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"Facts are facts"…management has mislead people here with promises of CO2 floods and Pipelines. We remember 9 San Andreas wells being promised. "Big Financings"????….never happened. Nothing here has been real but the 99.9% LOSSES!!!!
People remember and will NEVER forget all of the broken promises made by this company. Nothing here has EVER come to pass but massive LOSSES!
NOBODY will EVER trust a single word from this company or ANY involved with it. They've been burned for years. $100mm disappeared with nothing to show for it. Over the last 5 years management has made a fortune selling off shareholder assets and pocketing the proceeds.
Who would EVER support this company much less invest in it after 99% losses and a rich history of duping shareholders???
The next financials we see here at EOR will be their last. This company agreed to a STANDSTILL agreement almost a YEAR ago. Nothing has happened in years other than asset sales.
Not like they had a choice. They have been broke and forced to sell assets for the last 5 years.
Yet we are being read 2013/14 numbers and INCLUDING RESTRICTED CASH OF $5.5mm?????? This is SO misleading!!
Ask yourselves people…. why we are being told there is $9.6mm "cash on hand" when $5.5mm is clearly defined as RESTRICTED??
We are seeing more and more reasons why people do not trust this company or ANY involved with it.
BE VERY CAREFUL!!!
BEWARE PEOPLE!!! Ask yourselves WHY we are hearing about revenues from 4 years ago from production that no longer exists and from when oil was $100+!!!
Revenue last year was barely $8mm and the stock dropped 80% while oil was still above $100. Oil is $60 and everything has been sold. Revenue here will be BARELY $1mm.
BEWARE PEOPLE!!! EVERYTHING HERE HASS BEEN SOLD OFF!!! 4 years ago is meaningless. Ask yourselves WHY we are seeing this "4 year average"!!!!!!!
I've never been wrong here. NEVER!!! I told people how this tragic story would end years ago.
Might be worth looking into.
"464 MBO"???? WHOLLY MISLEADING!!!! BEWARE PEOPLE!!! We are seeing more and more reason why people do not trust this company or any involved with it!!!
"The new horizontal drilling program added 464 MBO (372 MBO net to EORI) proved undeveloped reserves. "
If this were true the production from Milnesand would NOT be reported at 60 BOPD in the 2013
/14 financials!!!
WHERE DID THIS PRODUCTION GO SEAOHTOO? Why have all attempts to drill this field been CEASED after resulting in repeated failures?
Failed attempts to drill this old acreage don't mean "new" maps are any more useful than the old maps they used. They've failed at delivering CO2 floods, pipelines, "big financings", up listings…NOTHING here is real except the losses. After a huge reverse and the stock trading at all time lows there is not any shareholder here that will manage to lose only 90%.
Hopefully people understand that any equity financing tom the tune of of $5.5mm will dilute them out of 80% of what they own.
And the stock sits at ALL TIME LOWS with no volume even after a huge reverse split. Insiders here won't even touch their own POS!!!
Let's wait for Andy and Co. to buy a share before insisting somebody else does. Old maps on a wall don't impress most folks. Some are fooled but most are not.
Yes they did Seaohtoo. They are from 2013 and 2014. This is 2015 and nothing is left including the cash from yesteryear. The "assets" of $54mm were based on $100+ oil and production that no longer exists.
Why has EOR not drilled a successful well in years? Why has this acreage been so disappointing? Why did Barry never find a "partner" like we were all told he would? Why couldn't Barry sell it???
This scam has reached it's inevitable end just EXACTLY like I predicted. There is nothing left now but the sound of reverse splits, "I toldja so's" and crickets.
How does $10mm in revenue and 99% losses get explained. How does $40mm from St. Johns and Crossroads disappearing get explained???
Nobody will EVER trust this company again or any involved with it.
And the $10mm is gone along with all revenue. Now there is nothing left.
On track for $1mm in revenues this year if they are lucky so there goes the 'ol 4 year average argument down the drain. $8mm last year when they had actual production and $100 oil. It will a stretch for EOR to produce $1mm this year. Nobody cares about 4 years ago...why should they? EOR has sold off everything!
99.9% losses with $10mm in revenues??? LOL...I would say look out below but it's already cratered!
LMAO...current as in 2013 and 2014. With no revenue coming in we know the cash is long gone! Gotta pay for Barry's office and salaries!! The audited financials show the company is doing about $90,000/month. Tough to feed everybody on that!
Glad to see Barry is still around. LOL! Conference room??? WOW...sounds fancy! Maps of drilling plans? I guess they've been up there for 8 years now. Are they next to the maps of the pipeline and the CO2 flood? LMAO!!
Maps always look good on conference room walls to dupe the unsuspecting visitors!!
It's gone Seaohtoo. There is $5.5mm in restricted cash left but EOR will never see it. The $4mm that was left has long since been spent. I did forget to mention the $27mm in asset retirement obligations in the audited financials. I see that is conveniently left out of the discussion here.
As for the $54.2mm in reserves...that's a long gone number. It was based on $100 oil.
