Eternal Energy - 2. Sky petroleum - es geht los
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May 4, 2006
Annual Report
Item 6. Management's Discussion and Analysis or Plan of Operation.
THE FOLLOWING PRESENTATION OF OUR MANAGEMENT'S DISCUSSION AND ANALYSIS SHOULD BE READ IN CONJUNCTION WITH THE FINANCIAL STATEMENTS AND OTHER FINANCIAL INFORMATION INCLUDED ELSEWHERE IN THIS REPORT.
A Note About Forward-Looking Statements
This Annual Report on Form 10-KSB/A contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 that are based on current management's expectations. These statements may be identified by their use of words like "plans", "expect", "aim", "believe", "projects", "anticipate", "intend", "estimate", "will", "should", "could" and other expressions that indicate future events and trends. All statements that address expectations or projections about the future, including statements about our business strategy, expenditures, and financial results are forward-looking statements. We believe that the expectations reflected in such forward-looking statements are accurate. However, we cannot assure you that such expectations will occur.
Actual results could differ materially from those in the forward looking statements due to a number of uncertainties including, but not limited to, those discussed in this section. Factors that could cause future results to differ from these expectations include general economic conditions, further changes in our business direction or strategy; competitive factors, oil and gas exploration uncertainties, and an inability to attract, develop, or retain technical, consulting, managerial, agents, or independent contractors. As a result, the identification and interpretation of data and other information and their use in developing and selecting assumptions from and among reasonable alternatives requires the exercise of judgment. To the extent that the assumed events do not occur, the outcome may vary substantially from anticipated or projected results, and accordingly, no opinion is expressed on the achievability of those forward-looking statements. No assurance can be given that any of the assumptions relating to the forward-looking statements specified in the following information are accurate, and we assume no obligation to update any such forward-looking statements. You should not unduly rely on these forward-looking statements, which speak only as of the date of this Annual Report. except as required by law, we are not obligated to release publicly any revisions to these forward-looking statements to reflect events or circumstances occurring after the date of this report or to reflect the occurrence of unanticipated events.
Overview of the Company
We are a start-up, development stage company and have not yet generated or realized any revenues from our business operations. During the fourth quarter 2005, we changed our name from Golden Hope Resources, Inc. to Eternal Energy Corp., and changed our business plan to focus on the exploration for oil and gas resources. We changed our management, raised $1,126,000 through the private placement of shares of our common stock and warrants to purchase shares of common stock, and invested in two oil and gas exploration ventures.
There is no historical financial information about us upon which to base an evaluation of our performance. We are a development stage company and have not generated any revenues from our current operations. We cannot guarantee we will be successful in our new core business, or in any business operations. Our business is subject to risks inherent in the establishment of a new business enterprise, including limited capital resources and in the exploration of oil and gas reserves.
We have no assurance that future financing will be available on acceptable terms. If financing is not available on satisfactory terms, we may be unable to continue with our current business plan. If equity financing is available to us on acceptable terms, it could result in additional dilution to our existing stockholders.
Results of Operations for the Fiscal Years Ended December 31, 2005 and 2004
From inception to December 31, 2005, we had a loss of $377,920. Substantially all of such amount was generated in the 2005 fiscal year.
Operating expenses increased from $33,783 for the year ended December 31, 2004 to $329,609 for the year ended December 31, 2005. An analysis of the increases in the operating expenses and the relevant components is set forth below.
During 2005, we expended $90,000 in geological costs related to our participation in a North Sea oil and gas exploration venture. During 2004 we incurred $12,000 in exploration costs related to our mining claims which lapsed during 2005.
General and administrative expenses increased from $2,700 in 2004 to $165,000 in 2005. These costs include $75,000 paid to our prior officers and directors and payroll costs related to our new officer of $57,792. The balance of these expenses relate to office related costs. Professional fees, including legal fees of $62,265, were $73,654 compared to $19,083 in 2004. Legal fees in 2005 relate to our name change, forward stock split, change in business plan and costs associated with our participation agreements in oil and gas exploration programs.
Liquidity and Capital Resources
As of December 31, 2004, our total assets were $3,858, all of which were current and our total liabilities were $2,183,all of which were current, resulting in working capital of $1,675. As of December 31, 2005, our total assets were $860,509, of which $193,509 are current, and our total liabilities were $62,429, all of which are current, resulting in working capital of $798,080. The increase in total assets is a result of an increase in cash from the sale of our equity units, $667,000 of which was invested in our Nevada oil and gas exploratory project. During the year ended December 31, 2005, the Company sold equity units with net proceeds of $1,126,000 and in March 2006 sold equity units with net proceeds of $5,938,000. Each of these equity unit sales consisted of one share of our common stock and a warrant to purchase one share of our common. The warrant exercise price of the warrants sold in 2005 was $1.20 per share and the warrant exercise price of the warrants sold in March 2006 is $1.00 per share.
