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So where did this 464 bopd go??? I just posted that the company says 60 bopd. Who is telling the truth here and who is intentionally misleading others??
We see "new horizontal drilling program adds 464 but the last company PR says 60????
Small wonder nobody trusts this company or anything they hear from any involved with it!!! It's all been lies and broken promises if not simple misleading distortion from management and it's promoters!!
Not worth owning as mentioned!!! "Current production at Chaveroo is approximately 30 bopd." These wasteland fields are all that's left and EOR can't drill a successful on either????
30 barrels a day at Chaveroo and we are supposed to be excited about investing in this? 60 barrels at Milnesand and we call these "historic"???
"historic" is a promotional word used to encourage investment here. It's the failures that are "historic".
BE CAREFUL HERE FOLKS!!
Why are we being told the Milnesand field is producing 430 barrels currently but the company says this??? …"Current production at Milnesand is approximately 60 bopd."
430 barrels is completely misleading. It's only 60 as reported by the company.
This is a great example of why people will never trust this company or any involved with it. This company has a rich history of breaking promises made to it's shareholders while promoters have assured that CO2 floods and pipelines were being built when they never were.
BE CAREFUL HERE!
37 MILLION BARRELS is completely and totally misleading as well. EOR has proven that they have absolutely NO idea how to drill a successful well in these fields nor do they have the cash to continue their pattern of failed attempts to do so.
People here see that they are being asked to believe RESTRICTED CASH is "cash on hand" when they know it's not. They also are being urged to invest in this company on the basis of some "37 million barrels" being somehow accessible when every attempt to develop these fields has failed!
There is no trust in this company after the 99.9% losses and now we see why people don't trust any involved with it. The claims here are outlandishly misleading. PLEASE BE CAREFUL HERE PEOPLE AND RELY ON YOUR OWN DD!!! Understand what the difference is between "cash on hand" and "restricted cash" before believing $9.6mm is somehow available to this company. Understand what 37mm barrels of oil really means and doesn't mean. Understand how much money a company has to spend to drill a single well. Understand the failures this company has had in these old fields and why they have not attempted to drill anything in them in years. Lastly understand that EOR bought these fields to promote them as CO2 flood and that's what they did. The promotions of pipelines and CO2 flood were broken promises were never happening. The management and promoters have been paid at the expense of shareholders.
PLEASE BE CAREFUL!!!!
Nobody trusts this company or any involved with it. Trying to pass off RESTRICTED CASH as "cash om hand" is seriously misleading.
Small wonder the stock is down 99.9% and has never had an up year. It's a scam and this intentionally misleading info is yet another reason to stay away from it.
How many shares do the new insiders own here? Funny to think if they actually had the stones to believe their own line of BS they could buy their own private placement themselves and wipe out the existing shareholders and take it private for themselves. They obviously don't believe in it and are NOT buying but those they hoodwink into buying (if they can) will wipe out everybody left standing here anyway. New folks will lose every dime of their own in time regardless.
WATCH OUT SHAREHOLDERS!!!
No Seaohtoo…there is not $9.6mm in "cash on hand". People don't believe RESTRICTED CASH is considered "cash on hand" because it's not "on hand". Not only is it "not on hand", it's not even theirs to use or otherwise available to them for any reason other what it's pledged to. See… this is just another reason why people don't trust this company or involved with it.
Wait a minute…you are confusing us here. Milnesand produces 430 barrels a day you say but your post today says this???? … "the field Current production at Milnesand is approximately 60 bopd.".
Is it 430 as you said or 60 as you posted today? Thanks in advance for the clarification.
Seems odd that EOR never attempted to drill much in these fields over the years but now they are the "crown jewels". Of course it's all they have left and attempts to sell this acreage failed so of course they are now deemed to be "historic" (failures). Funny how this story changes and the promotion morphs. I'm sure the story only gets better from here!!!
OK…so you're saying current production is 430 bopd in Milnesand? Probably should tell somebody at the company so they can report it to shareholders.
