Bargain basement comes to mind.

start spreading the news then guys. This will only head north if enough people are interested in buying the shares.

and then the evil MM's have to let it go that way too!

When we've finished buying.

Just spotted this on the BBC News website....

Obama urges opening oil reserves

If he does make it to the White House what do you think this policy would do to the Oil Market and more importantly for us Sefton?

lower oil prices! tax cuts for producers???

Surely that would be more likely to raise oil prices.

kuzemko,

The article refers to using the strategic oil reserves (stockpile of oil), in order to help lower fuel prices in the short-term.

A good positive update will see this back to 10p ser are making plenty the sp is at a bargain basement price.

very nice 2 trades today at 6.50p.???

Sefton Resources, Inc.
('Sefton' or the Group)
Interim Results for the six months to 30 June 2008


Highlights
Revenue doubled to $2.6m from $1.3m
Profits increased five fold to $904k from $179k
Banking facility increased to $15m
New Nominated Advisor and Broker appointed

Chairman, Jeremy Delmar-Morgan pointed out that 'the Group's financial position continues to improve, bringing Sefton closer to its stated goal of 'building a strong platform of assets, generating sufficient cash flow to operate and grow the business'. While we will continue to grow our California assets, we will now embark of the development of our Kansas assets, utilizing the improved banking facility and growing cash flow. The appointment of a new nominated Nomad and Broker will, we believe, assist us in enhancing the Group's profile to the benefit of all shareholders.


Chairman's statement

In my last annual statement I was able to forecast that Sefton was now ready to take the next step in its development programme. I am please to report that the results of the past hard work are starting to show in our financial results.

During the first half of 2008 oil and gas revenue more than doubled to $2,594,873 from $1,276,127 for the comparative period in 2007 and $2,977,691 for the whole of 2007. The increased activity meant that costs and expenses increased to $1,690,510 from $1,096,993, but profit improved five fold to $904,363 from $179,134 at this time last year and $204,652 during all of 2007.

The encouraging increase in oil and gas revenue and net income was a result of spending $2,889,028 on our oil and gas assets, compared to $488,380 for the same period in 2007 - a function primarily of utilizing some cash flow and some of the available bank facility.

Total assets increased by over $5m to $13,488,405 from the comparative period in 2007, and while liabilities increased by almost $4m, to $5,300,258 - the majority of which is attributable to the use of $3.3m draw from the bank facility - the total shareholder equity increased from $6,831,299 to $8,128,147.

Our steaming and drilling programmes at Tapia are on schedule. The results have been extremely encouraging, but the differences in reservoir and drainage conditions can result in variances between the wells response. All show an improvement and we are extremely excited about applying the cyclic-steam stimulation to both old and new wells field-wide.

We will be working on the two gas wells Yule#8 and Snow#1 in the coming weeks. If the mechanical issues in either of these wells can be solved, such that gas can be supplied from them to the steam generator at the appropriate rate and pressure, the systematic steaming of other wells in the field will begin accordingly.

We have also budgeted funds for the drilling of three new wells on the Yule Lease during the fourth quarter of 2008. One of the new wells may be used to provide a new gas supply well. The other two will be oil producers. In addition we have initiated permitting of five new wells on the other Tapia leases, which should be completed in the coming months for drilling to start during 2009.

At our Eureka Canyon field we successfully carried out the clean-out and pump replacement operation during June. Monthly production has improved from an average of 230 BOPM to 410 BOPM during July. Work with W.L Gore, Inc is continuing on the geochemical survey and field work for the follow-up which is scheduled for this month - September. We are now in the process of refining our sampling grid identified in the initial survey.

An updated engineering report by Reed W. Ferrill and Associates was prepared for the first half period, which reflected an improvement in the Group's proved developed reserves to the year end 31 December 2007 resulting from the expenditures on the Group's assets. This does not reflect the encouraging results that we have achieved from the current cyclic steaming pilot programme, which will be reflected in the 2008 report. The present day value is approximately $165,000,000 (constant costs/prices, discounted 10%).

I am pleased to be able to report that as a result of improved reserves, production, revenue and net income, the line of credit facility with the Bank of the West has been increased to $15m.on extremely competitive terms.

The revised line of credit will also enable Sefton to buy back the Group's stock from surplus funds if we consider this appropriate. This revised agreement adds flexibility to the Group's financing options in developing and growing.

