Agree they seem to have gone silent on assets for which ipo funds were used for.
THe ipo price was ~ 20 cents , now in 3,s - shareholder value destruction ?
One of the origonal assets is operated by the same company , as I understand , that offered 22 cents to buy the company, what’s the current shareprice again ?
So buying new assets a positive , based on experience , not that comfortable anything will come of it.
Below is the June qtrly activities update on the assets referenced , seem to have gone quite in regards to updates since???????
Aow mgmt - an update please!
Appreciate any other views.
June 2017 qtr activities report
Northern Star Project, - 12,000 net acres Valley County, Montana
The initial testing phase of the first unconventional, horizontal well in the Northern Star Project in Montana, USA (the “Project”) in the well indicated that further testing including a possible frac job, will have to be implemented. The well was tested in 4 zones with various strengths of acid, completion fluid combinations and injection rates and recoveries indicate that the reservoir was tight. Accordingly, it has been determined that further evaluation of the current test results needs to be completed before further testing is initiated including a potential frac job. Early analysis of the testing is encouraging and indicates the well has significant potential and the JV will look to further test the well.
As previously stated the JV partner was expected to drill the second horizontal well, in H2 2016 however this was behind schedule and they have not completed their well commitment by the due date in the JV agreement.
Rough House Project, 4,508 net acres DJ Basin, Colorado
On February 3rd 2016 AOW announced a new farm out with Running Foxes Petroleum. American Patriot Oil & Gas Limited (AOW) signed a new 5 well JV agreement with Running Foxes Petroleum Inc (RFP) a private oil company based in Denver, Colorado USA. The new JV covers the entire Rough House project acreage located in the Denver Julesburg (DJ) Basin, Colorado, USA. RFP has discovered a number of major producing oil fields in the region including the landmark Arikaree creek oil field (one of the original discoveries of the Mississippian play in the DJ basin) and a number of the AOW leases lie within and adjacent to the Arikaree Creek oil field.
Subject to permitting, RFP was expected to drill the first well in the 2H 2016 (AOW free carried) and the second well should follow shortly thereafter. We are still awaiting guidance from RFP on when the first well under this JV will be drilled. AOW has agreed to assign a 70% working interest in the Rough House Project to RFP upon completion of two commitment wells, with an option to drill three additional wells.
AOW Price at posting:
3.5¢ Sentiment: Hold Disclosure: Held
