Cohen just ordered his SEC reserve report from a certified engineer to appraise the first phase of his PDP (Proven, Developed & Producinb wells / minerals) and PDNP (Proven, Developed, Not Producing - driven by workover potential).
You can't fudge these numbers - it is a discounted income approach that is developed and certified by a third party engineer that has to register their licenses with the SEC and held liable for mistatments or over asserting value.
Cohen expects this back in 2-3 weeks. He also expects to see the Secretary of State issue holding up the Shell attorney opinion letter rectified fully in the Texas Secretary of State before end of next week. This is the biggest preceding factor before the draft attorney opinion letter can be finalized and filed. Thanks for everybody hanging in there we know how hard is to stay patient.
Cohens made a lot of progress this week on turning the Cochran county field back on and starting phase 1 (rectifying all regulatory issues that the company acquired with the assets - H15s leading to MITs (Mechanical Integrity Tests which can get very pricing, but also sever leases that haults the operators ability to sell produced crude oil off of the individual lease - note Cohen has a lot of leases, and the issue is very much under control as both Cohen, Watson and their consultants are very experienced with matters like this most of which just required reshooting fluid levels vs full replacement of all corroded tubing and casing where economical to do so vs plugging and abandoning the well).
Incredible week this week, the company had great restart production off of 4 wells due to built up reshoot product build up from the non producing period. 80 more to go before they begin to address the 120 shutin / rework well candidates.
Note - you can not lie about how much oil you produced, and this production is reported to the State through the Texas Railroad Commission. This information is made public, and Cohen will do a video shortly assessing the asset and how to validate and verify the company's production.
Last but not least - discussions made significant progress this week with the next Merger Candidate. As you can see Cohen is doing a much better job not getting people over excited before the deal gets done.
Lastly, the company is evaluating auditing the public company only to start which is much more economical as it prepares Vision Oil And Gas for audit, and as Freedom Well Testing is positioned to be audited. The audit on the pubco will only cost $35k, the audit on the underlying companies will cost $250k. The company needs to invest in capex as a priority - capex = production = revenue & profit. This does not mean the company is deprioritizing the audit - as it is taking necessary steps to progress portions like the SEC engineering reserve report mentioned above to appraise the company's mineral asset value based on current and future production, and by addressing the public company entity audit first.
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