LMAO!! This company has no ability or cash to :"unlock the value in these resource-rich fields by increasing the efficiency of its operations, "
A. They have NO operations
B. They have no cash
C. There is no activity here
D. They are a scam
No drilling. No pipelines. No CO2 floods. Nothing but desperate promoters and a scam
This post says "initiating the first ever lateral drilling program…" but now we hear it was initiatED years ago. It does no good to post old news of wells drilled years ago that failed? The 430 bopd was from a field sold and now gone.
The 430 barrels was not from these desolate wastelands, Let's stick to the facts about where the production and reserves here were from. It was NEVER Chaveroo or Milnesand.
99.9% losses and $100mm gone. Nothing drilled in years and never an up year in it's history. What's not to like?
No volume, broken promises, sell off of all assets of any value promoted "pipelines" and CO2 floods. All smoke and mirrors. Small wonder nobody trusts this company or any involved with it...for all of the right reasons.
"As previously reported 5 years ago, the Company initiated the first ever lateral drilling program at the Milnesand San Andres oil field, located in Roosevelt County, New Mexico. It failed miserably. The initial program of 3 horizontal wells was expected to take approximately 30 to 45 days to complete but took much longer eventually resulting in dry holes. Since that failure 5 years ago the company was forced to sell more assets and has not attempted to drill a well since."
Remember we were told that an $18mm "pipeline was being built"!!! That was a lie. There was never going to be a CO2 flood shl. It was all part of the promoted scam. Hard to imagine $100mm disappearing and never so much as ONE up year!!! All losses. 99% losses.
FACTS AS THEY WERE...not ARE!
AVERAGED (key being the ed on the end of the word as in PAST TENSE). EOR averaged $10mm a year before they had to sell off that production. Oil was $100 and the production is gone and prices are in the 50's. Important to note EOR LOST 99% OF IT'S VALUE WHILE AVERAGING $10mm!! Think what will happen now with no production.
There WAS $9.6mm in cash. LAST YEAR!! It's gone now.
PV-10 WAS $56.2mm but it's not now. Nowhere near.
$26mm in asset retirement obligations. We don't hear much about that!
They sold it leaving less than 60 barrels. Kinda important to mention that part. EOR has not drilled a successful well in years. Their production has dropped from over 500 to 50 bopd. They sold everything anybody would buy and now they are stuck with worthless acreage that has failed to produce in years with dilapidated (old and worn out) infrastructure. EOR said they only bought it because they thought a CO2 flood might work. That ain't happening now so they are stuck with worthless dirt.
There is absolutely nothing left worth owning here shl. Even the proofers have admitted it takes an $18mm pipeline to create any CO2 flood. At these prices any CO2 flood would be completely uneconomic ESPECIALLY in a goat ranch.
LMAO!!! The last wells they attempted failed so why believe there is some magical paradise down below? The company has already told us they bought it for a CO2 flood which we see they can neither afford or finance!!
This acreage is Permian wasteland. They bought it in 2007 because nobody wanted it and it made for a great promotional story for a Canadian penny stock scam (which we see turned out to be the only truth here).
They announced a placement more than a month ago with no word since and predicted it would take thru 2015 to raise it. Hard to find new, unsuspecting bag holders any sooner. It just delays the inevitable wiping out of those left in the scam now.
Don't accuse me of being wrong...I am looking at the most recent financial discussion of condition from management and audited financials. Of course it's the most recent being from last year but it's the most recent nonetheless.
How do you explain the audited financials showing Cash and cash equivalents of $4.06mm or the $25.6mm in asset retirement obligations?
Their numbers do not agree with your numbers so take it up with them.
It's hilarious that we are being urged to consider outdated information like 4 year averages on revenue from assets no longer owned, PV-10 values that include assets no longer owned, drilling programs that failed and alleged "partnerships" that never materialized.
