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Very nice MT 40 !!!
Nice post PX !!
Berkeley Bio T-Hydrocan™ Update 12-30-2013
Hi Everyone,
As we anxiously await the bottles and labels for the first Dharmanol™ product, we have been beta-testing the new T-Hydrocan™ tablets that will follow closely on its heels.
T-Hydrocan tablets contain active THC (fully decarboxylated), an array of organic terpenes and terpenoids that are found in the cannabis plant, and a mixture of the minor cannabinoids.
We have been getting asked about the difference between the T-Hydrocan tablets, and the YAK Cannabis Extract capsules that the Dharma Care and Hospice Program has been providing to patients for the last six years.
The YAK capsules are truly whole-plant. Organically grown cannabis flowers are pulverized and extracted in butter. After extraction, the powdered cannabis flowers are not removed, resulting in a true “whole-plant” product.
T-Hydrocan tablets come in two forms: T-Hydrocan™ Whole Plant and T-Hydrocan™ RMC (Refined Mixed Cannabinoids). The Whole Plant tablets are made with an extract of cannabis flowers that is made with organically-certified ethanol (drinking alcohol) which enables the capture of all of the alcohol soluble elements of the plant. Separated terpenes and terpenoids, which are insoluble in alcohol but can be removed with steam distillation, are added to the mixture, along with organic cold-pressed hemp oil, and ascorbic acid (vitamin C) as a preservative.
T-Hydrocan RMC (Refined Mixed Cannabinoids) tablets contain a highly purified extract of cannabis flowers, in the form of a translucent red or gold-colored oil which contains about 70% to 75% cannabinoids.
Several variations of the basic T-Hydrocan tablets will follow in the first part of 2014. These specialty supplements will enhance the basic formula with substantial doses of various cannabis terpenes and terpenoids which have, in themselves, shown considerable medicinal efficacy. T-Hydrocan™ Citrolene™ will be the first, containing d-limonene, a terpene which has been shown to bind with the same receptors as synthetic drugs such as Valium and Xanax, producing a pronounced relaxing and anti-spasmodic effect.
The flowers used for production are known to be pesticide and chemical free, and purity and potency is determined by testing at every step of the process by CW Analytical Labs in Oakland. The starting material is also tested for microbiological contamination, as are all of the finished products.
We would like to thank all those who have helped us in the beta-testing of the new tablets and wish all who have followed our progress a very Happy New Year.
I'm very surprised no update from company !
"We are pleased to deliver on this program just after the start of the New Year. The Janes Card will facilitate collectives receiving payments, build important data on their customer base from which targeted marketing can be created, develop brand loyalty among customers, and otherwise make it easier for collectives and their patients to transact business," Artemus Mayor, president of Medical Greens, said in a press release.
Pot Shops in Denver Open Door to $578 Million in Sales
By Alison Vekshin Dec 31, 2013 12:01 AM ET 459 Comments Email Print
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Photographer: David Paul Morris/Bloomberg
Colorado projects $578.1 million a year in combined wholesale and retail marijuana sales to yield $67 million in tax revenue, according to the Legislative Council of the Colorado General Assembly.
Toni Fox plans to open the doors of her Denver marijuana shop at 8 a.m. tomorrow to a line of customers including some who camped overnight to be the first in the U.S. to legally buy pot for recreational use.
Fox has arranged for canopy tents, heaters and a food truck to offer donuts and pastries to patrons waiting for the state-appointed hour. She expects sales at her 3D Cannabis Center, operating since 2010 as a medical-marijuana dispensary near the Denver Coliseum, to surge to at least $250,000 a month from $30,000, she said.
“We’ll have people out the door,” Fox, 42, a Salida resident, said by telephone. “It’s going to be a very festive atmosphere. We all feel like we’re walking on sunshine right now.”
Fox’s shop is among 14 in Denver that got state and local licenses in time to sell marijuana to anyone 21 or older starting Jan. 1, just over a year after Colorado and Washington voters made their states the first to legalize recreational use. Washington’s shops are expected to open later in the year.
Colorado projects $578.1 million a year in combined wholesale and retail marijuana sales to yield $67 million in tax revenue, according to the Legislative Council of the Colorado General Assembly. Wholesale transactions taxed at 15 percent will finance school construction, while the retail levy of 10 percent will fund regulation of the industry.
‘Large Lines’
“There are a lot of people interested to see what these stores are all about,” said Brian Vicente, co-author of Colorado’s recreational-marijuana ballot measure and an attorney with Vicente Sederberg LLC, a Denver-based law firm representing the marijuana industry. “There will be pretty large lines for these facilities.”
Licenses for 136 marijuana stores, a majority in Denver, were mailed Dec. 23, the Colorado Revenue Department said in a statement. Recreational marijuana businesses can open only after receiving both a state and local license, said Julie Postlethwait, a spokeswoman for the Marijuana Enforcement Division.
Only existing medical-marijuana retailers can apply for the licenses until July 1, she said. In Denver, home to the state’s largest number of such dispensaries, that deadline extends through Jan. 1, 2016.
The city’s newly licensed shops feature names such as The Green Solution, The Healing House Denver and The Denver Kush Club, according to a map on the Denver city government’s website.
Ounce Limit
Colorado residents with a photo identification showing they are at least 21 may buy as much as one ounce of pot in a single transaction, while those from out of state can get a quarter ounce, Postlethwait said. Customers can’t consume the product in public, including at the shops.
Medium-quality marijuana sells for an average of $196 an ounce in Colorado and $192 an ounce in Washington, according to the Price of Weed website, where pot buyers can post what they paid.
“It will be an interesting time in Colorado in the next few months,” Postlethwait said. “We’ll have things shake out and settle. That will give us an opportunity to study what the face of the two segments of the marijuana industry will look like.”
Marijuana possession and sale remains illegal under federal law. In August, the U.S. Justice Department said it wouldn’t challenge the legalization laws in Washington and Colorado provided the states prevent out-of-state distribution, access to minors and drugged driving, among other restrictions.
867 Applications
In Washington, retailers will begin selling marijuana around June, according to Brian Smith, a spokesman for the State Liquor Control Board, which is overseeing the industry. The agency, which limits retail licenses to 334 statewide, had received 867 applications as of Dec. 24, he said.
Washington’s pot producers, processors and retailers each must pay the state a 25 percent sales tax, unless they hold both producer and processor licenses, which allows them to pay the levy once.
Washington isn’t including revenue from marijuana growth, processing and sales in its fiscal projections “due to the continued uncertainty over the rules and structure of the market,” according to a November report by the state’s Economic and Revenue Forecast Council.
To contact the reporter on this story: Alison Vekshin in San Francisco at avekshin@bloomberg.net
To contact the editor responsible for this story: Stephen Merelman at smerelman@bloomberg.net
Yes I just put them on IGNORE !!
I use Scottrade and theres no problem !!
Yes thats nice and also some news in a form of a pr would really help out, Best of Luck CER3 !!
A finish at 6 or 7 would be nice !
I will say January 1 !
Yes what a nice voice though I'd rather talk to a live person !
Thanks heavenly !
Exactly !!!
Great dd GD !!
I have Scottrade and I can trade pdgod !
Well sad Mc and well done buy long and strong for getting the questions to Ed !
At this stage in the Company’s regrowth, the company is trying to develop long-term strong, service oriented business relationships with its clients. Previous press releases have resulted in clients being contacted multiple times by the general public to confirm the relationship, however this is inconsistent with the Company’s internal policies regarding customer service and retention, and may not be welcome by our clients. As a result, the Company has decided not to publically announce each new client. The Company will continue to make announcements regarding material events but will not identify clients by name at this stage unless requested by the client. We will likely announce clients of unusual significance, and may resume more frequent merchant announcements in the future
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MYECHECK, INC (“MYEC”) STOCK IS A HIGH RISK INVESTMENT. MYECHECK, INC IS AN EARLY STAGE, STARTUP COMPANY AND IS HIGHLY VULNERABLE TO KNOWN AND UNFORESEEN RISKS, INCLUDING BUT NOT LIMITED TO INABILITY TO EARN REVENUE AND CONTINUE OPERATIONS. MYECHECK DOES NOT GIVE INVESTMENT ADVICE; PLEASE CONSULT A LICENSED PROFESSIONAL FINANCIAL ADVISOR BEFORE INVESTING. ONLY EXPERIENCED, QAULIFIED INVESTORS THAT CAN AFFORD TO LOOSE THEIR ENTIRE INVESTMENT SHOULD CONSIDER INVESTING. MYECHECK, INC IS A LIMITED REPORTING COMPANY SUBJECT TO LOWER REQUIREMENTS OF DISCLOSURE THAN A FULLY REPORTING COMPANY. MYECHECK FINANCIAL STATEMENTS AND REPORTS ARE UN-AUDITED.
Company Information
Corporate Name: MyECheck, Inc.
State of Incorporation Wyoming
Main Office Address: 3941 Park Dr., Suite 20-179
El Dorado Hills, CA, 95762
Stock Exchange/Ticker OTC:Pink “MYEC”
Transfer Agent: Signature Stock Transfer
FAQ
1) What is an accurate count on shares outstanding? What is the current float?
A) As of December 1, 2013, there are 3,612,470,000 shares issued and about 609,000,000 in the public float.
2) The MyECheck Founder & CEO, Ed Starrs holds 3,000,000,000 shares, about 79% of the issued and outstanding and 60% of the authorized, what are his intentions for these shares?
