Posted On: 07/04/2015 12:46:55 AM
Post# of 403
it should not be a mystery why smart win chose after settling their suit with empire energy recently to retain an equity position in eegc since apparently based on the smart win principals company sino oil and gas 2014 annual report before investing a due diligence process is involved? another words the smart win group were imo pretty competent in their DD before giving eegc the $3.8 million drilling money in 2008 but not very competent in trying to steal the show ?imo
ANNOUNCEMENT OF ANNUAL RESULTS
FOR THE YEAR ENDED 31 DECEMBER 2014
The board of directors (the “Board”) of Sino Oil and Gas Holdings Limited (the “Company”)
announces the audited consolidated results of the Company and its subsidiaries (collectively the
“Group”) for the year ended 31 December 2014, together with the comparative figures for the last
page 19
"Possible Acquisition—Oilfields in Alberta, Canada
In order to increase resources reserves, the Group is actively seeking appropriate oil and gas blocks in China,
while exploring investment opportunities in overseas upstream businesses. The Group hence entered into two
non-legally-binding memorandums of understanding (“MOU”) in June and September 2014. The acquisition
targets are oilfields located in Alberta Province, Canada. The Group is currently undertaking geological
evaluation of the target area. The vendor is required to engage a professional geology consultancy firm to issue
a geology research report on the correlation of oil-bearing horizons, reservoir dynamic testing, research on
fractured reservoirs, formational pressure, research on formation temperature and drive type of reservoir of the
oil field in Canada. The Group is also conducting a due diligence review of the assets, indebtedness, operation
and financial aspects of the target blocks. Oil and gas resources in North America are abundant and the local
markets are sophisticated. Despite the current drop in international oil prices, which will increase the Group’s
bargaining power in negotiations towards the acquisition of oil and gas businesses, the Group believes that, as
oil prices begin to recover from their trough, the operation of high-quality oil and gas businesses in North
America or other overseas countries will contribute to the asset base and profitability of the Group in the long
term. Such investments will also help balance the Group’s geographical risk exposure"
ANNOUNCEMENT OF ANNUAL RESULTS
FOR THE YEAR ENDED 31 DECEMBER 2014
The board of directors (the “Board”) of Sino Oil and Gas Holdings Limited (the “Company”)
announces the audited consolidated results of the Company and its subsidiaries (collectively the
“Group”) for the year ended 31 December 2014, together with the comparative figures for the last
page 19
"Possible Acquisition—Oilfields in Alberta, Canada
In order to increase resources reserves, the Group is actively seeking appropriate oil and gas blocks in China,
while exploring investment opportunities in overseas upstream businesses. The Group hence entered into two
non-legally-binding memorandums of understanding (“MOU”) in June and September 2014. The acquisition
targets are oilfields located in Alberta Province, Canada. The Group is currently undertaking geological
evaluation of the target area. The vendor is required to engage a professional geology consultancy firm to issue
a geology research report on the correlation of oil-bearing horizons, reservoir dynamic testing, research on
fractured reservoirs, formational pressure, research on formation temperature and drive type of reservoir of the
oil field in Canada. The Group is also conducting a due diligence review of the assets, indebtedness, operation
and financial aspects of the target blocks. Oil and gas resources in North America are abundant and the local
markets are sophisticated. Despite the current drop in international oil prices, which will increase the Group’s
bargaining power in negotiations towards the acquisition of oil and gas businesses, the Group believes that, as
oil prices begin to recover from their trough, the operation of high-quality oil and gas businesses in North
America or other overseas countries will contribute to the asset base and profitability of the Group in the long
term. Such investments will also help balance the Group’s geographical risk exposure"
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