Circle Energy, Inc./NV

Exploration-stage Permian shell with no revenue, no producing wells and a tiny capital base burning through limited cash.

Strengths

• Clean balance sheet with essentially no liabilities and a 75% working interest in Andrews County acreage
• ~1.5 years of runway against a modest ~$74K annual G&A burn

Risks

• No revenue, no proved reserves and negative ROE/ROA (~-45%); business model not yet operational
• Only $111K cash (9th pct) and a 2028 drilling obligation it cannot fund without external capital

Notable findings

• Chronic dilutionShare count +8%/yr over 3y (dilution, book value/share -66%)