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This was in the Oct. 4th pr from Sonoro:
'Sonoro Iraq will seek to identify its first exploration area and facility location over the next 3 months. The Company is planning to have a topping facility operational within 18 months.'
I wonder if we can expect a pr early in the new year updating us on the exploration area and facility location?
IMO this is a must read. This document seems to be credible (a little dated -1998) with a map of where undeveloped heavy oil fields in Iraq are located in addition to the depth range the heavy oil can be found (700 - 210 meters).
http://www.oildrop.org/Info/Centre/Lib/7thConf/19980221.pdf
looks to me that plans to develop Iraqs heavy oil have been in place for a long time. The difference between now and then is government (willingness to work with the west) and technology to allow the processing of heavy oil(Sonoro technology).
I sure hope MHT is correct in Sonoro's ability to borrow against our exploration rights. From where I'm sitting, with enough cash, 2011 could be the breakout year we've all been waiting for.
Do your DD (and post findings if you see something worth sharing)
This is an exerpt from Time mag (2003). I was curious to learn what the average production from Iraq wells was. To my knowledge we are not allowed to produce from existing fields. Here's hoping our prospects are as good as the 'average' for Iraq.
Why is Iraq such a prize? Not only does it have the potential to become the world's largest producer, but no other country can do it as cheaply. That's because, for geological reasons, Iraq boasts the world's most prolific wells. In 1979, the year before Iraq's oil fields were devastated by the first of three wars, its wells produced an average of 13,700 bbl. each per day. By contrast, each Saudi well averaged 10,200 bbl. U.S. wells, which are gradually drying up, averaged just 17 bbl. It would take more than 800 U.S. wells to pump as much oil as a typical Iraqi well. Consequently, production costs in Iraq are much lower. The average cost of bringing a barrel of oil out of the ground in the U.S. is about $10. In Saudi Arabia, it's about $2.50. And in Iraq, it's less than $1, according to Fadhil Chalabi, executive director of the Center for Global Energy Studies in London and former Under Secretary of Oil in Iraq. What's more, most of Iraq's known oil deposits are waiting to be developed. That's why everyone has cast a covetous eye on the country.
Thanks for the challenge, SimplyTheFacts.
We have seen this type of activity in the past. On March 30th, 2010 they increased the amount of their pp because the interest was there. I think the interest in this pp surprised them. I am positive they can create a plan with funds available, but what MHT posted I believed this pp was simply to bridge the gap until a loan was secured. I don't believe the went into the pp expecting this much interest.
I agree with your point that they won't be, "aimlessly poking holes in the Iraqi desert.". They have hired the right people to increase the odds of success and i'm sure they are developing a plan. In addition, they have access to areas known to produce.
My point was banks don't hand out loans to oil companies that don't produce oil. IMO the next 6 months will determine the success of the company.
I'm still long... At least for the next 6 months. ;)
The fact they were able to sell additional shares tells me the .25 cent price wasn't asking enough. If we only needed enough cash to last until the Iraq government rubber stamped our agreement, this was unnecessary dilution.
The fact they are issuing additional shares tells me it is difficult to borrow on favorable terms if you don't have cash flow or an oil discovery. Borrowing tens of millions of dollars against a contract issued by a high risk country/province rarely (if ever) happens. Think about it, besides a tbd generator in Albania, and the cash we just raised, what do we have? A promise the technology works? SonAsh? Potential customers once the technology is proven? Exploration rights in a high risk country?
In previous posts I said we need cash flow to make this endeavor work... I've changed my mind. IMO, We have this last chance with the funds raised to find oil in Iraq. If we are successful, the loans will come and money will be made. If we don't find oil with the money we just raised, this company is toast. Full stop.
I like the gamble. IMO it all comes down to what the company can find with the pp cash raised. I would imagine the stock price will start to reflect the risks associated with this approach.
IMO Albania success would only register as a blip on stock price. We are banking on exploration to get us to the next level.
Great news.
My gut says this pp was done for two main reasons:
1. Difficult to get a bank loan without cash flow. We didn't have enough cash to complete any one activity that could generate cash flow and still fulfill other commitments. I believe we're going to see an announcement of a topping facility in short order. Even with the amazing exploration possibilities in Iraq, the company needs to demonstrate cash flow to get a loan on favorable terms.
