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Quarterly report for Petroteq...The Company has incurred losses for several years and, at May 31, 2018, has an accumulated deficit of $55,413,449 (August 31, 2017 - $46,856,367) and a working capital deficiency of $4,650,914 (August 31, 2017 - $4,250,552). These condensed consolidated financial statements have been prepared on the basis that the Company will be able to realize its assets and discharge its liabilities in the normal course of business. The ability of the Company to continue as a going concern is dependent on obtaining additional financing, which it is currently in the process of obtaining. There is a risk that the additional financing will not be available on a timely basis or on terms acceptable to the Company. These consolidated financial statements do not reflect the adjustments or reclassifications that would be necessary if the Company were unable to continue operations in the normal course of business.
So what is current production???
They claim to be in production and yet months pass with still no figures reported to the Texas RRC. Indeed what is going on?
More confetti from petroteq. https://ir.petroteq.energy/press-releases/detail/282
Back in a month then.
https://mobile.twitter.com/angloafricanog/status/1021072121257242624
This is the rig for any one who is interested. https://t.co/mpwNarVHrW
Who knows. If it all comes good then maybe Jerry will be able to afford a new pick up truck and can ditch that old tub he has to drive in all the vids.
Just need to distribute the relevant envelopes then sail away.
Penguins.....I am also very interested to see how the KL layers perform over an extended period. Most observers now understand that the reservoir is naturally fractured but almost all appear to have completely overlooked the fact that because there has been no hydraulic fraccing there has also been no proponent introduced in to the fissures. So the big question is what will happen when the near bore pressure starts to drop.
So you think the workover permits held by WTXR and granted in April for the upcoming Gilbreath wells means they are no longer operator. And the fact they aquired the Morris lease in October 2017 after Mayan bought in is also a clerical error....interesting.