largecent/nosey: was Grimes in the last PR?
Think about it, the last PR was a " current update on the progress of the Company's business". And there was no mention of Grimes.
Forget about it and concentrate on what was in the last post:
East Texas Oil Field -- The Company has obtained assistance from Royal Petroleum Corporation in this transaction in order to obtain the financial strength to conclude this potential business transaction. At this time, the Company is endeavoring to push this transaction to close before this current calendar year end.
If successful, the Company will receive, as its part of the Joint Venture transaction an operational facility located in Central, Louisiana, that involves 30 working and active wells that will produce over 3500 bbls/oil/month which will be free and clear of all debt. This field has a Geologist Report showing its current value being in excess of $13 million. This project will produce an annual net income in excess of $1,800,000. In addition, the Company will receive a cash position of $4 million for further investment in the oil and gas industry via ``Farm-outs' and direct working interest investments.
I said all along that there were too many water problems in the Sacramento Delta area to keep production steady at Grimes. I just did not see it (Grimes) as a way to build a true energy company. You read the PR about problems at Grimes months ago. It was a shot in the arm and a good try. But let's just forget about it.
I know of a little new company that has just one working GAS well so far in Texas that also produces 29 bl/d of oil as a sidelight, that is projecting $1.3 million dollars NET PROFIT per year on that well. With 4 million dollars, BIGN can rework 7 or 8 such abandon wells with any luck. Oh, did I mention that little one well company is currently trading over twenty-five cents per share- into the .30 range this week? They have fewer outstanding shares than BIGN, but let's focus on where the company is going, not where it has been.
Hell, 30 working wells in LA. and maybe 150 decent wells to re-work in East Texas on a JV is HUGE!!! How about it guys?
Waves of Crude Oil & Natural Gas:
