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The Company and US Oil and Gas have agreed to share the current well maintenance and capital upgrade programs in process by selling 28 of Oakhill Energy, Inc. wells to US Oil and Gas in return for the redemption of 8 million of the Hadro Resources, Inc. common shares owned by US Oil and Gas Resources. In addition, a further 400,000 common shares of Hadro Resources, Inc. will be redeemed from the original finders fee arrangement.
Under the agreement that has been structured, Hadro Resources, Inc. will continue to own 100% of the Operating Subsidiaries currently under amalgamation into Oakhills Energy, Inc. The Company will assume responsibility for Oakhills existing debts, and operating infrastructure overheads, continue to own and operate its wells that currently provide approximately 85% of the current income to Oakhills Energy, Inc., and continue to own and develop its 100% interest in the high potential, Comanche I and II properties. In addition, Oakhills Energy, Inc. will generate service revenues from the provision of operator services to US Oil and Gas for the continued development of its repurchased oil and gas properties.
Of the 2 million Hadro Resources, Inc. common shares remaining with U.S. Oil and Gas, Hadro Resources, Inc. has obtained share purchase options on 1.5 million of the shares, and has arranged for the remaining 500,000 shares to be redeemed by the Company in exchange for minority participation in future oil and gas acquisitions. Exercise of the share purchase option will enable US Oil and Gas to fund further oil and gas initiatives, while allowing the Company to reduce its issued and outstanding shareholdings further or provide incentive shares for future financings.
A formal agreement will outline and detail specifics of the share repurchase and asset sale program, that will be subject to CDNX regulatory approval. Once the agreements become effective, the issued and outstanding share capital of the Company will be reduced from 24,753,973 to 16,353,973, excluding the further provision of the 1,500,000 shares under option, and the 500,000 shares to be redeemed from the provision of minority interests in future oil and gas acquisitions. The redemption of issued and outstanding shares by 8.4 million will effectively reduce shareholder dilution by approximately 34%.
Oak Hills Energy -- Comanche II Well Update: The Company continues its recompletion tasks relating to its Comanche II well. As previously announced, the Soap string has been installed and work with the treatment continues. The soap string treatment engineered and designed by Cudd Pressure Controls of Oklahoma City is a process that injects a liquid soap via stainless steel tube to the bottom of the well to lighten the specific gravity of the water column to reduce the pressure on the formation.
The Comanche # II well was drilled as a replacement to the # I, to a total depth of 21,954 feet and was completed in the Boatright and Goddard formations. Oak Hills Energy has attempted recompletion in the Britt zone previously at 18,100 feet, which shows to have similar log characteristics and more net pay than the Quannah Parker #1-1 control well, a direct offset that has produced approximately 3 BCF of gas from this zone.
About the Company: Hadro Resources, Inc. is a natural resource exploration company engaged in the acquisition of oil and natural gas properties for exploration and development in the United States. The Company plans to undertake exploration and drilling for oil and gas in the US. The Company is currently assessing other potential oil and gas exploration acquisitions.
Das sollte wohl den langanhatenden Aufstieg dieser Aktie erklären und das hohe Potential des Unternehmens verdeutlichen (s.Comanche I +II)
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