No assets?
So when they said the following
THEY LIED?
If so, shouldnt teh SEC have shut trading down?
Or
Did it fall thru the cracks?
University Field, BCM's first acquisition (July 2010), serves as a model for pending acquisitions and field operations. BCM acquired University Field in a state of financial and operational distress and has since restored production and booked substantial proven reserves from the field.
For the month of July 2011, University Field sold 1363 barrels of oil from field operations. Year to date, BCM Energy has sold 6,158 barrels of oil from field operations in University Field.
Proven and probable (2P) reserves associated with University Field have a discounted present value (PV10) of $41,245,950 as of a March 1, 2011 reserve summary prepared by management. Total proven reserves equal $11,776,400 which represents 28.5% of 2P reserves, indicating attractive potential for growth. This reserve report only accounts for 6 of the 19 wells in-field. Management has engaged Mire & Associates to prepare an updated reserve report on University Field for public release scheduled for late September.
