Benz Energy (BZG.V) Message Board

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Microcap & Penny Stocks : Benz Energy (BZG.V)

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To: SnakeInATuxedo who wrote (172)	6/3/1999 8:56:00 AM
From: Ed Ajootian	Read Replies (2) of 272

NOTE 19. GOING CONCERN ISSUE The accompanying consolidated financial statements have been prepared assuming that the Company will continue as a going concern. The Company has experienced significant delays in the completion of certain wells that are a key component of obtaining new financing for the Company. These delays have created a significant working capital deficit and depleted cash reserves. As a result, the Company has secured standstill agreements on certain financial debt covenants of which it is currently in violation. In addition, the Company was able to extend the maturity dates of currently due debt to May 31, 1999 in anticipation of completing a major well. In the event that the well is not completed timely and the Company is not able to refinance the current debt by the extended due dates, the debt may ultimately be called. The Company may not be able to meet such demands. - 33 - The Company anticipates the completion of the major well that is necessary to obtain additional financing. The Company also is currently in negotiations with several institutions to obtain production financing to repay currently due debt. The Company also anticipates obtaining significant additional equity in the near term through a private placement. In addition, the Company has closed the sale of one non-core property for approximately $507,500 and is negotiating the sale of an interest in another property for over $4.0 million of proceeds. One additional property is currently the subject of negotiations for sale with proceeds expected to exceed $1.0 million. ********************************************************************** From the 4th quarter Form 61. Also see "subsequent events" note. This is why the stock went down last week.

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