A) Mr. Starrs plans on holding his stock long term and has no plans to sell any stock. Mr. Starrs’ stock is “Restricted” and cannot be sold without an exemption from registration such as Rule 144. Rule 144 may permit Mr. Starrs to sell up to 1% of the issued and outstanding stock, or up to 36,124,700 shares within any three month period. If Mr. Starrs changes his plan and decides to sell stock, he would be limited to selling relatively small amounts of stock from time to time as permitted under an exemption to registration, and any such sales would be subject to disclosure through the OTC.
3) Why are there almost 5 billion shares authorized and 3.6 billion issued and outstanding, this seems like a lot of shares compared to other companies, does it pose any unique problems and is the Company considering restructuring its equity, would management retire their shares?
A) The current equity structure is the result of re-organizing the Company that enabled management to regain control of the Company and restart liquidity in the public market, and that process is still going on. The equity structure has served an important purpose for the Company and has proven to be the right structure during the past year. Currently there is no need, therefore no plan to restructure the Company equity. A reverse split at this time, for example, would cost shareholder value we believe and would give shareholders fewer shares at an inequitable value. We are however open to restructuring if and when we believe there is a viable reason to do so. It is very likely that equity restructuring will be considered in 2014. The idea that management would give away their ownership positions is unrealistic.
4) Are there any current plans to form an IR Department for MyECheck?
A) We will have internal Investor Relations when we are fully reporting on a more senior exchange, and we will likely use external Investor Relations services in the interim.
5) Is MyECheck still the fastest, safest and cheapest way to transfer money from any US bank account?
A) Yes, it’s the fastest, safest and lowest cost way to move money electronically in the United States. And, advances in banking industry infrastructure along with our own new developments will improve our capabilities and the services we provide.
6) Why do some brokers show a Chill on MyECheck’s stock, when other brokerages do not? Is there a way to get that fixed?
A) MyECheck is not currently DTC eligible and needs to have a DTCC member recommend us to become DTC eligible. When MyECheck re-domiciled from Nevada to Wyoming, a new CUSIP was issued to the Company stock and the old CUSIP was cancelled. DTCC tracks Issuers by CUSIP so they have no way of tracking MYEC, therefore cannot clear MYEC stock electronically through DTC. Some brokers can get around this manually and some can’t or won’t. We have been working with DTCC members on becoming DTC eligible in the very near future.
7) There was a PayPal Survey sent out showing MyECheck as an alternative. Do you have any knowledge of this? If so, can you comment on it?
A) We have had no contact with PayPal regarding this survey and had no role in it other than being listed as a payment services provider.
Instead of offering MyECheck branded services to PayPal users, a better application for PayPal would be to use our technology as the default bank account funding method instead of ACH, it would work with more PayPay user bank accounts, the funds would clear at least a day faster than they currently do, and it would be more secure with less failed and returned transactions therefore lower cost and much more efficient.
8) What happened to the stock issued for the debt June 15, 2015 of 400,000,000 shares?
A) The stock was issued for the conversion of convertible debt that was purchased by a third party investor. However subsequent to the issue, the investor failed to pay the debt as agreed so the stock was cancelled on the ledger of Company.
9) What were the negotiations that were made with creditors to eliminate $502,222 of debt? Was this debt cancelled because of an agreement to trade for MyECheck’s check processing services?
A) The majority of the debt eliminated was loans to the Company, the derivative liabilities created by the loans, and numerous small accounts payable bills from various service providers. The loan instruments were Convertible Notes and Debentures. We found investors to buy these notes from the note holders; the notes were converted into shares of MYEC and sold. Almost all of the stock in the public float was created this way. With the debt from the Convertible Debenture gone the derivatives liabilities are eliminated also. The smaller debt was negotiated on a case-by-case basis with each creditor with various resolutions, but none of the creditors would have brought much value as a customer. This conversion of debt into stock also restarted the market for MYEC stock.
10) Do you have an established timeframe for MyECheck’s financials to be audited? As it would create a wealth of investor confidence, both old and new investors.
A) We plan to start the process of filing audited financial reports and become fully reporting early in 2014, this will require our previous unaudited financials be audited also.
11) What is the approximate length of time for integration of a new client? (Best, worst case and factors involved)
A) It typically takes around a week or two for a nimble client to sign up and integrate from start to finish, however the technical integration part with us is quite easy and takes very little time once the documents have been read. Our services only require data that be sent to us in one of the secure specified formats, but depending on many factors such as the size of the client, their IT personnel and schedule, their website and shopping cart, applications, database, accounting system, fulfillment system and many factors beyond our control, it takes from 2 hours to several months.
12) How are fees and percentages with sub patent agreements determined? What is the range?
A) Licensing fees are determined by the forecast number of transactions and average transaction amount. Fees consist of an upfront licensing fee for a patent sub-license, an upfront fee for a software license if required, and an ongoing fee that is a percentage of transaction amount or a flat fee per transaction. This is typically quoted to the prospective licensee after we have reviewed their business and determined their processing volume – number and size of transactions. Because our fees are custom to each client, we do not publish our fees publically.
13) What are your immediate and future hiring plans and how do you expect this to affect your speed of growth?
A) We are hiring Senior Management now, they will in turn hire subordinates. It is essential for speedy growth. Our services and internal operations are fully automated and touch free so essentially require only monitoring. Our personnel growth will be in Sales & Marketing and IT and Development.
14) Considering that MyECheck is far superior to competition, what difficulties do you foresee going forward regarding widespread acceptance of your technology?
A) The biggest obstacle is the portion of the establishment banking industry that has vested interests in ACH and resists change out of fear. Once they inevitably and collectively agree to embrace fully electronic checks, the landscape will change very dramatically, very quickly, and for the better of the national payment system.
15) What is the nature of the patent licensing agreement between Ed Starrs (yourself) and MyECheck, Inc. (the company)?
A) The agreement is exclusive and royalty free for MyECheck, however Mr. Starrs has the right to re-negotiate the agreement at any point in the future although there are no plans for re-negotiation.
16) What factors make MyECheck money transfer more secure internationally? Are international payments currently available with MyECheck?
A) It’s sounds like just semantics, but MyECheck is not a Money Transfer Service, which requires special licenses and involves a high degree of risk. We do not transfer or process money at all, either domestically or internationally.
To clarify our service processes electronic check data on behalf of merchants, enabling fully electronic check payments to our merchants from US customers/payers. Money transfer services, like Western Union, are person to person long distance cash payments. One person pays cash on one end, the other person picks up cash at the other end.
Currently we do not offer international payments, and although we plan to add global payments in the future, it is currently not our focus.
17) MyECheck appears to work the same as Debit (in that it transfers money from checking accounts), but it is significantly cheaper and faster. Is the Debit card market one that you intend on pursuing? Is it possible to have a MyECheck ‘debit card’ which would then create a virtual check and be facilitated by your patented technology?
A) Debit card transactions are processed through the Visa/MC or ATM networks, with their fees, limitations and rules. MyECheck creates and processes checks just as if it was originally a paper check, but in essentially real time. This is dramatically different than debit card services. Our service provides access to every checking account in the US, not just those tied to a specific card network. The user doesn’t need a card or any hardware to pay using MyECheck, just a checking account.
We are targeting market share of the $44 Trillion check industry with a unique patented service, this industry has different customers and is a better fit for us than the $1 Trillion over saturated debit card industry.
However, a MyECheck customer or licensee hosting a virtual or mobile wallet with MyECheck as the account funding method could issue a debit card to draw or spend those funds in the wallet, but it is unlikely MyECheck will need to offer this type of payment service itself.
18) What factors affect true processing speed? Is it the same internationally? What is the longest amount of time it can take to process?
A) The primary factors that affect processing speed are user interface software/browser, network connectivity and latency. Response times are typically 1 to 3 seconds.
19) Do you anticipate uplisting in the near or long term? What obstacles do you see preventing possible uplisting?
A) We plan on moving up to more senior exchanges when we qualify, hopefully early in 2014. We don’t anticipate any specific obstacles at this stage and we are confident we can address any that may present.
20) In the past, MyECheck has a history of PRs regarding new clients and progress. What are your intentions of PR’s and updates going forward?
A) At this stage in the Company’s regrowth, the company is trying to develop long-term strong, service oriented business relationships with its clients. Previous press releases have resulted in clients being contacted multiple times by the general public to confirm the relationship, however this is inconsistent with the Company’s internal policies regarding customer service and retention, and may not be welcome by our clients. As a result, the Company has decided not to publically announce each new client. The Company will continue to make announcements regarding material events but will not identify clients by name at this stage unless requested by the client. We will likely announce clients of unusual significance, and may resume more frequent merchant announcements in the future.
21) Are the Corporate Merchant Solutions agreements still on track for implementation this year? If so, are these agreements still anticipated to bring in $250,000 per month gross revenue to MyECheck?
A) No, unfortunately Corporate Merchant Solutions is not on track for completion of implementation before the end of the year.
22) What is your strategy, near term, for signing new customers for the purpose of licensing and sub-licensing MyECheck’s patented technology? How do you see that strategy changing in the future to allow for accelerated growth? What level of growth do you foresee in the next 1, 2 & 5 years?
A) The short-term focus is on going live with a few large merchant services customers and licensees that can generate very large transaction volumes. Most of our sales leads come from resellers, and we are starting to build a sales organization to manage the resellers. We also have relationships with resellers that have yet to be engaged.
23) How do you plan to overcome obstacles, such as larger customers who are more hesitant of change, when offering MyECheck’s technology as a solution?
A) It depends on who has presented the obstacle and why, there’s potentially dozens of answers to this. One way is to point to one of their competitors or similar company that made the change, tell them why they changed and what competitive benefits they reaped. Fortunately we have processing history and some references.
24) To whom does MyECheck owe the remaining $302,000 shown as current liabilities on the balance sheet, as per the September 30, 2013 Quarterly Report?
