RE:RE:Acquisition News Coming?benlovato wrote: After reviewing your message, which I appreciated by the way, I think I will hold onto my Euro for now. Building a road to frac, basically a water well, does not seem to be a good operational decision. I will await the results of this procedure as well as the current quarterly report before I purchase more shares. Thank you for getting me in touch with the local "pumping" shop down there as well, their commentary was a real eye-opener!
benlovato: Can you give more details about their eye opening commentary?...what comments can be made about the latest quarterly report?
https://www.stockwatch.com/News/Item.aspx?bid=Z-C%3aAOC-2655761&symbol=AOC®ion=C
Advantagewon Oil's Q2 revenue increases to $239,095
2018-09-05 08:43 ET - News Release
Mr. Charles Dove reports
ADVANTAGEWON PROVIDES WISEMAN LEASE PRODUCTION UPDATE AND FINANCIAL HIGHLIGHTS
Advantagewon Oil Corp. has provided an update on the production at its Wiseman lease in the LaVernia area of Texas.
The corporation's three wells on the Wiseman lease are now all on production. Two of these wells were completed with a frac last year and with electrical power lines constructed earlier this year have been equipped and production commenced in July. These wells are showing increasing oil recoveries as the injected frac fluid is recovered. Current oil production is five barrels of oil per day however oil production is expected to increase as the remaining frac fluid is recovered.
Advantagewon is pleased to report increased revenues for the three months and six months ending June 30, 2018, over the same periods in 2017.
Total revenue for the three months ended June 30, 2018 (Q2), increased to $239,095 in 2018 from $130,728 in Q2 2017, representing an increase of 83 per cent.
Total revenue for the six months ended June 30, 2018, increased to $427,145 from $264,600 for the six months ended June 30, 2017, representing an increase of 61 per cent.
Paul Haber, chairman, stated: "Since Mr. Dove was appointed as our CEO back in December of 2017, he has been instrumental in both locating and putting oil wells back on line. Since May of this year, he has assembled a highly qualified and experienced management and operations team and they have rehabilitated 32 wells on our properties. With WTI prices now hovering around $70 (U.S.) per barrel, the 32 wells have unlocked approximately $63,000 (U.S.) in gross revenue on a monthly basis for the corporation which is reflected in our Q2 2018 revenue totals. This has been accomplished with minimal costs incurred and minimum risk to the corporation. In recommissioning these wells, Mr. Dove's and his team's work on the corporation's oil properties this year has also allowed the corporation to identify and target multiple compelling new drilling locations on its properties. The size of our combined landholdings is significant as is our existing reserve potential in zones including shallow oil sands and deeper oil zones including the Austin Chalk. Our year-end 2017 51-101 report showed a 78-per-cent increase in undiscounted reserve value. The revenue growth of 83 per cent and 63 per cent announced above shows progress towards realization of Advantagewon's production potential."
About Advantagewon Oil Corp.
Advantagewon is focused on building consistent cash flow from low-cost, low-risk oil wells in the state of Texas. The company applies specialized expertise to increase oil recovery from 10 to 15 per cent to up to 75 per cent for each well. Once the enhanced recovery strategy is successfully applied, the company will repeat the process throughout the oil pool to maximize output and minimize cost and risk.
We seek Safe Harbor.
© 2018 Canjex Publishing Ltd. All rights reserved.