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$ECA Encana Corp Texas - A resource play located primarily in East Texas. http://www.encana.com/operations/
Gee, I haven't touch an O&G play in years. O&G was hot back when I started this board, but after getting burned on what I thought was a sound play, I haven't touched another O&G stock, since.
GLTY
$ECA Encana Ended 1Q With $2.2B In Cash, Cash Equivalents
$CLNE Clean Energy Fuels Web Address:
http://www.cleanenergyfuels.com
$ECA "Calgary, Alberta-based Encana is the second largest gas producer in North America, and holds a highly competitive land and resource position in a number of the region's most promising shale and tight gas resource plays. This provides the company with a low risk, long life and sustainable growth profile. We also appreciate Encana’s strategy of disposing assets that do not fit into its long-term growth plan." http://finance.yahoo.com/news/encana-acquire-oil-rich-assets-201505775.html
$CLNE Clean Energy Fuels Corp’s Revenue Surged on Higher Volumes http://www.fool.com/investing/general/2014/05/08/clean-energy-fuels-corps-revenue-surges-on-higher.aspx
$ECA Encana Encana Corporation (Encana) is a North American energy producer. Web Address:
http://www.encana.com
$GSPI big news coming next week or the week after, joe gets back from China next week
COGLF .13: Chelsea Announces 2013 2P Reserves of 1.133 Million Boe, 3P Reserves of 6.351 Million Boe and Filing of Annual Information Fo...
Date : 03/31/2014 @ 5:00PM
Chelsea Announces 2013 2P Reserves of 1.133 Million Boe, 3P Reserves of 6.351 Million Boe and Filing of Annual Information
Chelsea Oil and Gas Ltd. (OTCQB: COGLF) ("Chelsea" or the "Company") is pleased to announce its 2013 year-end reserves and an operational update.
The financial and operational information contained below is based on the Company's unaudited expected results for the year ended December 31, 2013. The Company is required to file its audited financial statements and related management discussion & analysis for the year ended December 31, 2013 on or prior to April 30, 2014.
Highlights
· Probable reserves of 1.113 million boe
· Probable plus possible reserves of 6.351 million boe
· Net present value of Chelsea's probable oil reserves of US$5.1 million, and probable plus possible oil reserves of US$13.9 million (discounted at 10%, before income taxes)
· Net present value of Chelsea's probable natural gas and NGL reserves of A$19.9 million, and probable plus possible natural gas and NGL reserves of A$107.1 million
· Arthur Creek unconventional prospective resources best estimate of 688.5 mmboe net to Chelsea
Reserves
In this press release, all references to reserves are to gross company reserves, meaning Chelsea's working interest reserves before deductions of royalties and before consideration of Chelsea's royalty interests. The oil reserves of the Company's PL 18 and PL 280 concessions in Australia were evaluated by Sproule International Ltd ("Sproule"), and the natural gas and natural gas liquids reserves of the Company's PL 40 concession were evaluated by Chapman Engineering Ltd. ("Chapman"), both in accordance with National Instrument 51-101 - Standards of Disclosure for Oil and Gas Activities ("NI 51-101") effective December 31, 2013. Chelsea's annual information form for the year ended December 31, 2013 (the "AIF") contains the Company's reserves data and other oil and natural gas information as mandated by NI 51-101. A copy of the AIF will be available under Chelsea's profile at www.sedar.com, www.sec.gov/edgar.shtml? or at www.chelseaoilandgas.com.
The summary information provided below should be read in conjunction with the detailed information in the AIF.
As at December 31, 2013, Chelsea's total gross probable plus possible reserves were 6.351 mmboe. Chelsea's 2013 total probable additions were 1.1 mmboe and its 2013 total possible additions were 5.2 million mmboe.
The following table is a summary, as at December 31, 2013, of Chelsea's petroleum and natural gas reserves as evaluated by Sproule and Chapman. It is important to note that the recovery and reserves estimates provided herein are estimates only. Actual reserves may be greater or less than the estimates provided herein. Reserves information may not add due to rounding.
Gross Company Reserves Summary (1)
2013
Oil(2) Natural Gas(3) NGL(3) Total Oil Equivalent
(mbbl) (mmcf) (mbbl) (mboe)
Probable(2) 141 2,905 508 1,133
Possible(3) 260 14,525 2,538 5,219
Total Probable Plus Possible 401 17,430 3,045 6,351
(1) Company Reserves means the Company's working interest reserves before calculations of royalties and before consideration of the Company's royalty interests.
(2) Per Sproule.
(3) Per Chapman.
Net Present Value of Future Net Revenue - Oil
Sproule completed an evaluation of the Company's PL 18 and PL 280 concessions onshore Australia. Chelsea holds a 100% working interest in the following oil fields with assigned reserves: Yellowbank, Yellowbank Creek North, Thomby Creek and McWhirter. The following table summarizes the net present value of future net revenue in US dollars for Chelsea's oil properties:
US$ Before Deducting Income Taxes Discounted At
0%
(M$) 5%
(M$) 10%
(M$) 15%
(M$) 20%
(M$)
Probable 6,251 5,637 5,113 4,662 4,271
Possible 12,606 10,491 8,820 7,484 6,402
Total Probable Plus Possible 18,856 16,128 13,933 12,145 10,673
Net Present Value of Future Net Revenue - Natural Gas and NGL's
Chapman completed an evaluation of the Company's PL 40 concession onshore Australia. Chelsea holds a 100% working interest in the Louise gas field. The following table summarizes the net present value of future net revenue in Australian dollars for Chelsea's natural gas and NGL properties:
A$ Before Income Tax Expenses and Discounted at
0% 5% 10% 15% 20%
(M$) (M$) (M$) (M$) (M$)
Probable 36,738 26,572 19,916 15,327 12,027
Possible 191,907 127,078 87,177 61,256 43,658
Total Probable Plus Possible 228,646 153,650 107,093 76,583 55,685
Georgina Basin Resource Report
Chelsea's wholly-owned subsidiary, Cooper-Eromanga Oil Inc. ("CEO") engaged Ryder Scott Petroleum Consultants Ltd. ("Ryder Scott") in a report dated effective March 31, 2013 (the "Resource Report"). The Resource Report evaluated the unconventional resources of the Arthur Creek "Hot Shale" in the Georgina Basin, Queensland, Australia in Authority to Prospect 582 ("ATP 582"). ATP 582 is approximately 5.02 million acres (20,323 square kilometers) in size, of which approximately 0.91 million acres were established by Ryder Scott through review of previous seismic and well data to be prospective for unconventional hydrocarbons.
