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So how's that pipeline coming along?
Gotta wonder what this new management had in mind when they embarked on their $5.5mm raise 10 months ago. They never said another another word about it.
Not sure what they were ever paying for Shl. It's never gone up in any year.
Did it make any sense to change management? Barry is gone but the new regime can't speak? At least barry's bunch told people what they wanted to hear when they ran the company. These guys in management now seem to be duct tapped around the mouth. Probably best given the record of massive losses here.
I agree they don't need it. There's no reason to continue the fleecing of innocent people here. Odd that it would be mentioned "they don't need it"….why did they announce they would seek it?
Just another example of why nothing about this company or any involved with it can or will ever be trusted. Shame they asked to raise money when "they didn't need it". Needless attempt at dilution is now a good thing? It only gets worse from here as if it possibly could. Shameful bunch behind this company.
Institution have been CRUSHED here!! The mere fact that they are being mentioned now as reassurance is evidence that the average investor has no chance of surviving this debacle when the "solid core" here has been decimated. The institutions worth mentioning here were those that sold long ago.
"10 billion in assets"?? This alleged $10BB could not be sold today for a fraction of that. The banks will soon discover what "$10BB in assets" is really worth. Shareholders will find soon after how quickly $4BB in equity evaporates.
DNR will not survive if prices do not recover. The company has been poorly managed for years and the 84% drop is all the evidence of this one needs to see.
Funny how this management announced a $5.5mm capital raise 6 months ago but not a word since.
DNR is down 82% in the last year for a reason.
"looks like they are covered until 2016". It's not 2016 that anybody should be worried about. It's 2 years after that when almost $3BB in debt comes due. Look at SD. DNR is headed down the same road.
DNR cutting the dividend is a band aid on a gash.
Hi skibum. DNR is not a scam at all…it's just a poorly managed company with more than $3.5BB in debt they cannot repay and less than .01/share in cash. They are going to be hard pressed to avoid bankruptcy unless prices recover quickly.
Denbury is one of the few and one of the first to cut it's dividend altogether. CHK is the most notable. Less than .01/share left in cash now. By their own admission in the latest Corporate Presentation this has to be concerning…
"CO2 EOR Delivers Almost as Much Production as Primary or Secondary Recovery(1)" Page 3. Primary and Secondary Recovery programs are not breaking even now at sub $50 oil so it should come as no surprise that companies touting "CO2 EOR" recovery programs that delver "almost as much" production should be a HUGE concern. Hedges here roll off hard between now and redetermination in 2016. Look for huge dilution coming to common shareholders here today. Or BK if prices don't rise. The $1BB in liquidity thru credit lines today can quickly be withdrawn.
It will be absolutely hilarious to see how the promo machine here kicks in on 9-4. As if there is or ever was anything to promote!
Maybe the previous management is in "jail" like the promoters!! Nice to see no new sheeple getting fleeced by the lies and deception that has occurred here over the years.
They ABSOLUTELY got screwed over geopressure. It happened over the last 5 years plus. The blatant and manipulative promotional pumping of this stock was evident years ago. This may be the ONLY stock I've ever seen to have never so much as one up year. Not one up year for this stock even at $100 oil. It's absolutely appalling the great lengths management and promoters here went to scam innocent people for their own benefit.
Hopefully most were spared when the truth was revealed and the lies exposed. Gotta wonder how some sleep at night.
As predicted the latest financials now show…"As of March 31, 2014, the Company had unrestricted cash of $2.8 million".
This game was over long ago.
The lesson learned is NEVER trust self serving penny stock promoters on chat boards. The DD always spoke for itself here skibum. This was never a legitimate company. It was a promoted scam from day 1.
Still dormant and away from the the reaches of rogue promoters I see. Glad good people could be here over the last several years to warn innocent folks. Funny the $5mm placement mentioned months ago has never been addressed. Not "funny" really….just typical. New "management"…same tricks.
Quite a few people have been spared the monumental losses here by ignoring the baseless hype and hollow promises. EOR and it's management/promoters have wiped out countless good, honest people to their own benefit.
The promoting of EOR has halted. It failed for years. The evidence has been so overwhelming to prove this has been a scam from day 1.
Looks like it finally died it's inevitable death….as if 99% losses weren't death enough to shareholders here years ago. Glad to see no more will fall victim to this scam.
Yep skibum….the elephant in the EORIF room. Nobody addresses it and refuses to acknowledge it's existence. The "restricted cash" does little in the long run. The other thing people are not made aware of or seem to conveniently forget is that Regions bank yanked the credit line here a couple of years back. They knew the assets were never going to be enough to secure the %5mm bank line they gave.
Goes to show that this $56mm in "valuation" here is a hoax.
It's the elephant in the room nobody talks about here. I suggest everybody considering investment in this company refer to the audited financials specifically the section that discusses "restricted cash". It goes into great detail about where the restricted cash is sitting, what form it's sitting and what it is specifically sequestered for....asset retirement obligations!!