A) It’s a combination of a Loan from 2009 (about $65k), Legal (about $110K), Accounting (about $30K), Developers (about $50k) and other professional services fees.
25) What is the exact nature of the operating expenses shown in the Quarterly Reports?
A) Development, hosting, office, transfer agent fees, and legal fee. The development money went to pay our outsourced developers, we lease hosting space for our production system at QTS Data Center in Sacramento, and we lease a small business office. The transfer agent fees and the legal fee are a necessary part of being a public company.
26) Has MyECheck Inc. hired a Director of Merchant Services? Who is Jim Gisler? (He claims to work for MyECheck Inc. on LinkedIn).
A) We do not have a Director of Merchant Services. Mr. Gisler was a former employee of MyECheck not currently employed with us since 2010, he was a great employee who left on friendly terms and we would hire him back, but we don’t need him right now.
27) MyECheck Inc. operates under the Check 21 Act in the United States. Are there similar laws in most other Countries, and could this be an issue for International expansion?
A) There are no similar laws in other countries yet, but it is likely in the future. In the meantime, the US market holds enormous potential measured in trillions of dollars. We do have an international strategy of partnering with international payments providers. We are reviewing international payments services providers for implementation in the second half of 2014. The proposed wholesale partnership would provide MyECheck as the US component of their international service, and we would add their global services to our payment platform, giving us immediate comprehensive global capabilities.
28) Does MyECheck Inc. plan on getting involved with Airlines, Online Gambling Sites, Brokerage Firms, Municipalities, and Payroll Processing Agencies?
A) Not Online Gambling until the legal climate clarifies, but all the others listed can benefit immediately from MyECheck and they are currently sales targets. We have previously successfully provided services to the State of California and other government entities, so government is a primary target for us.
29) What percentage of revenue is generated by the new IP Licensing Revenue Model? What percentage of the fees generated by licensees flow to MyECheck Inc.?
A) This is the first time revenue has been reported from licensing fees in the previous quarter, the percentages of revenue generated so far would not be a viable indicator of anything yet. We expect the majority of fees to be generated from licensing fees, ultimately. All fees generated by licensees flow to MyECheck.
30) Will MyECheck’s technology ever be used with mobile devices?
A) Yes, MyECheck technology has been used on mobile devices. As a back-end processor, our merchants have used a variety of applications and interfaces to collect the data they pass to us, including mobile apps. We expect mobile apps to be a common way merchants will use to collect payment data and/or payment authorizations from their customers. We are working on new technologies that further secure these types of transactions.
31) Why should online merchants choose to use us (MyECheck) over the competition?
A) MyECheck works with more of their customers, they get paid faster, it costs them less money, payments are more likely to be successful and less likely to be reversed, and payments can be guaranteed.
The specific comparative benefits depend on the online merchant and what competition you are referring to. Usually a business prospect is analyzed and a detailed custom proposal is prepared that highlights the specific benefits and cost savings for that unique client.
Numerous sources of information highlight the benefits of MyECheck services including the comparative analysis, the company website and company brochures, some provide detailed explanations of our Merchant Services and the competitive benefits for various applications as compared to various other payment types. However online merchants are not primary targets for us anymore because they cannot provide the transaction volume we are seeking.
32) Will any 2014 expansion projects require significant investments and/or financing?
A) No not really, we will need to upgrade all of our hardware and add a lot more but that’s relatively inexpensive and we expect to be able to pay for it from revenue. We won’t need to do anything until we have much greater revenue anyway.
33) Do you believe it wise to require new customers to pay such a high rate at such an early stage in MyECheck’s formation? Would it be more beneficial to get more customers for a lower initial integration cost and grow based off of fees, then move to a higher integration cost?
A) MyECheck is the lowest cost electronic payments services provider in the country. We have never charged anything for integration, we only charge for successful transactions. All of our customers have saved money using our service. Most have saved substantial amounts of money and resources, and have custom pricing based upon many factors unique to them; we do not publish these rates.
34) Do you have plans to take advantage of the FREE SERVICES such as Social Media (Facebook, Twitter, LinkedIn, etc…)? Social media updates would dramatically reduce shareholder inquiries.
A) Yes, likely after we get IR
35) Can you please tell us which companies, previously press released, are currently processing payments through MyECheck?
A) So far, companies that have been previously announced that are currently processing payments through MyECheck are Forever Living Products, Simplifile and Always On Vacation.
36) Have you considered Venture Capital or Grants as possible financing tools for growth?
A) At this time we are not seeking outside financing.
© 2013 MyECheck Inc.
Did he really need a rs ?
Paradigm Oil and Gas, Inc. (Pink Sheets: PDGO) CEO Vince Vellardita said the company has received its permits to sell the oil it is producing.
Hopefully news next week !
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Nov 18, 2013 10:15 AM | about stocks: MYEC, NTEK, ACYD
A lot of the time when it comes to risk many speculate about entering into sub-penny plays. Especially when it comes to holding for the long haul. I spend day after day searching through hundreds of sub-penny scams that I file away in my list I call "Black holes". Once you enter these you don't know what's going to happen on the other side.
From time to time I do find some very good sub-penny plays and I take my chances and ride them out. A few more recent examples would be OTC:NTEK and OTC:ACYD. NTEK was sitting around $.0008/share back when it first caught my eye in late 2012. It had dropped from around $.07-$.10/share down to 8% of a penny per share. I decided to some research and found it was worth the risk. I also did the same with ACYD. NTEK is now trading between $.12-$.17 and ACYD is around $.03-$.07. I expect both to continue to grow throughout the next year.
The reason behind this article is that I have found what I feel to be the next real winner. Not some pump-and-dump scam that will run to a penny one day and drop the next. OTC:MYEC. MyECheck operates under license to US Patent 7,389,913 Method and Apparatus for Online Check Processing issued June 2008.
MYEC has been slowly growing in popularity and has been accumulating very nicely. It's CEO Edward Starrs last week release astonishing Q3 results that shocked most investors beating all expectations. They also released this year the new deal with cardinal commerce contract and their partnership with the bank of Kentucky. They also signed agreements with spindle, inc., Corporate Merchant Solutions, and Karmen group shortly after the partnership.
The CEO of MYEC, Mr. Starrs, has more than 20 years experience as an international business executive with management experience in multiple industries. He has been an officer and director of MyECheck since its formation in 2004. Previously, Mr. Starrs was president of Starnet Systems international, inc., a wholly owned subsidiary of a public company that was processing more than $2 billion annually in internet transactions. Mr. Starrs owned and operated several successful companies including, ERS Marketing, Inc., where he produced over $20 million in contracts for his clients, and Bay Distributing, Inc. a major distributor of over 800 product categories to Fortune 500 accounts. From January, 2002 through October, 2004, Mr. Starrs was President of Digency, Inc., an online payment processing company engaged in credit card and eCheck transaction processing for Internet Merchants. Starrs has also held senior management positions with Fortune 100 companies including McCaw Communications, Inc. (AT&T), and AMF, Inc., the world's largest sporting goods conglomerate. Effective May 21, 2010, the Board of Directors of the Company has appointed Edward R Starrs, the Company's Chief Executive Officer, as acting Chief Financial Officer until a suitable permanent replacement can be seated.
To sum everything up in this already short to the point article. MYEC is extrememly undervalued. Given the companies preformance with their leadership and the growing market they are in this should be trading around $.10/share.
Funny thing I bought at 28 and it went to 27 and bought at 27 and it still went down .
Would be nice !!
Thanks, I hope the production numbers come out soon !
How did the conversation with Vince go Footloose ?
PRMT DATE SPUD DATE STAT DATE ST CD MINA TRAVIS
01/08/2003 01/11/2003 09/21/2013 33
WELL SURFACE COORDINATES
Surface Longitude Surface Latitude Lambert X Lambert Y Ground Elevation Zone Datum
90-42-16.194 30-55-29.11 2197204 821723 300.8 S NAD-27
WELL SURFACE COORDINATES GENERATED BY DNR
UTMX 83 UTMY 83 LONGITUDE 83 LATITUDE 83
719332.50802315 3423541.26571378 -90.70459628 30.92493264
BOTTOM HOLE COORD
EFFECTIVE DATE END DATE PLUGBACK TOTAL DEPTH TRUE VERTICAL DEPTH MEASURED DEPTH LAT DEG LAT MIN LAT SEC LONG DEG LONG MIN LONG SEC COORDINATE SOURCE LAMBERT X LAMBERT Y ZONE COORDINATE SYSTEM
01/08/2003 03/10/2003 13000 02
05/13/2003 12784 12857
03/11/2003 05/12/2003 12784 12857 0 0 0 0 0 0 0 0 N
WELL HISTORY
SERIAL WELL NAME WELL NUM ORG ID FIELD ST CD PT WELL CLASS EFF DATE END DATE STAT DATE
227762 VUB;MINA TRAVIS 001 H217 6115 33 10 09/21/2013 09/21/2013
227762 VUB;MINA TRAVIS 001 H217 6115 33 10 02/07/2013 09/20/2013 02/07/2013
227762 VUB;MINA TRAVIS 001 H217 6115 10 10 08/01/2012 02/06/2013 03/11/2003
227762 VUB;MINA TRAVIS 001 T232 6115 10 10 05/01/2007 07/31/2012 03/11/2003
227762 VUB;MINA TRAVIS 001 L165 6115 10 10 03/11/2003 04/30/2007 03/11/2003
227762 VUB;MINA TRAVIS 001 L165 6115 01 00 01/08/2003 03/10/2003 01/08/2003
SCOUT INFO
REPORT DATE WELL STATUS MEASURED DEPTH TRUE VERT DEPTH DETAIL
06/04/2003 12 12857 RECOMPLETED 05/13/03 AS AN OIL WELL IN THE LOWER TUSCALOOSA; PM F; BOPD 188; MCFD 100; FTP 115; SITP 1575; CP 0; CHOKE 22/64" ADJ; BWPD 0; BS&W 2%; GOR 532; GVTY 39; PERFS 12733-12751' (ST:10)
03/21/2003 10 12857 COMPLETED 03/11/03 AS AN OIL WELL IN THE LOWER TUSCALOOSA; PM F; BOPD 188; MCFD 138; FTP 149; SITP 1575; CP 300; CHOKE 20/64" ADJ; BWPD 0; BS&W 2%; GOR 734; GVTY 39; PERFS 12733-12743'
02/19/2003 06 12857 COMPLETING WELL - WOCR
02/12/2003 05 12857 DRLD TO 12857' & LOGGED
02/05/2003 05 12576 DRLD TO 12576'; SPOT LCM PILLS; C&C; W&R
01/29/2003 05 11217 DRLD TO 11217'
01/22/2003 05 6225 DRLD TO 4046' & RAN 9 5/8" TO 4045' CMT W/ 1250 SXS; DRLD TO 6225'
01/15/2003 05 2701 DROVE 16" CP 62' PEN; SPUD 01/11/03; DRLD TO 2092'; LOST FULL RETURNS 2015-2043'; PUMP PILLS; DRLG @ 2701' WH-1 & FORM COMPL (ST:10) & SCHEM RECD 03/14/03 EFF 03/11/03 AD (497-11903') & EL (4044-12828') RECD 03/14/03 ENG 16 RECD 9/9/03
01/08/2003 01 13000 FR NE/COR OF SEC 50, TH WLY ALG NL OF SEC 50 FOR 1500', TH SLY @ RA'S FOR 111' TO LOC IN SEC 50.
