AXP - AXP Energy

[jetblack]

Did not see your post Agent, I had written a lengthy reply but lost it when sending. Anyway to answer your 2.9c I can only sumise from the previous CR' during the 12mth period.

AKK originally had a 3.5c DR with attaching options which raised $10mil, this was used to purchase EFS and Niobrara. During the later part of 2011 and into 2012, we had the markets spooked about GFC number 8 and the on and off Greece problem. I believe AKK were offered under 2.5 for further capital. They were not going to settle for such an amount.

Dr Hart and Mr Cottee were previous collegues, RC was presented with the companys projects and he made his own decision based on the potential these projects have.

Given the RC success was QCG there are alot of investors who follow him, imo the 2.9 is fair value representing under 50% of that 12 month average, but then how much of that is due to RC joining AKK.

Anyway AKK have $25mil cash now the concentration is the oil in the ground, and debt equity finance.

I don't mind being a supporter, my hand was open in my very first post, I'm not fanatical only that i thought there might be other posters who may share the same thoughts about the company.

Lets see how we go.

 

[jetblack]

Well, what does one say, stocks go up and they come back down again, albeit a bit further....well maybe a little further still.
Cash backing buying at these levels, to be expected with specs, especially with the news around Europe.

News has been tight and probably alot to do with RC strategy on quality not quantity, but I think that is taking it a little to literal as there is still outstanding news still to get from EFS and their other wells. This is more a traders problem / nightmare they are not known for patience.AKK would prefer stable holders on their books, this is one way of atleast achieving part of it.

Nice to see the Niobrara finally getting the drill. IMO this is the one to watch.

and here is a little about the #30 rig and Les Wilson
Courtesy www.leswilsoninc.com


Les Wilson's rotary and service rigs are of the finest quality and maintained to ensure durability and longevity. Our rigs are fully equipped with cutting edge technology to better serve our clients, employees, and the environment. We are continuously working to keep our equipment up-to-date and modern



Rig #30
Rig 30 is a 2008 Crown 1000. It is equipped with a Crown 1000 draw works, two 680 HP Detroit Diesel Series 60 engines, Allison 5860 transmission, Eaton Hydro brake, a Crown 118’ 440,000 lb. Derrick, a Tesco 250 HXI 700 Top Drive. The rig sits on a 200 ton substructure that has 11’ of clearance underneath the rotary beam, a 11” Hydril annular, 11” double ram 5000 lb B. O. P. The mud system for the rig includes 3 F1000 Triplex Pumps, Dual Vortex Linear Shale Shakers, 12 cone desilter and 3 cone desander, 850 bbl capacity steel pits, a 60 bbl. slug tank, and a 150 bbl. Trip pit. The rig is equipped with a Pason automatic driller recorder system.

Thats sounds like confidence

19 miles of seismic from Conco, would like to get more info on that one.

 

[jetblack]

I think i must own all the shares in the company, no one intrested now in this company?

Yesterdays strong announcement, and this mornings Gustavason report. (copied below)

Enjoy.

Gustavson Associates Independent Resources Report
• Independent consultant Gustavson Associates has confirmed the potential of Austin
Exploration’s two flagship projects in Colorado and Texas.
• The international oil, gas and mining consultant makes P50 (50% probability)
ultimate recovery estimates of 31.28 Million barrels of oil and 66.53 Billion cubic feet
of gas at the Company’s two flagship properties in Colorado and Texas
• Company fully funded to meet its June 30 2013 drilling commitments
• Company controls 93.5% of 5000 acres in Texas and 85% of 11,500 acres in Colorado
Austin Exploration (ASX:AKK) has received the independent consultant’s report from Gustavson Associates
covering resource estimates of the Company’s flagship projects in Colorado and Texas.
Gustavson’s analysis estimated reserves ranging from P90 probability figures of 22.3 million barrels of oil and
40.5 billion cubic feet of gas to P10 probability figures of 45.87 million barrels of oil and 114.9 billion cubic feet
of gas.
A summary of the Gustavson analysis is presented below and an executive summary is attached to this report:

Estimated Ultimate Oil
Recovery
MMBbl ( Million Barrels)
Cum
Production,
MMBbl
Oil Resources,
MMBbl (Million Barrels)
Solution Gas Resources, BSCF
Billion cubic feet
P90 P50 P10 P90 P50 P10 P90 P50 P10
Birch Prospect 5.36 9.53 17.51 0.19 5.17 9.34 17.32 21.41 42.01 82.99
Pathfinder Prospect 16.94 21.76 28.36 16.94 21.76 28.36 19.09 24.52 31.96
TOTAL 22.30 31.28 45.87 22.11 31.09 45.68 40.51 66.53 114.95 Listed on the Australian Securities Exchange (“AKK”) and the OTC-QX International in the USA (AUN-XY)
ACN 114 198 471
3
ABOUT AUSTIN EXPLORATION:
Austin Exploration is an Oil and Gas Company with assets in Australia and the United States. Austin has strategically
shifted its core focus towards non-conventional shale exploration in the United States. The Company has now established a
major presence in two of America’s most prolific oil and gas basins. Austin controls more than 11,000 acres in Colorado in
the Niobrara Shale and over 5,000 acres in Texas in the Eagle Ford Shale and the Austin Chalk. Austin has producing oil
and gas wells in Texas, Mississippi and Kentucky. Austin also has a highly prospective Oil and Gas Licence, PEL 105, in the
Cooper Basin of South Australia. The company’s wholly owned US Subsidiary, Aus-Tex Exploration Inc, turned cash flow
positive in January 2011. To face future opportunities, Austin has strengthened it board and management teams. Austin is
listed on the Australian Securities Exchange (ASX code: AKK) and on the OTC-QX International in the United States (AUNXY).
DISCLAIMER:
This announcement contains or may contain “forward looking statements” within the meaning of Section 27A of the Securities Act of1933 and Section
21B of the Securities Exchange Act of 1934. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans,
projections, objectives, goals, assumptions or future events or performance are not statements of historical fact and may be “forward looking
statements.” Forward looking statements are based on expectations, estimates and projections at the time the statements are made that involve a
number of risks and uncertainties which could cause actual results or events to differ materially from those presently anticipated. Forward looking
statements in this action may be identified through the use of words such as “expects”, “will,” “anticipates,” “estimates,” “believes,” or statements
indicating certain actions “may,” “could,” or “might” occur.Preliminary Resources Evaluation Report
Birch and Pathfinder Prospects
Burleson County, Texas, and
Fremont and Custer Counties, Colorado
Prepared on Behalf of
Austin Exploration, Limited
August 27, 2012
Submitted Byreliminary Resources Evaluation Report
Birch and Pathfinder Prospects
Burleson County, Texas, and
Fremont and Custer Counties, Colorado
Prepared on Behalf of
Austin Exploration, Limited
August 27, 2012
Letha C. Lencioni
Registered Petroleum Engineer
State of Colorado #29506
Submitted By:1. EXECUTIVE SUMMARY
Gustavson Associates LLC (the Consultant) has been retained by Austin Exploration Limited
(the Client, Aus-Tex) to prepare a Report regarding the reserves and resources underlying the
acreage position owned by Aus-Tex in the states of Texas, Colorado, Kentucky, and Missippi.
This Preliminary Report presents the resource estimates for the two largest assets, the Birch
Prospect in Burleson County, Texas; and the Pathfinder Prospect in Fremont and Custer
Counties, Colorado. This Report is limited to a report on the reserves and potential undiscovered
oil and gas resources underlying the acreage position. This Report does not attempt to place a
value thereon.
The Birch Prospect comprises 5,000 +/- gross and net acres, with the primary targets being
horizontal wells in the Eagle Ford Shale and the Austin Chalk. The Austin Chalk has produced
192 MBO from four vertical wells, now inactive, on this property, and numerous horizontal
wells in neighboring counties. The Eagle Ford produces from several wells in Burleson County.
Our resources estimates were based on a probability distribution of expected ultimate recovery
(EUR) based on analysis of the performance of these wells, and the likely number of locations to
be drilled in the prospect area.
The Pathfinder Prospect comprises 11,560 +/- gross and net acres, with the primary target being
horizontal Niobrara wells. Historical production from the Pierre Shale in the Florence Field has
occurred from this property, but is not considered a major target for further development. No
horizontal Niobrara wells have been produced nearby. Resource estimates for this prospect were
based on a probability distribution of expected ultimate recovery (EUR) based on analysis of the
performance of horizontal Niobrara wells located elsewhere in Colorado and Wyoming, and the
likely number of locations to be drilled in the prospect area. Resource estimates are summarized
below.
Cum
Production,
MMBbl
90 50 10 90 50 10 90 50 10
Birch Prospect 5.36 9.53 17.51 0.19 5.17 9.34 17.32 21.41 42.01 82.99
Pathfinder Prospect 16.94 21.76 28.36 0.00 16.94 21.76 28.36 19.09 24.52 31.96

