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MXXR... Will be producing gas soon...At bottom
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[QUOTE]Originally posted by J_U_ICE: [QB] Posted by: BMiles In reply to: None Date:8/24/2006 3:39:33 PM Post #of 3069 MXXR DD #1 For Newcomers MXXR has a 5% interest in a well that is currently being drilled as we speak. They expect to prove reserves of 11 million barrels of oil from an historically proven territory referred to as the Clovelly Field. From this link you will see the Clovelly Field has been producing oil and gas for many years. http://www.cgrpttc.lsu.edu/lainfo/prodfld/ (Scroll Down and select Clovelly) Highly unlikely they won't find a payout in my opinion. The O/S on this stock right now is 104,721,648. As many of you may be aware, the SEC does not allow a company to record reserves as an asset on their financial's until it has been proven. It does not matter what type of technology you use to show there is oil under an area of land, it is not considered proven until you have drilled the property and have proven a plan of recovery of the oil. Now for the fun part - 11 million barrels x $70 a barrel = $770,000,000 $770,000,000 x 5% interest = $38,500,000 $38,500,000 / 104,721,648 shares outstanding = asset book value of 37 cents a share. Now for real book value: Asset from new well if proved = $38,500,000 $38,500,000 + $1,825,000 assets currently reported in most recent filing = $40,325,000 $40,325,000 - $612,000 in total liabilities reported on last SEC filing = $39,713,000 Total Stock Holder Equity $39,713,000 Total Stock Holder Equity / 104,721,648 Shares Outstanding = .38 cents Book Value. If they do hit recoverable oil, the book value of the stock should jump to 38 cents a share. Now when we consider that oil stocks are currently trading two - three times book value, we could theoretically see the stock trading to as high as $.76 - $1.14 in a very short period of time. That would generate one heck of a return for a stock currently trading at 6 cents a share. Now I am not speculating the stock will ever trade to $1.14 but I have however proven it to be a real possibility if they do prove oil with the current drilling program. Considering today’s technology used to identify oil reserves, the chance of not finding oil in this already proven area have been significantly reduced as opposed to several years back. In my opinion. I believe it is highly likely the Drill Rig will discover what VNBL and the JV’s are anticipating. I don't seem to be the only one expecting to see value added to this stock, let’s take a look at the CFO / CEO trading action. Catherine Thompson is the CFO / CEO of MXXR, below I have outlined her trading pattern and dates. The obvious here is that if anyone is going to know where the stock price is going to go, it is going to be the CFO / CEO. Lets first point out that Catherine was selling her holding of stock in this company as late as October of 2004. Obviously she knew what she was doing as the stock has done nothing but head straight down ever since. Catherine seems to now have a change of heart as to the direction she believes the stock will be trading as shown by the shares she has recently taken on with no SEC filings indicating she has sold a single share since October 2004. Stock Transactions: 7/1/2005 - 700,000 Shares at 10 cents 2/6/2006 - 1,166,667 Shares at 3 cents 2/9/2006 - 55,000 Shares at 3 cents 3/31/2006 - 897,462 Shares at 1.3 cents 4/25/2006 - 618,519 Shares at 1.35 cents 5/4/2006 - 1,041,464 Shares at 1.12 cents Catherine has quite a large position of stock in this company and as I stated, she has not been selling but taking on even more shares. My guess is that the reasoning behind her taking on all these shares revolves around what she anticipates the value of the stock to be once it can realize the Clovelly South Prospect reserves in its financial filings. This is just a hunch but if the reason for holding all these shares is not because of the Clovelly South Prospect then it must be because of something else she is in the know about. It only makes sense that Catherine has a much better insight as to which direction this stock is going to trade in the near future than I do for obvious inside reasons. I do not claim to be an expert on fundamentals but I do believe this DD summary to be fully factual and accurate to the best of my knowledge. All of this information has been generated directly from recent PR’s and most importantly the SEC filings. If anyone has any question or needs me to go into greater detail, don't hesitate to ask. I believe this stock to present the home run possibilities everyone hopes to be a part of and I wish everyone the best of luck. MXXR DD #2 for Newcomers When you hear them refer to our well as Allain LeBreton No. 2, did it ever get you wondering if their was a Allain LeBreton No. 1? Well you are in luck because I have the answer for you right here. I have found that ORX Resources, a private organization, is the operator of our Allain LeBreton No. 2 well. I have also found they were the Operator of Allain LeBreton No. 1 as well. Here you will see they had run the pipeline to put that well into production. ORX RESOURCES C/O C.H. FENSTERMAKER & ASSOCIATES, INC. LOCATION OF WORK: Lafourche Parish, LA: Section 7; T19S-R22E; Section 31 & 32, T18S-R22E DESCRIPTION OF WORK: Proposed installation of one 4-inch flowline, approximately 7,494 feet in length to serve and produce the ORX Resources, Inc.