These guys are classics. Are those photos meant to make you...

These guys are classics. Are those photos meant to make you think they are hard working blue collar dudes getting dirty. I think we should have another photo of the incomes paid, the income received by Harts drilling company and the millions collected in salary achieved on false promises and of course the ultimate chart should be a chart depicting shares on issue , but you couldn't get that on a power point slide high enough.
At least they are more honest in telling you they wont be break even until late 2018 . ( not that I believe that)
Here is the simple problem - the simply add a well and project a revenue on an assumed BOPD from each subsequent well , but of the three wells drilled last year , 2 haven't produced a drop of oil and the third started with an IP just above base case and fell below within month. So if you incorporated those results you would have a bopd of around 15 bops and ofcourse break even never ! So folks - it's simply fairytales. Their assumptions don't match with reality and even the assumptions are poor. For example were is the interest on the assumed lending package in the slides . If they are going to drill 11 wells by the end of 2018, where is the 5.5 USD drilling costs and 5-6 m on corporate costs.
Bull dust at best , criminal at worst