Despite our negative cash flows from operation of $345,599 and $33,470 for the years ended December 31, 2005 and 2004, respectively, and our minimum drilling costs associated with our oil and gas exploration participations of $5 million, we have been able to obtain additional operating capital through private equity funding sources. Management's plan includes the continued development and eventual implementation of our business plan. We have relied upon equity funding since inception.
No assurances can be given that we will be able to obtain sufficient working capital through the sale of our common stock and borrowing or that the development and implementation of our business plan will generate sufficient revenues in the future to sustain ongoing operations. These factors raise substantial doubt with our auditor about our ability to continue as a going concern.
As of the date of this Annual Report, we have yet to generate any revenues from our business operations.
Plan of Operation for the Next Twelve Months
Since inception, we had funded our operations from the private placement of common stock and warrants. Although we expect that, during the next 12 months, our operating capital needs will be met our current economic resources and, if required, by additional private capital stock transactions, there can be no assurance that funds required will be available on terms acceptable to us or at all. If we are unable to raise sufficient funds on terms acceptable to us, we may be unable to complete our business plan. If equity financing is available to us on acceptable terms, it could result in additional dilution to our existing stockholders.
Off-Balance Sheet Arrangements.
We have no off balance sheet arrangements at December 31, 2005.
Current Conditions
In November 2005, we entered an oil and gas exploration participation agreement related to the drilling of an exploratory well in Nevada. Our initial payment on the agreement was $667,000 and we are obligated to participate in future drilling costs on this project of at least $2 million. We are obligated to issue one million shares of our common stock for each ten million equivalent net barrels of proved reserves developed on this site.
In April 2006, we entered into a letter agreement related to the exploration of oil and gas reserves in central eastern Nevada. We are in the process of finalizing a definitive participation agreement and our exploration program for 2006.
In December 2005, we entered into a participation agreement related to the drilling of an exploratory well on a prospect site in the North Sea. Our initial payment was $90,000 and our share of future minimum drilling costs on this site is $1.5 million.
In January 2006, we entered into a participation agreement related to the drilling of an exploratory well on a second prospect site in the North Sea. Our initial payment was $75,000 and our share of future minimum drilling costs on this site is $1.5 million.
im moment in frankfurt bei 1,36€ wir müssten aber eigentlich bei 1,46€ stehen im vergleich zum usa-schlusskurs! wann schließen wir das gap, ist nochmal ne gelegenheit um einzusteigen und schnell ein paar gewinne zu realisieren!
sie sehen eternal auf 12 monats sicht bei mind 4€. in den nächsten wochen stehen ergebnisse der 2D untersuchungen des nevada feldes an und im sommer soll mit den bohrungen in der nordsee begonnen werden. sie setzen insb auf die mögl vorkommen in nevada, dort soll nach den 2D ergebnisse auch direkt mit bohrungen begonne werden. an der nordseebeteiligung laurel valley hat angeblich auch shell interesse.
www.pennystock-report.de und für den KOSTENLOSEN newsletter eintragen
Berlin (ots) - In der aktuellen Ausgabe des PENNYSTOCK REPORTs
empfehlen die Analysten die ETERNAL ENERGY (WKN A0JDD7 / ISIN
US29759Y1073), ein Öl-Juniorunternehmen aus Nevada, mit
hervorragenden Potential.
Der US-Bundesstaat Nevada hat hervorragende Erdöl-Lagerstätten zu
bieten. Die Erdölexplorer schätzen Nevada als ein überaus sicheres
und stabiles Gebiet. Besonders interessant sind die
Gesteinsformationen in der Wüste. ETERNAL ENERGY besitzt einen Anteil
von 50% an einem 100.000 Acre großem Abbaugebiet im Great Basin in
Nevada.
Das ETERNAL ENERGY Management hat beschlossen, 2-dimensionale
Untersuchungen zur genauen Lagebestimmung der Quellen durchzuführen.
Ergebnisse dieser aktuell laufenden Messungen werden für die
kommenden Wochen erwartet. Im Anschluss wird im dritten Quartal mit
dem Bohrprogramm auf dem Gebiet begonnen.
Neben dem großartigen Projekt in Nevada ist das Unternehmen noch an
zwei spektakulären Öl- und Gasprojekten in der Nordsee beteiligt. Das
Potential der Nordsee-Projekte ist enorm. Sollte ETERNAL ENERGY hier
ein BIG-HIT gelingen, wird das Unternehmen in eine neue Liga
aufsteigen!