All of that OLD news led to 99% losses back when it was current news!! LOL...it's so much worse now! Reliving news from the "good 'ol days" is just a great reminder of why nobody trusts this company or any involved with.
What good does do it do to mention 4 year averages on assets no longer owned??? Who would EVER care? They sold off what produced that revenue! Of course the stock dropped 99% while they averaged this paltry number so obviously it meant nothing then and is completely irrelevant and meaningless now.
They don't have $9.6mm in cash. They HAD $9.6mm in cash but it's gone just as is the production that generated the measly $10mm in revenue.
Sold off acreage for $10mm (AND ALL OF THE PRODUCTION LEAVING NONE!).
15,000 worthless acres that EOR has failed at every attempt to drill. YEARS AGO.
PV-10 of $56.1mm is untrue. That was inclusive of the acreage and production sold off already.
Yet ANOTHER reason why nobody trusts this company, anything they hear from it or anybody involved with it.
And they paid it all out in salaries and past due bills!!!
"$10mm in revenue"???? LOL...That's way back when they actually had a little (very little) production seaohtoo! They sold all of the production off to pay delinquent payables and salaries. If EOR's stock dropped 99% when they actually had production and revenue why would anybody think this is worth investing in with no production and revenues? Especially since they are not drilling anything new to replace it?
BTW...$10mm in revenues was never enough to manage a profit so it's hardly worth mentioning. What is so impressive about $10mm in revenues from years ago other than the 99% drop in the stock?
Seriously???? The company denies all of this. They only did $8mm last year per their management discussion and that was BEFORE they sold the only producing asset they had left!!!! CROSSROADS!! They explain that they took all of that cash and paid back receivables related to failed drilling! The $5.5mm capital raise is a suggestion….not a reality. They hope to close it by year end 2015!!! LOL!! This company will simply wipe out existing shareholders here now IF they raise %5.5mm!!
The facts will show soon enough. No drilling. No reserves. No pipelines. No CO2 floods. No production. No revenue. No financing (to the benefit of any involved now and no credibility after 99% losses.
Nothing here has ever been and will never be real but the lies from this management and it's promoters. Nobody trusts this company or any involved with it. For all of the right reasons.
ABSOLUTELY AGREE!!! BEWARE OF THIS SCAM!!
The company's most recent discussion of financial condition from way back last year dispute every single item being promoted here.
There is no production, no drilling, no money, no partnerships, no floods, no pipelines. It's a highly illiquid, shell company on the rogue Scamcouver Canadian exchange. 99% losses tell the real story.
NOBODY believes there is "cash on hand in excess of $9.6mm"!!! LMAO! Management reports..."On October 16, 2014, the Company sold its interests in the Crossroads field for net proceeds of $9.7
million (see Property and Equipment footnote in the Notes to Consolidated Financial Statements for the Year Ended
December 31, 2014). The proceeds were used to pay the outstanding payables..."
NOBODY believes there is any "partnership with Schlumberger"!!!
Management reports..."Schlumberger completed its activities in January 2015."
NOBODY believes there is any "3 well lateral drilling program"!!
Management reports..."The Company has planned expenditures of $2.7 million in 2015 for the Milnesand and Chaveroo fields before any new development drilling is commenced." They won't be drilling ANYTHING for a long time!
"The Company expects that financing of drilling activities will require dilution of equity interests..." They are coming right out and explaining that existing shareholders are about to be wiped out!
Those wells never produced enough to be "successful". 50 barrels is an unmitigated disaster but then again the bar is set so low for everybody here that maybe 50 is "successful" in the eyes of some.
Those wells will never pay out in full. They are a joke. EOR spent millions for 50 barrels a day and this is a "success"????
LMAO!
"As previously reported 5 years ago, the Company initiated the first ever lateral drilling program at the Milnesand San Andres oil field, located in Roosevelt County, New Mexico. It failed miserably. The initial program of 3 horizontal wells was expected to take approximately 30 to 45 days to complete but took much longer eventually resulting in dry holes. Since that failure 5 years ago the company was forced to sell more assets and has not attempted to drill a well since."
