Reconnaissance Energy (Africa) Ltd V.RECO

The Namcor Deal

[Oregonduck]

I said it then when they first announced Namcor selling off 5% interest in the oil concession last year that it had an appearance of impropriety & corruption acts. Without evidence, I posited that some high level officials wanted cash and shares to approve drilling and permitting for further wells. The Oil Minister was hauled into Parliament to answer questions about the deal. Notwithstanding the News Release, this deal will die on the vine. Originally, the total deal value was US$2 million cash and Can$31 million in stock., Now, it is only valued at US$2 million cash and Can$6 million in stock. 

In another matter, Reco has also engaged a third party to negotiate a cut in the interest rates on the Mexico royalties for a cash payment of US$1.0 million. That smack of another impropriety to buy off the Mexican officials. 
 
The SEC and DOJ would be all over the Co under these foreign improprieties should they happened. That is not standard practices.

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Right you are Mr. Duck! Thanks!

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Mr. Duck as to your below comment: "The SEC and DOJ would be all over the Co under these foreign improprieties should they happened. That is not standard practices." Why are they not? Recaf throws off tons of "smoke. " There must be "fires! Is it because it is a Canadien company?  

[Oregonduck]

  I am betting that SEC has opened a file on Reco. It seems like everyday, we have them going to US courts and getting the stock fraudsters sentenced to jail time and disgorgement of ill-gotten gains. Unlike BCSC or OSC in Canada - with fox guarding the chicken coop - they don't confirm nor deny any ongoing investigations. It usually takes a few years for any investigations to be

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"Off shore tax havens"? I think you are right. The Recafers are very slick and highly skilled confidence folks!