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  • rick
    replied
    ADVANTAGEWON ANNOUNCES REDEMPTION OF SECURITIES HELD, DEBT REDUCTION, CASH RECEIVED AND PAYMENTS DUE

    Advantagewon Oil Corp. has provided an update on redemption of securities held, debt reduction, cash received and payments due.

    As detailed in the Corporation Q2 Financial Statements, on July 6, 2018, an agreement was reached with Gunpowder Capital Corp. ("Gunpowder", "GPC") for the redemption of 91,470 Class - A Preferred Shares of GPC previously owned by the Corporation.

    Gunpowder has redeemed 91,470 Class - A Preferred Shares for net proceeds of $832,230. These proceeds were applied to debt owed by AOC to GPC. The total debt owed to GPC of $442,792 was fully retired eliminating monthly principal payments of $15,000 CDN plus interest at an average rate of 14.2 % per annum. $142,207 was received as cash and the remaining $238,231 will be paid in seven installments of $34,033. As of the date of this press release payments have been received for August and September 2018.

    The Corporation has entered into an agreement whereby two of the Directors of the Corporation and certain contractors have agreed to receive their compensation in common shares of the Corporation at a deemed price of $0.08 CDN per common share. Over the next year, a total of 3,085,000 shares will be issued in place of cash payments of $246,800 to these Directors and contractors. All shares issued in will be subject to a four month plus one day hold period under applicable Canadian securities laws.

    Mr. Charles Dove Stated: "The retirement of the debt announced and payment in shares to certain Board members and contractors as stated above will save the Corporation approximately $39,000 CDN per month in cash expenditures. The Corporation is working to both rapidly increase its incoming revenues and decrease its debt and other payment obligations. I appreciate the confidence the Board members and contractors have shown in accepting compensation in shares vs. cash. As stated in the Corporation's Sept 5th, 2018 press release, the Corporation has recently unlocked $63,000.00 USD in gross revenue on a monthly basis by simply locating and recommissioning inactive wells on our properties. We anticipate further increased production from these recommissioned wells combined with further increased production from the wells recently put online at our Wiseman lease."

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  • rick
    replied
    ADVANTAGEWON PROVIDES WISEMAN LEASE PRODUCTION UPDATE AND FINANCIAL HIGHLIGHTS

    Advantagewon Oil Corp. has provided an update on the production at its Wiseman lease in the LaVernia area of Texas.

    The Corporation's three wells on the Wiseman lease are now all on production. Two of these wells were completed with a frac last year and with electrical power lines constructed earlier this year have been equipped and production commenced in July. These wells are showing increasing oil recoveries as the injected frac fluid is recovered. Current oil production is 5 barrels of oil per day however oil production is expected to increase as the remaining frac fluid is recovered.

    Advantagewon is pleased to report increased revenues for the three months and six months ending June 30, 2018 over the same periods in 2017.

    Total Revenue for the three months ended June 30, 2018 (Q2) increased to $239,095.00 CDN in 2018 from $130,728.00 CDN in Q2 2017, representing an increase of 83%.

    Total Revenue for the Six months ended June 30, 2018 increased to $427,145.00 CDN from $264,600.00 CDN for the Six months ended June 30, 2017, representing an increase of 61%.

    Mr. Paul Haber, Chairman Stated: "Since Mr. Dove was appointed as our CEO back in December of 2017, he has been instrumental in both locating and putting oil wells back online. Since May of this year, he has assembled a highly qualified and experienced management and operations team and they have rehabilitated 32 wells on our properties. With WTI prices now hovering around $70USD per barrel, the 32 wells have unlocked approximately $63,000.00 USD in gross revenue on a monthly basis for the Corporation which is reflected in our Q2, 2018 revenue totals. This has been accomplished with minimal costs incurred and minimum risk to the Corporation. In recommissioning these wells, Mr. Dove's and his team's work on the Corporation's oil properties this year has also allowed the Corporation to identify and target multiple compelling new drilling locations on its properties. The size of our combined land holdings is significant as is our existing reserve potential in zones including shallow oil sands and deeper oil zones including the Austin Chalk. Our year end 2017 51-101 report showed a 78% increase in undiscounted reserve value. The revenue growth of 83% and 63% announced above shows progress towards realization of Advantagewon's production potential."

    About Advantagewon Oil Corp.

    Advantagewon is focused on building consistent cash flow from low cost, low risk oil wells in the State of Texas. AOC applies specialized expertise to increase oil recovery from 10-15% to up to 75% for each well. Once the enhanced recovery strategy is successfully applied, AOC will repeat the process throughout the oil pool to maximize output and minimize cost and risk. Advantagewon's common shares are listed on the OTC Markets in the United States and on the Canadian Securities Exchange ("CSE") in Canada. Advantagewon is a member of the CSE Composite Index (CSE: AOC). For more information please visit www.aoc-oil.com.

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  • shamool
    replied
    Good thing they didn't try and raise money over .10c...

    Advantagewon Oil arranges $1-million private placement 2018-07-09 10:31 ET - News Release



    Mr. Charles Dove reports

    ADVANTAGEWON ANNOUNCES A $1M CDN NON-BROKERED PRIVATE PLACEMENT OF UNITS

    Advantagewon Oil Corp. is conducting a non-brokered private placement financing of up to $1-million through the issuance of up to 20 million units at price of five cents per unit. Each unit will consist of one common share in the capital of the corporation and one common share purchase warrant, with each warrant entitling the holder thereof to purchase one common share of the corporation at an exercise price of 10 cents per common share for a period of 24 months from the closing of the financing, subject to accelerated expiry in the event the closing price of the corporation's shares closes at or greater than 15 cents for 10 consecutive trading days.

    All common shares issued in connection with this placement will be subject to a four-month-plus-one-day hold period under applicable Canadian securities laws. Finders' fees may be payable on a portion of the private placement to eligible finders of 8 per cent. All proceeds from the financing will be used for drilling and general working capital purposes.

    The offering will permit participation of existing shareholders of the corporation who held shares of the corporation as of July 5, 2018, and who continue to hold shares of the company as of the closing date of the offering, pursuant to the existing securityholder prospectus exemption available under Ontario Securities Commission Rule 45-501, Ontario Prospectus and Registration Exemptions, and equivalent provisions of other applicable securities laws. In addition, for those shareholders and for others who do not qualify under the existing shareholder exemption, such persons may qualify to participate under other prospectus exemptions, such as the accredited investor (as the term is defined in the Securities Act (Ontario) or other legislation applicable in the jurisdiction in which such subscriber resides) prospectus exemption.

    To participate, shareholders relying on the existing shareholder exemption will be required to represent, in writing, certain requirements of the existing shareholder exemption, including that they were as of the record date and continue to be, as of the closing date, a shareholder of the company, and that they are purchasing the offering shares as principal for their own accounts. The aggregate acquisition cost to a shareholder relying on the existing shareholder exemption, and not the accredited investor prospectus exemption, cannot exceed $15,000 in the 12-month period immediately preceding the closing date of the offering, unless that shareholder has obtained advice regarding suitability of the investment from a registered investment dealer in the shareholder's jurisdiction. The minimum subscription amount for shareholders relying on the existing shareholder exemption is $5,000 (the minimum subscription).

    About Advantagewon Oil Corp.

    Advantagewon is focused on building consistent cash flow from low-cost, low-risk oil wells in the state of Texas. Advantagewon applies specialized expertise to increase oil recovery from 10 per cent to 15 per cent to up to 75 per cent for each well. Once the enhanced recovery strategy is successfully applied, Advantagewon will repeat the process throughout the oil pool to maximize output and minimize cost and risk.

    We seek Safe Harbor.

    © 2018 Canjex Publishing Ltd. All rights reserved.

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  • rick
    replied
    Shale Shifts Attention To This ‘Forgotten’ Oil Play

    https://oilprice.com/Energy/Crude-Oi...-Oil-Play.html

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  • rick
    replied
    Lerma AC well - operator error caused new pump to fail. Well is flowing.

    Rick

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  • rick
    replied
    Lerma Lease

    Never got done - Recompletion by frac’ing of the Austin Chalk zone in the Lerma #2 well scheduled for mid September 2017.




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  • rick
    replied
    I'm going to give Charles a call and check this out. I recall we have Austin Chalk, maybe quite a bit. Me and him were talking about it quite a ways back.

    Next Big Thing for U.S. Drillers Is a Play Jilted 20 Years Ago

    https://www.bloomberg.com/news/artic...d-20-years-ago
    Last edited by rick; June 14th, 2018, 04:55 AM.

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  • rick
    replied
    Advantagewon Oil Corp. Provides Swabbing Results on Two Wells at LaVernia

    2018-06-01 07:28 PT - News Release

    Toronto, Ontario--(Newsfile Corp. - June 1, 2018) - Advantagewon Oil Corp. (CSE: AOC) (OTCQB: ANTGF) (the "Corporation", Advantagewon", "AOC") announced today that swabbing of the two wells previously drilled on one of its properties in the LaVernia area has been completed.

