posted
Thank Star Gazer for bringing this one in. Read 'Jan - Mar picks' to get the basic gist of this stock.
Heres some more information
I nice S/O of 93m 52 high/low: .0452 - 1.5843
Their latest Quartly looks pretty good too.. increase in assets and net cash
A 'Pink Flag' for possible dillution though...
quote:Several conditions and events cast doubt about the Company's ability to continue as a "going concern". The Company has incurred net losses of $499,258 for the period from November 6, 2000 (inception) to September 30, 2004 and requires additional financing in order to finance its business activities on an ongoing basis. The Company is actively pursuing alternative financing, has arranged a $5,000,000 convertible debenture and has had discussions with other various third parties, although no additional firm commitments have been obtained.
posted
Still watching to see where it levels off. I expect to see this stock in the $3 to $5 range or higher in a few years or sooner. As Whataberger says, What a buy. This is a stock that you can sink your teeth into and come away feeling satisfied. These temporary low prices for FDEI make my mouth water. We are in the green and profits are just going to get better over time. Will see how low it will sink and then jump in and grab the anchor and just wait for it to be pulled up. Here are the salient points from the newest quarterly report: Form 10QSB for FIDELIS ENERGY INC 14 Nov-2005 Quarterly Report
In summary, the Company now has sufficient liquidity and capital resources to operate profitably due to the sale of gas from the tie-ins of the Archer-Whitney #1 and Archer-Wildlands #1 gas wells in 2005. The Company expects to continue to operate profitably and anticipates improving its financial position as production increases in the future. The "Archer-Wildlands #1" well has been initially brought online at a rate of 1.0 Mmcf per day. This I.P.R. (initial production rate) will be closely evaluated by the operator and stepped up over time once stable rates are achieved. The daily gas production at the "Archer-Whitney #1" well at North Franklin has been stepped up to 1.8 Mmcf per day, and is capable of going higher. Fidelis Energy announced that the Company has executed a memorandum of understanding (M.O.U.) to acquire a 25% working interest from a private company, in a very prospective Kansas oil and gas play. Fidelis will be signing formal contracts and a joint operation agreement (J.O.A.) shortly. Fidelis and partners have now acquired participation rights in a large data base that includes a geophysical survey covering approximately one million acres, located in central Kansas, covering parts of Ellsworth, Salina, McPherson, Reno, Harvey, Kingman, and Sedgwick counties. Total cumulative oil production through 1999 from these counties is more than 978 million barrels of oil. The geophysical survey utilized RAM technology, owned by Paramount Energy Corp., which is a geophysical methodology used to highlight oil and gas deposits. Unlike 2-D and 3-D
seismic methods, which gather information based upon artificially induced sonic responses recorded at the surface, RAM technology identifies "unique bright spots" using its proprietary software to process certain aspects of the earth's magnetic field data. Data is collected by a low flying aircraft equipped with specialized equipment and then analyzed by RAM software. These "unique bright spot" anomalies can be correlated to near-surface alterations caused by the slow geochemical processes that occur over both oil and gas deposits. The RAM technology is an indirect hydrocarbon indicator independent of structure so it a good tool in areas where seismic is not. Since RAM data is collected from an aircraft, large acreage surveys can be acquired many times faster and many times less costly than traditional seismic. That makes RAM an ideal first reconnaissance tool. Several identified RAM anomalies interpreted within the survey area are believed to have hydrocarbon potential over multi-sections of lands that have never been tested with a drill bit. Most nearby production within this region of the Central Kansas Platform produces from Mississippian age and older limestone rocks above the Arbuckle dolomite formation. Some of the accumulations of hydrocarbons are stratagraphically trapped and unrelated to structure and therefore not easily identifiable by traditional seismic. The magnetic survey and interpretation of the region is of excellent quality. Oil wells will be drilled to test the most promising prospects to the deepest known petroleum formation, the Arbuckle, generally less than 4000' in depth in the Central Kansas Platform. Drilling costs have been estimated to be in the order of $200,000 for a cased and completed well. The Central Kansas Platform covered by the survey and interpretation contains some of the most prolific production from shallow depths in that part of the country. There are many established oil fields within the boundaries of the survey area. The survey indicates "bright spots" that could be hydrocarbon accumulations not yet discovered by traditional seismic or other older exploration technologies. Multiple prospects are expected to be generated after more extensive field tests. Fidelis and partners are proceeding to further evaluate the most prospective oil and gas targets for drilling utilizing complimentary geochemical and geophysical methodologies in their field-testing. The operator will then recommend leases for acquisition and the exploration program will commence. Fidelis, with a 25% working interest, will be participating in a joint venture with other working interest partners who are Silver Star Energy, Inc. that has a 20% working interest, and Cascade Energy, Inc. that also has a 25% working interest. The private company will be carried through the drilling and completion of the first two (2) exploratory wells. The 70% working interest partners will pay 100% of the costs of drilling and completing the initial two wells. Subsequent to those first two wells, all participants in the play will contribute on a straight up working interest basis.
IP: Logged |
UBBFriend: Email this page to someone!
Printer-friendly view of this topic