The evaluation by Ryder Scott assigned resource estimates to one horizon in the Georgina Basin, the Arthur Creek Hot Shale (the "Hot Shale"). The Hot Shale is defined as a radioactive shale which exhibited high total organic content in historical wells on, and offsetting ATP 582. The following table summarizes the Resource Report:
Unrisked Prospective Recoverable Resources(1)
Hydrocarbon Low Estimate (P90) Best Estimate (P50) High Estimate (P10)
Oil (mmbbls) 21.1 32.8 51.0
Gas (Tcf)2 2.5 3.4 4.6
Condensate (mmbc) 40.8 89 155.5
Total (mmboe) 479.0 688.5 973.1
(1) Reflects gross (100%) working interest in ATP 582.
(2) Includes associated gas.
The Resource Report has been prepared in accordance with the standards contained in the Canadian Oil and Gas Evaluation Handbook (the "COGE Handbook") and NI 51-101. The Resource Report is based on certain factual data supplied by the Company and Ryder Scott's opinion of reasonable practice in the industry. The extent and character of ownership and all factual data pertaining to the Company's petroleum properties and contracts (except for certain information residing in the public domain) were supplied by the Company to the Ryder Scott and accepted without any further investigation. Ryder Scott accepted this data as presented and neither title searches nor field inspections were conducted. The recovery and resources estimates for the Company's assets and properties described herein are estimates only and there is no guarantee that the estimated resources will be recovered. The actual resources for the Company's assets and properties may be greater or less than those calculated. There are partially risked prospective resources that have been risked for change of discovery, but have not been risked for chance of development. If a discovery is made, there is no certainty that it will be developed or, if it is developed, there is no certainty as to the timing of such development.
Chelsea is encouraged with the Hot Shale resource potential as established by Ryder Scott. In addition to the Hot Shale, the Company has identified considerable resource potential in horizons above the Hot Shale, defined as the Upper Arthur Creek and Lower Arthur Creek formations. These formations were penetrated by all of the historical wells present on ATP 582, and were tested in one well, Mirrica-1 ("Mirrica") drilled in 1989. Mirrica was drilled over-balanced, and exhibited strong gas shows of up to 100 units while drilling through the Upper and Lower Arthur Creek formations. 6 drill stem tests ("DST") were over a 600m meter interval, which resulted in no hydrocarbon or water recovery. The Company believes the significantly overbalanced drill program resulted in formation damage, which impaired the DST's. Well logs over the Upper and Lower Arthur Creek indicate these formations to be gas saturated, but tight. The Company intends to conduct additional analysis on these horizons during the year, and obtain an independent resource assessment to the extent sufficient evidence can be obtained to justify the assignment and classification of Prospective Resources.
Undeveloped Land
The largest undeveloped license in Chelsea's portfolio is ATP 582. This license is approximately 5.02 million acres in size and provides exposure to two separate sedimentary basins: the Georgina Basin and the Simpson Basin.
In 2012, Total S.A. ("Total") entered into the Georgina Basin through a farm-in whereby it would spend up to A$190.0 million by 2016 to earn up to a 68% working interest in an offsetting operators Georgina Basin lands. As well in 2012, Statoil ASA ("Statoil") entered into the Georgina Basin through a farm-in whereby it would spend up to A$210.0 million in separate offsetting Georgina Basin lands to earn up to an 80% working interest. The average of these farm-ins on an Australian dollar per acre basis is approximately A$32.78 / acre. Ryder Scott estimate ATP 582 contains approximately 0.91 million acres of Georgina Basin sediments. After giving effect to the A$ / acre on offsetting lands, this would suggest Chelsea's Georgina Basin undeveloped acreage could have a value of up to A$29.8 million.
In 2012, Santos Ltd. entered into the Amadeus, Pedirka and Simpson Basin's through a farm-in with another operator whereby it would spend up to A$150.0 million to earn up to a 70% working interest. The total potential investment on an Australian dollar per acre basis is A$11.28 / acre. Chelsea estimates it has up to 2.0 million acres of Simpson basin sediments. After giving effect to the A$ / acre on offsetting lands, this would suggest Chelsea's Simpson Basin undeveloped acreage could have a value in excess of up to A$22.6 million.
Georgina Basin Drilling
Statoil recently announced their intentions to drill five vertical wells in the Georgina Basin during 2014, on lands offsetting ATP 582. They further announced their intention to fracture stimulate up to three wells. The first well is slated to begin in May, targeting the Toko Syncline.
Total and their partner Central Petroleum Ltd. ("Central") made application to fracture stimulate up to eight wells, with drilling to begin in 2014 and stimulation in 2015. The proposed well locations lie within the Toko Syncline, the nearest proposed well is less than 5 kilometers from Chelsea's ATP 582, the farthest is approximately 70 km from ATP 582.
Total's drilling programme is exclusively evaluating the Toko Syncline, on lands geologically equivalent to Chelsea. Statoil's wells in the Northern Territory which are targeting the Toko Syncline will be testing thinner target zones at a shallower depth than those present on ATP 582. The target sediments in the Toko Syncline on Chelsea's and Total/Central's lands are believed to be thicker than those present in the Northern Territory, and in the opinion of Chelsea, more prospective. Success in either the Statoil or Total drilling programme will validate Chelsea's lands, as the proposed well locations are in close enough proximity to provide a regional evaluation of the play on ATP 582.
