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If you go to pinksheets.com you will find the latest quarterly report.Posted Aug.15th.At the beginning of the quarter Edex had 107,206 dollars,at the end $98.Payroll and office expense were $102,567.including auto expense of $5,477.79.From Sept 2007 into last quarter 57,168,688 shares were issued by redemming prefered stock.From April-June royalities brought in $828.A note for $192,000 at 15% interest is due in 2009.How will Tom get paid plus his auto expense just like last quarter,more dilution of stock,how will the note get paid?That $828 for 3 month's royality is an example of what you can expect from a miniscule stake in a well.Some shares are privately placed ect,and that is why you can't always tell by volume what is happening behind the scenes,but it states what is getting paid in the report,office rent,phone ect,and at the beginning of this quarter we had less than $100 dollars.I can assume by dragon's constant calls that the phones are still working,the sec.still there,rent being paid,and Tom driving.A couple more quarters and 500 mil max on shares will have to be addressed.And MAN oh MAN did we ever get lucky on that rig being delayed in IL.As you can see a few months of office expenses would be more than enough to get the Mesa well proved,but then the carrot dangling would be over,and Tom's gravey train derailed!
Dragon,I own Gte everyone of their 8 wells had a start date,approx finish date and proved up their wells within stated time,8 different wells all almost on schedule.Check the PR's if you want to verify.This company started same year as Edex..I've seen 100's of feet of possible pay zones that never produced,Or can't produce even when oil or gas was presnt do to it's structure,location,price,ect.Remember Geo read the same logs and saw even more gas at the deepest levels,they lost there azes trying and found nothing there, no matter what the logs said.Geo then defended himself and Tom agreed that logs are like opinions,and Geo read this one wrong.Here is my opinion Mesa is not a commercial deposit and won't ever be!Also you have finacial obligations to hold these leases,EDEX has none in their name,and can't make payroll so how do you hold a lease when you can't provide anything of value to the lease holder.Example where does EDEX get the capital to drill 13 more in ND?They own paper agreements that they will have a hard time fulfilling and then since their name is on nothing but a computer,the paper becomes worthless.Gte leases are in their name.Oh I'm out had to dump close to zero but I feel sorry for the person who bought this paper,cause Tom's got 400 million shares printed and there is no end in sight.400 million and growing,and growing.Reverse split of 1,000 to one or bust.But they will be a fully listed company when they go broke LOL!Tom can't fill paper work on time as a pink sheet and how many more shares would have to be issued for an accountant to even start this process.Mine charges over $125 an hour,and my lawyer double that,maybe Tom could sub lease his apartment.Only lease this company truly has and we pay the bill monthly.
Selling today if I can get .0045,checked Illinois DnR web site still nothing that I found,Dragon you will get to 40 cents per share after the reverse split,I said no proven gas and I stand by that statement,and I was making fun of all those cheap post holes Tom said we would be drilling by now.Keep on dangling that carrot by saying Mesa is the key,but when you've spent more on failed projects than what it would cost to prove up Mesa,not to mention we've spent more on Tom's salry instead of proving Mesa since it was drilled,I got to think how do you keep people invested in EDEX,you say you got NM,say ND,ect,but prove nothing and keep drawing a good wage,while moving on to other miniscule projects where 5% of won't pay the rent.The ramblings of Tom just have no creditability.I can't count the times he comes up with a fantasy start date and is months off or it never even happens,say results forthcomming and nothing,this Tom find excuses for his excuses,GlTY and I will look for Ill well and let you know if anything happens even though I'll have no interest.
Maybe the rig is drilling those Nebraska wells or the 13 other North Dakota wells,since the Wanner well their was such a suckcess or maybe it is drilling those cheap shallow,fence post holes in New Mexico or maybe the weather in Illinois is too moderate.How's the full accounting comming to make EDEX a fully reporting stock?I can't even talk to the transfer agent,gagged,yet Tom state he wants full,open disclosures.400 million shares out,propably?Tom has to get paid.Also nat
gas $7.70 most new fields will not be developed below $8.Can you even imagine edex can fullfil any reporting requirments?After a 1,000 to 1 reverse stock split and Tom getting 40% again,in a simular share structure,because this cows been milked out!Time for a newly restructured EDEX.Edex owns nothing,but a computer,it must fullfill its obligations because it's name is on nothing,especially those company making leases in New Mexico.
I think proven is the key word.Edex according to there last quarter report spent close to enough money to prove up this well,but spent it on projects such as neb,nd,il,we could have numbers now!Why do you think the money was spent elsewhere instead of the company maker field?Yes you quessed it.If you had hard facts you'd have your partner.This field is his dangling carrot on a string if tom would of spent the money on this field the answer would of?Yes again it takes no qenius,like tom,to come to the right conclusion.The last quarterly report states it clear, no proven assets!Why doesn't he want that field proved up?Also the only well that Edex found and gets royalties on;contributed 858 dollars last quarter,thats a 10% share and includes all ofsets,now we know why there is no offsets.My old truck uses that much oil in a quarter.LOL.Edex will get 5% in Ill a state with historicaly much lower bpd,except 2 or 3 exceptions.maybe the 71,000 dollars in wages last quater was worth all of Tom's hard work.Weren't we going to be princes in June or July of course Tom on 3 separate occasions told me to wait a week or 10 days and I'd be proved wrong,ain't happened yet!And now he stated it again!I did buy hoping for that dead cat bounce,but you can't make a dime on a company that never goes up,even after good PR's it just drops!That speaks of creditability!
