Ecodomaine Refining, Inc earlier than actually finishing the acquisition of Inexperienced River Refinery, spent previous 1 year refurbishing the Inexperienced River Refinery.
And precisely what equipment was refurbished? The realtor hyperlink you dug up gives an fascinating answer:
Note the 09-Jan-08 amendment.
EcoDomaine Refining, Integrated (EcoDomaine) owner and operator of the petroleum liquid refining plant situated in Inexperienced River, Emery County has requested to administratively amend the prevailing Approval Order within the provisions of the Utah Administrative Code UAC R307-401-12, Reduction in Emissions. They intend to render the fluidized catalytic cracking unit and the catalytic fuel reforming unit inoperative. The Methylene Tertiary Butyl Ether manufacturing process originally scheduled for installation is not going to be constructed. This stuff will no longer seem on the tools checklist. As such the plant will not be able to refining organic liquids into consumer fuel products. The plant will only have the ability to distill the assorted fractions of the raw organic liquid feed stock. These separated fractions can be sold to the market place.
It has no identified functionality to refine the waxy oil into gasoline.
After refurbishing Green River Refinery in 2006, Inexperienced River Oil Refinery was valued at over $sixteen,500,000 in 2006.
Improper. Per my previous submit on the subject,
EcoDomaine employed an appraiser. They advised the appraiser what refurbishing was planned, and on the premise of these plans to appraise what the refurbished plant is perhaps value after the work was completed. The appraiser gave a $16.5M value. Yet we already know from the realitor disclosure, that work by no means occurred. Thus, the appraisal value primarily based on the assumption the refurbishing would occur shouldn’t be legitimate.
The valuations for this property based on its historical past: EcoDomaine buys it for $500K in 2006. In 2010 it’s positioned in public sale for a starting bid of $135K. Then lately the NAI realitors puts the property up for sale at $three.5M. We all know the elevated worth $3.5M has nothing to do with the refinery. Possibly the failed Bridgestone proposal to construct a brand new $200M refinery, bid the worth of the land up subsequently?
So what does the ORFG mean when it states:
The Green River Oil Refinery was valued at over $sixteen,500,000 in 2006 and the company believes its true value is closer to $70,000,000 once it is up and running.
Notice the words “was valued”. coal Gasification True, in 2006 there was the appraisal for $16.5M primarily based on refurbishments yet to take place, and never did. Did ORFG administration inform its stockholders the refinery IS worth $16.5M? No. Did they give any basis for “believes” its true worth is $70M? No. They could’ve inserted $35M or $140M – they’ll “believes” no matter they want. The PR comprises a very rigorously crafted assertion. A press release which technically would not lie, none the less decieves the stockholders.
BTW – what exactly did ORFG give because the proposed acquisition value in the LOI? Only within the microcap world are stockholders saved at the hours of darkness as to the proposed acquisition value. What does a ORFG stockholder know about the proposed acquisition? What will be the associated fee to carry it online – assuming it ever is brought on-line? Permit points? What is going to the plant produce in what volumes, with what margins? It is doubtless stockholders will probably be requested to guess. We already know it will not be the everyday oil to gasoline or diesel refining. In one other words the $70M out of the air figure is bogus.
Yet to return is whether or not or not they will announce the acquisition has completed. If it will get that far, previous the LOI, then they need a 3rd get together to offer money for a convertible observe. One can safely lay bets the vendor and realitor will need cash, not microcap inventory. Then if not too convoluted, one might be able to figure out what the acquisition worth is for ORFG. Within the meantime the PR hype is good enough to support the continuing stock dump by insiders, and associates.
If you have any thoughts relating to where by and how to use Petroleum Refinery Equipment Storage Tank Series, you can call us at our own web site.