2. Give a 'taste' to some of the folks who are making this deal possible (The company executives are in for 1m - Nice touch.). Would not surprise me to discover some Middle East banker (who down the road provides us with a loan) was also involved in this round of pp...
I don't care for the dilution but it's a fact of life for the industry we're in. My hope is these dollars are directed to the topping facility (10,000bpd capacity will run 2.5m for the generators.... Although that may not be the companies cost)
In the end, until we report our first dollar made by the implementation of our technology and/or production from one of our wells we will continue to bounce around in penny stock territory. I think Wadsworth realizes this so we're about to see a very focused push to finally deliver on a cash generating investment. THEN, we'll see financing of future projects instead of private placements. We should also see a stock price more reflective of the company’s potential.
IMHO
In addition, it would be nice to see the company dump/sell the fly ash technology for a few million bucks. You can drill plenty of shallow wells with that kind of cash (I’ve been told by outside sources it takes between 3 – 7 days to drill a shallow well… if you are able to find a rig to drill).
I have not seen any posts related to the modular topping facility.
Quote, “The Company will focus much of its effort on the exploration and development of its exclusive license in the Salah ad Din Province in the Republic of Iraq. Initially this will include pursuing immediate cash flow by securing a modular topping facility and a supply contract from Salah ad Din and the Ministry of Oil. A new modular topping facility has been identified, and the Company is reviewing options to finance it with debt instruments.”
IMO, this is a big deal. The release says, “a facility has been identified” so I’m guessing we’ll find a pipeline already runs through the building and they have access to power to run the generators. In our contract with Salah ad Din Province it suggests we have the right to use any facility/equipment that is not currently utilized within the province.
My guess is any oil that is not being upgraded within Salah ad Din Province has a real chance of finding its way to our generators. Anything that keeps more of the profit within the province will be welcome. Salah ad Din Province currently produces 300,000bpd of oil, I wonder what a PR stating we have been granted a supply contract of up to 30,000bpd would do to the stock? The breakout of this stock may be much closer than the 18 months to develop our own production.
IMHO
No luck on that front.
It looks like Sonoro has competition in Albania…
It is well documented that Bankers Petroleum is working towards capacity of 24,500bopd and my hope was Sonoro would have a role to play in upgrading oil Bankers produced. Reading thru a Bankers PR I noticed a reference to ARMO Refinery (http://www.armorefinery.com/index.php?id=33) (select English in the top right corner)
On Armo’s site it mentions, “ARMO Company and Bankers Petroleum signed in Tirana a long-term cooperation agreement, which guarantees the supply of ARMO’s refineries with the gross oil that Bankers drags out from the underground of the territory of Albania.”
On Bankers website, “In a signing ceremony on November 5, 2010 in Tirana, Albania attended by Deputy Minister of Economy, Trade and Energy, Mr. Sokol Dervishi, President of the Albanian refinery ARMO, Mr. Rezart Taci and President and CEO of Bankers, Mr. Abby Badwi, it was announced that ARMO has agreed to buy significant volumes of Patos-Marinza 2011 production at an average price of 64% of Brent oil price. Deputy Minister Dervishi thanked both parties for this cooperation and commented "signing of this very important contract will increase the domestic refining capacities and as a result of that will create many jobs and provide better working conditions for Albanian citizens".”
Here are a few reasons I believe this development has a negative impact on Sonoro:
1. The Albania government owns 15% of ARMO – Vested interest
2. Sonoro generators have limited benefit to the Albania economy compared to a refinery, in Albania, that has invested over $120 Million in upgrades
3. An environmental assessment “delayed” the construction phase of our pilot in Albania. Environmental assessments are requested by a local government, Is this coincidence?
4. Agreement to buy “Significant volumes” at an average price of 64% of Brent oil price means Sonoro upgrading is not involved in this transaction.
5. After “Significant volumes” have been purchased how much oil will be left for Sonoro to upgrade?
My guess is Sonoro has effectively been squeezed out of Albania deal due to Bankers need to keep the Albania government happy. If my suspicion is true it means the Sonoro Albania PR won’t be much to crow about (perhaps an announcement of upgrading a few thousand bopd but nowhere near the larger numbers I expected). I believe this is why we have not seen PR relating to Albania.
It does seem to fit Sonoro’s style (think of the Alberta upgrader), no good news to report so they simply don’t report anything until they have something better to announce (Albania).
