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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)