Impressive Exploration NumbersThe Company appears to be targeting core areas of it's assets to best produce solid cash flow and increase assets.
Turner Valley is proving to be a major Oil producer and cash generator with long term growth and significant production increase potential.
Noel is being vigorously exploited to tap into the prolific Cadotte and Fahler formations and extend it's holdings significantly with numerous well re-entries,re-completions and many wells expected to be drilled over the past 4 years.Expenditures on developing this property are high and indicate solid confidence in successfully increasing production and Reserves many fold,significantly enhancing Shareholder value.
Exploration and Development Activities
The following information prepared as at February 28, 2011, is Management’s Discussion and
Analysis (“MD&A), of Goldnev Resources Inc. (the “Company” or “Goldnev”)
Expenditures on Oil and Gas Properties
For the three months ended December 31 For the nine months ended December 31
2010 2009 2010 2009
$ $ $ $
Noel 8,029 14,202 Noel 8929 19469
That's a lot of money poured into Noel to get these assets flowing.
Company Directors are obviously very satisfied with ongoing performance as well.
Directors fees
Directors fees were paid in the nine month period ended December 31, 2010 and represent current years fees as well as fees for previous years.
Fiscal measures have been taken to lower general Administration costs as well,which is to be commended.
Investor and Shareholder Relations
Investor relations and shareholder communications were $65,588 for the nine months ended December 31, 2010 compared to $115,953 in the nine months ended December 31, 2009, a decrease of $50,365 or 43%. In 2010 the Company has decreased its use of investor relations and shareholder communications consultants.
NOTE: The 9 month Co. Cease Trade Order ended 07/23/2009 so the high 2009 IR and Shareholder Communications costs are understandable in keeping shareholders well informed.We all remember the mass of updates put out regularly throughout 2009 keeping us in the loop. Though in 2010 it did noticably slow down.Wasn't that the year the IR Firm announced they had been hired?
Pasquia Hills is full steam ahead as this item on the agenda clearly indicates:
The Company has began the process to take steps to achieve its goal of applying for a pilot
project on its Pasquia Hills oil shale lands in 2011 / 2012.
(Can anyone explain to me exactly what this means?)
That's it for now fellow GNZ believers.
Thank you.