2013 turned out to be an exciting year for the Company. We started out with a big push to begin our mining project in Eastern Washington. This included our first big purchases of equipment, the initial hauling and preprocessing of ore, and site prep for mining activities. When funding commitments delayed the project, that did not stop us, it only fueled our fire to push forward to success.
The Company looked for ways to creatively put its assets to use while not losing sight of its primary objective of funding the mine operations and generating revenues. This led to an opportunity to enter a secondary mineral sector, create a relationship with another motivated company, and open up doors to larger funding partners. The moves resulted in the Company being able to post its first revenues under new management.
These new relationships exposed the Company to many opportunities in the commodities sector that had been include in our business plans but initially slated for future roll outs. With the opportunities being presented, we stuck hard and fast - first in the oil and gas sector and then following that up by expanding our mineral interest.
We closed our first oil and gas property at the end of the third quarter and began seeing revenues almost immediately. The West Salt Creek oil field in Wyoming is an exciting site (with over 2,000 acres of leases) and we expect this asset to bare a tremendous amount of fruit in the coming years. Our job now is to complete our financing packages with investors (for both this site and our Texas site announced previously), perform some upgrade work, and get the bit in the ground with new oil wells ? strategically targeting the more than 70 viable drilling locations that have been identified.
Our second unexpected surprise of the year came in the form of a 47 acre industrial site near our mining operations in Stevens County, Washington, along with extensive mineral rights to dolomite, terrazzo, silica and gravel. As of this writing, we have entered escrow on these properties and have both earned and escrowed the necessary funding to close on the properties after the first of the year. The physical site, with its several large warehouse buildings, office building, and rail line, will provide for a much needed facility for processing and shipping minerals being acquired. As a bonus, the Company was able to open up a sales channel during the site cleanup stage and has already begun processing, shipping, and selling dolomite to the agricultural industry.
Financially we will be ending the year positively on several fronts. We have been very frugal and strategic with the use of our common stock ? always looking to protect our shareholders against unnecessary dilution. We will end the fiscal year with relatively the same number of common shares outstanding as we started the year, but reducing the free trade by nearly 10%. We have increased our asset base from negligible to exceeding $4,000,000 in multiple classes ? turning a shareholder deficit into a positive equity. And we anticipate ending the year by exceeding the $200,000 mark in revenues for 2013 ? nearly all coming in the 4th quarter.
A lot has been accomplished this year and we feel very blessed as a Company. We are grateful for the turn of events in 2013 and look forward to a positive and productive 2014. We find ourselves ending the year with three very viable projects ? precious metals, oil and gas, and dolomite minerals ? and three separate funding groups equally excited about seeing them move forward. With more hard work and our commitment to shareholder value the year ahead will be like no other we have seen.
Wishing you and your families all the best this coming year!
CGrowth Capital, Inc.