Cedric Atkinson, the Chief Executive Officer and Chairman of the Board, has an experienced and diverse background. Management believes Mr. Atkinson’s experience and ability to identify under-valued properties will assist the Company in making cost-effective acquisitions that align with this business plan.
The market for oil hydrocarbons and petroleum in the United States has grown exponentially, creating an unprecedented demand for refined oil and gas. The Forecast for U.S. total crude oil production increases to 6.17 million bbl/d in 2012. The rise in production is driven by increased oil-directed drilling activity, particularly in onshore tight oil formations. As well, the number of onshore oil-directed drilling rigs reported by Baker Hughes increased from 777 at the beginning of 2011 to 1,355 on May 4, 2012. The United States’ rapidly declining crude oil supply has made a stunning about-face, shredding federal oil projections and putting energy independence in sight of some analyst forecasts. After declining to levels not seen since the 1940s, U.S. crude production began rising again in 2009. Drilling rigs have rushed into the nation’s oil fields, suggesting a surge in domestic crude is on the horizon. The number of rigs in U.S. oil fields has more than quadrupled in the past three years to 1,272, according to the Baker Hughes rig count. Including those in natural gas fields, the United States now has more rigs at work than the entire rest of the world.
Strategies for Success
Management anticipates that with adequate capital the newly acquired wells will be fully operational and productive within months. Management further expects to harmonize the Company’s plan for growth with production by retaining long-term operational staff and permanent corporate directors and officers. Human resources and employee retention are envisaged by Management to play a critical role in acquiring and operating additional oil and gas properties throughout the Basins and beyond.
Management believes that the Company can achieve profitable oil production beginning with identifying and capitalizing on oil and gas properties in the Basins. Yaterra has invested, and expects to continue to invest, considerable time and effort into the identification of potentially valuable distressed and orphaned wells in and around the Basins. Management aims to harness this ability and acquire low-risk property rights with appreciable potential for oil and gas production.
As well, you can find market related information including charts, history, share structure and corporate fundamentals please visit YTRV on OTC Markets