Candax Energy Inc CXEYF

Must admit....

[BlindBat_1]

Years back if you recall we determine that our assets where Jinxed ! Needless to say , efforts put by the Mgmt Team to replace pumps and fix things , turns into further problem as they move ahead - JINX..is sadly the name of the game.


Re-enter producing well to come out producing less - re-explore old field ( Belli) to come up empty handed.

Replace pumps at great cost and install Sucker pump performing much better only to have the pipe goig down the hole ...break because it is so old.

In brief mature fields with mature equipment, and trying to put new parts in to enhance its performance but sadly the associated older parts can't sustain the effort. Like puttin a new engine and connect it to an old transmission.....

Dunno where all this leads....but you would think that with the YEARS of experience, some of this could have been forecasted.......mind you it may explain some of our Turn over in the Top Management ranks.....

None the less , I did some deep fiancial crystal balling over the weekend and simply put.... this is trading way below it's Assets value ( unless one considers those to be over inflated)...simply put.....

flat this is worth 0.0223 cents....and sitting here at 0.015 cents.

Touch wood they have the adtional gas pump at El binane installed and enable to benefit from a second uplift before end of 2013...which in theory should ( if it did occur) be our best performance year in the last 3 in terms of SOLD production exceeding $12 millions...


Curious to see what kind of report we ill get in coming days....best of luck.