ROTFLMAO...are there CO2 floods as promised? How 'bout "pipelines being built"? Uplistings? Have there been any "big financings" as promised?
NO! But we're expected to fall for this "$9.6mm in cash" and "$56.4mm in reserves" line???????
Yup...ROTFLMAO. Nobody believes a word of this ESPECIALLY since there have been no financials of reserve reports here in years!!
After 99.9% losses people don't trust this company, what they hear here and they certainly don't trust any involved with the company. Who can blame them!! Shareholders have been wiped out by the false promotions here.
No there's not! Financials have not been filled here in years. Nobody believes "cash on hand of $9.6mm" nor do they believe $56mm or $68.5mm in reserves. They believe anything they hear from anybody involved with this company.
No pipelines. No floods. No reserves. No cash. No hope. This scam is a complete farce. 99.9% losses tell the story.
Always was. EOR has never been anything more than a scam. How does a stock go down 99.9%, never have one up year and blow $100mm with nothing to show? Complete scam.
I can't imagine any shareholder here supporting this company given it's tragic past.
"As previously reported 5 years ago, the Company initiated the first ever lateral drilling program at the Milnesand San Andres oil field, located in Roosevelt County, New Mexico. It failed miserably. The initial program of 3 horizontal wells was expected to take approximately 30 to 45 days to complete but took much longer eventually resulting in dry holes. Since that failure 5 years ago the company was forced to sell more assets and has not attempted to drill a well since."
"Cash on hand"...Who's "hand"?? management and promoters?? There is no money left here. The last financials were years ago!!! LMAO!~ The "hands" have stolen it all from shareholders!
Same old story….$68.5mm in PV-10 and then $56mm in PV-10. Pipleines and then no pipelines. CO2 floods that were promised and nothing. "Big financings" and nothing. Nothing is ever real here but the constant promotions to lure in new bag holders that never materialize.
Nobody trusts this company or any involved with it.
Revenues topped $10mm for "3 years straight" many years ago back when EOR actually owned assets that produced. They had to sell all of those assets to pay management and promoters. The $10mm in revenues is now GONE. That was may YEARS ago.
EOR announced a a "standstill agreement" last year after having to sell their last production. They having nothing left now. This is nothing more than a shell company on life support. Look at the stock price when they actually had $10mm in revenue!!!It dropped 99%.
50 barrels a day now is less than $1mm in todays market. On top of that the acreage that is left here is useless.
How's that massively dilutive, nail-in-the-coffin capital raise going?
"As previously reported 5 years ago, the Company initiated the first ever lateral drilling program at the Milnesand San Andres oil field, located in Roosevelt County, New Mexico. It failed miserably. The initial program of 3 horizontal wells was expected to take approximately 30 to 45 days to complete but took much longer eventually resulting in dry holes. Since that failure 5 years ago the company was forced to sell more assets and has not attempted to drill a well since."
Another great example of something reported by this company that never materialized. Fluff promotional piece designed to lure in new bag holders. Nothing ever came of this Schlumberger "partnership" (LMAO). EOR has no money left anyway.
Yet ANOTHER reason why people do not trust this company or any involved with it. They never have done what they say (Promote).
The New Mexico fields were purchased in 2007 to start a promoted scam whereby management and promoters duped investors into thinking there would be some magical flood. The fields were historic failures and sold because no company could produce from them. Even EOR's attempts failed miserably. 8 years and $100mm later there is still no flood and no possibility of any flood. The company has no money to create the infrastructure for a flood. It's all been a promoted hoax.
Everything of value is now gone…into management and promoter pockets. Gotta wonder where the last $10mm went given that EOR no provides financials. Too much to hide!
We've been hearing "PV 10 of $68.5mm" and now we see that was a fantasy as well. So which is $54mm or $68.5mm???
Answer….NEITHER! The 15,000 acres isn't worth owning. Every attempt to drill it has failed.