Spectral Capital Corporation
- WKN: A1C4WJ
- ISIN: US84757R1095
- Land: Schweiz
Nachricht vom 09.05.2012 | 07:03
Spectral Letter to Shareholders and Company Update
Spectral Capital Corporation / Key word(s): Miscellaneous
Spectral Letter to Shareholders and Company Update
SEATTLE--(BUSINESS WIRE)-(9 May 2012) Spectral Capital Corporation, (FCCN.QB) (F3SN:F) has released a Letter to Shareholders.
Spectral has made much progress over 2011 and the first quarter of 2012 and is the strongest and most viable it has ever been. The company has positioned itself to realize the goals that have been set as well as to capture opportunities that could not have been possible 12 months ago. The momentum we have created combined with our step-by-step goal achievement is the driving force for our future success.
Cash flow, our near term goal, has begun with the company's most recent acquisition in the Red Earth region of Alberta, Canada for the Shamrock oil field, where Spectral owns 60%. There is currently one producing well on the property and seven other permitted drilling locations, which we plan to develop soon. We have recently announced that this current producing well is in the top 1% of all vertical producing wells in the region and we are very optimistic, as a result, for the future developments of the property due to this outstanding production information. In addition to the oil production capabilities, millions of dollars has been spent on the property, prior to Spectral's acquisition, including the building of roads and other associated infrastructure, which creates significant value on the property.
The team we have formed to develop Shamrock is extremely qualified and we believe to be the best team in the region. Our partners have operated more than 160 wells and have over 17 years of industry experience in the Red Earth and Slave Lake region. Past experience includes working for industry leaders, such as Pennwest, Pinecrest, Baytex, Harvest, NAL and Lone Pine (formerly Canadian Forest). They live in the area, are not outsiders, and have extensive relationships with the native inhabitants of the region.
The Red Earth Region has received a surge in investment over the past 12 months from companies realizing the potential in this area. Land sale prices have increased by over 500% in the last year and are still on the rise. We are currently looking to expand our relationship with our Canadian partners and have recently hired a petroleum geologist and land surveyor to help us identify additional lands to purchase. We have also hired a drilling consultant to help us determine the optimal plan for drilling on the Shamrock property. Spectral is optimistic that development in the Red Earth region can facilitate in the realization of our near and medium term goals and can provide extraordinary benefits to the company and shareholders.
As we have outlined in our previous communications, we are very keen on the prospects for exploration and development in the CIS region to further the company's goal achievements. The CIS area has some of the world's largest untapped natural resources and these countries are eager for FDI (Foreign Direct Investment) to facilitate the growth in their respective economies. To that end, success in these countries is dependent on the relationships developed in addition to identifying the type of opportunities in exploration and development that Spectral is seeking. Spectral's team has traveled extensively this past year in this region to further our vision of obtaining rights and leases in oil and mining projects and to securing partnerships with groups who have our same vision and philosophy.
In September we formed a partnership with a group with extensive ties to the oil regions of Russia. These individuals have vast knowledge and experience in working in oil fields as well as acquiring property in Russia. Having a partnership, such as this, is immensely important for long-term success in this region of the world. In order to avoid title issues, we have formed a Special Purpose Vehicle (SPV) in which Spectral owns 74% and where all assets we acquire will be held. We have analyzed many potential acquisitions over the past 6 months with our team and have also hired a team of advisors, with the intention of acquiring oil properties to begin production over the near term.
In November Spectral met with the Board of Directors of Tau Ken Samruk, the National Mining Company of Kazakhstan. A number of subsequent meetings have taken place since November and we are working towards the steps necessary to secure a project that is mutually beneficial. The projects being discussed have huge upside potential and require a great deal of due diligence and planning. We are hopeful that a definitive agreement can be reached and we are working toward this solution.
In July we conveyed our interest in the Chita, Russia gold field back to our counterparty. After contracting with SRK Consulting and discussions with our counterparty we were able to dissolve this partnership without any future repercussions. Our Kazakhstan gold mining project has great potential. We successfully restructured our interest in the project in December 2011, optimizing the structure for tax purposes and to avoid problems with the transfer of title in the property to a Kazakhstani special purpose vehicle formed for this purpose. While we still have the ability to acquire 65% of this property in exchange for providing required funding, we have successfully managed to extend the period of our investment horizon, thus providing more time for environmental, title and geological challenges on the property to be worked out. If these difficulties can be resolved, we believe this project has exceptional potential.
We look forward to the year ahead and to keeping you, our shareholders, updated with our progress.
End of Corporate News
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