PERFORATIONS
SERIAL NUM COMPLETION DATE UPPER PERF LOWER PERF SANDS RESERVOIR
227762 05/13/2003 12733 12751 LWR TUSC
227762 03/11/2003 12733 12743 LWR TUSC
WELL TESTS
RPT TYP TEST DATE RPT DATE OIL POT COND GAS DEL WATER BSW% FLOW PRES SHUTIN PRES CHOKE UPPER PERF LOWER PERF BOT HOLE PRES
DM-1R 09/21/2013 11/01/2013 12733 12751
DM-1R 02/07/2013 05/01/2013 12733 12751
DM-1R 04/27/2012 05/01/2012 4 0 30 40 12 12733 12751
DM-1R 11/01/2011 11/01/2011 4 30 40 12 12733 12751
DM-1R 10/05/2004 11/01/2004 32 .2 60 20 12733 12751
DM-1R 03/08/2004 05/01/2004 58 3 60 20 12733 12751
DM-1R 04/24/2003 05/01/2003 84 .2 50 OPEN 12733 12743
WELL ALLOWABLES
EFFECTIVE DATE END DATE LUW CODE LUW TYPE CODE ALLOWABLE ESTIMATED POTENTIAL CURRENT ALLOWABLE TYPE
07/01/2013 12/31/2013 049413 2 0 1
01/01/2013 06/30/2013 049413 2 0 1
08/01/2012 12/31/2012 049413 2 1300 4 1
07/01/2012 07/31/2012 049413 2 1300 4 1
02/22/2012 06/30/2012 049413 2 1300 4 1
01/01/2009 06/30/2009 049413 2 1
07/01/2008 12/31/2008 049413 2 0 0 1
01/01/2008 06/30/2008 049413 2 0 1
07/01/2007 12/31/2007 049413 2 1300 32 1
05/01/2007 06/30/2007 049413 2 0 0 1
01/01/2007 04/30/2007 049413 2 0 0 1
07/01/2006 12/31/2006 049413 2 0 1
01/01/2006 06/30/2006 049413 2 1300 32 1
07/01/2005 12/31/2005 049413 2 0 1
01/01/2005 06/30/2005 049413 2 1300 32 1
07/01/2004 12/31/2004 049413 2 1300 58 1
01/01/2004 06/30/2004 049413 2 0 0 1
07/01/2003 12/31/2003 049413 2 1300 84 1
05/13/2003 06/30/2003 049413 2 1300 188 1
03/11/2003 05/12/2003 049413 2 1300 188 1
LEASE\UNIT\WELL PRODUCTION
RPT DATE LUW CODE STORAGE FAC DOC USE WELL CNT OPENING STK OIL PROD(BBL) GAS PROD(MCF) DISPOSITION CLOSING STK PARISH
09/01/2013 049413 0 32 0 32 SAINT HELENA
08/01/2013 049413 0 32 0 32 SAINT HELENA
07/01/2013 049413 0 32 0 32 SAINT HELENA
06/01/2013 049413 0 32 0 32 SAINT HELENA
05/01/2013 049413 0 32 0 32 SAINT HELENA
04/01/2013 049413 0 32 0 32 SAINT HELENA
03/01/2013 049413 0 32 0 32 SAINT HELENA
02/01/2013 049413 0 32 0 0 32 SAINT HELENA
01/01/2013 049413 0 32 0 0 32 SAINT HELENA
12/01/2012 049413 0 32 0 0 32 SAINT HELENA
11/01/2012 049413 0 32 0 0 32 SAINT HELENA
10/01/2012 049413 0 32 0 32 SAINT HELENA
09/01/2012 049413 0 32 0 32 SAINT HELENA
08/01/2012 049413 0 32 0 32 SAINT HELENA
07/01/2012 049413 0 32 0 32 SAINT HELENA
06/01/2012 049413 1 32 0 0 32 SAINT HELENA
05/01/2012 049413 1 161 0 129 32 SAINT HELENA
04/01/2012 049413 1 142 19 0 161 SAINT HELENA
03/01/2012 049413 1 107 35 0 142 SAINT HELENA
02/01/2012 049413 1 95 12 0 107 SAINT HELENA
01/01/2012 049413 1 86 9 0 95 SAINT HELENA
12/01/2011 049413 1 66 20 0 86 SAINT HELENA
11/01/2011 049413 1 61 5 0 66 SAINT HELENA
10/01/2011 049413 1 58 3 0 61 SAINT HELENA
09/01/2011 049413 1 10 48 0 58 SAINT HELENA
08/01/2011 049413 1 16 92 98 10 SAINT HELENA
07/01/2011 049413 1 11 5 0 16 SAINT HELENA
06/01/2011 049413 1 11 0 0 11 SAINT HELENA
05/01/2011 049413 1 11 0 0 11 SAINT HELENA
04/01/2011 049413 1 11 0 0 11 SAINT HELENA
03/01/2011 049413 1 6 5 0 11 SAINT HELENA
02/01/2011 049413 1 6 0 0 6 SAINT HELENA
01/01/2011 049413 1 1 5 0 0 6 SAINT HELENA
12/01/2010 049413 1 76 58 0 133 1 SAINT HELENA
11/01/2010 049413 1 71 5 0 0 76 SAINT HELENA
10/01/2010 049413 1 71 0 0 0 71 SAINT HELENA
09/01/2010 049413 1 71 0 0 0 71 SAINT HELENA
08/01/2010 049413 1 66 5 0 0 71 SAINT HELENA
07/01/2010 049413 1 66 0 0 0 66 SAINT HELENA
06/01/2010 049413 1 164 0 0 98 66 SAINT HELENA
05/01/2010 049413 1 143 21 0 0 164 SAINT HELENA
04/01/2010 049413 1 92 51 0 0 143 SAINT HELENA
03/01/2010 049413 1 67 25 0 0 92 SAINT HELENA
02/01/2010 049413 1 47 20 0 0 67 SAINT HELENA
01/01/2010 049413 0 47 0 0 0 47 SAINT HELENA
12/01/2009 049413 1 19 28 0 0 47 SAINT HELENA
11/01/2009 049413 1 19 0 0 0 19 SAINT HELENA
10/01/2009 049413 1 19 0 0 0 19 SAINT HELENA
09/01/2009 049413 1 20 160 0 161 19 SAINT HELENA
08/01/2009 049413 1 18 2 0 0 20 SAINT HELENA
07/01/2009 049413 1 13 5 0 0 18 SAINT HELENA
06/01/2009 049413 1 10 3 0 0 13 SAINT HELENA
05/01/2009 049413 1 350 2 0 342 10 SAINT HELENA
04/01/2009 049413 1 347 3 0 0 350 SAINT HELENA
03/01/2009 049413 1 347 0 0 0 347 SAINT HELENA
02/01/2009 049413 1 339 8 0 0 347 SAINT HELENA
01/01/2009 049413 0 339 0 0 0 339 SAINT HELENA
12/01/2008 049413 1 302 37 0 0 339 SAINT HELENA
11/01/2008 049413 1 265 37 0 0 302 SAINT HELENA
10/01/2008 049413 1 249 16 0 0 265 SAINT HELENA
09/01/2008 049413 1 230 19 0 0 249 SAINT HELENA
08/01/2008 049413 1 205 25 0 0 230 SAINT HELENA
07/01/2008 049413 1 105 280 0 180 205 SAINT HELENA
06/01/2008 049413 1 49 56 0 0 105 SAINT HELENA
05/01/2008 049413 1 49 0 0 0 49 SAINT HELENA
04/01/2008 049413 1 49 0 0 0 49 SAINT HELENA
03/01/2008 049413 1 49 0 0 0 49 SAINT HELENA
02/01/2008 049413 1 46 3 0 0 49 SAINT HELENA
01/01/2008 049413 0 46 0 0 0 46 SAINT HELENA
12/01/2007 049413 1 43 3 0 0 46 SAINT HELENA
11/01/2007 049413 1 43 0 0 0 43 SAINT HELENA
10/01/2007 049413 1 43 0 0 0 43 SAINT HELENA
09/01/2007 049413 1 43 0 0 0 43 SAINT HELENA
08/01/2007 049413 1 43 0 0 0 43 SAINT HELENA
07/01/2007 049413 1 167 23 0 147 43 SAINT HELENA
06/01/2007 049413 1 50 117 0 0 167 SAINT HELENA
05/01/2007 049413 1 147 75 0 172 50 SAINT HELENA
04/01/2007 049413 1 145 180 0 178 147 SAINT HELENA
03/01/2007 049413 1 64 81 0 0 145 SAINT HELENA
02/01/2007 049413 1 162 76 0 174 64 SAINT HELENA
01/01/2007 049413 1 139 200 0 177 162 SAINT HELENA
12/01/2006 049413 1 274 219 0 354 139 SAINT HELENA
11/01/2006 049413 1 190 259 0 175 274 SAINT HELENA
10/01/2006 049413 1 112 78 0 0 190 SAINT HELENA
09/01/2006 049413 1 72 217 0 177 112 SAINT HELENA
08/01/2006 049413 1 152 270 0 350 72 SAINT HELENA
07/01/2006 049413 1 214 286 0 348 152 SAINT HELENA