Reader Advisories
Forward Looking Statements
This press release contains information that constitutes "forward-looking information" or "forward-looking statements" (collectively "forward-looking information") within the meaning of applicable securities legislation. This forward-looking information includes, among others, statements regarding: estimated reserves and resources (in place and recoverable), productivity, land value and other expectations, beliefs, plans, goals, objectives, assumptions, information and statements about possible future events, conditions, results of operations or performance. Information regarding business plans generally assumes that the extraction of crude oil, natural gas and natural gas liquids remains economic.
Undue reliance should not be placed on forward looking information. Forward looking information is based on current expectations, estimates and projections that involve a number of risks which could cause actual results to vary and in some instances to differ materially from those anticipated by Chelsea and described in the forward looking information contained in this press release or otherwise. The material risk factors include, but are not limited to: the risks of the oil and gas industry, such as operational risks in exploring for, developing and producing crude oil and natural gas, reduced commodity prices and market demand and unpredictable facilities outages; risk and uncertainties involving geology of oil and gas deposits; uncertainty related to securing sufficient egress and markets to meet shale gas production; the uncertainty of reserves, resources and ultimate recovery estimates, and underlying risks related to the novelty of industry and Company understanding of reservoirs of the nature of the reservoirs the Company is exploiting and plans to exploit; the new and rapidly evolving technology used to exploit those reservoirs, the uncertainty of estimates and projections relating to production, costs and expenses (which in many cases are of necessity based on extrapolations of short term performance); potential delays or changes in plans with respect to exploration or development projects or capital expenditures; fluctuations in oil and gas prices, interest rates; health, safety and environmental risks; changes in general economic and business conditions; the possibility that government policies or laws may change or governmental approvals may be delayed or withheld and the possibility that third parties may interfere with the Company conducting its business. The foregoing list of risk factors is not exhaustive. Forward looking information is based on the estimates and opinions of the Company's management at the time the information is presented. The Company assumes no obligation to update forward looking information should circumstances or management's estimates or opinions change, except as required by law.
Statements contained in this press release and corporate information relating to future results, events and expectations are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements involve known and unknown risks, uncertainties, scheduling, re-scheduling and other factors which may cause the actual results, performance, estimates, projections, resource potential and/or reserves, interpretations, prognoses, schedules or achievements of the Corporation, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such statements. Such factors include, among others, those described in the Corporations' annual reports on Form 40-F or Form 20-F on file with the U.S. Securities and Exchange Commission.
Users are cautioned that these values represent resources, and not reserves as defined by the United States Securities and Exchange Commission ("SEC"). Under SEC standards, mineralization may not be classified as a reserve unless the determination has been made that the mineralization could be economically and legally produced or extracted at the time the reserve determination is made. Mineral resources that are not mineral reserves do not have demonstrated economic viability. Investors are cautioned not to assume that all of measured or indicated resources will ever be converted into reserves.
Barrels of Oil Equivalent
The term barrels of oil equivalent (" boe ") may be misleading, particularly if used in isolation. Per boe amounts have been calculated using a conversion ratio of six thousand cubic feet of natural gas (6 mcf) to one barrel of oil (1 bbl). This boe conversion ratio of 6 mcf to 1 bbl is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. Given that the value ratio based on the current price of crude oil as compared to natural gas is significantly different from the energy equivalency of 6:1, utilizing a conversion on a 6:1 basis may be misleading as an indication of value.
Reserves Data
The determination of oil and natural gas reserves involves the preparation of estimates that have an inherent degree of associated uncertainty. Categories of proved and probable reserves have been established to reflect the level of these uncertainties and to provide an indication of the probability of recovery. The estimation and classification of reserves requires the application of professional judgment combined with geological and engineering knowledge to assess whether or not specific reserves classification criteria have been satisfied. Knowledge of concepts including uncertainty and risk, probability and statistics, and deterministic and probabilistic estimation methods is required to properly use and apply reserves definitions.
The recovery and reserve estimates of oil, NGL and natural gas reserves provided herein are estimates only. Actual reserves may be greater than or less than the estimates provided herein. The estimated future net revenue from the production of Chelsea's natural gas and petroleum reserves does not represent the fair market value of Chelsea's reserves.
In this press release, Chelsea also discloses prospective resources as of the dates indicated herein. Prospective Resources are defined as those quantities of petroleum estimated, as of a given date, to be potentially recoverable from undiscovered accumulations by application of future development projects. Reserve, resource and forecast production and values prepared by any third party are identified as such; all other estimates have been prepared by management.
The reserve and resource data provided in this news release presents only a portion of the disclosure required under NI 51-101. All of the required information is contained in Chelsea's AIF.
We seek safe harbor.
CONTACT: For further information on Chelsea, please visit our website at www.chelseaoilandgas.com or call +1 403 457 1959.
Chelsea Oil and Gas Limited
$GEVO GASOLINE BIOFUELS ON ALERT
Interested in Oil & Gas stocks - you should check out AMSE!
Ground floor opportunity!
~FOGC~ Best Oil Play, 1,000% Gains Easy from ~.0002 ~ .0020~
AGRT Next mega Oil & Gas undervalued stock pick here at ground floor!! Shell just Bought CEO Big Wig in Oil & Gas!!
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=72548729
I think I would agree. A better chart might reveal just how close it is.
MM's seem to be holding it down. Looks like a short squeeze to me. Symn going to pop anytime.
You could be right. A Demonstration Plant could be the forerunner to perhaps hundreds, like a franchise or chain.
SYNM is a diamond in the rough. We could see a huge spike in price. Word looks like to be out!!
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http://twitter.com/macauchina
http://twitter.com/lvhotels
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Wow!!
While it's a start I suppose, 80 bopd isn't exactly alotta production for a $112M company.
