Golden Leaf Jewellery Clarification question: April Fools ' Day's Truth

On the evening of March 31, the suspension of inspection lasted more than a week of gold leaf jewelry (000587, shares bar), finally on the "gold Leaf Jewelry Asset Injection survey: 5.69 billion oil field suspected fraud" report formally issued a clarification announcement. The announcement said, "in response to the media coverage of the issues, the company's private issues involved in the relevant matters have been carefully verified; According to the verification results, the above media reports and the actual situation does not match", at the same time, the company's shares on April 1, 2014 opened a duplicate. Although the company on the non-public letter to the stock plan disclosed reserves, oil field area, mining rights and interests ratio authenticity, ERG resources Texas Oil and gas assets trading situation, and so on a detailed explanation, but the market for gold leaf jewellery huge sums of money to buy ERG resources oil and gas future prospects of worry has not completely eliminated. The company's share price fell by 9.91% on the day the gold leaf jewellery stock was re-licensed. In view of the gold leaf jewelry stock price tumbled trend and the choice stock trade duplicate card sensitive moment, has the investor in shares bar public posting jokingly, "The Golden leaf jewelry chooses in the April Fool's Day announcement clarifies the significance to be far-reaching!" Very thoughtful! If the [acquisition] fails, say a happy April Fool's Day!! "Is it true that the golden leaf Jewellery's verification clarification of the" media coverage does not match the actual situation "is really a big adventure on April Fool's Day? Golden Leaf Jewelry Digital Game "in English, you should be right about your report. "April 1 15:06 P.M., 21st century Network (micro-blog) reporter received a domestic well-known brokerage chemical industry new wealth gold analysts SMS. Earlier, the 21st Century network issued the "Golden Leaf Jewelry Asset Injection survey: 5.69 billion oil field suspected fraud" exclusive report in the industry received high attention. After reading the Golden Leaf Jewelry clarification announcement, the new wealth gold analyst through the message expresses its to the gold leaf jewelry the non-public offering shares buys the oil asset reserves the intuitive feeling. It is very important to understand the meaning of the English sentence of the red line. If the reported 145 million barrels of proven reserves for the ERG at that time through the acquisition of reserves targets, then will be with the gold leaf jewelry non-public offerings of the December 31, 2012 of the proven reserves data to form substantial differences to form substantial differences. On the interpretation of the true meaning of the red Line English sentence, 21st century network reporter in the company issued a clarification bulletin before and after asked a number of overseas professionals to interpret its true meaning, only one person to translate and the Golden Leaf Jewelry Bulletin reading tend to agree, others believe that 145 million barrels of proven reserves understood as an acquisition target. Fortunately, the company clarified in the announcement, ERG Resources CFO disclosed reserves as the date of March 31, 2012, this is not only to make investors a sigh of relief, but also for the company to change space time to win the initiative, its " The source of resource reserves disclosed in this non-public offering plan is the resource Reserve report of ERG resources as at December 31, 2012 according to the following resources exploration and the change of mine rights and interests.That's why it's so logical. However, before the announcement of the Golden Leaf jewellery clarification, a senior explanation from the Shenzhen 95 Investment Co., Ltd., the gold leaf jewellery holding shareholder, caused the clarification to rise again. March 22 Noon, 21st century network reporter and the above high-level personage in Shenzhen Marco Polo Hotel to meet the communication, the senior Personage said personally led the team to stay in the United States more than 40 days, the ERG resources of every oil well have seen. But according to the senior personage, ERG's resources report is not as of December 31, 2012, but the historical reserves until December 31, 2011, the internationally renowned authoritative oil reserves assessment Agency Netherland Sewell & Associates, The assessment report issued by Inc. as at December 31, 2012 was not formally submitted until April 2013. Since the ERG resources were to be externally financed in January 2013--a 350 million dollar priority secured loan--the CFO could only disclose previous historical data. In this case, why does the Golden leaf jewellery clarification notice say that the CFO has disclosed the reserves as the date of March 31, 2012? Is the Golden leaf jewellery clarification announcement wrong version, or was that senior person verbally incorrect? The Golden Leaf Jewellery clarification Bulletin shows that "the follow-up resources exploration situation and the mining area rights and interests change situation" is the ERG resource reserves difference Important reason, however, the new wealth chemical industry new Wealth gold medal analyst said to 21st century net reporter, "the follow-up resources exploration cannot let a mature old oil field reserves to change so big. "Assuming that the explanation of the variation