Asset retirement obligations - The Company estimates and recognizes liabilities for future asset retirement obligations and restoration of exploration and evaluation assets, and for oil and gas development and producing assets. These provisions are based on estimated costs, which take into account the anticipated method and extent of restoration, technological advances and the possible future use of the asset. Actual costs are uncertain and estimates can vary as a result of changes to relevant laws and regulations, the emergence of new restoration techniques, operating experience and prices. The expected timing of future retirement and restoration may change due to these factors, as well as affect the estimates of reserve life. Changes to assumptions related to future expected costs, discount rates and timing may have a material impact on the amounts presented. Effective with the transition to IFRS, the Company made a policy choice available under existing standards to use a risk-free rate for discounting asset retirement obligations.
The audited financials reveal "Total non-current financial liabilities $ 24,972,000". This is the "asset retirement obligations" that seldom get mentioned here.
WRONG!! You left out the $26mm in asset retirement liabilities. Why?
These are GREAT examples of why people do not trust this company or ANY involved with it.
People should do their own DD on this company, the claims of cash here and not be mislead into thinking there is $9.6mm in cash available to this company. There have been no financials in 2015 and we have absolutely no reason to think there is any cash even left (outside of the restricted cash) given the historical burn rate.
There is virtually no production left now and oil is $58/barrel. Rest assured there is much less left here now that everything of value has been sold and there was never anything here to begin with!!
99% losses and now nothing left. This company will not exist in it's current form by year end.
EOR has drilled their last well...years ago. Nothing left to sell and the cash they once had last year has all been spent.
It's almost 2 months after they announced a capital raise. We've not heard a word. How does this management team expect anybody to buy a share in a placement when they won't touch it themselves???
A great example of why people don't trust this company or ANY involved with it.
That's the point!! The "latest available" are from LAST YEAR!! We are constantly being asked to consider 4 year averages on revenue here so let's also consider the company's 4 year average on monthly burn rate of it's cash. It's $1mm+ so it's obvious to all that there is no cash left now other than the $5.5mm in restricted cash.
It's gone just as are the hopes of this company surviving.
The troubling part is the attempt to get others to believe that "cash is cash" and restricted cash is available to the company. Everyone of us here knows that $9.6mm is INCLUSIVE of cash the company can't touch. At least we get a date on the last reporting of the cash position although it was from LAST YEAR!! LMAO!!
It's all gone now so it doesn't really matter.
PROVEN that people are being mislead with "$9.6mm in cash" when most of it is restricted and the rest has been spent.
BEWARE PEOPLE!!! This number was from 2 years ago. EOR has refused to provide ANY 2015 financials.
Yet another reason why nobody trusts this company or involved with it.
LOOK PEOPLE!!! THE INSISTENCE ON IGNORING RESTRICTED CASH SHOULD BE DISTURBING!!
As should the false statements about "pipelines being built" and "CO2 Floods" happening.
One here is telling the truth and one here is not. Look at the 99% losses and decide for yourselves who is to be trusted here.
Only one here has been right about predicting the 99% losses and debunking the myths and fairytales of the self dealing management and promoters.
We are reassured that restricted cash is somehow being intentionally being left out here.
We can all read the financials. Nobody would ever trust any interpretation of the financials that suggested $9.6mm in cash" was somehow relevant or otherwise available here.
EOR has proven to be a scam with these 99% losses. Nothing here is real and nobody trusts anything they hear from anybody involved with this scam.
"yup" doesn't give anybody any sense of comfort here when I have asked why RESTRICTED CASH has been included as available cash.
Seaohtoo…people know that these financials are from last year and they know only $4mm was available from way back then.
It's been years since these clowns have tried to drill a well so what is the point of misleading posts of "$9.6mm in cash" from last year when $100mm in cash has already been stolen?
So tell us if restricted cash (being included in this number from last year) is available to the company or should we read the financials and believe that it is not?
Either the company is right and this cash is not available or we should ignore what they say and believe "cash is cash"? like we are being told here??
I have to believe we seeing another great example why nobody trusts anything involved with this company or ANY involved with it.
Sad to think people are supposed to be naive enough to think "cash is cash" when restricted cash is ignored.
Apparently there is only one buyer left here after that insider Mark Peavey was fleeced by his own management team. He fled as did the previous CEO. "adding shares" and "making money"!!! LMAO!
Wholly and utterly MISLEADING!!! Try to write a check on a bank account with RESTRICTED CASH in it!!!
"cash is not cash" when the cash can't be touched. This is EXACTLY why the AUDITED FINANCIALS go into great detail to explain restricted cash by definition. There are exhibits that tell us that under no circumstances can the company (EOR) ever access these funds until liabilities they are held against are relieved. This is such a great example of why people have not nor will ever trust anybody associates with this company!!! These examples will go a long way to saving more people from losing 99% here.
It goes on to say that the restricted cash is sequestered in escrow accounts out of reach of the company or it's money grubbing, self dealing managers.
PEOPLE…LISTEN TO THESE MISLEADING POSTS AND UNDERSTAND!!! Do not fall for some "cash is cash" statement here when we all know restricted cash is not available to the company!!!
This company is a shell and has no cash.
What's misleading is intentionally omitting the restricted cash when mentioning the cash position.
This is a great example of why people do not trust this company or involved with it. 99% losses and a long history of broken promises and failed promotions of CO2 floods and pipelines.
This is a promoted shell traders today. There is no company here. Mark my words…the "new" management here does not own a share between them They have a history of taking shells into new ventures.
There is nothing here. The EOR shell will be sold to a new promoted scam leaving those here far behind.