Sinopec and Syntroleum Announce Grand Opening of Coal to Liquids Demonstration Plant
Syntroleum Corp. (MM) (NASDAQ:SYNM)
Monday 1 August 2011
China Petroleum & Chemical Corporation (Sinopec) (NYSE:SNP) and Syntroleum Corporation (Nasdaq:SYNM) announced today the grand opening of the Sinopec/Syntroleum Demonstration Facility (SDF) located in Zhenhai, China. SDF is an 80 barrel per day facility utilizing the Syntroleum-Sinopec Fischer Tropsch technology for the conversion of coal, asphalt and petroleum coke into high value synthetic petrochemical feedstocks.
This was $10.00 a share in 2005. Now they finally did it and SYNM is only $1.38 a share!!
SYNM -Syntroleum Initiating Testing Program with Coal-Derived Synthesis Gas
Tuesday November 29, 8:17 am ET
TULSA, Okla.--(BUSINESS WIRE)--Nov. 29, 2005--Syntroleum Corporation (Nasdaq:SYNM - News) announced that it has signed an agreement to conduct laboratory-scale demonstration of Syntroleum's Fischer-Tropsch (FT) catalyst with coal-derived syngas produced at an established gasification facility.
During the last two years at Syntroleum's 70 barrel per day gas-to-liquids (GTL) facility at the Port of Catoosa near Tulsa, Okla. Syntroleum utilized its proprietary FT-410 cobalt catalyst to successfully demonstrate the Syntroleum® Process by producing ultra-clean diesel and jet fuels from natural gas feedstock for various U.S. government programs.
This new testing program will demonstrate the effectiveness of the Syntroleum FT catalyst with proven coal-derived syngas clean-up and treatment processes for use in a coal-to-liquids (CTL) application. Syngas, which consists of hydrogen and carbon monoxide, is the building block for many chemical processes including FT ultra-clean fuels produced from the Syntroleum® Process.
"This testing program is an important step for Syntroleum in demonstrating that our proven natural gas-to-liquids technology is also applicable to coal-to-liquids as well," said Ken Roberts, senior vice president of business development for Syntroleum. "We see this as an opportunity to develop our position toward participation in future coal-to-liquids plants."
The testing protocol will include two bench-scale FT reactors and gas sampling connections to the clean syngas production flow. The testing program is planned to begin in January and run for approximately six months. Syntroleum specialists will work with the personnel from the gasification company in this program funded by Syntroleum.
"Coal-to-liquids technology has the potential of providing a tremendous source of ultra-clean fuels from abundant coal reserves in the United States and other regions of the world," Roberts said. "The U.S. has the world's largest estimated recoverable coal reserves equaling over 268 billion tons. If only 5 percent of this coal were converted to FT liquids, it would be equivalent to the entire oil reserves currently held by the U.S.
"As the U.S. seeks energy independence and security of supply, Syntroleum believes that advancement of technologies such as the Syntroleum® Process is essential to achieve that goal. Our 20-year history in gas-to-liquids is a foundation for successful transition into coal-to-liquids in the coming years."
Syntroleum Corporation owns a proprietary GTL process for converting natural gas or synthesis gas derived from coal into synthetic liquid hydrocarbons. The company plans to use its technology, as well as other third party gas processing technologies, to develop and participate in gas and coal monetization projects in a number of global locations.
This document includes forward-looking statements as well as historical information. Forward-looking statements include, but are not limited to, statements relating to the impact of the energy bill on Syntroleum and the coal-to-liquids industry, the testing, certification, characteristics and use of synthetic fuels FT catalyst and alternative fuels, the Syntroleum Process and related technologies and products, GTL or coal-to-liquids plants using the Syntroleum Process, government support for the construction and operation of such plants, the economic use of such plants and the continued development of the Syntroleum Process. When used in this document, the words "anticipate," "believe," "estimate," "expect," "intent," "may," "project," "plan," "should," and similar expressions are intended to be among the statements that identify forward-looking statements. Although Syntroleum believes that its expectations reflected in these forward-looking statements are reasonable, such statements involve risks and uncertainties and no assurance can be given that actual results will be consistent with these forward-looking statements. Important factors that could cause actual results to differ from these forward-looking statements include the potential that commercial-scale GTL plants will not achieve the same results as those demonstrated on a laboratory or pilot basis or that such plants will experience technological and mechanical problems, the potential that improvements to the Syntroleum Process currently under development may not be successful, the impact on plant economics of operating conditions (including energy prices and government support for such plants), construction risks, risks associated with investments and operations of GTL and coal-to-liquids plants, the ability to implement corporate strategies, competition, intellectual property risks, Syntroleum's ability to obtain financing and other risks described in the company's filings with the Securities and Exchange Commission.
® "Syntroleum" is registered as a trademark and service mark in the U.S. Patent and Trademark Office
http://twitter.com/canadapetro
Any thoughts on FEEC? OTCBB with $121 M market cap
Been following it for two years, trading in and out. Huge story, massive potential, but still no revenues showing in SEC Filings after all this time. Lot's of money has been poured into this company and big names are involved, so I do think it's worth digging deeper, but I'm not an expert in this industry.
Any of the folks willing to do some DD on this company? Take a look at this news for an idea on potential...
Far East Energy Reports Net Present Value of Shouyang Block Contingent Resources
HOUSTON, April 6, 2011 /PRNewswire/ -- Far East Energy Corporation (OTC BB:FEEC.ob - News) today announced the results of an independent report by Netherland, Sewell & Associates, Inc. (NSAI) evaluating, as of December 31, 2010, the contingent gas resources and Net Present Value at 10% Discount ("NPV10") of the net contingent cash flow for the three target coal seams in Far East Energy's 485,000 acre (1960 square kilometers) Shouyang Block, situated in Shanxi Province, China.
The report gives a Best Estimate of NPV10 of $738.3 million, and a High Estimate of $1.46 billion, net to Far East.
"Obviously, this is a very strong report, and one with which we are well pleased," said Michael R. McElwrath, CEO and President of Far East. "These estimates highlight the robust economic potential of the Block. And, it is important to note that we hope and believe that these numbers are just the beginning, as meaningful improvements in well-by-well gas rates and sustainability – which we certainly expect as we further develop, dewater, and optimize production – should have the impact of increasing these estimates, as well as reclassifying some of these resources as reserves."
McElwrath continued, "This report includes only our interest in the Contingent Resources and, of course, does not constitute a reserves report. While, under the terms of our gas sales agreement, we received payment for gas at year-end 2010, we did not flow gas through the system until mid-January, and even then that was frequently interrupted as we worked out the bugs in the gathering system during the testing and commissioning process. That lack of gas flow at year-end and our anticipation of frequent interruptions as testing and commissioning occurred, led us to decide that under the applicable rules we did not have a sufficiently completed gas sales system functioning as of year-end to recognize proven gas reserves in our December 31, 2010 financials. We will recognize proved gas reserves as appropriate in 2011, and will also provide a report indicating the probable and possible gas reserves at that time."
McElwrath continued, "With our current cash balance of $34 million, we will again accelerate the pace of our drilling program, and drilling should be funded until approximately the end of 2011. Additionally, we are also targeting a total of 200 to 250 wells in 2012, and 300 to 400 in 2013. Of course, the costs of these accelerated outyear drilling programs will be partially offset by growing revenues from gas sales, and discussions are underway with several international banks and other institutions for debt financing. Shouyang's potential becomes more apparent with each successive independent analysis that we receive, and we will proceed apace to realize the value of the underlying resource."
ON THE GULF OF MEXICO -- BP said Monday it has now spent $2 billion responding to the massive oil spill in the Gulf of Mexico.
And with no end yet in sight, that number is expected to keep rising.
BP PLC agreed last week to set up a $20 billion fund to compensate victims of the disaster on the Gulf coast. The company said Monday it has so far paid out $105 million to 32,000 claimants. Its shares were down 4 percent Monday in early trading in London at $5.12.
The news came as teams drilling the relief wells designed to stop the oil gushing into the Gulf continue a daunting task -- hit a target roughly the size of a salad plate about three miles below the water's surface.
If the workers aboard Transocean Ltd.'s Development Driller II or its sister rig DDIII miss or move too slowly, oil will keep pouring into the sea.
Millions of gallons of oil have leaked into the Gulf of Mexico from a blown-out well at the site of the Deepwater Horizon, which exploded on April 20 and sank two days later.
No one on the rig has done this before because these deep sea interventions are so rare.
Still, the workers said they're confident they can stop the worst oil spill in U.S. history.
"It's really not a tough thing to do," says Mickey Fruge, the wellsite leader aboard the DDII for BP, which was leasing the rig that blew April 20 and is responsible for stopping the oil.
The relief wells are slowly grinding their drill bits 13,000 feet below the seafloor until they intersect the damaged Deepwater Horizon, the Transocean rig that exploded, killing 11 workers and triggering the massive oil leak. A group of reporters that included The Associated Press had a rare chance to tour the rig Saturday.
Reporters flew by helicopter above the patchy wetlands along the Mississippi River Delta and past the floating boom and skimmers that have failed to protect the Gulf Coast.
About 40 miles from the coast, a fleet of ships becomes visible. They look like toys packed in a two-mile-square patch of dull water. The approaching drill rig is easy to spot with its 200-foot derrick, offering what is likely the best chance for permanently stopping the nation's worst environmental disaster.
After the Sikorsky chopper settles on its landing pad, the thwack of the rotors quiets down, and a rig worker steps into the helicopter cabin.
"OK, welcome to the DDII," he says.
Glancing from the rig deck, it's clear this situation is not normal.
Out in the distance, another drilling rig is siphoning off oil and natural gas from the undersea well and burning it in a multi-nozzled flare. It looks like the flames are radiating from an oversized showerhead. Other ships hose off that rig's deck to keep the heat from building.
Meanwhile, a boom attached to a drill ship called the Discoverer Enterprise flares off natural gas taken from a containment cap that is sucking up oil from the well head. The distant flames are a constant reminder that crude and gas are leaking beneath the feet of those aboard the DDII as they walk across the see-through grating on its floor.
The Enterprise sits where the Deepwater Horizon rig exploded. Some of the DDII crew knew Transocean workers on that rig.
It's "always, always on our mind," said Wendell Guidry, Transocean's drilling superintendent on the rig.
BP has said a relief well should be ready by August, and the DDIII is farther along, having reached a depth of nearly 11,000 feet below the seafloor. Still, Guidry said, it's unclear which rig will hit the target first.
"Never know what will happen," he said. "You never know."
Work goes around-the-clock on the DDII, which can hold 176 people. Eight thrusters on the rig keep it precisely positioned over the well it's drilling. The ship is so large that those aboard cannot feel it move on the water most of the time -- unusually still for a vessel at sea.
Coast Guard Adm. Thad Allen, the top federal official in the spill response, has said construction on the relief wells remains ahead of schedule. Jackson, however, noted that setbacks are routine on a drilling rig. Hydraulic hoses can snap. Early Saturday morning, one set of tongs used to tighten the riser pipe broke down, forcing the teams to switch to a backup set.
"It's business as usual, man," said Eric Jackson, a tourpusher. "Everybody tells us to be, 'Hey, don't let the pressure get to you.' This is what we do for a living, man. We drill wells. It's the same as any other day."
Once one of the two relief wells intersects the damaged line, BP plans to pump heavy drilling mud in to stop the oil flow and plug the blown-out well with cement.
It's a tricky task and it's not guaranteed to work. A pair of relief wells took months to stop an undersea gusher in Mexico that started in the summer of 1979.
Guidry, who has been in an oil field for 27 years and worked his way up from a clothes washer, insists in his Louisiana drawl that the job is business as usual.
"We try to keep the guys focused," he said. "We're just treating this like we treat any other well that we drill."