06/01/2006 049413 1 53 339 0 178 214 SAINT HELENA
05/01/2006 049413 1 207 376 0 530 53 SAINT HELENA
04/01/2006 049413 1 132 252 0 177 207 SAINT HELENA
03/01/2006 049413 1 173 133 0 174 132 SAINT HELENA
02/01/2006 049413 1 173 0 0 0 173 SAINT HELENA
01/01/2006 049413 1 106 67 0 0 173 SAINT HELENA
12/01/2005 049413 1 198 235 0 327 106 SAINT HELENA
11/01/2005 049413 1 217 321 0 340 198 SAINT HELENA
10/01/2005 049413 1 187 388 0 358 217 SAINT HELENA
09/01/2005 049413 1 170 355 0 338 187 SAINT HELENA
08/01/2005 049413 1 150 370 0 350 170 SAINT HELENA
07/01/2005 049413 1 225 445 0 520 150 SAINT HELENA
06/01/2005 049413 1 151 429 0 355 225 SAINT HELENA
05/01/2005 049413 1 421 619 0 889 151 SAINT HELENA
04/01/2005 049413 1 155 795 0 529 421 SAINT HELENA
03/01/2005 049413 1 166 691 0 702 155 SAINT HELENA
02/01/2005 049413 1 237 467 0 538 166 SAINT HELENA
01/01/2005 049413 1 37 565 0 365 237 SAINT HELENA
12/01/2004 049413 1 189 374 0 526 37 SAINT HELENA
11/01/2004 049413 1 411 858 0 1080 189 SAINT HELENA
10/01/2004 049413 1 382 933 0 904 411 SAINT HELENA
09/01/2004 049413 1 374 1266 0 1258 382 SAINT HELENA
08/01/2004 049413 1 451 1014 0 1091 374 SAINT HELENA
07/01/2004 049413 1 107 1163 0 819 451 SAINT HELENA
06/01/2004 049413 1 418 2049 0 2360 107 SAINT HELENA
05/01/2004 049413 1 277 1037 0 896 418 SAINT HELENA
04/01/2004 049413 1 284 1433 0 1440 277 SAINT HELENA
03/01/2004 049413 1 171 1536 0 1423 284 SAINT HELENA
02/01/2004 049413 1 269 1343 0 1441 171 SAINT HELENA
01/01/2004 049413 1 177 1691 0 1599 269 SAINT HELENA
12/01/2003 049413 1 161 911 0 895 177 SAINT HELENA
11/01/2003 049413 1 546 1025 0 1410 161 SAINT HELENA
10/01/2003 049413 1 408 1210 0 1072 546 SAINT HELENA
09/01/2003 049413 1 320 1775 0 1687 408 SAINT HELENA
08/01/2003 049413 1 30 290 0 0 320 SAINT HELENA
07/01/2003 049413 1 646 1161 0 1777 30 SAINT HELENA
06/01/2003 049413 1 227 2175 0 1756 646 SAINT HELENA
05/01/2003 049413 1 329 3257 1353 3359 227 SAINT HELENA
04/01/2003 049413 1 0 1749 1897 1420 329 SAINT HELENA
03/01/2003 049413 1 0 661 0 661 0 SAINT HELENA
CASING
COMPLETION DATE CASING SIZE WELLBORE SIZE CASING WEIGHT UPPER SET DEPTH LOWER SET DEPTH CEMENT SACKS TEST PRESSURE HOURS UNDER PRESSURE TEST DATE CASING PULLED CREATION PROCESS
03/11/2003 0512 0834 20 0 12839 700 2400 1 02/10/2003 WELL HISTORY
03/11/2003 0958 1214 40 0 4045 1350 1500 24 01/17/2003 WELL HISTORY
PLUG AND ABANDON
P and A DATE LOCATION TYPE CASING CUT TYPE CASING CUT DEPTH MUD WEIGHT LEFT COMMENTS
PLUGS
PLUG TYPE UPPER PLUG DEPTH LOWER PLUG DEPTH SACKS OF CEMENT SLURRY WEIGHT
TUBING AND PACKERS
COMPLETION DATE TUBING SIZE TUBING LOWER DEPTH TUBING UPPER DEPTH PACKER DEPTH
03/11/2003 02&07/08 12719 0 12666
WORK PERMITS
REFERENCE NUMBER APPLICATION D
PRMT DATE SPUD DATE STAT DATE ST CD LUCY LEE # 2
11/27/2007 12/05/2007 03/03/2008 09
WELL SURFACE COORDINATES
Surface Longitude Surface Latitude Lambert X Lambert Y Ground Elevation Zone Datum
90-42-29 30-55-12.8 0 0 0 S NAD-27
WELL SURFACE COORDINATES GENERATED BY DNR
UTMX 83 UTMY 83 LONGITUDE 83 LATITUDE 83
719002.75485697 3423032.01640835 -90.70815448 30.9204024
BOTTOM HOLE COORD
EFFECTIVE DATE END DATE PLUGBACK TOTAL DEPTH TRUE VERTICAL DEPTH MEASURED DEPTH LAT DEG LAT MIN LAT SEC LONG DEG LONG MIN LONG SEC COORDINATE SOURCE LAMBERT X LAMBERT Y ZONE COORDINATE SYSTEM
11/27/2007 01/25/2008 3900 0 0 0 0 0 0 02
01/25/2008 3338 3600 0 0 0 0 0 0 0 0
WELL HISTORY
SERIAL WELL NAME WELL NUM ORG ID FIELD ST CD PT WELL CLASS EFF DATE END DATE STAT DATE
236734 LUCY LEE SWD 002 H217 6115 09 00 II 5 08/01/2012 03/03/2008
236734 LUCY LEE SWD 002 T232 6115 09 00 II 5 03/03/2008 07/31/2012 03/03/2008
236734 LUCY LEE 002 T232 6115 01 00 11/27/2007 03/02/2008 11/27/2007
SCOUT INFO
REPORT DATE WELL STATUS MEASURED DEPTH TRUE VERT DEPTH DETAIL
01/02/2008 31 3632 DRLD; LOGGED; RAN 5 1/2" CSG TO 3124' W/ 530 SXS TO PRESERVE HOLE TO ALLOW APPLICATION TO CONVERT TO SWD; ST:31 INFO WH-1 & SCHEMATIC RECD 3/11/08 (ST: 31)EL ( 282-3631') RECD 1" & 5" 3/24/08 AD(800-3500') RECD 3/12/08
12/26/2007 05 3333 RAN 8 5/8" COND PIPE TO 400' & CMTD; SPUD 12/5/07; DRLD; CIRC & COND ST: 31 WH-1 EFF 1/25/08 RECD 2/1/08 INFO WH-1& SCHEMATIC RECD 3/11/08 (ST: 31) WILL CONVERT TO SWD WELL
11/27/2007 01 3900 FROM NE/COR OF SEC 50, GO SOUTH ALONG WEST BOUNDARY OF SEC 50 FOR 2536'; THENCE EAST @ R/A FOR 2712' TO LOC IN SEC 50.
PERFORATIONS
SERIAL NUM COMPLETION DATE UPPER PERF LOWER PERF SANDS RESERVOIR
236734 02/14/2008 3326 3336
WELL TESTS
RPT TYP TEST DATE RPT DATE OIL POT COND GAS DEL WATER BSW% FLOW PRES SHUTIN PRES CHOKE UPPER PERF LOWER PERF BOT HOLE PRES
WELL ALLOWABLES
EFFECTIVE DATE END DATE LUW CODE LUW TYPE CODE ALLOWABLE ESTIMATED POTENTIAL CURRENT ALLOWABLE TYPE
LEASE\UNIT\WELL PRODUCTION
RPT DATE LUW CODE STORAGE FAC DOC USE WELL CNT OPENING STK OIL PROD(BBL) GAS PROD(MCF) DISPOSITION CLOSING STK PARISH
CASING
COMPLETION DATE CASING SIZE WELLBORE SIZE CASING WEIGHT UPPER SET DEPTH LOWER SET DEPTH CEMENT SACKS TEST PRESSURE HOURS UNDER PRESSURE TEST DATE CASING PULLED CREATION PROCESS
01/25/2008 0858 0858 0 0 400 0 0 WELL HISTORY
01/25/2008 0412 0778 1050 0 3442 100 0 0 WELL HISTORY
01/25/2008 0512 0778 1550 0 3122 530 0 0 WELL HISTORY
PLUG AND ABANDON
P and A DATE LOCATION TYPE CASING CUT TYPE CASING CUT DEPTH MUD WEIGHT LEFT COMMENTS
PLUGS
PLUG TYPE UPPER PLUG DEPTH LOWER PLUG DEPTH SACKS OF CEMENT SLURRY WEIGHT
TUBING AND PACKERS
COMPLETION DATE TUBING SIZE TUBING LOWER DEPTH TUBING UPPER DEPTH PACKER DEPTH
02/14/2008 02&07/08 3270 0 3270 0
01/25/2008 00&00/00 0 3270 0
WORK PERMITS
I don't know if its up to date !
Review Well Information
WELLS
SERIAL WELL NAME WELL NUM ORG ID FIELD PARISH PROD TYPE SEC TWN RGE EFFECTIVE DATE API NUM
227109 VUA;LUCY LEE 001 H217 6115 46 10 050 01S 05E 09/21/2013 17091201210000
PRMT DATE SPUD DATE STAT DATE ST CD
06/06/2002 07/12/2002 09/21/2013 33
WELL SURFACE COORDINATES
Surface Longitude Surface Latitude Lambert X Lambert Y Ground Elevation Zone Datum
Not on file Not on file Not on file Not on file Not on file
WELL SURFACE COORDINATES GENERATED BY DNR
UTMX 83 UTMY 83 LONGITUDE 83 LATITUDE 83
Not on file Not on file Not on file Not on file
BOTTOM HOLE COORD
EFFECTIVE DATE END DATE PLUGBACK TOTAL DEPTH TRUE VERTICAL DEPTH MEASURED DEPTH LAT DEG LAT MIN LAT SEC LONG DEG LONG MIN LONG SEC COORDINATE SOURCE LAMBERT X LAMBERT Y ZONE COORDINATE SYSTEM
06/06/2002 08/27/2002 13100 02
08/28/2002 12805 12994 0 0 N
WELL HISTORY
SERIAL WELL NAME WELL NUM ORG ID FIELD ST CD PT WELL CLASS EFF DATE END DATE STAT DATE
227109 VUA;LUCY LEE 001 H217 6115 33 10 09/21/2013 09/21/2013
227109 VUA;LUCY LEE 001 H217 6115 33 10 02/07/2013 09/20/2013 02/07/2013
227109 VUA;LUCY LEE 001 H217 6115 10 10 08/01/2012 02/06/2013 08/01/2011
227109 VUA;LUCY LEE 001 T232 6115 10 10 08/01/2011 07/31/2012 08/01/2011
227109 VUA;LUCY LEE 001 T232 6115 20 10 05/01/2007 07/31/2011 09/29/2006
227109 VUA;LUCY LEE 001 L165 6115 20 10 07/01/2006 04/30/2007 09/29/2006
227109 VUA;LUCY LEE 001 L165 6115 10 10 08/28/2002 06/30/2006 08/28/2002
227109 VUA;LUCY LEE 001 L165 9727 01 00 06/06/2002 08/27/2002 06/06/2002
SCOUT INFO
REPORT DATE WELL STATUS MEASURED DEPTH TRUE VERT DEPTH DETAIL
09/18/2002 10 12994 COMPLETED 08/28/02 AS AN OIL WELL IN THE TUSCALOOSA A SAND; PM F; BOPD 291; MCFD 662; FTP 1490; SITP 2135; CP 500; CHOKE 14/64" POS; BWPD 232; BS&W 1.3%; GOR 2277; GVTY 42.2; PERFS 12713-12719'
08/07/2002 06 13000 LOGGED; RAN 5 1/2" PROD CSG TO 13000' & CMT W/ 1350 SXS; WOCR
07/31/2002 05 13000 DRLD TO 13000' TD; CIRC TO LOG
07/24/2002 05 10670 DRLD TO 10670'
07/17/2002 05 5535 EL (3504-13000') & AD (1000-12983') RECD 08/26/02 ENG-16 RECD 06/26/03 WH-1 & FORM COMP (ST:10) & SCHEM RECD 09/04/02 EFF 08/28/02
06/06/2002 01 13100 FR NW/COR OF SEC 50, S ALG W LINE OF SEC 50 FOR 2586', TH E 2890' TO LOC. (REPERMIT OF SER#219869-EXPIRED)
PERFORATIONS
SERIAL NUM COMPLETION DATE UPPER PERF LOWER PERF SANDS RESERVOIR
227109 08/28/2002 12713 12719 TUSC A
WELL TESTS
RPT TYP TEST DATE RPT DATE OIL POT COND GAS DEL WATER BSW% FLOW PRES SHUTIN PRES CHOKE UPPER PERF LOWER PERF BOT HOLE PRES
DM-1R 09/21/2013 11/01/2013 12713 12719
DM-1R 02/07/2013 05/01/2013 12713 12719
DM-1R 04/27/2012 05/01/2012 8 0 30 60 8 12713 12719
DM-1R 11/01/2011 11/01/2011 8 30 60 8 12713 12719
DM-1R 09/19/2009 11/01/2009 3 610 20 64/64 12713 12719
DM-1R 04/03/2009 05/01/2009 3 604 20 64/64 12713 12719
DM-1R 10/17/2008 11/01/2008 8 747 20 64/64 12713 12719
DM-1R 05/29/2008 05/01/2008 23 778 .5 35 12713 12719
DM-1R 09/25/2009 11/01/2007 40 488 .1 20 12713 12719
DM-1R 03/03/2004 05/01/2004 53 133 71 350 20 12713 12719
DM-1R 04/24/2003 05/01/2003 61 283 .2 535 OPEN 12713 12719
WELL ALLOWABLES
EFFECTIVE DATE END DATE LUW CODE LUW TYPE CODE ALLOWABLE ESTIMATED POTENTIAL CURRENT ALLOWABLE TYPE
07/01/2013 12/31/2013 049379 2 0 1
01/01/2013 06/30/2013 049379 2 0 1
08/01/2012 12/31/2012 049379 2 1300 8 1
07/01/2012 07/31/2012 049379 2 1300 8 1
02/22/2012 06/30/2012 049379 2 1300 8 1
01/01/2012 02/21/2012 049379 2 0 1
08/01/2011 12/31/2011 049379 2 1300 3 1
01/01/2011 06/30/2011 049379 2 0 0 1
07/01/2010 12/31/2010 049379 2 0 0 1
01/01/2010 06/30/2010 049379 2 1300 3 1
10/23/2009 12/31/2009 049379 2 1300 3 1
01/01/2009 06/30/2009 049379 2 0 0 1
07/01/2008 12/31/2008 049379 2 0 0 1
01/01/2008 06/30/2008 049379 2 1300 55 1
01/01/2005 06/30/2005 049379 2 0 0 1
07/01/2004 12/31/2004 049379 2 1300 53 1
01/01/2004 06/30/2004 049379 2 0 0 1
07/01/2003 12/31/2003 049379 2 775 61 1
01/01/2003 06/30/2003 049379 2 1300 0 1
08/28/2002 12/31/2002 049356 1 1300 291 1
LEASE\UNIT\WELL PRODUCTION
RPT DATE LUW CODE STORAGE FAC DOC USE WELL CNT OPENING STK OIL PROD(BBL) GAS PROD(MCF) DISPOSITION CLOSING STK PARISH
09/01/2013 049379 0 67 0 67 SAINT HELENA
08/01/2013 049379 0 67 0 67 SAINT HELENA
07/01/2013 049379 0 67 0 67 SAINT HELENA
06/01/2013 049379 0 67 0 67 SAINT HELENA
05/01/2013 049379 0 67 0 67 SAINT HELENA
04/01/2013 049379 0 67 0 67 SAINT HELENA
03/01/2013 049379 0 67 0 67 SAINT HELENA
02/01/2013 049379 0 67 0 0 67 SAINT HELENA
01/01/2013 049379 0 67 0 0 67 SAINT HELENA
12/01/2012 049379 0 67 0 0 67 SAINT HELENA
11/01/2012 049379 0 67 0 0 67 SAINT HELENA
10/01/2012 049379 0 67 0 67 SAINT HELENA
09/01/2012 049379 0 67 0 67 SAINT HELENA
08/01/2012 049379 0 67 0 67 SAINT HELENA
07/01/2012 049379 0 67 0 67 SAINT HELENA
06/01/2012 049379 1 67 0 0 67 SAINT HELENA
05/01/2012 049379 1 55 12 0 67 SAINT HELENA
04/01/2012 049379 1 34 21 0 55 SAINT HELENA
03/01/2012 049379 1 122 45 133 34 SAINT HELENA
02/01/2012 049379 1 22 100 0 122 SAINT HELENA
01/01/2012 049379 1 180 13 171 22 SAINT HELENA
12/01/2011 049379 1 103 77 0 180 SAINT HELENA
11/01/2011 049379 1 98 5 0 103 SAINT HELENA
10/01/2011 049379 1 26 72 0 98 SAINT HELENA
09/01/2011 049379 1 10 16 0 26 SAINT HELENA
08/01/2011 049379 1 80 10 80 10 SAINT HELENA
07/01/2011 049379 1 75 5 0 80 SAINT HELENA
06/01/2011 049379 1 75 5 0 80 SAINT HELENA
05/01/2011 049379 1 75 0 0 75 SAINT HELENA
04/01/2011 049379 1 70 5 0 75 SAINT HELENA
03/01/2011 049379 0 70 0 0 70 SAINT HELENA
02/01/2011 049379 0 70 0 0 70 SAINT HELENA
01/01/2011 049379 0 70 0 0 0 70 SAINT HELENA
12/01/2010 049379 1 70 0 0 0 70 SAINT HELENA
11/01/2010 049379 1 65 5 0 0 70 SAINT HELENA
10/01/2010 049379 1 65 0 0 0 65 SAINT HELENA
09/01/2010 049379 1 65 0 0 0 65 SAINT HELENA
08/01/2010 049379 1 60 5 0 0 65 SAINT HELENA
07/01/2010 049379 1 60 0 0 0 60 SAINT HELENA
06/01/2010 049379 1 45 15 0 0 60 SAINT HELENA
05/01/2010 049379 1 45 0 0 0 45 SAINT HELENA
04/01/2010 049379 1 45 0 0 0 45 SAINT HELENA
03/01/2010 049379 1 40 5 0 0 45 SAINT HELENA
02/01/2010 049379 1 168 0 0 128 40 SAINT HELENA
01/01/2010 049379 0 168 0 0 0 168 SAINT HELENA
12/01/2009 049379 1 125 43 0 0 168 SAINT HELENA
11/01/2009 049379 1 60 65 0 0 125 SAINT HELENA
10/01/2009 049379 1 51 9 0 0 60 SAINT HELENA
09/01/2009 049379 1 197 35 0 181 51 SAINT HELENA
08/01/2009 049379 1 158 39 0 0 197 SAINT HELENA
