trade4, I have made an assumption that the leases GWGI & NXPN are touting is the Adams Ranch property which the previous 6 scammers were peddling. Neither have specifically said it was, but the similarities are clear.
* The portion of Adams Ranch that the scammers have worked was 9000 acres. NXPN says 9000 acres. GWGI, 12,900 in one PR and "nearly 10,000" in another.
* Adams Ranch in over the Canyon Sandstone and Wolfcamp formations. NXPN mentions the same formations. GWGI lists the Barnett Shale, even though the formation is a few hundred miles north of Crockett Co.
* Adams Ranch is 25 mi south of Ozona. NXPN agrees. GWGI say it is "adjacent to Ozona", though they show the recently drilled wells as the Adams #1 Feed.
* Both say wells have been tested in excess of 325,000 cu ft /day. The wells drilled by GFCI were TESTED in that range. Beware of a company that is selling the idea of 20 some producing wells but only talk about what they were tested at. Folks, once a well has been treated and tested, the flow is all down hill from there. IMO, a reputable company would be up front as to the current production of all the wells. As I recall most of the 20 or so wells in this play are producing in the 125,000 cu/ft range. Work out GWGI's cash flow with their 10% interest in that bonanza!
My unsolicited advise to anyone interested in either of these companies is to call them and ask the name of the lease, well ID for wells being drilled and are permitted, target depth of wells, and daily production of the wells they are claiming an interest in. Don't forget the Texas Railroad Commission. A terrific DD source.
One of the favorite dodges of O&G scams is to say " Sorry, we can't give out that information. We are trying to lease additional property and don't want to alert the competition."
BS!!! This field was discovered in 1958 and has been drilled to death. There is marginal gas in the wells, but IMO,to be profitable it would take a Mom & Pop operation with several sons kicking in cheap labor. Not a bunch of Pinkies and a "Swiss Energy Company" selling millions of shares.
