I agree and perhaps the time has come to have a good look at this company. I know them well.
Nasty…nasty financials for nine months ending Sept 2006. Total earnings $14,077 vs total expenses of $1.78 million. Of which $1.6 million was paid as “consulting” and “management consulting” as well as “options expenses”. For a two employee company renting a $720 office in Vancouver.
Bernie McDougall and Negar Twofigh are the only employees, prez and vise prez.
Yet in 2006 MENV issued the equivalent of 31,000,000 options to Jason Gigliotti and Graeme Sewell with an exercise price of $.05. The option agreement was amended in Sept 2006 to reflect a price of $.0151 per share. You may ask why MENV would issue options to Gigliotti and Sewell?
The financial report says the options were granted for “promotional and investor relations services” as well as “services relating to investing in oil and gas properties”.
Did I mention that MENV is joined at the hip with Habanero Resources? Or that Jason Gigliotti is president of Habanero? How about the fact that Negar Towfigh is Habanero’s VP? Just for fun check Sedar and see how many MILLIONS of shares Gigliotti and Towfigh have printed and sold in 2006 for Habanero. Classic pump and dump which has seen better days and the boys seem to be gravitating over to MENV.
Take a good look at the last financials filed. Other than the dismal earnings and hyped up “consulting” expenses this company has nothing. Look at the properties in Texas. All but one declared impaired or abandoned. The one operating pays a 1% royalty to MENV. Yes, that’s right….one percent.
Look at Saskatchewan properties. MENV has a 2.45% earnings interest in one well with volume of 14 barrels per day.
Alberta properties: MENV walked away from a 1% earnings agreement for Viking Oil Sands. MENV teamed up with Pemberton Energy to ‘rework” a well at Enchant. After bartering back and forth, (maybe this is what Gigliotti and Towfigh did to earn their 31 million shares), both parties backed out and the well was plugged.
In Feb 2006, MENV worked a 5% working interest with Premium Petroleum for a well in Boyne Lake. The well was given “tight hole status” in May 2006, just before the record $78 barrel oil last summer. Tight hole = dry hole in this case obviously.
Another dud: Pembina with Black Creek Resources.
Now we get into the good stuff. With all the ‘news” out on MENV’s oil sands properties, they tend to leave out some very relevant stuff. As an example, the OBIP estimate “covering all properties of which MENV has an interest”. Where in the numerous PR’s does it state what the actual participation rate is? Where does it state who the operator of the leases is? Try Andover Resources, a private company of which Habanaro and by proxy, MENV hold 700,000 shares of common stock. Where does a company with gross earnings of $14,000 for Jan-Sept 2006 pay for such turf? Wanna talk dilution? Wanna talk ghost arrangements with connected cousins and non-traceable private companies?
These guys have made some good coin on this. They let it sink down to the 2’s all the while getting ready for the next pump. And here it is. This will run its course as the insiders continue to sell.
Next year, they’ll do all over again while the “sands” are still hot. Think about it, $1.6 million for consulting and management for two guys (for nine months). They each bring in a cool million a year for doing not a whole lot. Not bad.
You may want to know why I care to go through all this trouble to post this. Honestly, whether you make or lose money on this is of no consequence to me. To each his own. I simply abhor the idea of people like this thinking (and knowing) that we are so damn dumb to fall for this merde. Makes me ill. Kinda like PV at SLJB for those following the event s there.
Good luck to you all.