07/01/2009 049379 1 83 75 0 0 158 SAINT HELENA
06/01/2009 049379 1 254 12 0 183 83 SAINT HELENA
05/01/2009 049379 1 167 87 0 0 254 SAINT HELENA
04/01/2009 049379 1 82 85 0 0 167 SAINT HELENA
03/01/2009 049379 1 82 0 0 0 82 SAINT HELENA
02/01/2009 049379 1 72 10 0 0 82 SAINT HELENA
01/01/2009 049379 1 188 64 0 180 72 SAINT HELENA
12/01/2008 049379 1 78 110 0 0 188 SAINT HELENA
11/01/2008 049379 1 129 136 0 187 78 SAINT HELENA
10/01/2008 049379 1 143 169 0 183 129 SAINT HELENA
09/01/2008 049379 1 135 190 0 182 143 SAINT HELENA
08/01/2008 049379 1 261 243 0 369 135 SAINT HELENA
07/01/2008 049379 1 227 397 0 363 261 SAINT HELENA
06/01/2008 049379 1 173 418 0 364 227 SAINT HELENA
05/01/2008 049379 1 235 1026 0 1088 173 SAINT HELENA
04/01/2008 049379 1 232 1102 0 1099 235 SAINT HELENA
03/01/2008 049379 1 169 1332 0 1269 232 SAINT HELENA
02/01/2008 049379 1 283 1159 0 1273 169 SAINT HELENA
01/01/2008 049379 1 59 403 0 179 283 SAINT HELENA
12/01/2007 049379 1 245 1265 0 1451 59 SAINT HELENA
11/01/2007 049379 1 291 1417 0 1463 245 SAINT HELENA
10/01/2007 049379 1 329 1416 0 1454 291 SAINT HELENA
09/01/2007 049379 1 0 693 0 364 329 SAINT HELENA
07/01/2006 049379 1 38 -38 0 0 0 SAINT HELENA
06/01/2006 049379 1 38 0 0 0 38 SAINT HELENA
05/01/2006 049379 1 38 0 0 0 38 SAINT HELENA
04/01/2006 049379 1 38 0 0 0 38 SAINT HELENA
03/01/2006 049379 1 38 0 0 0 38 SAINT HELENA
02/01/2006 049379 1 38 0 0 0 38 SAINT HELENA
01/01/2006 049379 1 38 0 0 0 38 SAINT HELENA
12/01/2005 049379 1 38 0 0 0 38 SAINT HELENA
11/01/2005 049379 1 38 0 0 0 38 SAINT HELENA
10/01/2005 049379 1 38 0 0 0 38 SAINT HELENA
09/01/2005 049379 1 38 0 0 0 38 SAINT HELENA
08/01/2005 049379 1 38 0 0 0 38 SAINT HELENA
07/01/2005 049379 1 38 0 0 0 38 SAINT HELENA
06/01/2005 049379 1 38 0 0 0 38 SAINT HELENA
05/01/2005 049379 1 38 0 0 0 38 SAINT HELENA
04/01/2005 049379 1 38 0 0 0 38 SAINT HELENA
03/01/2005 049379 1 38 0 0 0 38 SAINT HELENA
02/01/2005 049379 1 38 0 0 0 38 SAINT HELENA
01/01/2005 049379 1 38 0 0 0 38 SAINT HELENA
12/01/2004 049379 1 38 0 0 0 38 SAINT HELENA
11/01/2004 049379 0 38 0 0 0 38 SAINT HELENA
10/01/2004 049379 1 38 0 0 0 38 SAINT HELENA
09/01/2004 049379 1 38 0 0 0 38 SAINT HELENA
08/01/2004 049379 1 38 0 0 0 38 SAINT HELENA
07/01/2004 049379 1 38 0 0 0 38 SAINT HELENA
06/01/2004 049379 1 32 6 0 0 38 SAINT HELENA
05/01/2004 049379 1 27 5 0 5 32 SAINT HELENA
04/01/2004 049379 1 27 0 0 0 27 SAINT HELENA
03/01/2004 049379 1 27 160 0 160 27 SAINT HELENA
02/01/2004 049379 1 147 -7 0 113 27 SAINT HELENA
01/01/2004 049379 1 95 52 0 0 147 SAINT HELENA
12/01/2003 049379 1 174 654 0 733 95 SAINT HELENA
11/01/2003 049379 1 63 674 0 563 174 SAINT HELENA
10/01/2003 049379 1 27 36 0 0 63 SAINT HELENA
09/01/2003 049379 1 271 437 1179 681 27 SAINT HELENA
08/01/2003 049379 1 207 953 2670 889 271 SAINT HELENA
07/01/2003 049379 1 279 1198 4330 1270 207 SAINT HELENA
06/01/2003 049379 1 116 1383 5200 1220 279 SAINT HELENA
05/01/2003 049379 1 247 1634 5960 1765 116 SAINT HELENA
04/01/2003 049379 1 125 1903 6170 1781 247 SAINT HELENA
03/01/2003 049379 1 199 1870 6935 1944 125 SAINT HELENA
02/01/2003 049379 1 137 2197 6825 2135 199 SAINT HELENA
01/01/2003 049379 1 344 2695 7655 2902 137 SAINT HELENA
12/01/2002 049379 1 231 3022 8185 2909 344 SAINT HELENA
11/01/2002 049379 1 277 3419 9144 3465 231 SAINT HELENA
10/01/2002 049379 1 276 5464 14866 5464 277 SAINT HELENA
09/01/2002 049379 1 0 6393 14444 6117 276 SAINT HELENA
08/01/2002 049379 1 0 0 0 0 0 SAINT HELENA
CASING
COMPLETION DATE CASING SIZE WELLBORE SIZE CASING WEIGHT UPPER SET DEPTH LOWER SET DEPTH CEMENT SACKS TEST PRESSURE HOURS UNDER PRESSURE TEST DATE CASING PULLED CREATION PROCESS
08/28/2002 0512 0834 20 0 12998 1250 3300 24 08/07/2002 WELL HISTORY
08/28/2002 0958 1214 36 0 3504 775 1500 24 07/15/2002 WELL HISTORY
PLUG AND ABANDON
P and A DATE LOCATION TYPE CASING CUT TYPE CASING CUT DEPTH MUD WEIGHT LEFT COMMENTS
PLUGS
PLUG TYPE UPPER PLUG DEPTH LOWER PLUG DEPTH SACKS OF CEMENT SLURRY WEIGHT
TUBING AND PACKERS
COMPLETION DATE TUBING SIZE TUBING LOWER DEPTH TUBING UPPER DEPTH PACKER DEPTH
08/28/2002 02&07/08 12692 0 12669
WORK PERMITS
Lucas Energy Inc. (LEI: Quote) announced that Co-Founder, Chief Executive Officer and Director William Sawyer has resigned effective December 12, 2012 to pursue other endeavors.
Lucas Energy (LEI -0.6%) CEO William Sawyer resigns
Another interview with William Sawyer
Energy Revolution
Energy Revolution
Six Things You Didn’t Know About the Texas Oil Boom
By Denver Nicks @DenverNicksNov. 05, 20137 Comments
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Operations At An Orion Drilling Co. Oil Platform
Eddie Seal / Bloomberg / Getty Images
Floor hands David Vannapha, left, Mario Ramos, center, and Jose Garza make a pipe connection on the drill string on the Orion Perseus drilling rig near Encinal in Webb County, Texas, U.S., on Monday, March 26, 2012.
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The energy revolution in the United States is transforming communities across the country, but the effect is felt nowhere more acutely than in Texas. No stranger to the oil business, Texans have seen boom times before as well as the busts that tend to follow close behind. Still, even with the accumulated experience of generations reliant on the local oil industry, Texans are in uncharted territory today.
In its November 2013 issue, Texas Monthly devoted a series of articles by Bryan Mealer, Katy Vine, and Loren Steffy to exploring the myriad ways the oil boom is affecting the state. TIME picked out some of the most fascinating tidbits from this remarkable package.
1. By 2014, the state of Texas is expected to jump ahead such oil-producing heavyweights as Venezuela, Mexico, Kuwait and Iraq to become the ninth-largest oil producer in the world. According to one study, the industry has directly created well over half a million new jobs since the start of the boom
2. Oil companies are expected to spend $100 billion on drilling operations in the Eagle Ford Shale, an oil-and-gas rich geological formation that scoops through south Texas like a ladle cradling Austin and San Antonio. In money spent on exploration and drilling, the Eagle Ford Shale “play”—that’s Oilman-ese for a big oil find in a geologic formation—surpasses every other play in the world.