I am still long on Sonoro (Iraq could be HUGE) but do believe this to be a bit of a setback if true.
On the positive side, Albania should still represent a proving ground for our technology.
Interested to hear others comments.
Good luck to all.
How much does it pay? ;)
You guys are doing a great job.
My guess for this week is we will not see any news as it is the US Thanksgiving week.
Good luck to all.
Perhaps the tree has been shaken enough? Few are looking to buy or sell, low volumes.
Even the folks with contacts are not posting updates. Possible calm before the storm? Information is being held tight.
Sure hope MHT is right about a huge loan in the works.
I believe once the real news starts(loans, income, development, etc.) it won't stop.
Good luck to all
TenaciousD, any word from your contact?
Thanks MHT.
Here's hoping those three news releases you mentioned in an earlier post come sooner than later.
Good luck to all.
I have a couple questions.
If someone is exercising their warrants is the company required to report this? Would this be reported anywhere? The reason I ask is the stock activity has a very similar feel to when Macquarie Capital dumped those 18 million shares (between .12 and .18 cents with a strike price of .09). During that time the stock price was never allowed to run and it wasn’t until all of their shares had been sold that the company released a PR that caused a rise in stock price.
As the warrants have an exercise price of $0.18 per share it seems to fit with Macquarie Capitals MO of dumping at a profit to reduce risk as opposed to holding on to discover what happens with this company.
I also ask this question because, despite what Sonoro says, $2 million dollars is not a lot of cash, especially when they have hired additional people and are looking to undertake a major exploration effort. The result would be Sonoro doesn’t have to expedite the expiry of the warrants, the investor decides to exercise at their own discretion. The resulting impact would be more dilution and about $8 million dollars in our account (something a bank would like to see before offering financing at the levels we require).
My gut tells me the PR about Iraq didn’t produce the desired results (.50 cent stock price) so Wadsworth’s plan needed to be modified. When a company releases information (like the Iraq PR), halting a stock is a great trick for bringing additional attention to a company about to release big news. The only problem was the PR wasn’t as well received as they had planned.
I don’t have the tools to research my gut feeling, however, my hope is that one of you has the ability to see how many shares ‘Anonymous’ has sold since the last run in price. If my suspicion is right, once we reach the 18 million share mark news will be quick to follow…. In addition to a jump in share price.
IMHO
Good luck to all.
Possible sign of things to come???
I was poking thru Bankers Petroleum October 7, 2010 Press release. I wonder if the “new proposals to purchase Patos-Marinza crude at a price range between 66% and 68% of Brent Price” relates to Sonoro? We could be very close to seeing some great news out of Albania.
Excerpt from Bankers press release:
The average Patos-Marinza oil price was US$46.61 per barrel
representing 61% of the Brent oil price compared to the second quarter’s average oil price of US$47.12
per barrel(60% of the Brent oil price).
Crude Marketing Initiatives / Working Capital
The company has received several new proposals to purchase Patos-Marinza crude at a price range
between 66% and 68% of Brent Price. The company is currently finalizing new and current marketing
agreements for 2011 volume deliveries and pricing.
Reading thru the Asphalt License Agreement, it's posted on Edgar.
I am reading between the lines, but it looks like Sonor will be allowed to spend up to $100,000,000 usd per year on field development. Wadsworth will have to come up with some interesting financing to come anywhere close to that amount. Nice to see the huge up side.
It also states Sonoro is required to construct a topping facility capable of producing an undisclosed amount of asphalts. Wish they hadn't blacked out the details, you know the company would be looking to maximize their ROI, it would give us an idea on the min amount of asphalts we could expect to be processing within the next 18 months.
In the end, all references to production targets are blocked out as, "technical information", "commercially sensitive info" or "preamble info"
Do your dd.
Good luck to all
So now Macquarie Capital wants back in? After dumping all of their pp stock at sweetheart prices?
I would love to hear why you think they are doing this? Besides the fact it has great potential. They had 18 million shares @ .09 a share!
I would also be interested to know if my 'plain english' assessment of the Iraq deal was basically accurate?
I still can't believe the deal wadsworth was able to secure. Why can't the rest of the investing world see this?
I broke it down so I could understand the deal, you let me know if I've captured the spirit of the deal.