 

[jetblack]

This is my 100th post and to celibrate this massive milestone for me , I'll be cooking with gas and baking a frggin huge Texas Tea Cake. ,,, I'll be eating this one on my own.

I expect some institutional interest with feelers out over the next few months.

Solid announcement yesterday with flow testing due over next week.......and this is just the EFS.

 

[Miner]

This is my 100th post and to celibrate this massive milestone for me , I'll be cooking with gas and baking a frggin huge Texas Tea Cake. ,,, I'll be eating this one on my own.

I expect some institutional interest with feelers out over the next few months.

Solid announcement yesterday with flow testing due over next week.......and this is just the EFS.

Don't be under despair.
I have put some small stake on AKK and so far it has not gone south.

 

[jetblack]

Don't be under despair.
I have put some small stake on AKK and so far it has not gone south.

I was getting to feel like the Omega Man on this thread.

I knew Aristotle loves Texas Tea Cake, over 10,000 feet of it.

And I was going to save my 101st post as a gloat report.

Any more AKK holders out there.

 

[jetblack]

This Birch 3 well seems pretty amazing, AKK have put int place a 4000foot horizontal dont know how many stages that will be, maybe 10??

But I was reviewing AKK 's report into the Birch acquisition and the that AKK are using the "Highway frac" method which is expected to double production methods (dont know if that is the same for the Austin Chalks, but assume it is) , and this from the report which if is even half close , shapes up to be a pretty good ride.

"Based on discussion with Schlumberger and a major Company engineer we believe a rate of 125 Bbl initial production per stage of horizontal fracture is reasonable. Schlumberger claims their “Hiway” fracture protocol will increase production by 35% for each fracture stage executed, thus in a horizontal well with ten fracture stages, we expect a possible 125bbl times 10 Stages times 1.35 = 1687.5 Bbl initial production."

Here is the link to the report,
http://www.asx.com.au/asxpdf/20110707/pdf/41zn8hyzgcr96y.pdf

Not long to go for the flow test.

 

[jetblack]

AKK are modeling the Birch 3 well on Christico Petroleums Tharp Unit 1 Well,




as per AKK announcement 28th August 2012,

but given this well was drilled in 1990 , drilling methods since have obviously improved,

from the announcement

"The nearest well to the Birch #3 Well, the Christico Tharp Unit #1 well, was drilled in 1990 and is approximately
1km away. This well produced approx 117,277 barrels of oil and 1,027,517 MCF ( 1.027Bcf) of gas from the
Austin Chalk. The initial signs from the B3 well are that the two wells should have similar production
capabilities. Based on the large volumes produced by the Christico well, the Company’s engineering team has
replicated the design of this well."

 

[Miner]

AKK are modeling the Birch 3 well on Christico Petroleums Tharp Unit 1 Well,




as per AKK announcement 28th August 2012,

but given this well was drilled in 1990 , drilling methods since have obviously improved,

from the announcement

"The nearest well to the Birch #3 Well, the Christico Tharp Unit #1 well, was drilled in 1990 and is approximately
1km away. This well produced approx 117,277 barrels of oil and 1,027,517 MCF ( 1.027Bcf) of gas from the
Austin Chalk. The initial signs from the B3 well are that the two wells should have similar production
capabilities. Based on the large volumes produced by the Christico well, the Company’s engineering team has
replicated the design of this well."

what the latest clarification note published in ASX last night meant ?
Are they trying to suppress speculation or some real surprise like PCL ?