- Allain Lebreton No. 1 Well. The line will be installed from the well, across the levee and then directionally bored below and existing ditch and roadway. The line will be installed on the surface of the marsh and directionally bored from the east side of the Hurricane Protection Levee below an existing ditch and roadway. An existing permitized pad site adjacent to the road will be used for the entry point and the backstring of the pipe will be placed on rollers adjacent to the levee at the exit point of the bore. The levee crossing will be conducted in accordance with U.S. Army Corps of Engineers’ specification. No tracked or wheeled vehicles will be used for the installation of the pipe across the marsh. http://www.slld.net/mins-agendas/aug.html The well was not however a perfect well. It produced natural gas at a strong rate of 2.55 million cubic feet per day but the oil production was not as what was expected in that they found oil and condensate as you will see here in a PR from a JV at the time. http://www.sism.com/Ioc04082004.pdf In addition, the Allain LeBreton No. 1 well was drilled to only 13,140 feet as seen in this PR from the former JV. http://www.sism.com/IOC%20PR%20Feb%2013%202004.pdf The significant difference here is that ORX Resources and the JV's have decided to drill the Allain LeBreton No. 1 well down to 14,200 feet where they anticpate from further 3D Seismic survey's they will locate 11 million barrels of oil. The Allain LeBreton No. 1 well showed signs that the oil was there for the taking, all we have to do this time is just tap into it and hopefully drilling down another 1,400 feet at a new location will do the trick. Worst case scenario we only find gas: 2.55 million cubicfeet per day is equal to 2627 MMBTU per day 2627 x $7 Average per MMBTU = $18,389 per day (not accounting for higher winter pricing) $18,389 x 365 days in a year = $6,711,985 $6,711,985 x 5% interest = $335,599 Annual Revenue for VNBL At this time, I do not know the potential size of the natural gas reserve so I cannot calculate how much this reserve would effect the book value of MXXR as I have if they locate oil. Not bad when you consider the stock is trading at 7 cents with only 104,721,648 O/S and very little debt. I've seen oil company's trading much higher with no revenue stream and a much higher O/S while carrying a very heavy debt load. Best case scenario is we find the 11 million barrels of oil: 11 million barrels x $70 a barrel = $770,000,000 $770,000,000 x 5% interest = $38,500,000 $38,500,000 / 104,721,648 shares outstanding = asset book value of 37 cents a share. Now for real book value: Asset from new well if proved = $38,500,000 $38,500,000 + $1,825,000 assets currently reported in most recent filing = $40,325,000 $40,325,000 - $612,000 in total liabilities reported on last SEC filing = $39,713,000 Total Stock Holder Equity $39,713,000 Total Stock Holder Equity / 104,721,648 Shares Outstanding = .38 cents Book Value. If they do hit recoverable oil, the book value of the stock will jump to 38 cents a share. Now when we consider that oil stocks are currently trading two - three times book value, we could theoretically see the stock trading to as high as $.76 - $1.14 in a very short period of time. That would generate one heck of a return for a stock currently trading at 6 cents a share. Now I am not speculating, nor do I believe the stock will ever trade to $1.14 but I have however proven it to be a real possibility if they do prove oil with the current drilling program. This will be the second well for ORX Resources in this area, I seriously doubt they would drill another well that deep if they only expected to find natural gas again this time and not recoverable oil, especially when you consider the drilling to cost in excess of $5,000,000 and ORX Resources is putting up the majority of the cash from what I have found. This well is not a hoax or a phantom well that does not exit, I have even found licensing and permitting of this second well. Either best case scenario or worst case scenario, I think I have proven without a doubt that the share price will move up with the results of the current drilling program taking place. I hope this has been helpful for those on the fence about investing in this stock. [/QB][/QUOTE]
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