I love this part ...
"The new SEC rules require a 12-month average oil price to be used to estimate future revenues, and, also permit the voluntary disclosure of probable and possible reserves."
I'm sure every do-nothing wannabe oil company out there has VOLUNTARILY REPORTED 'a lot more reserves' in their reports now than they did last year lol.
Too bad folks can't list 'I might possibly win the lottery' in their assets, then every American could claim to be a millionaire.
From -0- reportable reserves to 6 mill 'possible' + some other which they may or may not ever be able to get out of the ground profitably.
Over 33 million shares outstanding as of March 22. Now there's a graph with an upward trend, somebody should do a comparison line chart of tiv's OS and their PPS lol.
Gee, they produced less, LOTS less, oil and gas in 2009 than in 2008. Now there's some progress. Not.
"Our cash balance as of December 31, 2009, was $0.3 million. Current liabilities were $12.3 million on that date. It should be noted, however, that Accounts Payable to Joint Venture Partners comprised $5.0 million of the $12.3 million in total current liabilities and were offset by $6.5 million in Accounts Receivable from Joint Venture Partners in total current assets on that date. See Note 11 to our consolidated financial statements for the years ended December 31, 2009, and 2008, for additional discussion. In light of this and other factors, our independent accountant has included a going concern qualification in its report on our financial statements for the year ended December 31, 2009, noting that our ability to continue as a going concern is dependent on additional sources of capital and the success of our business strategy."
So, net current liabilities somewhere around 5 or 6 mill, a quarter million cash in the bank at the end of '09, what's TIV's burn rate? Around a mill a month last year? Need additional sources of capital eh? No problem, there are thousands of suckers out there. Success in business though? Could be a problem.
Lost over $10 mill last year?
Cost $1.6 mill to produce 1.0 mill of oil and gas? Now that's efficient.
And then $7.5 mill in G&A on top of that to insure huge losses? Sounds like a government run operation to me lol.
I wish I had more time, it would be fun to read more of the hilarity I'm sure resides in that report.
jmho
jonesie
Yorkville / Cornell Tracking Board #board-9964
"I can think of no more valuable commodity than information"
