OTC Bulletin Board

S & P Company Insight for WESCORP ENERGY INC
 
 Profile

 
Business Summary: Wescorp Energy Inc. acquires, develops and commercializes technologies that are designed to improve the environmental and economic performance of field operations for oil and gas producers. It plans to use its technologies to remediate certain contaminants in oilfield water.
 
Address
  Suite 770, 435 4th Avenue S.W.
  Calgary , Alberta T2P 3A8
  Phone: 403-206-3990
  Fax: 403-206-3993
  Website: http://www.wescorpenergy.com
Auditor
  DALE MATHESON CARR-HILTON LABONTE LLP
Transfer Agent
  Interwest Transfer Co. Inc.
Employees:  5
ShareHolders:  1950
Founded:  1998
Domicile:  Delaware
 
  
 
 Background

 
Wescorp Energy Inc. acquires, develops and commercializes technologies that are designed to improve the environmental and economic performance of field operations for oil and gas producers. The company's sources of revenue include revenues from its subsidiaries, Raider Chemical Corporation and Total Fluid Solutions Inc. Total Fluid Solutions, a wholly owned subsidiary, owns a North American patent for certain oil-water separation technology, and Wescorp is in the process of filing a provisional patent application for additional technology in this area. The company also owns all of the intellectual property rights for a solids-oil separation technology that is not patented, but is held as a trade secret. With these technologies, Wescorp hopes to be able to remediate two of the main contaminants (solids, hydrocarbon) in oilfield water that result from exploration for, and production of, oil and gas. The technology to remove solids from the oilfield water uses a proprietary, environmentally friendly, chemical process to separate drilling solids from the water and hydrocarbon mixtures, which are found in the water as a result of drilling the wells. The solids are cleaned to a standard that allows them to be used in construction. The technology to remove hydrocarbons from the oilfield water uses a patented aeration process that is expected to reduce the hydrocarbon content from the conventional 5,000 to 30,000 parts per million range to less than 100 parts per million. The third technology, to remove salt from the oilfield water, uses a low-energy process of flash distillation to separate the salts from the water. Raider, another wholly owned subsidiary, designs and manufactures specialized chemicals used in the cementing and stimulation services area within the oil and gas industry. Wescorp Energy Inc. is headquartered in Calgary, Alberta, Canada.
History:  INCORPORATED in Delaware Aug. 11, 1998, as Unique Bagel Co., Inc.; name changed to CTI Diversified Holdings, Inc. Dec. 26, 2000, and to Wescorp Energy Inc. Dec. 22, 2003. March 31, 2004, through a subsidiary, acquired 100% of the outstanding shares of Flowstar Technologies Inc. and Flowray Inc. for Canadian Dollar 550,000. Flowstar and Flowray were legally amalgamated on Dec. 31, 2004, into one company that continued under the name Flowstar Technologies Inc. The company divested itself of Flowstar on Jan. 5, 2010. September 11, 2007, acquired Strategic Decision Sciences USA Inc. for 2,000,000 Common shares. December 18, 2007, Wescorp Technologies Ltd, a wholly owned subsidiary of the company, closed an asset purchase agreement with FEP Services, Inc., pursuant to which Wescorp Technologies acquired certain rights to three different water remediation technologies and assets that the company used to create two new business units, Total Fluid Solutions Inc. and Raider Chemical Corporation. Wescorp Technologies assumed liabilities of approximately $240,000 and delivered to FEP a two-year promissory note in the face amount of $2,665,000, 13,900,000 Common shares of the company and 470,143 Common shares of Oilsands Quest Inc.
 
Subsidiaries:
Raider Chemical Corporation
Total Fluid Solutions Inc.
 
 
 
 
  
 
 Management

 

Management
OfficersPosition
 Robert G. PowerChairman
 Douglas E. BilesPresident & Chief Executive Officer
 Robert Martin NicolayChief Financial Officer
 Scott M. ShemwellChief Operating Officer
 Blaine  MiciakChief Accounting Officer & Controller
 Dave  LeMoineExec VP
 Terri  MacInnisInvestor Relations Contact

Directors
 Douglas E. Biles
 Alfred  Comeau
 William R. Cooper
 Mark  Norris
 Robert G. Power
 Jos De Smedt
 
  
 
