re: Ann: Molopo Energy agrees to sell Barnhar..."Molopo Energy Limited (“Molopo” or the “Company”) is pleased to announce that it has entered into an agreement to sell its assets located in Barnhart, Irion County, Texas, for gross proceeds of US$4.8 million. Total production from Barnhart averaged approximately 125 barrels of oil equivalent per day (“boe/d”) for the three-month period ended September 30, 2013. Completion of the transaction is subject to customary due diligence. Canaccord Genuity".
Now, if that is a good deal, I am the next King of England.
At 125 boed per day, the gross revenue from the sale amounts to about 1 year of oil sales. And that is without taking in full consideration all of the outgoings we have put in there plus what we paid for the land in the first place.
And don't forget that the $4.8 million dollars received from the sale, are ""GROSS PROCEEDS"", not ""NETT"" to us.
Another "big loss" if you ask me. Dear oh me...
And that is on top of the Saskatchewan sales too.
I do like the way they usually start these sort of announcements with " The board is pleased to advise "..... LOL, what next. :-(
Or well, I suppose if they are pleased, who are we to be not so pleased.
MPO Price at posting:
18.5¢ Sentiment: None Disclosure: Held