Fazit
ETERNAL ENERGY (WKN A0JDD7 / ISIN US29759Y1073) bietet dem Investor
die Möglichkeit an der Exploration und Entwicklung von drei
Megaprojekten im Öl- und Gassektor teilzuhaben. Aufgrund der
vorliegenden 3-D Studie bestehen gute Chancen ein förderbares Ölfeld
zu finden, das mehrere Milliarden Euro wert sein könnte und die
Gewinne bei ETERNAL ENERGY sprudeln lassen würde.
Bei dem Nevada Projekt Cherry Creek, das vergleichbare
Gesteinsformationen wie das 2,4 Milliarden Barrel Erdöl beinhaltende
Ahwazi-Asmari Feld im Iran aufweist, beginnt ebenfalls die heiße
Phase für ETERNAL ENERGY.
Ein Investment in ETERNAL ENERGY ist eine Wette, die bei positiven
Explorationsresultaten einen Gewinn von mehreren 100% verspricht.
Die Analysten des PENNYSTOCK REPORTs sehen das Kursziel bei 4 Euro,
was einer Kurschance von 300% entspricht.
Lesen Sie den vollständigen Report unter www.pennystock-report.de!
Rückfragen bitte an:
Tel.: 030-31518016
info@pennystockreport.de
Drilling operations, using the Sedco 712 rig currently under contract to Oilexco, will commence on or before December 31, 2006. After drilling, working interests in the blocks will be held by Oilexco -- 45.00% (operator), Palace & Challenger -- 26.00%, International Frontier -- 10.4375%, and Eternal Energy -- 9.1875%. The agreement is subject to approval of the UK Department of Trade and Industry and execution of definitive farm-in agreements.
Brad Colby, Eternal Energy's President, said the company is pleased to partner with Oilexco in its North Sea exploration. Oilexco has gained a reputation as one of the most innovative and aggressive exploration companies in the UK sector of the North Sea.
sunday-market
Westerburg, 01. Juni 2006 (aktiencheck.de AG) - Die Experten von "sunday-market" stufen die Aktie von Eternal Energy (ISIN US29759Y1073 / WKN A0JDD7) mit "spekulativ kaufen" ein.
Das amerikanische Explorationsunternehmen Eternal Energy suche in den politisch stabilen Regionen der Nordsee sowie in Nevada nach Öl- und Gasfeldern.
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Das Interessante und Außergewöhnliche an diesem-Explorer sei, dass seine Öl- und Gasfelder von einem gewaltigen Ausmaß seien. Jedes einzelne Projekt habe das Potenzial ein sogenannter Blockbuster zu werden. Denn sollte nur eines der Projekte von Eternal Energy erfolgreich sein, werde sich der aktuelle Unternehmenswert vervielfachen und der Aktienkurs entsprechend innerhalb kürzester Zeit um mehrere hundert Prozent steigen. Das Auffinden eines wirtschaftlichen Projektes könne sehr leicht mehrere Milliarden Dollar in die Kassen von Eternal Energy spülen oder ein entsprechendes Übernahmeangebot eines Big-Players auf den Plan rufen.
Neben einem Mega-Projekt in Nevada sei Eternal Energy an zwei sehr lukrativen Öl- und Gasprojekten in der Nordsee beteiligt. Hier würden 3D-Analysen bestätigen, dass das sich im Besitz von Eternal Energy befindliche Laurel Valley drei Ölfelder beherberge. Diese würden jetzt auf ihre Wirtschaftlichkeit hin analysiert.
Nicht zuletzt mit der Korrektur des Ölpreises und der Rohstoffmärkte allgemein seien die Ölexplorer in Mitleidenschaft gezogen worden. Mit dem Kauf der Aktie von Eternal Energy würden Anleger an den steigenden Öl- und Gaspreisen partizipieren. Das Besondere an Eternal Energy sei, dass das Unternehmen durch seine äußerst aussichtsreichen Projekte ein schier unfassbares Kurspotenzial besitze, sollte das Unternehmen nur mit einem der drei Projekte erfolgreich sein. Mit Brad Colby als CEO an der Spitze des Unternehmens habe Eternal Energy zudem einen wahren Erdölspezialisten an seiner Seite, der, da seien sich die Experten sicher, die Projekte erfolgreich angehen werde. Alle Zeichen stünden also auf Sturm bei Eternal Energy.
Die Experten von "sunday-market" stufen die Aktie von Eternal Energy mit "spekulativ kaufen" ein.