May the truth set you free,I don't care what you call me or your belittlement,I am here to support the investor and I will only say what I know to be true.I'll try and keep you informed on ILL,Please show me the same respect as I have for you.Time will tell,we've only went from 22 cents to .004 and more than quadripled the outstanding shares since I first bought in.That is the equivilent of 88 cents to .004. There is no proven gas at Mesa and I challenge you or Tom to say or prove otherwise!Not a quess or opinion,a possible pay zone is equal to zero and Tom said log interpetations are like opinions,so when Haliburton told him and Geo that the deep pay zones at Mesa were barren he chose to blow every cent Edex had to prove that Hal. was wrong.Whoops,Geo and Tom blew it again.A possible pay zone is just that.95 feet of unproven rock and only an opinion from Tom that it contains gas,now fill in the amout of gas you want,nice scientific data,why can't he find an investor,maybe he should say that it is 300 billion trilion gazillion mcf it is just as good of quess as zero!Nada!In other words they have already interpeted the logs at Mesa wrong and during drilling never flared a fart.Glty
Well,no pun intended,you already told us Clinton County Ill.and I already have all outstanding permits for that county,unless you didn't tell us the truth in the PR, that stated Clinton Co as second well site,so I'll just monitor that county and report that info as the possible,propable well.Since there is virtually no drilling there it will be easy to spot any drilling activity in Clinton Co thru Ill. DnR web site.Then you can confirm it a few weeks later.Plus you seem to think I am picking on you,but I'm not I just report what I know.I wish it was good news because that would makes us all money.Hope I can report good news in Ill.Also when cost overruns aren't paid and a well not proved up,ie NM,you can't say there is even one mcf of gas.Didn't find one permit to flare,or atmospheric escape filed for Mesa,which must be recieved to test so what do you mean finish testing,hasn't happened!Or did the state give me the wrong answer?I was told a permit wasn't even filed for.Finally $8 mil would get you half of a 32 trillion mcf field too,since we are just making up numbers,which have no basis.Investors call and do some DD,if you can find an independent source to give us some good news,report it,maybe the stock will move up.
First of all I'm not bashing you or anyone,at one time I had close to $10,000 invested in Edex,if it only takes 330,000 dollars to get er done I challenge 3o investors to believe you and but up this miniscule sum,you own a house in Ca. don't you!If I believed that this was such a big hit for Edex I would take out a second mortgage and own 50% of the company,if you would of told me that you only needed 330,000 months ago I would of tried to get 32 other investors who monitor this board to come up with $10,000 a piece,also people challenge my research but remember I told you a rig to Mesa wasn't on it's way like you stated but was 3 weeks out,I called the driller ect.If we give away another 50% of Mesa how much we will own and can even a big find there move 400 million shares and counting?Thought you were going to keep us up to date in Illinios.Neb?ND?If there was creditability in your words I believe you could get a handfull of people from this board to put up 10,000 dollars some like me once, propably would of jumped at the chance.
If I told you you wouldn't believe so I help you get the answer yourself.Start with the well status from the state of New Mexico ask for a field rep,for that area.Then United Drilling would be a good place to ask,I forgot the partners name that backed out,but can be found with some DD,also Haliburton did the logs.Ask the right questions and if you come to any other conclusion post it.
Mesa contains no commercial gas deposit.Nothing at all indicates enough gas to BBQ a hamberger.This is a fact!No gas ,no pipeline,no money,lets move on.I've visited with everyone involved,there is nothing there.Why do you think it has never been tested?Again not to be negative but it only takes a permit and a match,simplified but true.You'd see a giant flare in NM if there was gas.
Well I thought Tom was going to keep us informed so I didn't follow up,but I can,there has been 6 permits that I found issued since June in Clinton Co.IL.Two for Oetze,2 for Ready and 2 for Odis,permit #s in order are 59569,59570 for Oetze,59554,59467 for Ready and 59603 and 59604 for Odis.Odis was on the weekly oil log last week on ILDNR web site.The Centralia IL. office is in charge of this area of Illinois.I think all were going to test the Benoist formation,not 100% sure but I know 4 were.Hout Well Service was helping Odis with their wells.Good luck to those going,I don't own enough shares now to justify going.Plus I usually know the outcome before news is PR'd,
I was also wondering what happened in Neb.?I think I found the driller's name and address for next well in Clinton Co.Il.I will keep all posted,but it sounds like Tom will be releasing all this info and inviteing interested parties to watch this event unfold.This well shouldn't take long to drill it is very shallow and should only be a 10 day job.Also none of the formations we are drilling in are very porous,we are looking for a dome of oil,pinnicle reef deposit.