We will have exclusive rights to explore, develop and produce asphalts and related organics(oil) within the entire Al-Salah ad Din Province. We have exclusive rights to search for asphalts in the provience. This doesn't mean others won't be allowed to look for oil while we are looking for asphalts (which is the same thing), but it does mean we can look at the best unexploited areas anywhere in the province(which currently produces 300,000bod)
For the next 5 years we have been given approval to punch as many holes in the ground as we are able, anywhere in the province. Whatever we find we'll get exclusive rights to for the remanining 5 years in addition to the following 30 years. We will also be able to "carve out" exploitation areas that will continue after the 5 year exploration has expired.
We have the right to build anything required for our technology(building, pipelines, storage, etc.). Expectations are in place that we upgrade oil produced which means we can not produce more oil than we're able to upgrade (or some % of it) (this will ensure upgrading of heavy oil happens within the country resulting in more profits for us and Iraq).
When we first start producing we are able to claim up to 80% of revenues for our expenses. This means the cost of drilling, generators, infrastructure, etc. can be recovered quite quickly and used for additional drilling, resulting in less money required for an extreamly agressive drill program. We are committed to an initial investment of US1.5 million dollars(can't imagine that will take very long to blow past). After we process the heavy oil we are entitled to 50% of revenues after taxes and our expenses are deducted (to be split between Sonoro & Berkeley 70/30).
We have all the necessary government approval with our chairman being present for the signing. We are paying Berkeley's expenses, however, our expenses get paid before Berkeley gets paid. We're first in line (preferential rights) for similar asphalt opportunities in Iraq as well as another conventional E&P project Berkeley is pursuing in Iraq. Sonoro has plans to have a topping facility operational within 18 months (Does this mean they will have wells producing before the topping facility is completed?)
I hope Sonoro is able to strike deals with other companies on a per well basis to split/reduce the cost of drilling. If this activity is managed correctly (by our new, experienced mgmt team).... watch out!
Did I get it right???
- Licensee is entitled to 50% of the revenues from the sales of asphalts
and related organics (and its by-products after processing), after tax
and after cost recovery.
This could be a dumb question, but is oil considered a by-product from the production of asphalts?
Apologies if you were offended. I figured the wink after my statement made it clear I was being captain obvious. Other opinions are always welcome (good news or bad... Although I like the good a little more)
If it is true it sure won't help the stock. ;)
I'm a long, it just means another buy opportunity for me.
DD and Inside Information are two different animals.
You are correct, anyone can call up the names on the bottom of the press release to ask questions. How the business answer’s those questions is the point I take issue with. Hitting 52 week highs and hiring ‘big name’ management types puts new focus on the company. IF the information posted here is accurate, Sonoro needs to get their employees informed of the rules in place to protect the company & investors.
The only way I could see them getting around this is if the information was released to callers after the close of the market. Because of the market close the information wouldn’t benefit anyone. However, a press release before the opening of the market would be needed to level the playing field.
If no press release tomorrow morning... I would say the info is incorrect.
Isn't the status of projects inside information? And as such the information should be shared with ALL investors by press release? Poor form Sonoro if you're not playing by the rules.
OMF, this is the first post I've seen from you....
I'm not convinced we won't get positive news about Albania in the short term.
What is your source?
I have been trying to get a handle on how big our market could be. Keep in mind the articles listed are just looking at the middle east. It does give an idea of the potential growth a well positioned company could experience…
Middle East Producers see more Heavy Oil in their future.
Bahrain’s oil minister, Abdulhussain Mirza, told the Heavy Oil World MENA conference that heavy oil reserves in the region were estimated at 1 trillion barrels, or 28% of total world reserves, but historically accounted for little more than 10% of production.
“The vast reserve demonstrates the importance of heavy oil as a future energy source, one that cannot be overlooked and, therefore, companies that position themselves early in the heavy oil business are likely to win the game,” Mirza said, according to local news reports.
Source - http://oilprice.com/Energy/Crude-Oil/Middle-East-producers-see-more-heavy-oil-in-their-future.html
According to the 2008 BP Statistical Energy Survey, United Arab Emirates had a 2007 refinery capacity of 620 thousand barrels a day and they produced an average of 2914.8 thousand barrels of crude oil per day in 2007
Source - http://www.mbendi.com/indy/oilg/as/ae/p0005.htm
Another high ranking person added to the board, Excellency Mr. Hamad Al Shamsi. We just may hit .50 by the end of Sept.
