Replies to post #235 on Octagon 88 Resources (OCTX)

[bhumiartha]

And just how will it do so with just seven thousand dollars in cash?
Read their SEC financial statements.
It will take at least a million dollars to create the engineering and environmental studies needed to apply for government permission to do anything, which in itself will take at least a year and ahalf once everything is in order.
The draw down credit facility they haven't touched, "might not be available," according to OCTX's filings with the SEC.
More importantly, read the ones for TAMO, the predecessor company to CEC North Star and Octagon, launched by the same team.
Here are some questions you should ask, as this same patch of land has now been recycled to four previous pumped and dumped companies from the same promoters.
Where are the environmental studies?
Where is the application for regulatory approval?
What work has actually been done on economic modeling?
All of this, to have any credibility, requires well-known thrid parties whose signed and certified assessments should be attached, and explained in plain English.
This same team has pulled off five elegant scams in a row.
Do look at the history of CEC North Star predecessor companies TAMO, KDKN and COUG: all use the same pump technique on high-risk, unproven land.
in fact, one of the "independent engineering studies" concluded there is no known commercially viable means of extracting the oil from one of its main patches of territory, I believe that was either Kodiak or Cougar.
Octagon 88 is run by the Tighe brothers and their associates, including the paid shill Ernst Schlotter, who readily admits in his disclosures that he does no due diligence or verification of any of the claims he so loudly trumpets as "independent" research.
Please save your money.
And please don't say you weren't warned, when within two years the big dump is on (the Tighes launch these schemes by issuing millions of shares to themselves, listing the company, and selling the shares through various misleading pumps designed to beguile and bamboozle people who don't read between the lines).
It sickens me to see good, honest people taken repeatedly for rides by this band of miscreants.
So keep waiting for these "great" releases, they will continue until they have wrung out every penny they can.

[bhumiartha]

To spare you grief and losses, this land came from TAMO to CEC North Star, then to OCTX. This is from TAMO's latest 10Q statement filed with the SEC.

Material Contracts

On May 31, 2012, the Company reached a binding agreement with CEC North Star Energy Ltd (ÇEC North Star”) of Calgary Alberta to transfer the oilsands leases it holds in the Manning Area in escrow pending a series of events being completed. CEC North Star will issue shares in escrow North Star common voting shares at the agreed value per shares issued from Treasury of Thirty Two Dollars ($32.00) Cdn. for a total of 5,062,500 shares. Due to family relationships between CEC North Star Energy and the Company, Mr. Tighe abstained from voting on the transaction. Due to a common board position on both companies, Mr. Hilekes abstained from voting on the transaction. North Star will be responsible for rental costs of the Manning lands going forward. Tamm acknowledges and consents to CEC transferring the balance of the farm in agreement that would apply to the P&NG leases, to North Star. The GORR in place on the Tamm leases will remain the obligation of Tamm under this arrangement The transaction has two key requirements to close – the put/call – 1. TAMM is to re-domicile to Alberta based on a shareholder vote at the next AGM and required documentation, regulatory requirements being completed. 2. Post the re-domicile, approval of the majority of the TAMM shareholders of the transaction at the same AGM would be required. Upon signing this agreement, Mr. Hilekes is appointed to the Board of Directors of CEC North Star and Mr. Tighe is appointed as COO of CEC North Star.


And why did TAMO do this, to come to a point where it sold five million shares for thirty two dollars to CEC North Star? Another extract from their 10Q:

NOTE 2 – GOING CONCERN MATTERS

The accompanying unaudited condensed consolidated financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. As shown in the accompanying unaudited condensed consolidated financial statements for the three months and inception to date periods ended June 30, 2013, the Company has incurred losses of $15,126 and $81,571,623, respectively. In addition, as of June 30, 2013, the Company had a working capital deficit of $391,112, and no revenue generating operations. These factors, among others, indicate that the Company may be unable to continue as a going concern.


So TAMO loses more than $81 million trying to develop this land, transfers the same land to CEC North Star with a few million shares sold for nothing, then CEC gets Octagon 88 to vend in, and Octagon 88 becomes the new pump vehicle.

The SEC filings show that this predecessor company incurred losses[ of more than $81 million dollars without being able to extract a single drop of oil. And now it is back under a new corporate name. BEWARE./b]