Agreed, there are a lot of good things in that update. Here are the ones I am excited about:
• Rice Well #15: it is pumping again. Last update, this was stopped in May because of reclamation. Also we know the rate it is pumping at, it is pumping between .5 to 1 barrel of oil per day.
• Commodity deals: we know IXEL has 12 commodity deals in progress, as well as their nature. Before this, we knew of one that was in progress with JV006 in which the supplier was re-assigning the SPA. Also, it shows there are many suppliers/buyers/financiers willing to work with XNRG/IXEL on these deals and with lots of money/potential profits in play.
• Supplies: (Correct me if I am wrong on this) but there are 3 deals in the (a) column which are (Quote): “(a) reselling products after purchase.” I take this to mean that they hold the title of 244,000,000 barrels of JP54 and 2,030,000 AGO. Holding the title for that much of commodity is huge IMO.
• Status of the financial statements: we now know the reason for the hang-up with the financial statements at the auditor—IXEL was recording liabilities that the transacting party, not IXEL, was liable for. Additionally, we now know it has been amended and corrected, in which the amendment also got rid of a bottleneck working on the deals. Also, it shows how much time the financial statements are taking if they were working on the November 31, 2014 financial statements in June.
• Auditors: we know that the auditors are now looking at the financial statements. Apparently there is a lot to go through with these transactions.
• Third partner—we now know there is a third partner in the JV006 and how profit sharing will be allocated between them, Idria and XNRG.
• IXEL—we now know that IXEL is structured so that three parties are working on deals (Jerry, Idria Energy, and Onken International Limited, not just Jerry handling them himself.
• We have a rough timeline on deals. Quoted from the post regarding deal timelines: “A typical order from start to close may take from a couple of weeks to several weeks for a successful close.”
IMO, I was excited to see how many deals are in progress. Up until this point, I thought it was only one or two deals at a time never thinking it could be as high as 12 at one time!
• Rice Well #15: it is pumping again. Last update, this was stopped in May because of reclamation. Also we know the rate it is pumping at, it is pumping between .5 to 1 barrel of oil per day.
• Commodity deals: we know IXEL has 12 commodity deals in progress, as well as their nature. Before this, we knew of one that was in progress with JV006 in which the supplier was re-assigning the SPA. Also, it shows there are many suppliers/buyers/financiers willing to work with XNRG/IXEL on these deals and with lots of money/potential profits in play.
• Supplies: (Correct me if I am wrong on this) but there are 3 deals in the (a) column which are (Quote): “(a) reselling products after purchase.” I take this to mean that they hold the title of 244,000,000 barrels of JP54 and 2,030,000 AGO. Holding the title for that much of commodity is huge IMO.
• Status of the financial statements: we now know the reason for the hang-up with the financial statements at the auditor—IXEL was recording liabilities that the transacting party, not IXEL, was liable for. Additionally, we now know it has been amended and corrected, in which the amendment also got rid of a bottleneck working on the deals. Also, it shows how much time the financial statements are taking if they were working on the November 31, 2014 financial statements in June.
• Auditors: we know that the auditors are now looking at the financial statements. Apparently there is a lot to go through with these transactions.
• Third partner—we now know there is a third partner in the JV006 and how profit sharing will be allocated between them, Idria and XNRG.
• IXEL—we now know that IXEL is structured so that three parties are working on deals (Jerry, Idria Energy, and Onken International Limited, not just Jerry handling them himself.
• We have a rough timeline on deals. Quoted from the post regarding deal timelines: “A typical order from start to close may take from a couple of weeks to several weeks for a successful close.”
IMO, I was excited to see how many deals are in progress. Up until this point, I thought it was only one or two deals at a time never thinking it could be as high as 12 at one time!
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The fault-finder will find faults even in paradise. -Henry David Thoreau