Things sure are moving fast now... I like the comment from Richard that all of the pieces are in place. Perhaps now news of project status and deals will become the new norm.
MHT, thanks for the info... Do you figure we'll have the same kind of challenge when the warrents are exercised?
MHT, you did call it. Nice work!
Here’s my take from this development.
When you get people with this level of experience joining the company it is a HUGE endorsement of the technology. Add to the fact they agreed to join the company with a stock option price of .29/share should help convince others of the upside potential…. They aren’t doing this for their health, they want to make money and be a part of something big.
I would expect more small cap institutional investors to start putting money into our little company. I think everyone is starting to sense the potential we saw months ago. They’ll want a piece before the Albania news is released.
JMHO
BTW, I guessed the stock price would be .32 by the end of September, we’ve already reached .34 today with 1,000,000 shares traded so far. Mr. Wadsworth is a busy guy, this is fun to watch unfold!
A piece of info I've never been able to locate is, how big is our market?
The price differential for bankers oil has been in excess of $30bbl for the past two quarters http://www.bankerspetroleum.com/en/components/investor/bnk-q2-pr_final.pdf . This offers both Bankers and Sonoro plenty of profit potential(900k/year for SNV and 600k/year for Bankers for every 1,000bpd)..
I believe MHT posted at one point our market is any producer with a price differential in excess of ~$9 a bbl. I would like to know how many bpd fall into this category?
This next statement may be a bit of a stretch for some, but here's my thoughts. If SNV received an endorsement from Bankers(additional generators or anouncement of a sonic generator program), the people who figure out exactly how big our potential world market is will have the best info for buying additional stock and knowing when to sell.
Think about it... A billion + dollar market cap company with plans to increase production to 24,000bpd by 2012 endorses our technology. People will take note. Competition in the industry is fierce. If Bankers is able to show a 20-30% increase in profits... other oil companies will be quick to adopt the technology. What stock price do you attach to this kind of potential? Proven new technology is priced less againts earnings and more against potential.... We just need to figure out that potential.
So back to my question, how big is our potential market? I would appreciate thoughts/information. Remember, it's not just heavy oil, it's heavy oil with a sufficient price differential.
Interesting conversation post, TenaciousD
We don't know what "huge things" are happening but we do know they are "moving fast, faster than expected".
Everyone knows that SNV has a few opportunities they are persuing, but which one delivers first???
Albania - Great opportunity, Sonic has a test site there already. This would be my obvious first guess for candidates. I read in Bankers Petrolum filings they strike a deal with a refiner in Italy to upgrade their oil. This means the cost to upgrade is a known expense. My guess is the generator has been running in Albania for over a month and everyone involved with the project has viewed the results. If the generator is working according to specs (no reason to believe it would not be), Bankers would want to get enough generators on site to upgrade all oil as quickly as possible. Not having to ship the asphalts to Italy would free up capacity and make it easier for Bankers to grow production. This would be a huge development for SNV, however, would it garner interest from general investors and not just us???? Seems like a big deal to me, but not the only possibility.
Nasser Bin Jarallah factor - this is a big unknown. Perhaps a middle east player has been brought into the equation? Having the ability to upgrade oil within a producing country as opposed to exporting it for upgrade is a big deal. A big enough deal to offer SNV a cut? Perhaps, but it would mean Wadsworth and Jarallah have been working some serious overtime... Having a cut of production would be a big deal to general investors.
Movement on the joint SNV Shell pantent - This would be a big deal that general investors would eat up. Nothing on this front has moved fast which leads me to believe the way forward will be slow and cautious. But like I said, investors would love this news.
SonoAsh Fly Ash Beneficiation - the next obvious step for this opportunity would be an Albania type test site. While this would be a good development, investors would probably view it with caution. A test Fly Ash Beneficiation would be good news, however (IMHO), it would not be news that would cause general investors to jump into the stock. I would equate it to putting a generator in Albania, nice development, but not a company maker on its own.
In the end this is all speculation. I do think Sonoro has some serious up side, it will be interesting to see how this unfolds.
MHT, seeing nobody has much else to say, I would be interested to hear your thoughts on other things the company hinted at.