in the oil reserves of the gold-leaf jewellery is reasonably credible, the proven reserves increased from 145 million barrels a March 31, 2012 to 177 million barrels at the end of the year, only a few months later the proven reserves rose by 22%, and for a mature oilfield, Subsequent resource exploration leads to such a huge increase in reserves. It's a miracle, and that's what the gold analyst is deeply puzzled about. The most effective way to rapidly increase oil reserves in a short period of time is to adjust the mining interests, that is, to acquire new oil assets to raise reserves. However, the asset acquisitions mentioned in the Golden Leaf jewellery clarification announcement occurred only in the Gulf Coast of Texas, where oil assets were not yet formed as a result of reserves reports, and ERG resources were not mentioned in the acquisition of oil interests in California State Santa Barbara County. It is inferred that the increase in ERG resources proved only through follow-up resources exploration, and Shenzhen, 95 of the senior Personage also explained, said Erg resources in March 31, 2012 after more dozen new wells. He argues that new wells will not only increase production capacity, but also uncover new geological reserves by hitting new wells. In addition, the increase of oil reserves can increase the recovery rate due to the change of mining technology, and then increase the reserves in disguise. "Regarding the reserves of ERG resources, in addition to the reserves assessment of the international assessment agencies, we have also invited the domestic professional team to help reserve review, we have confidence in the relevant reserves data. "In 21st century, when the network mentioned the independent and objective credibility of the international authoritative oil reserves report, the 95 senior investors in Shenzhen expressed his views." In fact, the so-called internationally renowned authority is not so credible, although all of them flaunt their independent objectivity, but still have a lot of the halo of the international institutions are exposed, Andersen letter with the United States Enron fraud, The US Securities and Exchange Commission is a living example of the prosecution of four of the world's largest accounting firms in China (suspected to be involved in fraud in the US listing). In order to prove the good mining prospects of ERG resources, the golden leaf jewellery in the clarification notice again stressed that "as of January 2014, ERG Resources have a total of more than 400 wells." Of these, only 97 wells are exploited by steam development technology, while the above 97 steam wells owned by ERG Resources are 2012, new wells built in 2013 (mainly 2013 years of new wells), ERG Resources are carrying out technical renovation of the remaining wells they possess. Therefore, the development of ERG resources for Sisquoc Reservoir is still in the initial stage of exploitation. "But it is shocking that the latest data from the California Bureau of Land and Resources, which was obtained by the network reporter in 21st century, shows that the ERG resources are currently active, the normal production of the oil well is only 134, the rest of the well is either idle or landfill closed, or the mining operation is cancelled." But the gold leaf jewelry clarification announcement has left the ERG resources altogether more than 400 wells already put into operation the strong impression. To this, Shenzhen 95 investment of that senior personage gives more astonishing reply, "We are to check according to the purchase list, and with GPS locator, 400 wells is a mouthful of mouth count out, this can't be wrong!" You can only be wrong if your data source has errors. "If the number of wells in the normal operation of ERG resources has been reduced, how much credibility will there be for future production targets and subsequent resources to explore new reserves?" Oil field area data bungee jumping and questioning of gold leaf jewellery non-public offerings The main assets of ERG Resources are located in the United States, Santa Barbara, California, Cat Canyon Oil field, Casmalia oilfield and other oil assets, mainly including GWP, Bonetti and other 36 blocks, The ERG resource has 100% of the 31 blocks of exploitation rights. ERG resources are located in the California State oil assets of the land area of about 19,668 acres, of which Cat Canyon the land area of about 18,600 acres, as the core oil assets ERG resources. ERG Resources website Public Information, in 2010, ERG resources from Chevron acquired its existing core oil assets Cat Canyon Oilfield, a total area of about 7,800 acres, with 75% of the mining rights and interests, Casmalia oil field area of 10000 acres. Two-phase comparison can be found, ERGResource publicity Cat Canyon oil field area unexpectedly less than half of gold leaf jewelry announcement data, and Casmalia oil field area unexpectedly from 10000 acres shrunk to 1068 acres, this is 21st century net reporter early period survey one months found one of the important doubts. For the magical change in the size of the Casmalia oil field, which has shrunk from 10000 acres to 1068 acres, the Golden Leaf Jewellery Clarification Bulletin gives the explanation that "there is an error in the disclosure of the website by checking with the ERG resource Company", as for Cat Canyon The oil field expanded from about 7800 acres to 18600 acres, and the company did not give any explanation. A domestic