The Fantasy that is Sefton Resources continued unabated this morning as the company were forced to make an announcement 8 months after Stone Mountain Resources went into receivership. It was touted as an “Update” which is laughable & trys to give the impression that Sefton had already issued information on this, which of course they have not!. Why does this matter? Ask SEFTON DIRECTOR Mark Richard Smith, also the same Mark Richard Smith named & shamed as a non-executive director of Stone Mountain Resources Limited, which went “Tits Up” on April 23, 2012, when the Alberta Court of Queen’s Bench granted an order appointing Ernst & Young Inc. as Receiver and Manager of Stone Mountain Resources Ltd. Leaving creditors/investors up the creek without a paddle. In addition, on May 31, 2012, the Court approved a process permitting the Receiver to sell the assets of SMR. Guess who bought them back at a fraction of their value? Answers on a postcard to Mark (fingers) Richard Smith. More of which later.
So just why has it taken Sefton Resources 8 months to mention this “MATERIAL FACT” concerning one of their Directors? Could it be that they are deliberately trying to suppress “Bad News” of course they are. The company are run by a bunch of liars & corporate jackals who have mis-lead investors at every twist & turn for the last 12 years & continue to do so.The California DOGGR individual well figures for Sefton resources are a damning indictment of the mis-management & manipulation of company data. The company stinks to high heaven. JEllerton is still quoting & using inflated monthly bopd figures which are just plain wrong. It is a corrupt company whose only reason for existence is to line the pockets of JEllerton & his cronies
Well let’s cut to today’s RNS were we learn that good old Marky (fingers) Smith is, yes you’ve guessed it, a director of the company that bought the assets from Bankrupted SMR. The Transaction completed on 14 December 2012. Involving Stone Mountain Resources Holdings Ltd, the parent company and major creditor of Stone and Spoke Resources Ltd, which is the purchaser of the assets and a subsidiary of Stone Mountain Resources Holdings. Mr Smith is also a director of Holdings and Spoke. All three companies are incorporated in Alberta, Canada “Creditors of Stone will not receive the full value of amounts owed to them by Stone, although at this time the final extent of the deficit is yet to be ascertained” I’ll “ascertain” the value for you shall I? Close to Zero Return?
In Sefton’s’ IPO document of December 2000 Jim Ellerton states on page 10; “peak production is expected to be 800BOPD before 2002″ That damning statement is the beginning of the lies & deceit that has pervaded this company from day one. The bopd claims have ranged from 400, 800, 1750, 900 depending on which RNS you read. The much vaunted Tapia Steamflood, cyclical steaming & horizontal drilling go way back to 2000. The buzz words then were, Huff ‘n’ Puff & Steam Assisted Gravity Drainage (SAGD). These claims have been trotted out for the last 12 years with-out any progress whatsoever. The Share Price has crashed from 95p to 1p while the stock has been CONSOLIDATED & SUPER DILUTED by over 5000% & it’s still being diluted today through an Equity Finance Facility.
Mark Richard Smiths’ involvement with Sefton can be traced way back down through the years. I recall telling investors about Mark Richard Smith HERE. On the 3rd July 2006 Smith bought TEG Oil & Gas Canada from Sefton for $450,000 JELLERTON STATED at the time; “The value of the assets of TEG Canada was CDN$1,766,025. However prior to the signing of the sale agreement, there was a restructuring such that only the Canadian assets of TEG Canada, valued at CDN$531,455.” How convenient. This was a few months after the company issued 135,789,202 shares to pay for TEG Canada. So Smith was sold an asset valued at US$1.6 million US dollars for US$450, 000 thousand dollars. While Sefton investors were left footing the bill & carrying the loss rather in the same vein as creditors in Stone Mountain Resources are now left smarting from their involvement with Smith & his cronies.
And just so no ones in any doubt whatsoever of the type of calibre that infests the Sefton Board here’s some of the claims filed against SMR/Mark Smith.
Be under no illusions here of the calibre of people gorging on the Sefton Carcass. The whole of Sefton Resources has been used by JEllerton, Arleth, Smith et al to line their own pockets. It is their lifestyle that is being funded by you.
Arleths’ Summit Energy has been receiving $12,000 dollars every month for “Consultancy work” JEllertons’ C & J Resources (owned by Jimmy & his wife) has been receiving hundreds of thousands of dollars in “Consultancy fees”. Never mind the bloated Share-options! Expenses include Hotels, Ipads, Laptops, Transport, Flights, Food, Restaurants, Taxis, Accommodation, Mobiles et al. All are being claimed by the Board. It STINKS! You as share-holders are being serially financially raped by this Board. And even now as they dilute the shares in circulation even further there are fools trying to trade the stock.
Sefton Resources doesn’t exist to bring share-holder value. It is there to keep JEllerton & his corporate Jackals in the lifestyles they have become accustomed too.
Get the hell out of this company it is totally, morally & financially corrupt & heading for Bankruptcy!
You have been warned.