At 35-70,000psi the oil leak in the gulf is uncontainable, The leak is at 5000ft below sea level and the well is 25-30,000 below that. This is uncontrolable and may change this planet. Pass this off to everyone you know.
How much longer is the FL coastline going to be oil free? I am planning a vacation down that way in the upcoming weeks, hopefully it will stay off the coast till after that. I need myself some scuba.
pink - ODEFF/ tsx - ODE $.045 increasing production from current 350 barrels per day to between 600 and 1000..
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Odyssey Petroleum Corp. Set to Readily Increase Near Term Oil Production and Complete 3D Imaging of First Targets to Produce Large Deep Reserves
(TSX-V: ODE) (Frankfurt: YQN) (US Listing: ODEFF.PK) represents exceptional value and is poised for significant upside revaluation
Odyssey Petroleum Corp.
Odyssey implements two-phased plan;
1) Rapidly and readily increasing production (from current ~350 barrels per day to between 600 and 1000) within a few months through low risk development of known oil and gas deposits to increase cash flow.
Odyssey has 15 cased hole reentry projects on the drawing board where oil is known to exist in quantity in untapped layered zones at various levels (up to 25 per hole). These are expected to quickly increase production by more than 600 barrels of oil per day. Energy MarketWatch has confirmed each work-over costs less than USD$200K all-in (including pumping units) and should generate 50 - 100+ barrels a day each.
2) Facilitate a move to drill deep and realize the large reserves Odyssey possesses at depth.
ODE.V possesses large reserves at depth with proven and probable reserves of approximately 50,000,000 (BOE). Seismic surveys, geological mapping, and actual drilling indicate 40 to 50 million barrels of oil in deep formations at their majority owned Pelahatchie field. Odyssey has yet to tap this known ocean of oil and is setting up to take the company to major production; 3D seismic imaging of targets should be completed by the end of Q1 2010 and will set ODE.V up to drill and produce multiple wells drilled to ~17,000ft. Each deep well will cost ~USD$5M to drill yet is expected to yield 500 to 1000+ barrels of oil a day for 20+ years (4,000,000 barrels of oil and 4B cubic feet of gas is expected from each well, a significant yield at ~$1 - $2/barrel cost).
Notes from the Editor on Featured Article:
Valuation Commentary: Odyssey Petroleum Corp. (TSX-V: ODE) is now at an inflection point as an emerging oil and gas exploration and production company with significant land based reserves in the Southern United States containing multiple productive zones 7,500 ft to 17,000 ft subsurface. ODE.V possesses large reserves at depth with proven and probable reserves of 50,000,000 (BOE). Since inception in 2005 Odyssey has created a small base of production from wells at shallower depths through a highly skilled, cost effective, in-house workforce and hands-on management. Odyssey now feels they are securely in position to exploit the deeper known reserves, a move which will propel Odyssey to large production status/cash flow. 3D imaging of the first wells targeted at the ~17,000 ft zone of the reserves will be completed by the end of Q1 2010 and the results will be used to facilitate (operationally and financially) the drilling/production. Energy MarketWatch Journal has confirmed debt financing readily serviced by production is arranged to facilitate a two phased plan now underway. Phase one involves immediate action to boost production from current ~350 barrels per day to between 600 and 1000 through low risk development of work-overs -- this will occur while 3D imaging is being performed to set the stage for Phase 2 where the imaging results will have minimized risk and provide a means to drill and produce multiple wells drilled to ~17,000ft. Each deep well will cost ~USD$5M to drill yet is expected to yield 500 to 1000+ barrels of oil a day for 20+ years (4,000,000 barrels of oil and 4B cubic feet of gas from each well).
The risk-reward characteristics are highly advantageous for investors establishing a long position in ODE.V now. With less than ~188M shares outstanding (208M after closing of recent private placement announcement) and trading under CDN$0.10 ODE.V is poised for significant upside revaluation. In light of the serious and imminent nature of new capitalization of the company to accomplish its goals it is not unreasonable for shares of ODE.V on a forward discounted bases trade and gravitate significantly higher in the interim.
"With proven and probable reserves of 50M barrels, the oil is there for the taking and the 3D imaging of targets will provide the means (operationally and financially) to facilitate drilling/production of deep reserves. ODE.V shares are poised for significant upside revaluation according to accepted valuation metrics of USD$50K per flowing barrel plus stored value of reserves; the current market cap under $15M justifies a multiple upward valuation adjustment as it is now trading at less than 1% of discounted NPV reserve value and under its $20M infrastructure value. The company has made arrangements to replace what nominal debt it has so it may be serviced interest only and capitalize a two-phased plan to move towards major production of its reserves, this will lead to a shift in valuation of its reserves to 'proven, developed, and producing'."
Source: Market Equities Research Group
BYSD is at a bargain price. Completed a key merger last month. The company is run by experienced oil people. More news to come. Check out the ihub board for some great DD.
Awesome, here some Chart and TA info on PCAI
PCAI OIL PLAY, 7M FLOAT .017 (Financials, Aquisitions + more!)
Estimated Market Cap
$899,070 as of Oct 14, 2009
Outstanding Shares
54,489,111 as of Jun 30, 2009
Authorized Shares
500,000,000 as of Jun 30, 2009
Float(shares)
7,289,648 as of Oct 13, 2009
FTD CHART - COVERED
Got it on Radar now.
PCAI OIL PLAY, 7M FLOAT .017 (Financials, Aquisitions + more!)
Not Sure if this board is read, if so PM me if u are too lazy to do some DD =]
There was a buyout...
BDGR .04 with buyout coming and 4 offers on the table, buyout to happen this week by PR.
ALRY down here in ADD zone IMO!
OK...well take a look at MOSH when you have a chance.
Everyone I know who has taken a good look has bought at least a little MO$H
-CA$H
Will do...I have been busy buying ALRY just for a LONG term HOLD.