Finally, the Board has decided to engage the firms of Blomfield Corporate Finance Ltd as Nomad and Religare Hichens, Harrison plc as Broker, both effective from October 1, 2008. Management believes that the profile in the marketplace of Sefton will be enhanced by this move. With the improvement in financials, banking facilities and the new Nomad/Broker we have greater flexibility in our growth path.

Jeremy Delmar-Morgan

Chairman
September 3, 2008

Enquiries:
Jim Ellerton, CEO 00 1 303 759 2700
Jeremy Delmar-Morgan, Chairman 077 8900 4874
David Millham, Investor Relations 07850 949324
Jonathan Wright/Nicola Marrin, Seymour Pierce 020 7107 8000

Looks pretty positive to me.....


This RNS alert is brought to you by Digital Look.
RNS Number : 5871C
Sefton Resources Inc
03 September 2008


Sefton Resources, Inc.
("Sefton" or the Group)
Interim Results for the six months to 30 June 2008


Highlights
Revenue doubled to $2.6m from $1.3m
Profits increased five fold to $904k from $179k
Banking facility increased to $15m
New Nominated Advisor and Broker appointed

Chairman, Jeremy Delmar-Morgan pointed out that 'the Group's financial position continues to improve, bringing Sefton closer to its stated goal of "building a strong platform of assets, generating sufficient cash flow to operate and grow the business". While we will continue to grow our California assets, we will now embark of the development of our Kansas assets, utilizing the improved banking facility and growing cash flow. The appointment of a new nominated Nomad and Broker will, we believe, assist us in enhancing the Group's profile to the benefit of all shareholders.


Chairman's statement

In my last annual statement I was able to forecast that Sefton was now ready to take the next step in its development programme. I am please to report that the results of the past hard work are starting to show in our financial results.

During the first half of 2008 oil and gas revenue more than doubled to $2,594,873 from $1,276,127 for the comparative period in 2007 and $2,977,691 for the whole of 2007. The increased activity meant that costs and expenses increased to $1,690,510 from $1,096,993, but profit improved five fold to $904,363 from $179,134 at this time last year and $204,652 during all of 2007.

The encouraging increase in oil and gas revenue and net income was a result of spending $2,889,028 on our oil and gas assets, compared to $488,380 for the same period in 2007 - a function primarily of utilizing some cash flow and some of the available bank facility.

Total assets increased by over $5m to $13,488,405 from the comparative period in 2007, and while liabilities increased by almost $4m, to $5,300,258 - the majority of which is attributable to the use of $3.3m draw from the bank facility - the total shareholder equity increased from $6,831,299 to $8,128,147.

Our steaming and drilling programmes at Tapia are on schedule. The results have been extremely encouraging, but the differences in reservoir and drainage conditions can result in variances between the wells response. All show an improvement and we are extremely excited about applying the cyclic-steam stimulation to both old and new wells field-wide.

We will be working on the two gas wells Yule#8 and Snow#1 in the coming weeks. If the mechanical issues in either of these wells can be solved, such that gas can be supplied from them to the steam generator at the appropriate rate and pressure, the systematic steaming of other wells in the field will begin accordingly.

We have also budgeted funds for the drilling of three new wells on the Yule Lease during the fourth quarter of 2008. One of the new wells may be used to provide a new gas supply well. The other two will be oil producers. In addition we have initiated permitting of five new wells on the other Tapia leases, which should be completed in the coming months for drilling to start during 2009.

At our Eureka Canyon field we successfully carried out the clean-out and pump replacement operation during June. Monthly production has improved from an average of 230 BOPM to 410 BOPM during July. Work with W.L Gore, Inc is continuing on the geochemical survey and field work for the follow-up which is scheduled for this month - September. We are now in the process of refining our sampling grid identified in the initial survey.

An updated engineering report by Reed W. Ferrill and Associates was prepared for the first half period, which reflected an improvement in the Group's proved developed reserves to the year end 31 December 2007 resulting from the expenditures on the Group's assets. This does not reflect the encouraging results that we have achieved from the current cyclic steaming pilot programme, which will be reflected in the 2008 report. The present day value is approximately $165,000,000 (constant costs/prices, discounted 10%).

I am pleased to be able to report that as a result of improved reserves, production, revenue and net income, the line of credit facility with the Bank of the West has been increased to $15m.on extremely competitive terms.

The revised line of credit will also enable Sefton to buy back the Group's stock from surplus funds if we consider this appropriate. This revised agreement adds flexibility to the Group's financing options in developing and growing.

