I would be very careful with GGR. I looked over their last Q it looks crappy. This company needs cash and with oil prices going down any production they do have is only going to see lower prices. IMO this one is not a great buy at all. Good luck with it but this one is going to have to see dilution and a ton of it at these prices to get the money they need to even stay afloat.
The Company’s financial statements as at and for the period ended June 30, 2012 have been prepared on a going concern basis, which contemplates the realization of assets and the settlement of liabilities and commitments in the normal course of business. During the six months ended June 30, 2012, the Company incurred a net loss of approximately $2.7 million, used approximately $1.3 million of cash flow in its operating activities, used approximately $4.7 million in its investing activities and had an accumulated deficit of approximately $62.9 million. As at June 30, 2012, the Company has working capital deficiency of approximately $2.9 million. These matters raise substantial doubt about the Company’s ability to continue as a going concern.
The Company’s cash balance at June 30, 2012 and anticipated cash flow from operating activities are not sufficient to satisfy its current liabilities and meet its exploration commitments of $18.1 million and $33.6 million, over the twelve months ending June 30, 2013 and the thirty months ending December 31, 2014, respectively. As at June 30, 2012 the Company has $14.2 million of cash and cash equivalents, of which $13.9 million is committed to carry out the exploration activities of the Myra and Sara joint venture – see note 17. The residual cash of $0.3 million is available for general operations of the Company and to meet its current liabilities and exploration commitments of $18.1 million and 33.6 million as described above.
To meet the Company’s obligations, it will be necessary to raise capital through equity markets, debt markets or other financing arrangements, which could include the sale of oil and gas interests or participation arrangements in oil and gas interests. If these activities are unsuccessful, the Company may be forced to substantially curtail or cease exploration, appraisal and development expenditures and possibly curtail other of our activities.
They have also issued a TON!!! of warrants recently.
At June 30, 2012, our cash and cash equivalents were $14.2 million (December 31, 2011 - $10.5 million) of which $13.9 million is committed to carry out the exploration activities of the Myra and Sara joint venture and not available to us for use in general operations or other exploration activities. The residual cash of $0.3 million is available to us for general operations. The majority of this balance is being held in U.S. funds, of which $6.6 million is held in term deposits. At June 30, 2012, we had current assets of $67.5 million and current liabilities of $70.4 million, or a working capital deficiency of 2.9 million.
Their assets are worth less their their liabilities
Subsequent to June 30, 2012, we sold 8,500,000 common shares of ILDE for net proceeds of $1.4 million. On July 31, 2012, ILDE elected not to exercise its right to subscribe for and purchase up to 16,466,639 Units and accordingly those rights expired and were unexercised. In the event that we do not obtain the necessary uncommitted financing as described above, we may be required to liquidate our investments in ILDE shares in the near term, on an off-market basis transaction.
We are in the early stage of developing our operations. We have a very limited operating history and we have realized very limited revenues from our activities. We do not have material reserves of oil and gas as June 30, 2012.
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