Hey RJ...have you taken a look a MOSH? O&G lotto play ;)
Market Focus: Last updated on Dec 22 2007 11:42AM EST Logout Customize Help
http://clearstation.etrade.com/cgi-bin/focus
http://clearstation.etrade.com/cgi-bin/focus
Portfolio Performance Today
Portfolio Current Value Todays Net
Portfolio & Watch List Events
Event Symbol Last Change
Record Price High
ADM 44.27 0.98
APC 66.19 1.62
CSIQ 27.34 1.61
FSLR 266.39 20.79
HES 98.00 8.69
JASO 73.47 1.58
MEE 37.09 -0.08
OXY 75.83 3.16
RRC 50.47 0.57
STP 85.16 3.76
WFR 91.23 -0.86
Percentage Gainer
ASXSF 0.70 0.06
EGO 5.83 0.39
END 1.37 0.22
GGR 3.43 0.21
GSS 3.50 0.43
GST 1.19 0.08
HES 98.00 8.69
IVN 11.37 1.08
NG 8.05 0.35
TMY 1.60 0.13
VSE 17.75 2.04
XNL 0.59 0.04
Stochastic - Bullish
AWNE 0.38 0.04
COGL 0.10 -0.02
CTVWF 0.20 0.02
DWOG 0.48 0.00
EFCR 0.00 0.00
ENCY 0.82 0.01
ENT 1.20 0.07
FXPE 1.00 -0.01
GETC 0.09 0.01
MGH 0.73 0.02
MOSH 0.22 0.03
PVX 9.91 0.26
QOIL 0.00 0.00
SLND 0.90 -0.22
TRSI 0.00 0.00
UDTT 0.00 0.00
WEGI 0.06 0.00
WWAT 1.73 0.00
Gap Up
BHP 70.69 2.19
GFI 14.15 0.54
GLD 80.09 1.43
GOLD 35.65 1.41
RTP 420.32 15.66
SNP 150.92 5.52
STO 29.38 0.59
Record Price Low
CKEI 0.00 -0.00
COGL 0.10 -0.02
DUG 36.29 -1.78
EVSC 0.00 0.00
PWE 25.66 -0.35
QOIL 0.00 0.00
UDTT 0.00 0.00
Percentage Loser
CKEI 0.00 -0.00
CSCE 0.00 -0.00
LDK 45.13 -2.71
NLS 5.50 -0.56
OMNI 4.78 -0.41
SLND 0.90 -0.22
Price Gainer
FSLR 266.39 20.79
HES 98.00 8.69
PBR 113.19 5.19
RTP 420.32 15.66
SNP 150.92 5.52
STP 85.16 3.76
Analyst Downgrade
HES -> Hold
LDK -> Sell
VSE -> Mkt Perform
Record Price Break Out
OXY 75.83 3.16
Analyst Upgrade
PBR -> Buy
Price Performers
Doing Well...
FSLR 20.7999 8.46% 266.39
RTP 15.6699 3.87% 420.32
HES 8.6900 9.73% 98.00
SNP 5.5299 3.80% 150.92
PBR 5.1999 4.81% 113.19
STP 3.7600 4.61% 85.16
SOLF 3.3300 13.09% 28.76
OXY 3.1699 4.36% 75.83
MUR 2.6699 3.37% 81.68
DVN 2.4199 2.72% 91.20
Doing Poorly...
LDK -2.7199 -5.68% 45.13
DUG -1.7800 -4.67% 36.29
Percentage Changes
Doing Well...
AENP 0.3075 109,821,336.00% 0.30
DNE 0.5101 28.49% 2.30
ECPL 0.0045 22.50% 0.02
FDEG 0.0020 20.00% 0.01
END 0.2200 19.13% 1.37
MOSH 0.0350 18.91% 0.22
MYNG 0.0015 18.74% 0.00
AOG 0.2400 16.00% 1.74
GPRE 1.8700 15.92% 13.61
ASWRF 0.0490 15.26% 0.37
Doing Poorly...
CSCE -0.0002 -40.00% 0.00
CKEI -0.0002 -22.22% 0.00
POIG -0.0090 -20.00% 0.03
APXR -0.0100 -20.00% 0.04
SLND -0.2200 -19.64% 0.90
SPRL -0.0002 -16.66% 0.00
COGL -0.0200 -16.66% 0.10
PAPO -0.0006 -15.78% 0.00
TAOL -0.0100 -14.28% 0.06
XYNG -0.0040 -13.33% 0.02
I'm too broke here to pay attention and too slow-witted to understand why...But just 3 or 4 breaks and I could be nipping at your heels...GL...LJ
I am still adding more ALRY down here at current PPS.
lowman, the ALTX board has you listed as the moderator...Are you interested in someone else on the board?...I-box has an old chart and lots of other un-needed items in it until the company brings out some expansion of their business plans...It has a catchy header with the oil rig pumping and flags blowing in the wind...thanks...LJ
MAVERICK ENERGY GROUP, small undervalued oil/gas company,
currently trading in the 4-5 cents range and they are already in profit.
I consider them as them one of the most undervalued oil/gas company on pink sheets.
See their financial data and increase in revenues, net income and shareholder equity for for the last three quaters:
Financial Data From Quarter Ending June 30th 2006
Total Revenue............................$934,589
Net Income................................$147,387
Total Assets...........................$2,379,616
Total Liabilities........................$2,016,276
Stockholder Equity.....................$363,340
http://www.pinksheets.com/quote/finance.jsp?symbol=MKGP
Financial Data From Quarter Ending September 30th 2006
Total Revenue............................$1,173,936
Net Income................................$200,752
Total Assets...........................$2,276,952
Total Liabilities........................$1,691,760
Stockholder Equity.....................$582,192
http://www.pinksheets.com/quote/finance.jsp?symbol=MKGP
Financial Data From Quarter Ending December 31st 2006
Total Revenue............................$2,460,101
Net Income................................$239,904
Total Assets...........................$2,760,132
Total Liabilities........................$1,945,036
Stockholder Equity.....................$815,096
http://www.pinksheets.com/quote/finance.jsp?symbol=MKGP
Summary:
For the period ending December 31st 30th 2006
1. Maverick saw an increase in Revenue of 110% from the previous Quarter.
2. Maverick saw an increase in Net Profit of 20% from the previous Quarter.
3. Maverick increased Total Assets by 21% from the previous Quarter.
4. Maverick increased Total Liabilities by 15% from the previous Quarter.
5. Maverick increased Stockholder Equity by 40.% from the previous Quarter.
Financial Data for the First Quarter of 2007 to be reported in the middle of June.