brokerage investment banking professionals to the 21st century network reporter said, "Erg resources of the two large oilfield area figures at the same time disclosure error, this coincidence is very interesting." What is more interesting is that the erg of the key digital disclosure of its website has not been found for a long time, this is a rigorous, professional oil mining companies? "After the Golden Leaf jewellery issued a clarification notice, 21st century Web reporter browsing Erg Resources Official website found that the area of the oil field of the wrong disclosure did not change, it is doubtful whether the ERG resources really admit its digital disclosure errors." The view of these investment bankers is not to erg the idea that such a working style of resources is a serious departure from the rigorous professional image the industry is supposed to maintain, and that the credibility of the oil survey data provided has to be greatly compromised. 21st Century network reporter learned that to help gold leaf jewellery to check oil reserves for ERG Resources A research institute under PetroChina, 95 senior investors in Shenzhen said they had seen firsthand that the results of the analysis of the relevant experimental data were in line with those provided by ERG Resources, even though the actual reserves might be more than the data produced by the assessment report. I hope the gold leaf jewelry to erg resources of the oil assets agency really as it said, not only narrowly, but there will be unexpected surprises. ERG Resources oil Field exploitation value guessing the 21st century net on the difference between the stable production cost of ERG resources and the upstream comprehensive production cost of the American same-industry oil companies, the Golden Leaf jewellery said in the clarification announcement that this non-public offering plan is expected to produce a stable yield of erg resources of about 24 USD/barrel, The production cost here is not the concept of the financial statement, it is mainly used in the production accounting, different from the concept of operating cost, and does not include depreciation, amortization and loss. If the 24 dollar/barrel of stable production cost is not the concept of operating costs, and other U.S. oil companies in the upstream synthesis cost is not comparable is very easy to understand, but the ensuing question is, how to judge the ERG Resources oil field mining profit prospects? "On the future profitability of ERG resources I can not disclose to you now, until the second Board of Trustees before the official announcement." You can rest assured that the financial situation of ERG resources and the feasibility analysis of mining prospects will be truthfully and completely disclosed. "In response to the 21st Century network reporter's doubts, Shenzhen 95 castTop-level people in accordance with the stick to clarify the announcement to respond. Gold leaf Jewelry non-public offering stock plans show that ERG resources in the next three years of stable production target is expected to 20000 barrels of Nissan Oil, this goal for the current ERG resources operating status is a big challenge. 21st Century Network reporter obtained from the United States California Land and Resources Authority data show that the current ERG resources a total of 134 wells in the normal mining state, there are 368 wells in production idle state, the remaining 382 wells have been landfill closed. To achieve the target of 20000 barrels of daily crude oil production in the next three years, the most efficient route for ERG resources is to resume production of the wells that are idle, and the question is how many of the wells that have been shut down for more than 20 years will resume normal mining? Chevron U.S.A Inc., the third oil recovery zone in Santa Barbara, Calif., has 2242 ports in the name of the ERG, all distributed in the San Ardo oilfield. Of these, a total of 369 wells in active, normal mining operations, and 369 wells at the same time, Chevron U.S.A. INC.2013 's oil production was 3747392 barrels a year, with an average daily production of 102.2683 million barrels of oil. It is obviously unrealistic to achieve the stable production target of 20000 barrels of Nissan oil by ERG Resources, and the most likely way is to put additional capital into the excavation of new oil wells. "Prior to 2012, the ERG resources in California oil field in the actual production of mainly old cold production wells, the main development of the target layer for the Monterey layer, ERG resources at present and the future of the main development layer for the SISQUOC layer, which is just beginning to develop, is still in the initial development stage, the reserve utilization For the new development layer. "The above statement of the Golden Leaf jewellery clarification announcement appears to rekindle investors ' expectations of a smooth profit for their oil fields, but the new wealth gold analyst in the chemical industry has dismissed this," he told the 21st Century network reporter in a telephone interview, "The oil field of ERG resources is an aging oil field, Future mining needs to shift from the current shallow mining to deep mining, and the cost of mining will be improved. It is hard to accept the image of a mature old oil field as a newly discovered oil field. "Gold leaf jewelry clarification notice really put a banlaoxuniang type of old oil field to whitewash into a 18-year-old beauty dish?"