 Annual Report

 
Annual Report
 
Income Statement
  20092008
REVENUES 8641,006
COST OF SALES545678
GROSS PROFIT319328
Operating expenses4,0116,402
Depr. & amort.209248
Other expenses(2,254)(1,606)
LOSS FROM CONTINUING OPERATIONS (6,155)(7,928)
LOSS FROM DISCONTINUED OPERATIONS(922)(331)
Net income(7,077)(8,259)
Basic & diluted from continuing operations(0.07)(0.10)
Basic & diluted from discontinuing operations(0.01)-
Basic & diluted EPS(0.08)(0.10)
 
Balance Sheet
  20092008
Assets:
Cash & equiv.118429
Accts. rec., net259163
Inventories5148
Prepaid expenses1411
Current assets of discontinued operations4851,585
Tot. curr assets9282,237
Investments3030
EQUIPMENT34621
EQUIPMENT, DISCONTINUED OPERATIONS13110
Total assets1,0042,998
Liabilities:
Accounts payable1,1251,154
Accrued liabilities7171,011
Current portion of notes payable 6001,280
Penalty share obligation5,3382,190
Due to related parties101201
Related party note payable1,9251,925
Convertible debentures902,340
Debentures payable217293
Current liabilities of discontinued operations386626
Tot. curr. liabs.10,55011,011
Notes payable1,538-
Due to related parties117-
Notes payable of discontinued operations-8
Com. stk. p. $0.0001109
Paid-in cap.41,80038,745
Shares issuable 231166
Accumulated other comprehensive income8478
Private placement and warrant subscriptions922189
Subscription receivable-(23)
Retained earns.(54,215)(47,138)
Total stockholders' equity(11,201)(8,030)
Total liabs.1,0042,998
 
  
 
 Interim Report

 
Interim Report   
 
Data Not Available
 
 
 
 
  
 
 Pro Forma Report

 
Pro Forma Report   
 
Data Not Available
 
 
 
 
  
 
 Quarterly Report

 
Quarterly Report Information   
 
Quarterly Revenue, US$
YearQuarterRevenue
  2010   1450,000
  2009   1570,000
  2009   2372,000
  2009   3640,000
  2009   Full Year 860,000
  2008   1926,000
  2008   2754,000
  2008   31,415,000
  2008   41,403,000
  2008   Full Year 4,497,000
  2007   1818,000
  2007   2494,000
  2007   31,100,000
  2007   4730,000
  2007   Full Year 3,141,000
  2006   11,079,000
  2006   2981,000
  2006   3448,000
  2006   4676,000
  2006   Full Year 3,184,000
  2005   1621,000
  2005   2431,000
  2005   3639,000
  2005   4633,000
  2005   Full Year 2,324,000
 
 
Quarterly Net Income, US$
YearQuarterRevenue
  2010   1(440,000)
  2009   Full Year (6,150,000)
  2008   Full Year (8,259,000)
  2007   Full Year (19,178,000)
  2006   Full Year (4,372,000)
  2005   Full Year (4,553,000)
 
 
Quarterly EPS, US$
YearQuarterRevenue
  2010   1Nil
  2009   1(.02)
  2009   2(.02)
  2009   3(.01)
  2009   Full Year (.07)
  2008   1(.02)
  2008   2(.03)
  2008   3(.02)
  2008   4(.03)
  2008   Full Year (.10)
  2007   1(.03)
  2007   2(.04)
  2007   3(.05)
  2007   4(.22)
  2007   Full Year (.35)
  2006   1(.01)
  2006   2(.02)
  2006   3(.03)
  2006   4(.03)
  2006   Full Year (.10)
  2005   1(.02)
  2005   2(.02)
  2005   3(.03)
  2005   4(.06)
  2005   Full Year (.12)
 
  
 
 Stock Data

 
 
Capitalization as of 03/31/2010:
 
 Authorized SharesOutstanding Shares
Preferred $0.0001 par50,000,000None
Common $0.0001 par250,000,00097,320,842
 
LONG TERM DEBT: $1,537,688.
 
Common $0.0001 par
 
Stockholders:  04/01/2010, 1950.
Transfer Agent:  Interwest Transfer Co. Inc.   Salt Lake City , UT
 
OTC Bulletin Board( Primary): WSCE
 
ExchangeYearHighLow
OTC Bulletin Board20090.41000.2200
OTC Bulletin Board20080.50000.2300
OTC Bulletin Board20070.52000.3450
 
DIVIDENDS: Common $0.0001 par: No cash.