Please accept my sincerest apologies for failing to publicly acknowledge our fallen heroes this past Memorial Day. No excuse I could offer could justify the oversight. Along with you, I salute the many men and women who have proudly and selflessly served in our military to protect, defend and secure the freedoms and liberties we enjoy each and every day. Their bravery in making the ultimate sacrifice will forever be appreciated and they will always be remembered and celebrated and never taken for granted or forgotten.
Quarterly results came out today for East West. The company still has over $5 million CAD in cash with total assets at $5.69 million and total liabilities at $1.32 million.
Revenue was down for the quarter due to some wells being worked over, which means we should get a bounce back next quarter. But the key thing that changed in their MD&A that caught my eye was this:
The Company and its legal counsel continue to work on the final documentation including possible amendments which would allow closing to occur. In addition the Company has recently been advised by NIS that it is considering a sale of the four exploration blocks and the Company has agreed that its 15% interest can be included in such efforts. Any such endeavors are not expected to be advanced in the near term.
Selling the Romanian asset is a much better outcome for NIS and EW, rather than putting it into production and slowly getting paid out. We know that NIS has invested over $60 million USD in this asset over the last decade, with East West putting nothing into it, but still retaining a 15% stake.
