On Oct 8, Houston-based Virtus Oil and Gas Corp. (OTCBB: VOIL) made public the seismic reprocessing and interpretation efforts of its recently purchased 47 miles of 2D seismic data in its Parowan Project.
Key Findings
Here is a summary:
-- Key Finding #1: The improved interpretation confirmed the presence of a complex structural closure associated with multiple thrust faults caused by compressional tectonic events. Dr. Benson believes the structure has the potential to trap Oil and Natural Gas, which is one of many necessary components for a reservoir to produce Oil and Gas.
-- Key Finding #2: The three new lines of seismic data confirm that none of the existing wells in the area have intersected the targeted reservoirs.
-- Key Finding #3: The two reservoir zones most prospective on the acreage are the Jurassic age Navajo Sandstone and the Permian age Kaibab Limestone. Additional secondary targets with intervals both shallower and deeper showed potential for future exploration. The primary prospect is a large anticline that is created by the thrust fault system in the area.
Latest Financials
Meanwhile, Virtus’ latest 10-Q covering the three months ended May 31 also has some key findings:
- Cash: $632
- No revenue
- Current assets: $820
- Current liabilities: $138,000
- Net loss: $561,000
To say that such a financial snapshot does little to instill confidence in shareholders is an understatement.
On Oct 9, VOIL’s share price closed at $1.75, up 13 cents from its close or $1.62 the previous day.
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Pershing Gold Corp. Granted Permits to Mine Its Relief Canyon Mine
Pershing Gold Corp.’s (OTCQB: PGLC) stock volume soared Oct. 9, with 3.3 million shares changing hands, more than 6 times its 30-day average volume of 547,585 shares.
Some analysts attribute this surge to the Oct. 6 news that state and federal regulatory authorities have approved the final permits the Lakewood, Colo. gold producer needed to start mining at Pershing Gold's Relief Canyon Mine in Pershing County, Nevada.
“For the first time in nearly 25 years, the Relief Canyon Mine has all of the permits needed to begin mining the deposit and to operate the heap leach gold processing facilities,” Pershing Gold's Chairman and CEO Stephen D. Alfers, said in a statement.
On Oct. 9, PGLC shares closed at 30 cents, unchanged from its closing price of the previous day.
Find out what could be the best investor’s move when it comes to PGLC by getting the complete report here or by cutting and pasting the following link in your Web browser:
NuState Energy to License its Software Products to Ronn Motor Group
On Oct. 9, NuState Energy Holdings Inc.said (OTCPink: NSEH) it plans to license its automotive software products to Ronn Motor Group's partners in China and other international markets.
According to Ronn Motor Group CEO Ronn Maxwell, the company is targeting the commercial and original equipment fleet vehicle markets in China, India and Europe. It plans to provide validation, testing and data for government financial incentives in relation to alternative fuel and power technologies. This will include fleet management tracking capabilities provided by NuState's GPSTrax.
GPSTrax offers fleet managers a real-time, detailed analysis of fleet and individual vehicle performance, including data that includes the location, speed, direction and fuel consumption of vehicles.
NSEH’s share price closed at 0.0018 cents, down 0.0001, or 5.26%, from its close of 0.0019 cents the previous day, on volume of 40.4 million shares.
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Lightstream Resources Ltd.’s Sale of its Business Unite Fuels Stock Volume
Canadian-based light oil exploration company Lightstream Resources Ltd.’s (OTCPink: LSTMF) share value surged Oct. 9, with 319,275 shares changing hands, nearly 3 times more than its 30-day average volume of 117,638 shares.
The uptick in volume is being fueled by the company’s recent announcement of its agreement with Crescent Point Energy Ltd. to sell the remaining assets in Lightstream’s southeast Saskatchewan Conventional business unit for gross proceeds of $378.4 million.
Proceeds include cash consideration of $375 million and three key parcels of Bakken rights valued at $3.4 million that will enable us to accelerate the expansion our Creelman enhanced oil recovery project.
According to Lightstream, further positive attributes of this transaction include:
- · The elimination of $38.5 million of future abandonment and reclamation liabilities on our balance sheet to reflect the disposition of approximately 450 net wells and associated facilities
- · A reduction in our capital expenditure guidance for 2014 by $15 million;
- · The elimination of future regulatory compliance costs associated with sour gas venting at these properties.
Consistent with other divestment activity in 2014, the company said it applied cash proceeds to reduce corporate debt which, pro forma June 30, 2014, and following the transactions to date, is approximately $1.5 billion. The amount drawn on its secured term credit facility is now approximately $500 million, leaving $650 million of available liquidity under the facility.
LSTMF’s share price closed at $3.81, down 22 cents, or 5.46%, from its close of $4.03 the previous day.
Find out what could be the best investor’s move when it comes to NSEH by getting the complete report here or by cutting and pasting the following link in your Web browser:
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