Yesterday I called the CEO of ECCI and was very fortunate to have reached him. He told me that they were preparing to depart to service the Barnett Shale within the Ft. Worth Basin.
He first put me on hold as he said that he needed to put on his hearing aid as I take it that I might have been speaking too low. I asked if this was Royis that I am speaking with. He then explained to me how his real name is really spelled as Royce, but explained how something transpired between his passport and his First Grade Teacher getting the spelling of his name mixed up and so it stuck. He seemed to be a very nice and very elderly gentleman.
He told me that the Outstanding Shares (OS) was 250 million. He told me that the Authorized Shares (AS) was 250 million. He told me that they are not sure what the Float was, but that they were in the process of finding it out. I asked him about the need to sell shares to raise capital. He told me that he sees no need to sell shares to raise capital because of what he is expecting to materialize from a contract relating to their trip up to the Ft. Worth Basin to service the Barnett Shale. He told me that he is not planning to do anything with the share structure. This is always good to know.
He told me that they are working for a major company that trades on the NYSE. He told me that they were highly recommended by the State to this major market company to have come up there to perform their patented services to extract/treat the water from the wells within the Barnett Shale. I researched to see that their patented system removes from the water heavy metals, petroleum hydrocarbon contaminates, and a few other things of which I am not fully versed to speak about. He told me that he could not tell me who this company was, but that if I researched the Ft. Worth Basin within the Barnett Shale Region to see who is the largest company involved up there, I would then know the company they are up there working for.
He told me that this company made $7.9 Billion last year, trades on the NYSE, and have thousands of wells within the Barnett Shale formation. The most important thing he told me was that this company is out of Oklahoma. I think the major company which trades on the NYSE that has hired ECCI to bring them in to utilize their patented technology is DVN (Devon Energy) which trades on the NYSE at $104.33 per share which as you can see from their profile below is out of Oklahoma: http://finance.yahoo.com/q/pr?s=DVN
The beauty of guessing that DVN is the company that hired ECCI to utilize their patented technology to extract/treat the water from the wells is that even if I am wrong, heck, as a worse case scenario, just pick one from the Top 10 Producers List located to the right within the link below since this is suppose to be the top producer that’s involved: http://www.barnettshell.com/search.p...business+press
Still, after narrowing down all of the other details, from doing my DD, DVN meets every single one of those details mentioned to research by far.
From speaking with the CEO, he specifically told me that it costs very little to utilize their product to get the job done and that the bulk of their Revenues made from this contract will be Profits. This means higher Income which reflects a higher Earnings Per Share (EPS) which usually brings along a higher share price too. I think ECCI is about to turn the corner for good this time.