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On January 29, 2013, pursuant to a letter agreement between the Company and the Assignor, the Company acknowledged and agreed to the notice of the delay of the permits up to 4 weeks beyond January 31, 2013. The permits were issued on February 4, 2013.
After completing 8 wells and if Company does not complete any of the remaining 22 well drilling provision set forth in the Agreement within the 2 years from the date of the execution of the Agreement, then the Company will forfeit its rights to the well locations not completed. The Company will retain its rights for the well locations completed and will retain an Override Royalty of Seven and one half per cent (7.5%) on the well locations forfeited.
The Company has 2 years from the date of execution of the Agreement to complete the drilling of the 30 well locations and has the option to acquire an additional 15 well locations for the same terms and conditions of the Agreement after the first 30 wells locations have been completed.
The Company will provide funding in groups of 4 to 6 wells to optimize economies of scale, with the exception of the first 4 wells which can be funded on an individual basis.
The Company agreed, pursuant to the Participation and Operating Agreement (the "POA"), to have Assignor the designated Operator (the "Operator") of the Oil and Gas Well Locations which includes all the responsibilities as a designated operator in the State of Pennsylvania which includes the duties of managing and supervising the drilling and completions of the Oil and Gas Locations.
On December 18, 2012, pursuant to the POA, the Operator invoiced the Company $835,000 for the drilling and completion of five oil wells on the Rice lease. The Company has recorded the transaction capitalizing the drilling and completions as work in progress. The liability is included in the Company's Accounts Payable.
On March 18, 2013, pursuant to a letter agreement, Amendment #3, between the Company and Vencedor Energy Partners, the Company has agreed to delete Section 4a (financing conditions) of the Oil and Gas Well Location Assignment dated August 31, 2012 between Xun Energy, Inc. and Vencedor Energy Partners.
On March 30, 2013, the Company's operator, Vencedor Energy Partners, began site work on the Rice lease.
On August 26, 2013, the Company's operator, Vencedor Energy Partners (VEP), completed the drilling, casing and cementing of our first oil well of the 30 well drilling program. Rice oil well number 15 was drilled to the Target Depth of 1,050' on the Rice lease, in Venango County, PA. Samples were taken during the drilling program for analysis. Petroleum odors were emitted at the 720', 745', and 915' levels of the wellbore, indicating oil presence at these depths. The review of the drill cuttings (samples) from the Rice #15 supported the need for a wire line log to be conducted on the well. VEP's geologist confirmed that the samples taken on August 26, 2013 revealed a well formed zone in the Venango 2 and also potential lenses in the Venango 1 and Red Valley sequence. Oil saturation is estimated at 30-35% for the Venango sequence with a strong show in the Red Valley sequence. The log will provide enough details to determine other key factors in determining whether or not the oil well should be put into production.
Subsequent to August 31, 2013, on September 16, 2013 the Company's operator, Vencedor Energy Partners (VEP), completed the nuclear wire line log on Rice #15 on the Rise Lease, in Venango County, PA. Verbal reports from the logging crew and staff on site were very positive when the logging tool pulled out of the well bore was covered with crude oil and on September 25, 2013 the Company's operator, Vencedor Energy Partners (VEP), reported the analysis of the wire-line log on Rice #15 on the Rise Lease, Venango County, PA. Refer to NOTE 23: SUBSEQUENT EVENTS for additional details on the wire line log results.
THE COMPANY WILL NEED TO RAISE ADDITIONAL FUNDS TO DRILL THE OIL AND GAS WELLS AND THERE IS NO GUARANTEE THAT THE COMPANY WILL BE SUCCESSFUL IN RAISING THE FUNDS NECESSARY TO COMPLETE 1 OR ANY OF THE 30 OFFSET OIL AND GAS WELLS.
XNRG - The Accountant still didnt file the 10Q? Not within 30 days like he said? Not surprised in the least. XNRG doesnt HAVE to file anything because they are pinksheets and I doubt they have money to spare on filings. CEO Of The Year common practice. I appreciate their opinions but disagree.
. . . XUN IS ENERGY . . .
. . . . . ENERGY IS SYNERGY . . . . .
. . . . . . . SYNERGY IS XUNERGY . .
XNRG - DISCLAIMER!!! 52 week low January 27 2015=.00001 "Chief" knows what hes doings. 10Q should arrive any day. Integrity and transparency here. NO ASSURANCES!!! A reasonable 350,000,000 on the ask. Much more to come. CMR , Vencedor are just chomping at the bit to get that jet fuel, shallow well drilling attention going. PLEASE READ SAFE HARBOR CLAUSE. Still got a few more permits shareholders wasted their money on due to expire 4 2015.
XUN IS ENERGY. ENERGY IS SYNERGY. SYNERGY IS XUNERGY
.20 - .00001 Texas, China, Rice Lease, Corso Lease, Lalley Lease, Solar Panels, Ammolite, flywheels,Jet Fuel, Mazut,...2015 CEO Of....
XNRG - DISCLAIMER!!! Day 40...... Locked and loaded = no access to an individuals funds without incurring a heavy loss. PLEASE READ SAFE HARBOR CLAUSE. Im waitng for a Consultant who through MONTHS of hard work and dedication as an contracted Accountant, was promoted to CEO to actually follow though on a forward looking statement. NO ASSURANCES!!!
. . . XUN IS ENERGY . . .
. . . . . ENERGY IS SYNERGY . . . . .
. . . . . . . SYNERGY IS XUNERGY . . . . . . .
XNRG - Lets not forget about the 15 million AGS financing, the new website, the oil storage tanker, the 4 other drilling permits, Texas Falls LOI, Corso & Lalley lease acquirements, and the 5 million sba loan.The Accountant has connects in Asia from his past failed ventures concerning solar panels. Incorporation of IXEL means what?
XUN IS ENERGY . . . . . . . . ENERGY IS SYNERGY . . . . . . . . . . . . SYNERGY IS XUNERGY . . . . . .
XNRG - I cracked up myself reading that madness. MM need to let this thing go.
XNRG - NO ASSURANCES!!!The Accountant can make claims on a public forum until the cows come home. Fact is assuming is not logic and hope is not a strategy. Nothing logical assuming anything not included in an official document. PLEASE READ SAFE HARBOR CLAUSE!!! Would an investor "assume" that when "management" claims to have acquired 45 well locations on 600+ acres that pps would be no bid .0001 a year later? 1 well out of 45 brought into production....amazing follow through. DISCLAIMER!!!
. . . XUN IS ENERGY . . .
. . . . . ENERGY IS SYNERGY . . . . .
. . . . . . . SYNERGY IS XUNERGY . . . . . . .
XNRG - NO ASSURANCES!!! PLEASE READ SAFE HARBOR CLAUSE
DISCLAIMER!!!
XNRG - Just wanted to thank CMR for their continued dedication to excellence. XNRG shareholders believe CMR and Matousek have went above and beyond bringing much needed recognition and volume. Hope CMR is compensated soon. Again thanks for helping the Accountant get er done
XNRG - DISCLAIMER!!! From January 2013. The Accountant has done what in 2 years let alone 4 years? Risk Evaluation Section presents itself as favorable. 4/28/2015 drilling permits expire. PLEASE READ SAFE HARBOR CLAUSE!!
http://www.sec.gov/Archives/edgar/data/1435936/000143593613000002/ex991.pdf
NO ASSURANCES!!!!
