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The United States is the world's largest consumer of oil, and currently imports almost 60% of its oil from foreign countries. Most of these imports come from OPEC countries, six of which are in the volatile Middle East. According to Energy Secretary Spencer Abraham, the energy sector in this country is strained to capacity and is facing its most serious shortages since the Arab oil embargoes and gasoline lines of the 1970's. As the world's largest economy, the United States is naturally the biggest consumer of oil. For forty years our energy demand has grown at a sustained rate of 2 percent annually to a currrent estimated usage of 18 billion barrels of oil per day. Accorging to the U.S. Department of Energy, our energy demand will be 30 percent higher by 2020. Our dangerous reliance on foreign oil can be diminished by increasing our domestic production as much as possible.
"The good Lord didn't see fit to put oil and gas only where there are democratically elected regimes friendly to the United States." - Dick Cheney 1998.
When discussing crude oil and gasoline prices in the U.S., the general public needs to be reminded of these facts- Political upheavals (not just war), weather (such as hurricanes shutting down production in the gulf of Mexico), supply and demand factors, and refinery and pipeline outages all can greatly influence what goes on at the trading floors on Wall Street and to other markets around the world. (Oil / Gas Journal, April 2003)
Looking good- but just the beginning
A little over 3 myself- holding long and looking forward to the results of the other wells they'll be drilling. Could be a good year even with the big boards dropping
Got some in partials- must be tight
anyone else having trouble getting a fill?
post 1384 Raging bull- This pretty much sums it up imo
It was no coincidence that this DOA lawsuit balloon was floated immediately after the news of what was clearly a defining moment for the Company. Thieves don't try to steal something - even legally - unless they think there's something worth stealing.
But be that as it may; the sentence in the PR that kept returning to my mind, over and over, was this one:
"We encountered high pressures 300 feet above our original target zone and decided to complete the well at this depth."
and I alluded to this in an earlier post on this thread as being very significant. Now, after some research in the RRC's archives and some calls to friends in the Oil Patch down that way, this piece of information takes on even greater significance.
They've encountered this formation on what appears to be a structural "high" based on the regional dip in that area. Extrapolating production data from wells to the west [ regional dip in that part of TX runs west-to-east, with the rise being in an easterly direction ] and talking to people familiar with the area convinces me they've found this formation right at its "sweet spot", the point at which a formation gives best production. The "...high pressures" encountered support this theory.
So, it's no surprise that Snidely Whiplash and The Gang From The Great White North are now trying to steal it, legally.
good investment- imo
tied 2.5 mil up in certs and will be here for the long haul. Oil is beginning its rise again and high oil prices will not go away. Also you have to give credit to Peter Maulpin P.E. he knows his business.
rumors are being spread on Raging bull concerning a old suit againist Tnog. Believe it to be shorts but company should put it to rest.
Hoping ceo will PR explantation but I believe it to be hyped to promote a agenda. Will see
An item of interest- may be old to some
PAST PRODUCTION PROBLEMS AND PLANNING-
In the past the wells in this area of interest were produced until they began to produce a significant amount of water at which time they would be abandoned. There was only one water injection well in the area and it was a commercial well which charged to inject the produced water not-to-mention the cost of trucking the water approx. five miles to this facility. We now know that, if you have a disposal well, you can produce fluids at a high rate and produce substantial amounts of oil from these Austin Chalk wells. I am attaching a production test from a well in the Pearsall Field which shows production rates once the well was put on a high-volume submersible pump - see attachment no. 4. You will note that this well averaged 822 bopd for the test period! It is therefore obvious that any plan for development would need to include a conversion of one of the wells to a water disposal well.
The advantage with this technology is that we can use existing wellbores in order to "kick off" for horizontal laterals. The ability to use small casing for this technique as well as the decrease in costs as this technology has become more common, results in a unique opportunity - see the recent article an overview of horizontal technology attached (attachment no. 5). As we can use abandoned wells in this field in order to produce the reserves in place, it reduces our costs from $750,000 to approx. $150,000 per well.
As gas rates are substantial from these wells in the initial stages of production, income from gas sales should be considered in any evaluation. There is a gas line to the field.
PRODUCIBLE RESERVES REMAINING IN FIELD-
It is very difficult to determine exact reserves in the Austin Chalk because of the nature of the reservoir as it is made up of fractures and fissures. From the extent of the field - approx. 3 miles long and approx. ¾ mile wide- we can assume a minimum of two million barrels of recoverable oil are still in place. This would mean over $55,000,000.00 of gross oil revenue at today's prices.
We can also assume a recovery of approx. two mcfg/bbl of oil recovered which would give additional gas reserves of approx. four million mcf. This would mean over $12,000,000.00 of gross gas revenue at today's prices.
Therefore, if the whole field is fully developed, a gross return of over $67,000,000.00 at present price levels could be expected. The large value of recoverable reserves coupled with the economic savings realized by using existing well bores for recovery, makes this an attractive project.
(Editor's Note - These estimates are not updated to reflect current prices - please see previous page).
