Octagon 88 Resources (OCTX)

[bhumiartha]

And the misleading statements continue, for those who don't read carefully.
It says the application PROCESS will be confirmed by the end of September.
Typically, it takes the Alberta energy Regulator at least 18 months to approve a well license, in the BEST of circumstances.
They will have many questions about cap rock pressure, water quality, sand control, water sourcing, detailed facilities engineering, etc etc. all of which together can approach $1 million in costs JUST TO ANSWER the questions required for regulatory approval.
the company has $7,300 cash!
They say work will begin depending on drilling rig availability. The "availability" is based on ability to pay a deposit upfront. It costs about $2.5 million to complete a production well for this type of formation.
They can turn $300 into $62 million of paper assets, but they cannot magically turn $7,300 into $2.5 million, plus the extra million dollars required to meet the threshold of studies the regulator will need.
Anyone who nvests is being taken for a long, dark, dirty ride before you lose everything.
When you lose EVERYTHING you have invested, please do not say you were not warned.
Flee now, you will have better odds at your nearest casino.