Joseph D’Amico Appointed Chairman and CEO
There is much to report since our last update. The most important is that Joe D’Amico, an experienced, senior oil and gas executive with public company experience, has joined the Company as our new Chairman and CEO. Mr. D’Amico holds both a BS and MS in Petroleum Engineering from LSU and has spent his business career in the oil fields of Texas and Louisiana, including a stint as the EVP and COO of Swift Energy growing that company to be the largest oil producer in Louisiana. We expect Joe’s experience, contacts and good management skills to speed the Company’s growth and path to public market. (Mr. D’Amico’s resume is attached).
South Louisiana Deep Gas Prospect
The Company was approached by a family in South Louisiana about potentially leasing their land on which are three abandoned, “orphan” deep gas wells that had previously produced significant gas and condensate. After due diligence, the Company created an LLC and entered into a Letter of Intent to acquire the lease from the landowners and bring these wells back into production. Our initial research indicates significant production is still available. These wells are potentially “company makers”. There are additional “orphan” wells in the area which the Company may acquire. To fund this opportunity the Company has created a $2 million working interest/royalty offering for accredited investors and is currently advertising it in the Wall Street Journal. If you have an interest in investing in this, please contact us at [email protected].
Canadian Pool Company
We have been in contact with a Canadian Pool Company to discuss a merger to go public. The discussions are in the early stages with the Canadians currently performing their due diligence on us. If we are able to agree on merger terms the end result would be public listing of our shares and a capital infusion with additional funding possibilities through the public markets.
After reaching a high of over 1,000 barrels in monthly production earlier this summer several reservoir and mechanical issues have pushed down our production to a range of between 700 and 900 barrels per month in our Abilene area fields. We have identified several remedies and actions to implement to return to the thousand barrel per month or better rate. These will be implemented before yearend.