that's .003 just as predicted only it arrived at this all time low MUCH quicker than even I predicted. Just think….most need $3/share from here just to be 50% down!!!
WAIT A MINUTE!!! This post now reports an infill drilling program was commenced in 2012 (as we all knew) but the posts here keep saying "has commenced" with completion in "30 to 45 days"!!! 2012 was a long time ago when oil was $100+
No we see yet ANOTHER correction to misleading posts here. Take a look. at the following…"30-day IP of 39 BOPD and 58 BOPD respectively." REALLY???? These are the last attempts to drill wells in this wasteland. What a disaster. These IP rates have settled into the only production left here. Probably 50 bopd.
The math…$50 bopd at $50 oil = $2,500/day. $2,500 x 365 days = $912,500/year.
So much for that 4 year average thingy at $10mm!!!! Do the math people. Everything of value that created that "4 year" meaningless average at $100+ oil is now gone.
Less than $1mm a year and a nice office with those old maps in a fancy conference room to dupe visitors!!
So much more the "lateral drilling program" we hear about here. $5.5mm in restricted cash and 3 year old drilling programs that failed.
NEXT?
It failed. The company reports 60 at Milnesand from 2012 and 30 at Chaveroo.
Facts are facts. I'll be glad to post the company comments for any interested.
For what? Kinder Morgan is not building a pipeline for EOR are they? Who is building the pipeline now for $18mm? LOL…Not sure why we need all of the hot air of CO2 from KM since there is no need for it or any way to pay for it. EOR says the fields need substantial overhaul so who pays for that?
BTW…CO2 floods are not economic at $60 oil. EOR has nothing left to do but pocket cash.
Can you define a "take or pay" contract so we can understand? Thanks in advance.
Thank you! I've been providing facts here for years and will gladly continue. It's quite easy...the lies here are easy to spot and easy to dispel. There's no cash on hand of $9.6mm. A simple read of the financials show $5.5mm is restricted so that lie is easily refuted. The lies of pipelines and CO2 floods refute themselves. They don't exist. The lies of production are easy enough shot down...just read what the company says. They have barely 60 bopd by their own admission.
Thanks again for the backing here. I'll be glad to continue dispelling the myths. Of course it's not like anybody believes anything they hear from this company or any involved with it anyway. The 99.9% losses and millions in cash pocketed by management tell the REAL story.
So how many BOPD did that "study" produce??? LOL! Studies and models don't pay the bills. Now we are back on the CO2 flood thing. It's obvious the company can't afford a pipeline or pay for a CO2 flood so this is just ANOTHER example of wasted money spent on "models" and "studies" of useless land.
Great fact to point out. Thanks for sharing.
LMAO!!! "Then it must be true"???? How many years did we see and hear company reports of CO2 floods and pipelines!!!
Those must be TRUE too??? Of course they're not true!! Nothing here is but the losses. Nobody believes a word they hear from this company or any involved with it.
WHEN did they initate the drilling? It says 30-45 days. We've been seeing this same post for years.
The company reports 30 bopd from Chaveroo. YYaawnnn.
It doesn't matter...the company can't use restricted to drill with anyway. Andrew better be raising some highly dilutive equity really fast. 30 bopd ain't gonna get it.
WHEN?? WHEN did the company "initiate the first ever lateral drilling program at Milnesand"?
People should question the relevance of this information if they cannot be provided a date to validate. The company makes no mention of any new drilling years.
This company has not drilled a well in YEARS. The last attempts to drill were unsuccessful.
BE CAREFUL HERE FOLKS!! There is NOT $9.6mm in "cash on hand" here. The company reports $5.5mm in RESTRICTED CASH on the balance sheet. The cash that EOR once had in 2013-2014 is now GONE!
If this company would ever report quarterly as real companies do we could see what revenue really is and how little cash actually remains. It's not a real company!