Finally, the Board has decided to engage the firms of Blomfield Corporate Finance Ltd as Nomad and Religare Hichens, Harrison plc as Broker, both effective from October 1, 2008. Management believes that the profile in the marketplace of Sefton will be enhanced by this move. With the improvement in financials, banking facilities and the new Nomad/Broker we have greater flexibility in our growth path.

Jeremy Delmar-Morgan
Chairman
September 3, 2008

Enquiries:
Jim Ellerton, CEO 00 1 303 759 2700
Jeremy Delmar-Morgan, Chairman 077 8900 4874
David Millham, Investor Relations 07850 949324
Jonathan Wright/Nicola Marrin, Seymour Pierce 020 7107 8000


June 30, June 30, December 31
2008 2007 2007
(unaudited) (unaudited) (audited)

CURRENT ASSETS:
Cash and cash equivalents $ 86,953 $135,410 $ 5,789
Accounts receivable 665,671 192,735 414,801
Other receivables - related party 135,380 108,185 159,692
Prepaid expenses and other assets 26,975 1,975 6,769
Total current assets 914,979 438,305 587,051


OIL And GAS PROPERTIES FULL COST METHOD, net 12,540,749 7,861,600 9,789,223

EQUIPMENT AND VEHICLES, net 32,677 43,410 30,871


TOTAL ASSETS $ 13,488,405 $ 8,343,315 $ 10,407,145

LIABILITIES AND STOCKHOLDERS' EQUITY

CURRENT LIABILITIES:
Accounts payable $ 731,799 $ 406,391 $ 810,942
Accrued expenses 24,034 47,991 162,666
Accrued expenses - related parties 117,000 77,884 179,549
Notes payable, current portion 349,775 163,825 385,059
Total current liabilities 1,222,608 696,091 1,538,216

NOTES PAYABLE:
Note payable 273,554 681,485 338,335
Note payable - bank 3,300,000 0 911,317
3,573,554 681,485 1,249,652


ASSET RETIREMENT OBLIGATION 504,096 134,440 504,096

Total liabilities 5,300,258 1,512,016 3,291,964


STOCKHOLDERS EQUITY:
Common stock, no par value, 200,000,000 shares
authorized, 116,387,779 shares issued and outstanding 13,217,831 12,790,863 13,049,227
Stock subscription receivable -30,047 -30,047 (30,047)
Treasury stock -58,602 -58,602 (58,602)
Accumulated (deficit) -4,941,035 -5,870,915 (5,845,397)
Total stockholders' equity 8,188,147 6,831,299 7,115,181

TOTAL LIABILITIES AND STOCKHOLDERS EQUITY $ 13,488,405 $ 8,343,315 $ 10,407,145


Six Months Six Months Year Ended
Ended June 30, 2008 Ended June 30, 2007 December 31, 2007
(unaudited) (unaudited) (audited)
REVENUES:
Oil and gas sales $ 2,594,873 $ 1,276,127 $ 2,977,691

COSTS AND EXPENSES:
Oil and gas production 406,387 274,967 672,845
Depletion and depreciation 148,500 149,000 304,965
General and administrative 934,126 644,434 1,519,848
Share based compensation 126,179 0 197,220
1,615,192 1,068,401 2,694,878

INCOME (LOSS) FROM OPERATIONS 979,681 207,726 282,813

OTHER INCOME (EXPENSE):
Interest income - 66 417
Interest expense (75,318) -28,658 (78,578)
(75,318) (28,592) (78,161)

NET INCOME (LOSS) $ 904,363 $ 79,134 $ 204,652



Basic and diluted gain (loss) per common share 0.0078 0.0007 0.0018

Basic and Diluted Weighted average
shares outstanding 116,214,067 115,109,527 115,409,587



Six Months Ended Six Months Ended Year Ended
June 30, 2008 June 30, 2007 December 31, 2007
(unaudited) (unaudited) (audited)
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss) $ 904,363 $ 179,134 $ 204,652
Adjustments to reconcile net income (loss) to net cash from
(used in) operating activities:
Depletion and depreciation 148,500 149,000 304,965
Compensation expense related to stock options 126,179 197,220
Changes in operating assets and liabilities:
Accounts receivable (250,870) 161,832 (42,627)
Prepaid expenses and other (20,206) 17,875 13,080
Other receivables - related party 24,312 - (69,115)
Accounts payable (79,143) (78,052) 326,499
Accrued expenses - related party (62,549) 52,884 154,549
Accrued expenses and other (138,632) 12,410 126,985
Net cash provided by (used in) operating activities 651,954 495,083 1,216,208

CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of oil and gas properties (2,889,028) (488,380) (2,184,816)
Purchase of property and equipment (12,806) - (4,857)
Proceeds from disposal of subsidiary - - -
Net cash transferred with subsidiary - - -
Net cash (used) by investing activities (2,901,834) (488,380) (2,189,673)


CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from notes payable 2,288,618 11,442 948,318
Payments on notes payable - - -147,473
Proceeds from sale of common stock 42,425 48,342 109,486

Net cash provided by financing activities 2,331,043 59,784 910,331

EFFECT OF EXCHANGE RATE CHANGES ON CASH - - -

NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 81,163 66,487 (63,134)

CASH AND CASH EQUIVALENTS , BEGINNING OF YEAR 5,789 68,923 68,923

CASH AND CASH EQUIVALENTS, END OF PERIOD 86,952 135,410 $ 5,789


This information is provided by RNS
The company news service from the London Stock Exchange

END

sorry about the formatting on the above - just couldn't be bothered to go through the whole thing sorting it out!

Good results today more wells planned increased profits and a possible share buy back a bit slower than we all thought but that's Sefton onward and upwards

SER's Web Site updated all is going well very positive.


Latest Announcement
TAPIA FIELD
Cyclic Steaming Pilot

Results of the steaming of the Yule #7 well were mixed, however, the results form the Yule #10 well are extremely encouraging. Yule #7 showed a moderate increase in production and this rate held up for three months. The Yule # 10 well responded to steam stimulation greater than pre-steaming expectations yielding an increase in oil production greater than 100% from the well. The steam volume injected into Yule #10 was 63% of that injected into Yule #7. Soak periods for both wells was three weeks time. We believe that differences in reservoir and drainage conditions in the subsurface are responsible for the observed variance between the wells response. Nonetheless, we are extremely excited about applying the cyclic-steam stimulation to both old and new wells field-wide.

TEG will be working on the two gas wells Yule #8 and Snow #1 in the coming weeks. If mechanical issues in either of these wells can be solved such that gas can be supplied from them to the steam generator at an appropriate rate and pressure, the systematic steaming of other wells in the field will begin accordingly.
Tapia Drilling Plans

TEG USA has budgeted funds for the drilling of three new wells on the Yule Lease during the Fourth Quarter of 2008. Should the gas supply well mechanical repairs prove ineffective, one of the new wells to be drilled will be a new gas supply well, designed and completed for gas production. The remaining two will be oil producers. TEG has initiated permitting of five additional new wells on the other Tapia leases which should be completed in the coming months. The first of these are tentatively scheduled to begin in March, 2009.
EUREKA CANYON FIELD

TEG USA conducted a successful well clean-out and pump replacement operation in Eureka Canyon during the month of June. The monthly production at Eureka averaged 230 BOPM for the three months prior to this work. As a result of this work, the reported production at Eureka for the month of July was 410 bbls. of oil.

Geochemical Survey Planning Work with W.L.Gore, Inc. is continuing and TEG USA is on schedule to begin field work for the follow-up reconnaissance geochemical survey in September. We are now in the process of refining our sampling grid over the prospective are identified in the initial survey.

Oilbarrel
05.09.2008


As Its Revenues From Heavy Oil In California Double, Sefton Resources Prepares To Embark On CBM Exploration In Kansas


Its amazing what a difference a little money can make. After years of plugging away with its heavy oilfields in California, Sefton Resources is, at last, ready to take the business to the next level by diversifying into coal bed methane exploration in Kansas. The company, which is enjoying the benefits of increased production and sharply higher commodity prices, is now ready to embark on the development of the previously dormant Kansas assets.

AIM-quoted Sefton has posted a strong set of interim results for the first six months of the year, with revenues doubling to US$2.6 million and profits increasing five-fold to US$904,000. This growth is largely due to increased investment - to the tune of US$2.9 million compared to US$488,380 in the same period 2007 - on its Tapia Canyon and Eureka oilfields. This investment paid for new production facilities, new wells and the steaming of existing wells to flush more heavy oil out of the Tapia Canyon reservoir. The increased production has helped the bottomline in two ways, by boosting revenues and, importantly, by enabling the company to increase its credit facility with the Bank of the West to US$15 million. This gives the company the financial firepower to continue pressing ahead with the development of its heavy oilfields and embark on CBM drilling in Kansas.

