cayman_west
10 years ago
SEC Goes After a Cayman Islands Bank linked to Nostra and others
MANHATTAN - Cayman Islands-based Caledonian Bank and four other companies took more than $75 million from unregistered sales of "virtually worthless" penny stocks, the SEC claims in court.
The SEC on Friday sued Caledonian Bank, Caledonian Securities, Clear Water Securities, Legacy Global Markets, and Verdmont Capital, in Federal Court.
The Caledonian defendants are based in the Cayman Islands. Clearwater and Legacy are based in Belize, Verdmont in Panama.
All of the scams were the same, the SEC says in its 39-page complaint. First, they filed "bogus registration statements" with the SEC, purporting to register securities to public shareholders, though there were no such sales and the securities stayed in the control of the issuers and their affiliates.
"In the sham offerings, the issuers pretended to sell securities to shareholders in such places as Serbia, Mexico, Ireland, Norway, Panama and Jamaica," the SEC says.
The restricted securities were then "passed off" as free-trading stocks in the United States and sold to the public, the SEC says in the lawsuit.
The agency claims the defendants operated as affiliates, dealers, sales outlets and underwriters, in connection with four shell companies: Swingplane Ventures, Goff Corp., Nostra Energy and Xuamnii Inc.
"(T)hese violations occurred simultaneously with aggressive and extensive promotion campaigns for the penny stocks of those shell companies," the SEC said. "The defendants' unregistered sales of securities generated more than $75 million in proceeds on penny stocks that were virtually worthless and whose prices fell to their former token levels within months of the defendants' sales."
The SEC seeks disgorgement, restitution, penalties and an injunction.
CleanTechia
10 years ago
CNSX : SNP
PINKSHEETS : SNOVF
Super Nova Petroleum Corp.
June 10, 2014 13:31 ET
Super Nova Petroleum Corp.: J.V. Partner to Drill Two Gas Wells and Gas Gathering System on Bakken Fairway Lands
VANCOUVER, BRITISH COLUMBIA--(Marketwired - June 10, 2014) - Wolf Wiese, President of Super Nova Petroleum Corp., (CSE:SNP)(PINKSHEETS:SNOVF) (the "Company" or "Super Nova" or "SNP") reports that an agreement has been reached with BNV Energy LLC (the "BNV") of Huston Texas to sell approximately 2964 acres of its wholly owned Milford East Land for US $66,700 in cash, $35,000 upon signing and $31,700 to be paid on July 16th, 2014. This acreage is contiguous to the south of the Company's Milford Colony farm in lands in Lewis and Clark County on the Alberta Bakken Fairway in Northwest Montana.
BNV has committed $1,500,000 to drill two gas wells and build a gas gathering system on the lower 5,000 acres of the Milford colony Farm in lands, in which Super Nova is farming in to a 80% working interest. The first gas well is to be spudded no later than Sept. 30th, 2014. BNV will carry Super Nova to 40% working interest. Once BNV has drilled the two gas wells to depth 3,000 - 4,000 ft., and in case of commercial gas production, BNV will build a gas gathering system and will have earned a 60% working interest in the subject acreage. The Company looks forward to working with BNV.
The Company is planning to drill to the Bakken formation on its Milford Colony 13-11 well. This well has been drilled and cased to 880 ft. and can be re-entered to drill to 9,000 ft. to the Bakken formation.
The Company is currently soliciting financing for its Bakken project as well as the McAffee well in the Austin chalk in Frio County, Texas.
Referring to the drilling of the gas wells above, this resource may not be found. If found, this may not be commercially viable.
On behalf of the Board of Directors:
SUPER NOVA PETROLEUM CORP.
Wolf Wiese, President
THIS PRESS RELEASE WAS PREPARED BY MANAGEMENT WHO TAKES FULL RESPONSIBILITY FOR ITS CONTENTS. NEITHER CSE NOR ITS REGULATION SERVICES PROVIDER ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE. THIS DOCUMENT CONTAINS CERTAIN FORWARD LOOKING STATEMENTS WHICH INVOLVE KNOWN AND UNKNOWN RISKS, DELAYS, AND UNCERTAINTIES NOT UNDER THE COMPANY'S CONTROL WHICH MAY CAUSE ACTUAL RESULTS, PERFORMANCE OR ACHIEVEMENTS OF THE COMPANY TO BE MATERIALLY DIFFERENT FROM THE RESULTS, PERFORMANCE, OR ACHIEVEMENTS IMPLIED BY THESE FORWARD LOOKING STATEMENTS. WE SEEK SAFE HARBOR.
CONTACT INFORMATION
Tyler Troup
Corporate Communications
1-866-865-2780
tyler@circadian-group.com
Mike Poulin
Corporate Communications
604-221-8936
mike@supernovaminerals.com
disclaimer: this poster is compensated $3,500 per month by the issuer through a corporate communications and Investor Relations Agreement.
