Message from Tom::::::
Dear partner,
EDEX is a captive to a declining price which will not allow us to sell stock to raise money for drilling. Because we have had to take small pieces in our own deals and let others do the drilling we are not in a position to control the pace of the work on the wells. In ND we have a 6% interest and a 33% interest owner now owes approx $200,000 in drilling over-runs and completion costs. The operator is looking for someone to take him out now and EDEX does not have the ability to take a bigger piece right now. The well will be completed when all of the money is in place but I can't predict with any certainty now when that date will be. The Mesa well in NM is a large gas field discovery but will take at least 15 wells to be drilled before a pipeline will be built out to us. I have the pipeline ready but some of our partners are not wanting or able to put up money for 15 wells and then wait another year for production to start. We are talking with a potential partner who would buy down some of our partners interest and pay all costs from now on for half of the production. EDEX would still have our 33% and wouldn't have to spend any more money to get the field drilled out. Our future revenue to Eldorado could exceed $100,000,000 from the Mesa gas field alone so the price of our stock certainly does not reflect the underlying value I think the company has. We have several other irons in the fire but not yet ready for an announcement. I am trying to get the stock up past .05 so we can raise a little cash but right now we are getting others to put up drilling money for us. Hang in, there is lots of life left in EDEX. Tom Laurance
MSBRO@aol.com wrote:
Sorry to bother you but HELP.... I am an investor in your company and have an enormous amount of confidence in your company, but recent things are starting to make me wonder, I read all the blogs on Instantbull.com and there seems to be a lot of disappointed investors, It has been months since the last press release, there is no news on Mesa or ND and a recent exoduses of the share price.
Please let me know what is happening, if there is any news and if there is any oil
