Brixton to PBTWow, we never look at this anymore, still owed by PBT. What ever happened to the Saskatchewan deal? Anybody know? Sure is quiet about that regime? We have been at that well. We'll tell all of you that a pumpjack is a pd pump, it pumps against all types of line pack pressures as long as the presco high pressure switch is set right, it should have no problem pumping down an oil pipeline to an oil battery, unless there is a wax build up in the line causing a restriction and the well is shutting down on high pressure. The pipeline to the test seperator is only 500m long? What is the problem? Is one of the old PBT directors still operating this well? Perhaps the pipeline needs to be pigged with a scrapper pig on a periodic basis (like weekly or bi-weekly) to keep the line clean. Or if it is that bad, hot oil the line with a de-wax chemical or solvent, let it sit for a day to dissolve wax, we figured out the calculation to what would be needed, only .7396 m3 to fill the line, like 740lts at about $6/lt of chemical. Also the well perhaps needs a beam pump meaning on every pumpjack stroke, the beam pump (another little pd chemical pump) squirts in a demulsifier on every stroke (a few lts/day) to help prevent build up on the line. We just shake our head and laugh. How come BRX just isn't pumping down the pipeline to the Cennax oil battery (it used to be a Conoco Phillips facility, maybe it still is, we don't know, real oil companies sell off and trade properties all the time). Or is BRX not using the oil battery because the oil processing fees are taken off the revenue of the oil and there is not much left or the Battery producer does not want BRX in their gathering sustem because of other reasons like not having a chemical program in place and doing mandatory pigging, who knows? We find it hard to beleive that an oil company would take a capable well and pipeline production and swing it to 400 barrel oil tanks on site and turn it into a single well battery when there is already an infrastructure in place to service the well? So what gives? Perhaps the test seperator facility has a meter problem and the well cannot be tested (which is an eub requirement once every month for 24 hrs, and a stable test to boot with a chart and flow meter and it might have to be done for 3 days to get a stable 24 hr test). Perhaps BRX does not own the test seperator or is not paying fees to use it, we know there is one there, the pipeline comes up to it. Wells have to be tested in order to go into a common gathering system so it is known of how much volume is in the pipeline is credited to each well using it? If you didn't test then how would the board know what is what and what the sales are? Perhaps BRX was forced to set up the tank farm so what the well tests is guaged right into the tank, meaning in a tank, at 9am the day before the tank level read 25 barrels, the next day at 9am (24hrs later) the tank level read 35 barrels, so the well produced 10 barrels! But were not done yet, out of that 10 barrels produced, what is the bs&w (basic sediment & water)? What if the bs&w is at 25%? Well that means 25% of that 10 barrels is water, which costs money to get rid off, meaning the well only produced 7.5 barrels of oil at the specific API gravity sampled! That is even less production, now BRX profits 25% of $750 dollars/day, wow, $187.50/day profit X 365 days/year (if the well stays on line 24/7/365 which is highly unlikely do to maintenance, etc, leaving an annual gross income from the well being $68,437. It costs approximatley $10/m3 to get rid of produced water, and then there are processing fees, so just part of the lifting costs from that well off this gross total is approximatley $400/year, less operating costs of at least $3k/year and processing fees(this is all at 25% ownership, leaving BRX with an approximate net income of maybe $54k provided oil stays at $100/barrel and the production stays at 10 barrels/day and the bs&w is at 25% ( it may be higher but that is where it was at in 2005 if we remember right, and that can change in the age of the well, the bs&w usually goes up, never down in our experience) Also, We as share holders sure hope that BRX isn't signed into some goofy crooked contract meaning they (and they are the operator of the well) is liable for all operating costs and processing fees of the well production at 100% of the costs to have 25% ownership in the well. If that is the case then all net profits are lower, and the net now becomes $ 27,660 / year and that doesn't include any pumpjack maintenance. Wow, who gets that $27k if that is what the contract says. Who knows, it is all just an oppinion from us as a group just because we know. We do know that the old PBT got hung with the tubing bill on this well way back when because they were the operator of the well