No reserves have been given to the Snoga (Taylor) Sand which would be "behind the pipe" for these wells. Completions in this reservoir once the Austin Chalk was depleted in the field would add to the total recovery from this project.
CONCLUSION AND RECOMMENDATION-
It is therefore recommended that the remaining producible reserves be developed from this field utilizing horizontal drilling techniques from existing wellbores. The economics should be attractive with the present price of oil and natural gas coupled with the reduced expense which would be realized by using existing wellbores for development.
Any well bores in the field which have not been produced vertically should be drilled vertically in order to recover any reserves under the well bore prior to plugging back and "kicking off" horizontally. Should the opportunity arise, I recommend testing the Edwards Lime formation which lies approx. 800 ft. below the Austin Chalk as it has never been tested in this field.
The only horizontal well in the field was drilled on an east-west plane which was parallel to the fault structure in the field. The reason for this was the lease position of the operator at the time. This method would not encounter the maximum amount of fractures on this structure. I recommend that all horizontal wells be drilled on a north-south plane in order to encounter the maximum amount of fracturing.
An initial plan for development could only include several wells including a water injection well with the revenues from these first few wells being used to further develop the field. This would keep the initial investment low and then develop the field to its fullest extent by using revenues from the first "package" of wells.
Respectfully submitted,
________________________________________
P. R. Maupin, P. E.
SPE #1022110
A little weeding of the penny flippers and we're outta here
check Raging Bull its posted. This is just the start for this baby
came over microcap new wire
we struck oil- new pr
Com ($0.001)(New)
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): December 30, 2004
MICHELEX CORPORATION
(Exact name of registrant as specified in its charter)
Utah 000-26695 87-0636107
(State of Incorporation) (Commission File Number)(IRS Employer Identification #)
63 Trade Road
Massena, New York 13662
--------------------------------------------
(Address of Principal Executive Offices)
(315) 769-6616
----------------------------------------
(Registrant's telephone number, including area code)
Item 1.01 Entry Into a Material Definitive Agreement.
Item 2.01 Completion of Acquisition or Disposition of Assets.
Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.
On December 30, 2004, the Registrant entered into an Agreement of Sale, dated December 30, 2004 (the "Agreement of Sale"), with Cynthia Cassell ("Seller") pursuant to which the Registrant acquired all of the issued and outstanding capital stock ("Stock") of Hindsight Records, Inc. ("Hindsight"), a California corporation. Approximately one week prior thereto, Seller had acquired Hindsight from Thomas Gramuglia ("Gramuglia"), one of the Registrant's directors and its Vice-President and Treasurer, in exchange for a promissory note from Gramuglia in the amount of $800,000. Seller is the mother of Gramuglia's youngest child.
In consideration for the Hindsight Stock, the Registrant delivered to Seller a promissory note for $800,000 (the "Note") and 100,000 shares of Registrant's common stock. In addition, the registrant assumed all of Hindsight's obligations under Hindsight's 5% secured convertible debentures due December 29, 2006 having an aggregate principal balance of $1,000,000, see Debenture A and Debenture B, hereafter (the "Debentures"). In addition, pursuant to an Agreement and Plan of Merger (the "Merger Agreement"), dated as of December 30, 2004, between the Registrant, Hindsight and Registrant's new wholly owned subsidiary, Stradaveri, Inc., a California corporation, Stradaveri merged with and into Hindsight, with Hindsight as the surviving corporation. In connection with the Merger Agreement, the registrant entered in a Registration Right Agreement ("Right Agreement") pursuant to which it agreed to register the shares of its common stock issuable upon conversion of the Debentures.
The Note bears interest at a rate of 4% per annum and is payable in equal monthly installments over a period of sixty (60) months commencing March 1, 2006.
The Debentures are due and payable on December 29, 2006 and are secured by the assets of the Registrant. Further, pursuant to the Agreement of Sale and the Merger Agreement, as a result of Registrant's assumption of Hindsight's obligations under the Debentures, the Debentures, which were originally convertible into shares of Hindsight common stock will be convertible into shares of Registrant's common stock, as follows: (i) Debenture A, in the principal amount of $999,000, is convertible into shares of the Company's common stock at a conversion price equal to the lesser of (a) one hundred percent (100%) of the final closing bid price per share of the Registrant's common stock on December 30, 2004 and (b) seventy five percent (75%) of the average of the three (3) lowest closing bid prices per share of the common stock during the thirty (30) trading days immediately preceding the conversion date, and (ii) Debenture B in the principal amount of $1,000 is convertible into shares of the Company's common stock at a conversion price of $.001 per share. So long as the Company is not in default under the Debentures, each of the Debentures is redeemable by the Company at a price equal to 125% of the unconverted principal amount plus accrued interest.
The descriptions of the Agreement of Sale, Merger, the Note and the Debentures A and B discussed above are not complete and are qualified in their entirety by reference to such agreements, which are attached as exhibits and are incorporated herein by reference.