    The Corporation has encountered encouraging results from the first well drilled earlier this year. The primary sand target in the first well was perforated and swabbed. The initial fluid level in this first well was at 384 foot from surface, which is approximately 720 feet above the perforations showing considerable inflow into the well bore. The first swab on this well recovered 100 feet of oil. The second swab recovered 300 feet of oil and water. The Corporation believes minor formation damage occurred in this first well during drilling which may be partially restricting flow rates and the Corporation is now planning a small frac'ing procedure in an attempt to correct this and enable the well to demonstrate its ultimate flow potential. Drilling fluid chemistry was modified for the drilling of the second well to address the formation damage issue.

    The second well was perforated in the secondary deeper sand zone, and swabbed, and proved to be wet in this secondary target zone. A bridge plug was placed above this zone and the primary shallower sand zone which had recovered oil in the first well was perforated on May 30th, 2018. Swabbing equipment will be recalled as soon as possible to continue evaluation. There were oil shows from this sand in the second well as it was drilled.

    The Corporation is now in the process of sourcing tanks, pumps and a generator to be installed so it can commence further production testing and determine flow rates on the two wells.

    Mr. Charles Dove stated: "The Corporation has faced numerous delays and is moving as quickly as possible to ascertain the flow rates of the two wells. Despite the scheduling setbacks, we are very encouraged by the initial findings found in the two wells. We believe that the daily production rate of these wells will be consistent with the estimated 15 bbls per day."

    About Advantagewon Oil Corp.

    Advantagewon is focused on building consistent cash flow from low cost, low risk oil wells in the State of Texas. AOC applies specialized expertise in oil pool development by development drilling, pressure restoration and maintenance using water and chemical injection to increase oil recovery from 10-15% to up to 75% for each pool. Once the enhanced recovery strategy is successfully applied, AOC will repeat the process throughout the oil pool to maximize output and minimize cost and risk. Advantagewon's common shares are listed on the OTC Markets in the United States and on the Canadian Securities Exchange ("CSE") in Canada. Advantagewon is a member of the CSE Composite Index (CSE: AOC). For more information please visit www.aoc-oil.com.

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  • rick
    replied
    ADVANTAGEWON OIL CORP. COMMENCES SWABBING AND PRODUCTION TESTING ON TWO HOLES AT LAVERNIA

    Advantagewon Oil Corp. will commence production testing and swabbing of the two 400-metre vertical wells that the corporation completed drilling in first and second weeks of March, 2018. Due to weather delays, and increased work volume in the State of Texas, the Corporation has experienced multiple delays in securing firms to conduct the required work. The Corporation acknowledges that it is behind schedule on its six hole drill programme which the Corporation is currently working hard to rectify.

    The Corporation expects that it will be in a positon to report flow rates of the two LaVernia wells by the end of the third week of May. The Corporation still anticipates that the two wells will add approximately 15 barrels of oil per day ("BOPD"), per well, for a combined approximate total of 30 BOPD.

    The Corporation continues production testing on one of its three wells on its Lerma Lease following its recompletion in Q3 2017 and servicing in Q1 2018. The well has been producing oil and water with a total of over 265 barrels reported at an estimated 50% oil cut in February. Following the most recent servicing, the wells has been flowing oil and water with over 300 barrels of fluid produced. The Corporation will be adding a surfactant chemical to separate the fluids to get an indication of the oil cut. This well is one of three wells on the property with the potential to be re-completed in both shallow sand and deeper Austin Chalk and Buda formations.

    About Advantagewon Oil Corp.

    Advantagewon is focused on building consistent cash flow from low cost, low risk oil wells in the State of Texas. AOC applies specialized expertise in oil pool development by development drilling, pressure restoration and maintenance using water and chemical injection to increase oil recovery from 10-15% to up to 75% for each pool. Once the enhanced recovery strategy is successfully applied, AOC will repeat the process throughout the oil pool to maximize output and minimize cost and risk. Advantagewon's common shares are listed on the OTC Markets in the United States and on the Canadian Securities Exchange ("CSE") in Canada. Advantagewon is a member of the CSE Composite Index (CSE: AOC). For more information please visit www.aoc-oil.com.

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  • rick
    replied
    Been some Toronto and Texas sized bullshit to overcome but the team, a very capable experienced team who have 'been there done it' before - numerous times - are in place to turn CSE:AOC around and build a real oil company.

    Rick

    Management Team

    Charles Dove
    Chief Executive Officer

    Mr. Dove is a Professional Geophysicist with over 38 years’ experience in Oil and Gas exploration, development, project and company management of which 28 of those years involved management of private and public companies. Previously, Mr. Dove served as the President, and Chief Operating Officer of Dejour Energy (Alberta) Ltd., and as a Director of Dejour Energy Inc., (TSX: DEJ), (NYSE MKT: DEJ). Under Mr. Dove’s management, Dejour reached 1,000 BOE per day within its first two years of operation.