Yes,but their map is not as good as N.D.,You can find the exact hole in ND and it shows the dry holes,and status,ect,but ND has a 30 day tight hole rule and some states don't.If you go to their permit page in ILL.you can find the next two wells in Clinton.
I agree 100%,and if those investors in this first well relied solely on PIP they got what was comming to them,besides we didn't lose one thin dime and I'm exceedingly greatfull that Tom had the foresight to stay away from it.I believe the next two wells are far enough away,they're in Clinton Co. that this well has no bearing on the next two wildcat wells.We have a chance.Let's make some money!GLTY
What about PIP?I believe they passed because of no money!Thats why they own virtually nothing in the next 2 wells.I am hoping that this blind squirril finds an acorn soon.Glty,Hey what about the Neb.wells?
I bought some,feel I might be a little early but big gains ahead,and now might be the time to accumilate thru dollar cost averaging.Nice pipeline,and I can wait a year.No where else to put money.
That is correct on April 17th;for sec 7 T3S-R1E
Just telling you what I believe to be the truth,plugged hole,no commercial oil.Take it for what it's worth.Glty,news was out very quick,Monday.
On 6/24 Illiana Energy Ltd started drilling in Jefferson Co. IL.;permit #59363;completed drilling on 7/4/08 at a total depth of 3954',looking for oil in the Silurian formation,plugged hole.That is the only well started on our start date,finished on our end date,and drilled to our approx goal,plus very few wells get drilled in Jefferson Co.Checked permits for one year and only a handfull issuaed.This is the PIP well.Jmho,verified by Illinois DNR Oil and Gas Div.Well was the Kasban7-1.Ask Tom if this is not correct.
I believe we have a plugged hole,no commercial deposit.Jmho
They try to have a tight hole which never can happen,to many different enities involved,I had a neighber who was also a private investigator,he would go to bars in Gillete talk to rig crews,contractors ect.for investors who were thinking about buying,and that is why a stock almost always moves before an announcement,We now have a new 52 week low,but on low volume.which doesn't say much unless volume greatly increases
Back to where I rebought .005.Don't like that.It's nice to be up in the game,especialy when a well was just dug.
Yes,All I was saying is that no money would come to EDEX because of a patent infringement,because there is no patent and EDEX owns nothing on this tech.Hope to hear on the hole soon GLTY.
Read post 20238,and about a year and 1/2 ago he said he thoughtt if he applied for a patent someone would steal it from him.Plus Edex owns nothing on PIP.glty should be at bottom of hole?
There is no patent on PIP and none even applied for.Thats straight from the inventors own mouth.
About 350 million shares out,Thanks for the update,I was sure it was over 300mil but thats a big number.
Well it can't get much lower,can it.Only one way now Or bust.glty
The I box was wrong it is about 300 million.Tom's shares are exchanged into common at a premium.I also am now an owner of EDEX shares again,couldn't resist the sub penny price,and even a blind squirril finds an acorn sooner or latter,so go edex go,good luck to us all,hope I bought back in at the ultimate low.
Do you know how many shares are out now?glty
Nice to see the Sec will look at trading irregularities.Also getting beat up on oil stocks,but gte is going to prove up lots of oil and if someone would of told me a year ago that these companies would be recieving $130 plus a barrel I would of laughed.Now gte is getting the capital to steadily build a company that they might not of had.They are in the right place at the right time!
Did just that,asked that it be looked into.Others please do same and maybe we will see some action.
It also could be alot of profit taking!I bought in at just over a dollar and sold off a couple thousand,nothing at stake to lose now on the other 2750 shares.It may of just hit a bunch of price targets.But it would be nice if it was looked at by the SEC.Also I believe it is still a very good buy,Peru holds the potential of a mega oil field of heavy oil.Free ride to higher highs.gltyAlso Solana gte's partner had a dry hole although gte had no interest in this particular Columbian property,it shows bad things can happen to these companies also
Well I wasn't expecting a sell off of a dollar,but here we go again,news should be released soon.Also those 7 dollar buyers will be committed to hold to we hit 8,latter this month,jmo.
Just raised to $7.20 by analist.I believe $8 by June 30th.new well will be done,reserves restated and field expanded.A winner!
Well it is a lot cheaper now,maybe a buyout?
Stuck my feet back in the water and bought a few.Hope they get busy.
Greywolf made a nice profit.I think they doubled their money,so I'm going to accumalate more in the hopes this company grows.Shorts may also cause a quick jump if they have to cover and good news seems to be just around the corner.5 wells should be producing soon, I think it is a buy and if they do drive down the price I'll feel lucky and buy.Glty
The real damage was done by Greywolf's selling,but I think 2008 will finish with at LEAST 10,000 barrels of oil a day.Bought some last week.$4 dollars and 50 cents will be here soon.
Are tey ever going to do something or jusy keep talking about it?Had a few thousand shares when the ILL.plant was a priority,that feel thru,and I soldl;they should of been producing from Ill this year.I'll watch and buy when something really happens.
March 13th; 4th quarter reults and conference call.Hope it's good!The wells were on line part of 4th quarter.