--------------------------------------------------------------------------------
Hindsight is a media production and distribution company that produces and distributes a diverse mix of musical recordings in both cassette based and CD formats. The Company has an extensive catalog of titles, which include titles for which it has acquired the distribution rights and also various master recordings, which it owns. The catalog includes an extensive list of titles by major artists of music from the "Big Band Era" (1940-1960), Jazz, "Pop" and Country and Western. Also included in the catalog are a variety of masters that were made from original radio transcriptions.
The acquisition of Hindsight was completed on January 5, 2005, with the filing of the Certificate of Merger with the Secretary of State of California
Item 9.01 Financial Statements And Exhibits
Financial Statements
(a) Financial Statements.
Watching a program on Fox news and the topic was media influnce on the public. It was said that NBC, CBS, ABC, and Fox news (in that order) were most watched by the viewing public. What was interesting is that Wal-mart TV had the 5th largest audience. This could get interesting with the LMMG game plan.
Holding long to see how this unfolds.
low volume, down turn on oil- but that will change
mm's feeding on weak hands
Maybe Titan can increase production as this outfit did from the old.
Texas oil field sold for $45M
Venoco Inc. has closed on the sale of its oil field in north Texas for $45 million as the Denver company divests itself of non-strategic properties.
The independent oil and natural gas company announced the pending deal in February. The buyer is BlackWell BMC L.P.
Venoco purchased the Big Mineral Creek field in Grayson County, Texas, from Shell E&P in August 1996. At that time, the field was producing about 411 barrels of oil a day. That figure has risen since to about 2.4 million barrels a day.
Tim Marquez, founder, chairman and CEO of Venoco, said the sale of the Big Mineral Creek field was part of the company's plan to sell non-strategic properties. The company is focusing its efforts in California.
The independent oil and natural gas company announced the pending deal in February. The buyer is BlackWell BMC L.P.
Venoco purchased the Big Mineral Creek field in Grayson County, Texas, from Shell E&P in August 1996. At that time, the field was producing about 411 barrels of oil a day. That figure has risen since to about 2.4 million barrels a day.
Tim Marquez, founder, chairman and CEO of Venoco, said the sale of the Big Mineral Creek field was part of the company's plan to sell non-strategic properties. The company is focusing its efforts in California.
Someone have the T/A number?
scroll down the news- Titan news on oil online. Impressive
http://www.oilonline.com/news/headlines/default.asp
go figure. Like your motto
shorty don't like the buying pressure
it'll look a lot different here when oil hits 60 a barrel. Gonna happen. GL
hold them shares- I feel a shake coming. Take advantage if you can.
something else funny. we made the Sho list.
http://www.nasdaqtrader.com/aspx/regsho.aspx
for a laugh
Texas Oil Party Now!
By Okra Gasfree
Yes fellow Texians, it is passed time for a Texian oil party!! Our local oil companies could make great profit at $25-30 a barrel oil prices. No overseas transportation costs. Lets tell the Arabs to stick in their butts!! Let them keep their damn oil, use ours! We have plenty in the US but oil companies in their greed refuse to uncap local wells and pump oil from them. We need to stop using their foreign oil!!
In fact we should burn up every barrel of it before they can get it off the ships of to the refineries. Refuse to buy their oil! And burn it before it gets to the pumps. Where are Americans balls? Have we forgotten how to stand against tyranny and the slavery by oil companies? It’s way past time to stand against them.
Unite and burn that foreign oil!!!! Not a drop in our tanks park your car, take a bus hitch-hike what ever it takes NO MORE FOREIGN OIL! Burn their ships!!!!!!!!!! They want to enslave us with oil, lets take our country back! Cowards die a thousands deaths, a brave person but once. Show them OUR power we are to rule this country NOT the sell out politicians with their noses up the oil company butts! Texians unite! Burn the foreign oil today!!!
looks like mm's stocking up
see if this helps
http://www.sec.gov/complaint/cf942sec9570.htm
Interesting articule
http://www.peakoil.org/
Its okay Hoagx, let em sell I'm buying. Oil hits 60 a barrel it will be a turning point. Do have to wonder about Due Do
dip netting stops at the Kenai river bridge, Kasilof mouth is hot in August for the reds. and the homer lagoon is excellent for the kings in July. Worked all over this beautiful state and the slope. Don't drink but if I start I may end up on a stool in that piss ant community waiting for something good to land on my doorstep. And if it did I may find another good trading opportunity. Good luck to you and your agenda
I am a member of peta
http://library.thinkquest.org/3921/Wildlife.html
(people eating tasty animals) next one that crosses by cutting block I will try that recipe. Thanks
Just doing my DD. Glad your there protecting us with your insight. Something strange about your motivation. No I have no stock at this time in AKOL. I have lived here since the early 60's and have a interest in the new. I here your borough is going to nail grandma for more taxes on her home. Why- because your groups intentions to shut down any progressive development in this state.
Good DD- Skywalking we are being attacked by activist that want Alaska to be nothing but bike trails. Look at ANWR and how long it took to take a resonable look at our resources.
could this be you Nanuk
http://www.inletkeeper.org/
good find- sent emails to see if its alive
buying more monday