As MHT stated, it depends who SNV adds to the board or when they announce results from Albania. I'm less concerned with the end of Sept. price and more focused on buying on the dips. It seems many people are comfortable with a .20 cent share price. My WAG for a price by the end of Sept. is .32
In the past someone with a friend in the company was posting on this board... Any word on how things are going in Albania? Good results there will almost assure us a 20,000 + bpd upgrading contract. IMO this stock has a considerable upside well beyond the end of Sept.
I am impressed by the high volume and stable price, however, 3 good days are just that, 3 days.
If we don't get more positive news I would expect the stock to settle back to .15 cents. If the company provides another positive news release next week we may hit .25 cents before the endof August.
I am impressed at how well the stock is holding.
I’m encouraged our private placement friends have not sold down the stock to .09 cents, perhaps they are serious about being involved in this stock? Markets hit pretty hard today, it will be interesting to see if we’re able to hold onto some of our gains from yesterday.
The announcement of our new board member did catch me by surprise. When I Google’d his name numerous references in middle east business sites came up with the Sonoro press release. It can’t hurt to increase our exposure to other markets (who probably never heard of a Sonic Generator). The synergies between Sonoro and the Bin Jarallah Group are obvious, I can’t imagine Nasser Bin Jarallah would agree to join our board for his health.
I would speculate considerable discussions between Richard and Nasser took place before he agreed to join Sonoro’s board. I would think they probably went as far as discussing potential deals between the two companies. The big unknown is what kind of deal could develop from this new relationship and how long will it take to come to an agreement? I’m interested in hearing others thoughts on this development.
THIS is what I was looking for... News of the generator go-live would be a great follow-up.
Very nice surprise. Our new CEO has impressed me to date. It will be interesting to see what comes from this new board addition.
I'm just looking at the Bin Jarallah website (www.binjarallah.com). Under Resources they have 19 asphalt plants. Considering our sonic generators are excellent in removing asphaltenes from heavy oil, this could be a great partnership.
On our Sonoro website we state we're able to cut the de-asphalting time required from 6 to 10 hours to less than 2 minutes. Perhaps the Bin Jarallah group could use some of our generators at their asphalt plants?
Regarding stock price, I agree with most of what MHT stated. With the low trading volumes we’ve seen today I figured most of the insiders were done selling what they needed to sell and we could move on to news releases, guess we may have to wait a little longer.
IMO, I believe the news our generator is activated will probably bring the stock price to .15 cents/share. News we are running at full production (1,000 barrels a day) and we’re seeing recover rates on the solvent within design parameters will take it to .25 cents/share (add .10 cents/share if we are in-line to make $900,000/year from this generator).
If we are able to secure upgrade contracts for 25,000 bbd then, IMO, all bets are off. It would represent a huge endorsement of the technology and a step-change for heavy oil producers, no company wants to leave cash on the table. If we have contracts to process 25,000bbd, what is a reasonable stock price? At what point has the technology been sufficiently proven? At what point do you value the company against actual earning’s vs. market potential? If our potential exceeds our market value we become a prime take-over candidate.
1,000bbd -> $900,000 profit for Sonoro
25,000bbd -> $22,500,000 profit for Sonoro
Potential Market? -> ???????
Here is an example:
According to Wiki, 70% of the world’s oil reserves come from non-conventional sources. Heavy & Extra Heavy oil make up 35% of the world’s oil reserves. So the real question is, how large is our potential market? If I make an uneducated guess and say 5% of the world oil production comes from small producers who could have a need for our technology (assume 82,000,000 (daily world production) * .05% ) = 4,100,000bbd. And if we estimate we’re only able to get 5% of this market (4,100,000 * .05) = 205,000bbd.
205,000bbd -> $184,500,000 profit for Sonoro
The future looks great if management can deliver…..
What we have going against us in a high burn rate, 2009 salaries were $803,961 with the former CEO making 25% of that. For 2010 it looks like salaries will be even higher with our former CEO making over $348k!
The cash we have from the private placement will only last so long. I have never purchased a heavy oil asset, however, I have talked to others in the industry and $3-4 million dollars does not buy much of a resource, unless you are willing to venture into riskier areas. I reserve judgement on Richard’s direction to invest in heavy oil assets. Fortunately, he has done this before. I just hope we are not taking on more than our $10 million market cap company with $4 million cash on hand can accomplish…. SonoOil, SonoAsh and the Environmental Division will all be there next year. What we need today is an operational generator and a sales force knocking on doors sending potential clients on free trips to Albania to showcase our technology.
Let's hope this is the week.