This is from their 2008 annual report. A very hard sell in my opinion. Correct me if I'm wrong.
DESCRIPTION OF BUSINESS
Frontier Energy Corp. is an oil and natural gas exploration company that has recently purchased a lease on an oil and gas property in the United States. We intend to develop this property as our limited capital resources will allow and to purchase additional oil and gas leases.
PAST ACTIVITIES OF OUR COMPANY
In October 2005, the Board of Directors, based on the estimated costs and related benefits to be received from the mineral prospect at Williams Lake, determined it to be in our best interest to begin exploration of oil and natural gas properties in the Alberta region of Canada.
EMPLOYEES
As of March 15, 2008, we had 1 employee, our Chief Executive Officer. Our employee is not covered by a collective bargaining agreement and our management considers relations with our employee to be good.
RISKS SPECIFIC TO OUR COMPANY
We have a history of losses which may continue, which may negatively impact our ability to achieve our business objectives.
We incurred net losses of approximately $2,164,953 and $911,386 for the years ended december 31, 2007 and 2006, respectively.
If we are unable to obtain additional funding our business operations will be harmed and if we do obtain additional financing our then existing shareholders may suffer substantial dilution.
We will require additional funds to sustain and expand our oil and gas exploration activities. We anticipate that we will require approximately $1,000,000 to fund our continued operations for the fiscal year 2008.
Our independent auditors have expressed substantial doubt about our ability to continue as a going concern, which may hinder our ability to obtain future financing.
We have a limited operating history and if we are not successful in continuing to grow our business, then we may have to scale back or even cease our ongoing business operations.
We have no history of revenues from oil and gas operations and have no significant tangible assets.
Our interests in the production sharing contracts involve highly speculative exploration opportunities that involve material risks that we will be unsuccessful if we are unable to successfully recruit qualified managerial and field
Personnel having experience in oil and gas exploration, we may not be able to continue our operations.
As our properties are in the exploration and development stage, there can be no assurance that we will establish commercial discoveries on our properties.
The potential profitability of oil and gas ventures depends upon factors beyond the control of our company.
Even if we are able to discover and generate a gas well, there can be no assurance the well will become profitable.
Competition in the oil and gas industry is highly competitive and there is no assurance that we will be successful in acquiring the leases.