Zardiw is likely right. It would be interesting to hear what you find. my guess it's a front to receive mail. Probably a shared office with less than 2 people. Janitor and receptionist.
That production was sold....why is it worth mentioning now? The company reports 50 bopd in Milnesand and half that in Chaveroo. There is nothing left and they have attempted to drill a well in years.
This company is a SCAM!
4 YEARS AGO????? LMAO!!! Oil was $100+ and this scam actually held production.
HEY PEOPLE!!! LISTEN….BUY BUY BUY this scam based on 4 year old news!!! EOR dropped 99.9% in that time so BUY BUY BUY now that they have NOTHING LEFT!!!!!!
LMAO!!!
Restricted cash of $5.5mm and no cash on hand. Nothing drilled in 5 years and no CO2 floods!! "Pipelines"??? Nope…another lie.
Not sure why anybody would to try to pass off this old 2014 financial as having "cash on hand" of $9.6mm when the financials clearly show $5.5mm in RESTRICTED CASH!!!
Why?????? It's not like $9.6mm would EVER matter after they have blown thru $100mm previously and $40mm recently!!!
Not sure why omitting/hiding the restricted cash of $5.5mm is SOOOOOO important. They could never make a difference even IF they had $9.6mm. This is a PROMOTED SCAM folks.
BE CAREFUL and do your own DD. You'll see $5.5mm in RESTRICTED CASH that does not matter and the attempt here to pass it off as "cash on hand".
BE CAREFUL!!!!!!!!!!!!!
EOR has been a scam for years. There is no reason to suspect otherwise. There is one promoter left and a new management team that came in after the previous management paid themselves and left.
99.9% losses and nothing left to drill. Shareholders here are not buying into the scam and we see NEW management is not buying anything either. They KNOW better.
Why not discuss the $5.5mm in restricted cash? Why ignore it altogether as if it does not exist?
There is no $9.6mm in "cash on hand " here!!
Another reason why people do not trust this company or any involved with it.
LMAO...what somebody "values" reserves at and what they can sell them for a 2 different numbers. Nobody cares what the "value" of the reserves are when there is no money to develop the reserves!!!
Barry couldn't even sell these fields nor could he find a partner on them. NOBODY wants anything to do with these fields. He sold Crossroads because nobody wanted Chaveroo or Milnesand. You want us believe that EOR paid $3mm for them and now they are worth $54mm without a successful well having been drilled?
Just another reason why people don't trust this company or any involved with it.
There is NO MONEY to drill a well anywhere here and they have FAILED at every attempt!! VALUE THAT!
$5.5mm in restricted cash has been on these books for years. It hasn't changed. What's left is debatable. Your "current" audited financials are from 2014 so we know they have MUCH less cash now than they did in 2014 especially since they have no revenue now.
Brace yourself for the next financials you see from EOR Seaohtoo....they may well be your last!!
All that is left here now is Milnesand and Chaveroo. these 2 fields have been "historic disappointments". Efforts to drill these fields have been unsuccessful for EOR and they have not attempted to drill anything new here in years. This is what they are stuck with. Both fields produce less than 50 BOPD (Chaveroo was only 30 BOPD years ago). By the company's own admission they were purchased because they seemed possible candidates for a CO2 flood. The fields have not produced anything meaningful in DECADES and the infrastructure is so old and dilapidated it will never be drilled until substantial upgrades are in place.
Forget about a CO2 flood and this meaningless contract with Kinder Morgan. It's a "take or pay" contract and EOR has nowhere to "take" it and no way to "pay" for it. The company reporting being required to build an $18mm pipeline for delivery so no pipeline and no CO2 flood.
They are stuck with trash acreage they cannot sell or develop. If this were not a scam they would've use their $40mm from the sale of Crossroads and St. John's on something other than their pockets!!
The only thing that has ever "added up" is the losses rgresham. This company has wasted $100million since inception on various promoted schemes like CO2 floods, pipelines, infill drilling etc. None of it has ever come to pass. The company's production has declined from 500 barrels a day 5 years ago to ~60 barrels today if they are lucky. The management here has sold off core assets totaling $40mm in the last 3 years and now has nothing left worth owning. the CEO left after paying himself recently. $40mm GONE and absolutely nothing to show for it. They did not even solicit shareholders approval. Management and promoters got paid at the expense of shareholders. Pretty sleazy stuff.
The $9.6mm in cash you hear about was reported from 2013/2014 numbers and it's easy enough to see that $5.5mm is restricted cash and has been for several years. EOR's historic burn rate was roughly $1mm/month from reading what few financials they provide so it's highly doubtful they have a dime left now halfway through 2015.
99.9% losses are the thing that's ever added up here.
It's the 99.9% losses that sound like a scam to all of us as well as the attempted passing off of RESTRICTED CASH as "cash on hand" and the meaningless reference to revenues of 4 years ago when oil was $100 and the company actually owned producing assets. The company has sold off everything of value now so don't be surprised to revenues BARELY $1mm now. Citing 4 year "averages" is a JOKE!