    Roger Harman
    Chief Financial Officer

    Mr. Harman is a Chartered Professional Accountant and Certified Management Accountant with over 40 years’ experience in the Oil and Gas industry. For twelve of those years, he was involved in all aspects of the financial management of private and public companies. Previously, Mr. Harman served as the Chief Financial Officer for a number of companies including: Canadian Superior Energy, PRD Energy Inc., and Axiom Oil and Gas Inc.

    Derek Stonehouse
    Geologic Technologist

    Mr. Stonehouse has over 20 years of experience in the oil and gas industry. As a Geological Consultant for Northern Blizzard Resources, he identified and drilled over 140 horizontal wells increasing his pool from 1000 bbls/d to 4000 bbls/d. Previously, Mr. Stonehouse served as a Director of Cardiff Energy Corp., (TSXV:CRS) and as a Director of Goldeneye Resources Corp. (TSXV:GOE).


    John Garden
    Operations Manager

    Mr. Garden, holds B.Sc. in Chemical and Petroleum Engineering from The University of Calgary, Alberta and has managed onshore drilling and production operations in Canada, the United States and internationally. Mr. Garden is the founder and principal of Deadeye Engineering and with staff, over the period of 2004 to 2012, managed drilling, completions and equipping over 2000 horizontal wells with a combined budget of over $1,750,000,000. John is also the Past President and current Vice President of the Canadian Association of Drilling Engineers.Past President and current Vice President of the Canadian Association of Drilling Engineers.

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  • rick
    replied
    ADVANTAGEWON OIL CORP. ADDS ADDITIONAL WELL AND PROVIDES PRODUCTION UPDATE

    Advantagewon Oil Corp. has provided an update with respect to the three wells brought back to production announced last week.

    Production testing has been conducted on the three wells brought back on-line as oil producers last week and Advantagewon has added a total of three barrels of oil per day. This has been accomplished at very little cost to the company.

    Advantagewon is also please to announce that it has found an additional well (its fourth since the company started a detailed inventory of its land packages), which was brought on late last week. The company continues to review all properties and wells and expects to find similar opportunities as work progresses. Advantagewon will make periodic announcements of wells returned to production and rates as they become available.

    Charles Dove, chief executive officer, stated: "I am pleased with the progress on adding production on the company's leaseholdings by restoring existing wells to production. It is vital that we extract all possible value from our holdings and these incremental low-cost additions will contribute to our goal of achieving positive cash flow."

    About Advantagewon Oil Corp.

    Advantagewon is focused on building consistent cash flow from low-cost, low-risk oil wells in the state of Texas. Advantagewon applies specialized expertise in oil pool development by development drilling, pressure restoration and maintenance using water and chemical injection to increase oil recovery from 10 per cent to 15 per cent to up to 75 per cent for each pool.

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  • rick
    replied
    ADVANTAGEWON OIL CORP. PROVIDES UPDATE ON TWO ADDITIONAL WELLS BROUGHT ON PRODUCTION AND ADDS ONE MORE

    Advantagewon Oil Corp. has provided this update with respect to the two wells brought back to production announced last week.

    The corporation's new oil well operator in the LaVernia continues to familiarize himself with the company leases and wells, and has identified opportunities for the company to bring some additional existing wells back on production. To date, three wells have been brought back on and production testing is currently under way on these wells with results expected by the end of this week. This has been accomplished at very little cost to the company.

    The company expects to find similar opportunities as work progresses.

    Chief executive officer Charles Dove stated: "I look forward to finding additional opportunities to add production on the company's lease holdings by restoring existing wells to production. It is vital that we extract all possible value from our holdings and these incremental low-cost additions will contribute to our goal of achieving positive cash flow."

    About Advantagewon Oil Corp.

    Advantagewon is focused on building consistent cash flow from low-cost, low-risk oil wells in the state of Texas. Advantagewon applies specialized expertise in oil pool development by development drilling, pressure restoration and maintenance using water and chemical injection to increase oil recovery from 10 per cent to 15 per cent to up to 75 per cent for each pool.

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  • shamool
    replied
    Only one direction to go from here. I’m looking forward to some progress.

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  • rick
    replied
    I did not make any friends Ron. Charles I trust and will back him, I'm positive what was in SEDAR was a surprise to him, It was to me, if I had known I never would of gotten involved.

    But it wasn't public knowledge and they never said. Blindsided me and a whole lot of other people. Now Charles has gotta get it fixed, he explained how he was going to do so and I believe hes the guy to get it done.

    We are going to build an oil company.

    rick

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  • shamool
    replied
    Thanks Rick. Did they mention anything in regard to the share performance and/or a promotion? Lots of investors underwater out there... I imagine there were some very pointed questions out there...

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