The companys main asset is the Tapia heavy oilfield, which was discovered back in 1957 and has been producing for 50 years despite many decades of neglect and underinvestment. Production had been limping along at around 120 bpd until late last year when an injection of new capital in 2007 - via a much-needed credit agreement with Bank of the West - got new drilling work started and gave the company the means to initiate a pilot steam programme.

That steam test is now starting to have an impact, with production now running at between 180 to 190 bpd. The wells that have been steamed, the Yule -7 and Yule-10 wells, have seen production increase from 35-30 bpd to 55-60 bpd, a two to three fold increase. This has encouraged the company to start planning for the steaming of additional wells on the field, probably starting with the Snow lease wells due to their proximity to the Snow-1 gas well, which provides gas for the steaming programme. First, however, the company needs to resolve some mechanical issues with the gas wells, which it hopes to do in the coming weeks.

In addition to rolling out the steaming of the wells, Sefton plans to drill three new wells in Q4, two of which will be oil producers and one a possible new gas supply well (to help steam the wells). The company has also initiated permitting for five new wells on the field, which it hopes to drill in 2009. These wells can be drilled in less than a week for US$600,000, brought online within 30 days and pay back within a year.

The company has also invested in the Eureka Canyon field, some 20 miles away. This field has been producing a dribble of heavy oil since its discovery in 1893 but Sefton sees potential to increase this, by cleaning up existing wells and targeting new areas of the field. A successful clean-out and pump replacement operation in June lifted monthly production on the field from 230 barrels to 410 barrels in July. A geochemical survey and field work on the eastern portion of the Eureka property is planned for this month.

Having now moved into profitable production, the AIM company is turning its attention to coal bed methane exploration in the Forest City Basin of Eastern Kansas, where it holds rights to some 40,000 acres. Sefton plans to spend US$1.6 million on five pilot wells, hoping that each well will yield around 0.08 bcf of gas. The key to success here - and, as CEO Jim Ellerton pointed out at oilbarrel.coms May conference, the Forest City Basin has had its share of its success and failure - is to avoid multi-zone completions, which can lead to lots of water production. The company has been learning from the successes and mistakes of other operators in the basin and plans to isolate one of the coals, test it for a few months, and then move up the hole to test another coal, and so on. The company also plans to use a multi-phase compression system to move its low pressure gas into the local high pressure pipelines. All this is for the future, however: first the company must successfully drill those five pilot wells, which should provide some welcome newsflow for investors in the coming months.

Thanks driver
Moving along quite nicely, still got them tucked away in the bottom drawer

kkeith
You should move them up a draw theres a lot going on the rest of this year and next back to 10p+ very soon.

PR machine rolling into gear:

Hardman Update

moonshine
Cheers

Management is very comfortable with progress, and the company is looking to commence exploration activities in Kansas. This is a step change for the company, starting in a new operational area.

Our new core value for the Californian assets is USD$ 28.7m (11.8p/share) with an upside with enhanced recovery to USD$ 81.8m (33.6p/share). Sefton is now profitable and on our newly revised estimates should generate revenues of over $USD 6m this financial year, leading to a profit of around $USD 2.3m

It has set out plans to drill four new wells, and re-enter a fifth, to test coal bed methane potential on its 40,000+ acres of leases in the Forest City Basin.

Bloomfield Corporate Finance Ltd has been appointed as NOMAD, with Religare Hichens Harrison plc as broker

"Should the gas supply well mechanical repairs prove ineffective, one of the new wells to be drilled will be designed and completed as new gas supply well, but we doubt this will be necessary."

"Going forward, the first new set of producer wells will be drilled on the productive Yule Lease in November 2008. This gives us the confidence to anticipate continually increasing production rates from here on in with the cyclic steaming planned to be rolled-out field wide."

(33.6p/share). With out CBM.

Our new valuation takes into account recent production (to mid year) but also ups the price bench used, assuming a flat forward wellhead price of $USD85, which is consistent with the pricing we have assumed for our P&L forecasts beyond the present. These changes give us a new core value for the Californian assets of USD$ 28.7m (11.8p/share) with an upside with enhanced recovery to USD$ 81.8m (33.6p/share).

It is too early to put a meaningful value on the Kansas assets, but with the drilling program set to begin, once data is forthcoming this will change. In California, the values placed on Tapia Field should increase significantly when higher recoveries from steaming are factored into new engineering data. Enhanced recovery may well yield closer to 80% of oil in place rather than the 50% or so currently accounted for, so its a bit of a case of watch this space until the next major engineering review.