What really sounded like a scam was the false promises of "pipelines being built" and "CO2 floods" happening. Of course it all adds to EOR being a SCAM!! What else could anybody think? It never wasn't a scam.
Nobody cares about the last 4 years Seaohtoo. Their revenue dropped to $8mm while oil was $100 and BEFORE they had to fire sell everything!! 4 years ago is meaningless now that they have nothing left. It's never advisable to buy a company by looking in the rear view mirror.
People here know all revenue producing assets have been sold. There is nothing left worth owning so "4 year averages" using $100 oil are meaningless. People know this.
You also are attempting to demonstrate a misleading cash position. Restricted cash is NEVER considered "on hand" and your numbers are from last year!
Great reason why people do not trust this company or any involved with it.
No reason to pass of RESTRICTED CASH as "on hand" unless this was a complete scam. No reason whatsoever!
Yet another reason why nobody involved has been or ever will be trusted. 99% losses and now this?
BE CAREFUL!
Conveniently left out is$5.5mm in RESTRICTED CASH!!!!!!!! Why? We all know Restricted cash is not "on hand"!!! LMAO!!
YET ANOTHER REASON why people do not and never will trust this company or ANY involved with it. Passing off RESTRICTED CASH as "cash on hand" is completely misleading and unfortunate.
BE CAREFUL HERE FOLKS!! WE'RE SEEING PLENTY OF EVIDENCE OF WHY EOR HAS DELIVERED 99%!!!!
EOR has proven to be a PROMOTED SCAM! And we're seeing why. Nobody trusts this company or ANY involved. They NEVER will.
Glad I was here years ago to point this out and save people MILLIONS!
Sorry Seaohtoo…the company agrees with me from their own financials. You are including $5.5mm in restricted cash. The company DEFINES and clearly states that restricted cash is NOT a current asset and is not therefore "on hand".
Nobody trusts anything from this company and none involved for reasons like this!! If they DID have $9.6mm it wouldn't matter….they have blown $100mm thus far on management and rogue promoters that both insist (and have long histories) on misleading shareholders here. Now they have nothing left to promote. Free shares make it easy to try though.
Of course there's no volume Joey!! NOBODY trusts this company or any involved with it. Efforts to pass on "restricted cash" as "cash on hand" is a great reason why nobody will EVER trust this company or involved with it. They been burned alive to the tune of 99.9% losses.
There is NOT $9.6mm in "cash on hand". Nothing nice about misconstruing financials and definitions of RESTRICTED CASH! Not "nice" at all. People know the difference and they don't they SHOULD!
BE CAREFUL FOLKS!! This is another reason why this company and all involved cannot be trusted. "RESTRICTED CASH" is NOT "cash on hand".
How is posting information from 2013 and 2014 relevant today? That money left long ago with the previous management!!!
Yet ANOTHER reason to not trust this company or involved. The scam management and promoters left with $100mm. Shareholders got 99.9% losses.
NOBODY IS MAKING $$$ HERE UNLESS THEY HAVE FREE SHARES!!
YET….ANOTHER reason why people don't trust this company or involved with it.
Another great example of why people don't trust this company or any involved with it!!! It's because we keep seeing " " marks around UNDATED information. Passing along information from PR's released years ago is suspect at best and completely misleading. Nobody ever trusts any information that is not dated. That's one of the OLDEST promotional tricks in the books and people know to NEVER trust something that is not dated!!!
Shall we say…..YET ANOTHER REASON why people do not trust this company or involved with it. For all of the right reasons as we see.
Nobody "smiles" at 99.9% losses (unless they have free shares). Some need to be cautioned that RESTRICTED CASH is not "cash on hand". On top of that we are getting reports from 2014!!
BEWARE PEOPLE!! It's being pointed out and proven here. Nobody involved with this company has been proven to be trusted!
This company has not drilled a successful well in years! There is nothing in reserve here that they can develop. These people here are not very smart at anything other than misleading their shareholders and the investing public with lies of "CO2 Floods", "pipelines", "big financings" and misquoted financials. Who wants a piece of a poorly promoted scam after 99.9% losses and no assets worth left owning?
My guess is new management either resigns after they figure they have nothing to continuing promoting or they take the EOR shell elsewhere. Any $5.5mm capital raise wipes everybody here out regardless!
No there's NOT "cash on hand in excess of $9.6 million"!!!! COMPLETELY MISLEADING!!! RESTRICTED CASH IS NEVER, EVER, AT ANY POINT CONSIDERED "ON HAND"!!!!!
BE CAREFUL PEPOLE!!! This is why see people do not trust this company or involved with it!!
Restricted cash is NEVER available to ANY company thus the term "RESTRICTED". Not sure why anybody tell people restricted cash is somehow different and "on hand" here but it's NOT!!!
BE CAREFUL!!!! THIS IS A SCAM THAT HAS PRODUCED 99% LOSSES….and now we see why.
Funny this management reports owning no shares!! Even Barry never had his own money in….he just took the free cheese as the promoters have.
How else can ANYBODY here be "making money" and "up" without FREE FREE FREE SHARES??????? We have been told some have been "making money" and now we know it's because of free shares!!