and if the operator-25%ownership contract is wrote like this, yikes. So now we have a question for the board, why are you producing this well to a perhaps 400 brl tank(s) and have turned it into a SWB (single well battery)? Does PBT, or BRX own the tanks because to rent they are $40-$50/day, which is $14,600-$18,250/year, might as well bought your own standard 400 brl tank for $33k. Now this Panny well is remote, meaning winter access only, how do they plan to move the oil by truck in the summer? Or is there enough storage in place to make it to the next freeze-up (7 tanks will be needed till next Dec) Are they in a containment system by board requirements (yet another cost). Plus there is the trucking costs to haul in the rental tanks, tanks are probably sitting on mats, that costs to rent also, + to truck in. Then there is the costs of trucking out the oil for processing and sales, (maybe next Dec oil will be $70/brl or $130/brl, who knows). After working in the industry for 25 years we do know one thing, if oil and natural gas prices increase, so do all oilfield rentals, trucking, and service fees increase. We agree, this well does need a downhole engineer (who is that person Richard, it says it in the news release?) to examine the oil zone, perfs, Keg River formation and evaluate this well for an acid squeeze job, but after that, how long does the production remain high? Who owns the other $75% of the Panny well? Way back when if our memory stands correct, one of the old PBT board members family member owned some % of land sub lease rights right in the area by the well, does this particular person own a % of the Panny Well also? These are just a few questions we think the board of BRX needs to provide to the shareholders. How is BRX paying for all these services? Oh thats right, shares for debt is the way to pay bills, we remember that was the way PBT's claim to business to pay off debt, has the debt been paid off in Fairview, or in Saskatchewan? We know it has not been paid off in Fairview. Why does the board offer share offerings, options and warrants, what are they raising money for now? a different office or Condo in Calgary or Vancouver, perhaps a new bmw or to work over the Panny well. Our advice to all that own BRX, please be careful with your hard earned money. If you are thinking of buying, please do your research. It has been 6 years now since we got involved with the old PBT, and 3 years to which we sold out. We have watched the ups, and downs since 2005, and there were not a lot of ups. As a group in our honest opinion it was a very good choice to get out, we wished we were proven wrong, wanted to be proven wrong, for other people that invested, but our instincts knew better. If asked about PBT or the new BRX, we just tell the truth, and the truth hurts. This whole statement is in our honest opinion IOHO, Canada is still a free country and the charter of rights explains freedom of speech. There is no defamation, just the truth of an opinion, so try and sue for that! Ha Ha Ha! You people who want to own shares in a real oil company that does real profits with dividends, check them out through a brokerage house, quit throwing your hard earned money away. We just laugh now when we read the news releases, what a joke! Hard to believe that they are still trying to raise money and for what? Just go and get normal jobs like every other hard working Canadian. Man this world of the common stock market sure has a lot of scam artists in its trees, if a company isn't tying to raise money so a few can dine on nicer meals (a board of directors), the company is doing reverse splits of its share price to try and raise their share prices, that is a scam and never any warning. And that isn't PBT or BRX, that is just the way some like HNU or UNG operate, crooks. In our opinion, bank robbers without guns. Wake up BRX or PBT, the ride is over, pretty soon nobody will invest, our advice is to sell the Panny to a real oil company, that real company will give you a decent fair amount for the well, in reality, that is all that BRX has, might as well sell the whole company, 100 million shares for 25% of a dog well, the whole well and its reserves might be worth $500k,(and that is very high for 10 barrels a day) 25% of that is $125,000. 100 million shares at .05 cents / share? Does BRX actually have a value of 5 million dollars? For what? $125,000 for 25% of a dog well and $4.875 million dollars for hot air (which is free by the way) People, wake up the shares are actually only worth
.0001, meaning if you hold 100000 shares, you now have $125, that is just over the cost of a carton of smokes...lol, sure hope you didn't pay $5000 for those 100000 shares, its going no wheres, watch and see. Our advice to BRX and the board, just go and get normal jobs...lol
Farewell to the sinker
Sandy