DragonBear
10 years ago
I've tried with 3 other energy stocks
and they are the same as NORX
Not surprising you have encountered others. The hype for NORX was that it plugged into the Bakken oil story. It's an ongoing big US oil story- drilling, and production in the Bakkens, not to mention the Permian fracking in Texas. The hook was that somehow NORX bid and obtained a lease for peanuts, overlooked, by the main oil players for the last 20 yrs. What's the probability an area in the State of Montana would just be overlooked? Or the only interested party in a finite resource (land) would be a microcap company?
At least Landry got the State correct. I'm following another stock a gold company that suddenly decided to become a Bakken oil company (with no prior oil experience), bought a lease in Utah. Where their lease is for "oil shale" or heavy waxy oil, not "shale oil" or Bakken sweet. Never mind Utah is not considered to be part of the Bakken oil fields. Imagine that a Bakken oil company with a lease which has nothing to do with Bakken oil. Doesn't matter the word "Bakken" is magic in the microcap scam market.
The moral of the story is that if you want to invest in a Bakken oil stock, go to the NYSE and find one. Else one gets to play the "game" of wild speculation in the microcaps, and try to time a flip trade. Then it doesn't matter if it's a Bakken, Gold, Green Energy, or Pot stock. Any fad microcap stock will do.
DragonBear
11 years ago
I'm a bit confused according to the article posted by SNOVF
it says that that the cost is $150,000 to test, case, perforate and drill. Any thoughts?
Taken at face value they will drill a hole past the current 800 ft. Then you have a hole in the ground waiting to be fracked. Which is where the real $4M expense is at for a Bakken oil well. Page 20 in the last 10K, NORX fesses up to a $5M cost. Although their recent 8K cost numbers fall short.
SNOVF does claim they will fund via cash flow from McAfee. The last time I checked their Canadian Sedar filings, SNOVF had no cash flow from their oil leases.
The estimates for oil and gas NORX derived from 1980 seismic studies, and nearby production history. Strange how only a microcap would bid on a lease in this area. It's not as if Bakken property capable of production is unlimited in acres, and all major mid cap Bakken players would pass on bidding for anything promising. Unclear where SNOVF got their estimates from.
phil85
11 years ago
I'm a bit confused according to the article posted by SNOVF it says that that the cost is $150,000 to test, case, perforate and drill. Any thoughts? Also the driller is Fatih Drilling from what the article states.
Milford Colony Project, Lewis and Clark County, Montana:
Upon successfully achieving production on the McAfee Well, the company will re-mobilize their driller, Faith Drilling, to the Milford Colony 13-11 well. Last summer this well was permitted, site prepped and drilled / cased to 880 ft. The well located on the Alberta-Bakken Fairway in Lewis and Clark County.
The company has received a best estimate N.I. 51-101 compliant of 18 Bcf of prospective natural gas on this property at 2500 ft. in the pervasive Eagle Sands. Best and worst case scenarios on prospective gas are valued at $368,000,000 and $9,000,000 respectively. There is a pipeline adjacent to the property with excess capacity to potentially sell gas into. (THE MILLFORD COLONY PROSPECTIVE GAS RESOURCE MAY NOT BE DISCOVERED AND IF DISCOVERED THE RESOURCES MAY NOT BE ECONOMICAL.).
Based on discussions with the company's driller, it is estimated that the cost of drilling, casing, perforating and testing the Eagle formation in the partially completed Milford 13-11 well will cost approximately $150,000. The Company feels it will be able to fund this first well and possible subsequent wells in Montana with cash-flow produced from the McAfee project.
The company is still encouraged by the potential to test the Bakken formation for oil reservoirs below this shallow gas at roughly 8,800 feet.
DragonBear
11 years ago
Where's the drilling equipment at? When are they going to drill?
Valid questions, but better is: Where's the money to do it with?
NORX claims to have spent $395K. SNOVF in their PR is kicking in $150K. Only problem is the ave cost for a Bakken well is ... $4M. There was a small-mid cap Bakken player who recently bragged about being below $4M in well cost drilling, without specifying how much below. As in they were claiming to be a little better than their competitors. Presumably the $4M may include some fracking line costs.
The point being none of the major Bakken players are reporting they can bring a well online with fracking for $0.55M total. Yet that's the combined number for what NORX+SNOVF has tossed out to the market. NORX since the suspension has been crippled in its ability to sell stock to the market. And selling stock is SNOVF's only source of revenue. Can they raise $4M by selling SNOVF stock into the market? And if they get that far, what happens if the first well is a dry hole, and they need another $4M for the next well?
Guess for $0.55M they could always position some equipment at the site, and drill until the money runs out.