3. At night, you can see Texas’ oil boom from outer space. Images taken by a NASA satellite show a thick band of glowing dots, like stars, along the Eagle Ford Shale. This isn’t a new elongated boomtown stamped onto the desert—the sparkling dots are gas flares burning through the night at the oil wells that dot play.
4. The Texas oilman man most responsible for innovations in fracking and horizontal drilling that led to the boom in Texas and around the world was George Mitchell. At the time, many thought hisobsession with finding a new way to access fossil fuels trapped underground was a little odd, but his advances have radically changed the American economy and nobody’s snickering now. Mitchell died in July at age 94.
5. The impact Texas’ oil boom has had on communities in places like south Texas—an historically under-served and poverty-stricken corner of the state—is best illustrated through the town of Cotulla, where Lyndon Johnson taught the children of migrant workers before launching a career in politics. Johnson’s wife Lady Bird once described Cotulla as “one of the crummiest little towns in Texas.” When Johnson taught in Cotulla, and for a long time thereafter, the tiny community was wracked by deeply entrenched poverty. In the past two years the town’s population has tripled. Between 2008 and 2012, sales tax receipts rocketed from $400,000 to $3 million, and property tax base went from $52 million to $137 million—$4.7 billion countywide. That bonanza has transformed the community, providing money for new roads and sports facilities. There’s talk of a community college.
6. Of course, there are two sides to any coin and the tremendous growth seen in communities around Texas has brought on a host of other social ills. Camps full of young men making spectacular money with little to spend it on are a goldmine for peddlers of sex and drugs. Traffic accidents in McMullen County have jumped by 300 percent since the start of the latest Texas oil boom.
Read more: Six Things You Didn’t Know About the Texas Oil Boom | TIME.com http://nation.time.com/2013/11/05/six-surprising-things-you-probably-didnt-know-about-the-texas-oil-boom/#ixzz2k6KuvfOY
And there is no severance tax on hydrocarbons recovered using horizontal wells in Louisiana or Mississippi for two years or until the producer recovers their costs of the well-that sure helps economics.
A third is how close it is to the St. James terminal located on the Gulf Coast of Louisiana. Oil sold to the St. James terminal has received a premium to WTI which reached $10 to $20 in 2012. That premium has since shrunk, but could return if pipeline and rail infrastructure can't keep up with the pace of production growth.
And I keep coming back to this-fourth, this is very "oily" production. Wells drilled so far in the TMS are 90% to 95% black sweet oil. And that 5% associated gas has a high BTU content with approximately 80 to 100 barrels of NGLs per million cubic feet produced.
While the TMS has been compared favorably to the Eagle Ford, the play is deeper and therefore has more expensive wells—the Big Negative. The oily part of the Eagle Ford is 5,000 to 10,000 feet deep, and wells cost $7 to $8 million.
Meanwhile, wells targeting the TMS which is at depths of 11,000 to 13,000 feet, costs for single wells are running at $13 million and higher.
That means that for the TMS to match the economics of the Eagle Ford, either well costs have to come down or production has to outperform.
Goodrich Petroleum (GDP) believes that the cost per well could be shaved down from $13 million for a single well to closer to $10 million if a full development drilling program was to be rolled out. A full development plan brings with it economies of scale and improvements in drilling efficiency through experience.
Goodrich's competitor Halcon Resources also believes that a well cost of $10 million is a reasonable target that could be achieved.
Both Goodrich and Halcon are operators with considerable experience in the Eagle Ford and have a good idea of gains that can be made as drillers become more experienced with a play and more efficient.
Assuming a base casetype curvethat allows for 600,000 BOE of gas to equal the amount of energy in one barrel of oil. (barrels of oil equivalent) to be recovered (that'a the EUR-the Estimated Ultimate Recovery) and a $10 million well cost, a TMS well has an IRR of 75% (at $100 WTI). At a high case type curve that predicts 800,000 BOE of gas to equal the amount of energy in one barrel of oil.will be recovered the IRR jumps to 156%. That's a little bit bigger than the Bakken.
In its last quarterly conference call Goodrich Petroleum indicated that its recent Crosby well had produced in excess of 100,000 barrels equivalent in 5 months, and that it is still producing approximately 375 BOE per day at the end of 6 months of production.
According to Goodrich, plotting that 375 BOE of gas to equal the amount of energy in one barrel of oil.per day of production on their 800,000-barrel equivalent "high case"type curveat the 6 month point puts them above the curve.
That is encouraging obviously as that well would be considered very economic.
But it is just one well.
Normally that wouldn't get me too excited.
But there is more than just one well. Several operators have hit strong wells-so the industry has a bit of tweaking to do, but they have already "cracked the nut" on this play; they know how to produce from it.
Goodrich which has a market capitalization of under $900 million just acquired an additional 185,000 acres in the TMS. That is a big commitment for a company of this size. They now have 300,000 net acres.
The other big player in the TMS? Canada's Encana (ECA-NYSE/TSX)—the 5th largest natural gas producer in the US. The wells they are drilling and operating actually have the best IP rates I see in the TMS. (I own ECA)
Sanchez Energy (SN-NYSE) just spent $78 million to get what I calculate from a complicated press release to be 40,000 net acres—or just under $2000 an acre.
Conclusion—deeper wells mean more expensive wells, but that can also mean higher EURs to compensate for that.
And infrastructure is in place and being close to the Gulf Coast Refinery Complex means lower transport costs and for now high pricing.
The Bakken in North Dakota and the Cline Shale in Texas have been the "hot money" oil plays in the US (the Eagle Ford is more gassy), and the TMS could be the 2014 play.
Oil and Gas Investments Bulletin
Oct. 3, 2013, 2:50 p.m. EDT
The Tuscaloosa Marine Shale: America's Next ''Hot Money'' Oil Play?
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Oct 03, 2013 (ACCESSWIRE via COMTEX) -- You know what makes the Bakken oil play so special? It is oily AND over-pressured. All that means is that at a certain depth, there is more pressure than normally should be there—because there's fluid there.
If that fluid is oil—it's trapped—then it's bursting to get out. It sure makes for great flow rates to get the Market excited.
And that's what is making the new Tuscaloosa Marine Shale (TMS) in Louisiana one very intriguing tight oil play in the US.
You look around at almost all the other places in the US that produce oil, and they are either oily OR over pressured. Some parts of the Permian have both. But it's not that usual.
If a tight oil play is surrounded by impermeable rock deep underground, the oil and gas can't go anywhere—it just sits there under huge and building pressures. Sometimes the oil and gas can migrate a bit, but still be under huge pressures.
When they first get drilled and fracked, they can produce some BIG flow rates.
The other thing very impressive about the TMS? It covers at least 2.7 million acres just in Louisiana, and stretches into southwest Mississippi.
(And like every other big tight oil playout there, there's an independent study that says it has billions of barrels of oil. The TMS study says 7 billion barrels, but hey, that was 1997. There's probably a lot more since then. )
The last, single most impressive thing about the TMS—it's proven. There are several wells with over 1000 bopd IP rates. Goodrich Petroleum (GDP-NYSE) has already run from $12-$27 on this play. Sanchez has gone from $17-$27 on this play.
Image: http://oilandgas-investments.com/wp-content/uploads/2013/10/Tuscaloosa-IP-rates-Sanchez2-e1380741891409.jpg
Image: http://oilandgas-investments.com/wp-content/uploads/2013/10/tuscaloosa-oil-louisiana-e1380742646613.jpg
BACKGROUND
The TMS is the source rock for the lower Tuscaloosa Sandstone and Austin Chalk formations which have produced oil for decades. Like most horizontal plays, the industry has long known the oil existed in the TMS. The mystery was how to get it out economically.
The TMS exists between the upper and lower units of the Tuscaloosa formation, which has been the source of conventional oil production in the area for decades for the "Tuscaloosa Trend."
During conventional vertical well development of the "Tuscaloosa Trend," the TMS was viewed as nothing more than a nuisance zone that slowed drilling on the way to the lower Tuscaloosa.
Occasionally, though, it did show some oil when the drill bit passed through it which put the TMS on the radar of a few geoscientists who were long-term dreamers.
The TMS attracted some more attention in 1997 when Louisiana State University's Basin Research Institute released a study estimating that 7 billion barrels of oil lay in place awaiting recovery.
BENEFITS AND CHALLENGES OF THE TMS
Like the Bakken and Eagle Ford before it, horizontal drilling, multi-stage fracturing and some serious trial and error now appear set to release some of that giant oil prize.
The Cretaceous-age TMS is big. It covers at least 2.7 million acres in Louisiana and crosses into southwestern Mississippi.
And like I said up top, it's important to note the TMS is not a "combo" play that is a mix of oil and natural gas or condensate (gets the same price as oil) production.
This is an oil play—and there aren't many of them.
Early wells have shown production to be weighted 90% to 95% light oil.
The TMS is being targeted at depths of 11,000 to 13,000 feet, where the rocks have a thickness of 100 to 250 feet.
The play is extremely overpressured (0.70 psi/ft versus a more typical ~0.45 psi/ft), which results in high oil saturations and helps to naturally lift the oil up the wellbore. The upside is BIG flow rates.
The downside is that it makes wells more expensive.
But I think the TMS play has several advantages that outweigh cost.
Thanks Footloose like I said I've been watching this stock since Vince took over and I like what IM seeing . Irish has been doing a great job ! I bought today and I will by again. Take care !