US OTC listed American Noble Gas (AMGAS) recently released its quarterly financial reports. The company ended the quarter with a cash balance of just US$2k and generated revenues of ~US$9kand total assets were worth US$1.3mm. AMGAS acquired properties in the Central Kansas Uplift and the Hugoton Gas Field, where its is evaluating the existence of helium and other noble gases. It shut down its horizontal production wells in the Central Kansas Uplift and is considering deepening conventional wells to explore for helium in deeper zones. The company is also part of a joint venture in the Hugoton Gas Field that has successfully produced and sold helium. The company has recorded impairment charges related to the Central Kansas Uplift properties but continues to develop technology for the recovery of helium and other noble gases in both properties. There exists substantial doubt about the Company’s ability to continue as a going concern within one year after the date the financials are issued. On May 4, 2023, the Company entered into a securities purchase agreement with three (3) accredited investors providing for an aggregate investment of $750,000.
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