Hero Technologies Inc (HENC)

[Hamilcar54]

HENC 10-Q is out, most interesting items:

On May 19, 2015 Terra Nova terminated the Farm-In Agreement and forfeited its right to earn additional working interest in the license. The Company is currently disputing rights to operatership which is attributable to the termination. Regardless of the outcome of the dispute, we intend to move forward with our drilling program on a cooperative basis with our joint-interest partners. In that connection the Company aims to finalize adequate financing to fulfill its drilling obligations on a timely basis.


The ownership of a 5.83333% working interest is in dispute with Terra Nova. The termination of the Farm-in Agreement prior to Terra Nova drilling a well on PEL 444 resulted in Terra Nova’s obligation to return a 5.8333% working interest that was provisionally transferred to Terra Nova in anticipation of Terra Nova drilling a well on that license.


We believe our plan of operations may require up to $10.0 million for exploration costs and administrative expenses over the twelve-month period ending August 31, 2016. We are attempting to raise investment capital to cover our portion of anticipated costs.