 

[mr. jeff]

what the latest clarification note published in ASX last night meant ?
Are they trying to suppress speculation or some real surprise like PCL ?

Looking at the price action AKK have definitely gained interest again. If it can move through that 3c level the game may be back on. Will be watching; with the little research I have done, they seem to have pretty decent chances of good oil.

 

[tremmas]

Looking at the price action AKK have definitely gained interest again. If it can move through that 3c level the game may be back on. Will be watching; with the little research I have done, they seem to have pretty decent chances of good oil.

Still waiting on an initial production rate from Birch #3 which there was a lot of fanfare about during drilling.

A big concern is whether they can come up with some decent black stuff before running out of $$$. According to the latest quarterly, they burned through $9 mil last quarter and are forecasting another $4 mil expenditure next quarter. With $11m cash remaining, they wouldn't want to go to the market without any serious drill results!

Otherwise management have been kicking a lot more goals lately. With reduced operating costs and some potentially game-changing drilling happening it will be interesting to see the result.

It does feel tightly wound to me at the moment and seems like it could break either way pretty quickly depending on news???

 

[Miner]

Jet Black - where are you ?
I am sure AKK followers are sitting tight to see the oil flow analysis.
However within a time frame of 13 days AKK PRODUCED four reports - three on production side and one in SPP side. see attached files.

All very promising. More promising the volume of shares transacted in last two days following a little know investment news article on AKK recommending to buy the SPP. It is likely that after this heavy transaction there will be a correction on AKK price and the SPP will be settled by 2nd June. The volume of shares transacted were 342000 on 23 May then 83 million shares on 26 May, 32 Million shares on 27 May and only 5 Million shares transacted on 28 May. Punters are booking profit (??) .

Once the revenue from all three reports gets cashed into the June quarterly report hopefully will bring some hope to the believers.

I am still holding little small sum and hoping to exercise the SPP with a risk of no increase in 1 cent price as a most pessimistic view after SPP closes.

DYOR and any thoughtful critical analysis on AKK will be appreciated from the experts.

Cheers

 

[tradernor]

Let's see how things will play out for AKK in Eagle Ford. Hopefully, they will release some positive drilling results from their JV with Halcon very soon.

 

[tradernor]

Hopefully, AKK's Eagle Ford results will be as good as Lonestar's ones. LNR drills the Eagle Ford too and its stock has risen 100% since "Value Digger" that author from Seeking Alpha recommended it in his "Top Idea" article in early June.

"Value Digger" recommends Epsilon Energy (EPS.TO) from Toronto in his latest "Top Idea" that was out this morning in Seeking Alpha. Epsilon Energy drills the sweet spot of the Marcellus shale and his target is 250% from the current levels, according to his article below:



http://seekingalpha.com/article/234...-next-big-energy-play-load-epsilon-energy-now




We will see.

 

[adds4]

Oils crashed and so has akks stock. Is there any value in Akk left now, with this low oil price?

 

[adds4]

Been suspended for a while now?

 

[pilots]

This dog is still barking for more money, bet the punters who got out years ago are happy.

 

[adds4]

This dog is still barking for more money, bet the punters who got out years ago are happy.

Akk buy Florence oil field, for 2m. Oh dear, its only producing 54 BOD. Another cr too

 

[System]

On June 19th, 2017, Austin Exploration Limited (AKK) changed its name and ASX code to Fremont Petroleum Corporation Limited (FPL).

 

[greggles]

Bad news for Fremont Petroleum today. This afternoon they announced that remediation operations on the Bird #13-18 well have not been successful. The result: FPL down 44.44% to 0.5c.

Further attempts to produce from the well will recommence in April 2018.