Current Share Count Information:
Authorized Shares............................... 500,000,000
Issued and Outstanding........................130,564,189
Restricted Shares.................................97,637,743
Float................................................... 32,926,446
CEO - James McCabe..............................44,211,243
President - Richard Bednar.......................12,344,400
Business & Financial Consultants.............15,438,039 (Richard Bednar is Managing Director)
CFO Brice Bogle.......................................7,125,000
I/R Christiane Lopez.....................................600,000
Maverick currently has an 11.517% ownership interest in Z2, and holds an option to acquire an additional 13.184% membership interest in Z2 for an exercise price of $1,000,000 (which may be exercised at any time through July 17, 2007). In the event the Company exercises this purchase option, Maverick’s ownership interest in Z2 would increase to 24.7%.
Z2 LLC (“Z2”) owns 100% of the Big Foot Oil Field (“Big Foot”) located in Frio and Atascosa Counties in West Texas. Big Foot was originally developed by Royal Dutch Shell which sold the property in 1992. Big Foot has approximately 300 production wells, of which about 240 are presently revenue producing. According to Z2's most recent engineering report (dated January 1, 2006), the estimated future net revenue from the Big Foot currently producing properties may be in excess of $38,000,000. In addition, the estimated future net revenue from the 200 Proved Undeveloped Properties (PUDs) yet to be drilled may be in excess of $353,000,000. The President of Maverick, Richard J. Bednar, also serves as the Chief Financial Officer of Z2.
Maverick is the paid operator of Big Foot for Z2. In addition, Maverick is also the part owner and operator of several producing natural gas wells, and owns approximately 50 natural gas leases in West Virginia.
Together with Big Foot oil field Maverick has interest in several small projects. Check their site:
http://www.maverickenergygroup.com
there is a great board on Ihub too:
http://www.investorshub.com/boards/board.asp?board_id=7629
NWGN on the big move up good things will be happening in Jan.
PRVB Continues to Look Strong !!!!!!
Just got off the phone with IR......UPDATE on Powder River is very very positive and great news !!
Key points were:
1) A significant portion of the 7 Million in Accounts Receivable outstanding at the end of the 3rd Quarter has now come in during Oct and Nov
2) Of that, nearly 2 Million of monies collected is related to Oil & Gas Sales
3) PRVB will be reporting on the remaining wells in the Goliad field shortly
4) The Company will try to report 4Q and Year End numbers as early as possible, anticipated between mid to late Jan
I continue to be very impressed with Powder River and I'm there for the Long Term too.
Biogenerics Limited Issues Business Update
Friday November 17, 3:51 pm ET
TYLER, Texas, Nov. 17, 2006 (PRIMEZONE) -- The Board of Directors of Biogenerics Limited (Other OTC:BIGN.PK - News) is pleased to issue this current update on the progress of the Company's business.
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Name Change of Company -- The Company anticipates changing its operational name in order to identify the Company more readily with the oil/gas industry. The Board projects this name change to occur during the first quarter of 2007. The potential new names for the Company are being considered at this time and a final name will be chosen in the near future. At that time, the Company will release a press release regarding this name change.
Authorized and Outstanding Common Shares of the Company -- As of the above date, the Company has approx. 376,500,000 outstanding shares of common stock and has authorized shares of common stock approved by the State of Nevada in the amount of 800,000,000. This increase in authorized shares was made in order to have shares available for the Company's future business needs which may include, but not be limited to, Joint Ventures, Asset Purchases, Management Compensation and any other necessary business transactions the Company's Board of Directors feels is necessary to carry on the Company's business.
East Texas Oil Field -- The Company has obtained in principal, a funding commitment to conclude this transaction, which is subject to and contingent upon the funder performing a satisfactory site and field inspection of the East Texas Oil Field. This will include interviewing personnel at the operations, obtaining commitments from Key Personnel to continue with the new operations in their current positions, auditing the existence of all active wells including past production reports in order to substantiate the monthly production of the field, inventory of all equipment and inventories for operations of the field and any other item they may feel necessary to complete this transaction with the Company and its joint venture partners. The Company has obtained assistance from Royal Petroleum Corporation in this transaction in order to obtain the financial strength to conclude this potential business transaction. At this time, the Company is endeavoring to push this transaction to close before this current calendar year end.
If successful, the Company will receive, as its part of the Joint Venture transaction an operational facility located in Central, Louisiana, that involves 30 working and active wells that will produce over 3500 bbls/oil/month which will be free and clear of all debt. This field has a Geologist Report showing its current value being in excess of $13 million. This project will produce an annual net income in excess of $1,800,000. In addition, the Company will receive a cash position of $4 million for further investment in the oil and gas industry via ``Farm-outs'' and direct working interest investments.
In summary, if concluded this joint venture transaction will place over $17 million of economic asset value into BIGN with no debt and a joint venture association with the operating company of the East Texas Oil Field for future business associations.
While the primary focus is completing the East Texas Oil Field Joint Venture transaction, the Board of Directors is also giving careful consideration to the following issues:
-- Restructuring the business agreements with Joint Venture partner Hydroslotter Corp., the NC-02 technology and considering alternative well renewal technologies to better serve the companies future requirements both technically and economically.
-- Expansion of current operations in New Mexico and Oklahoma as the company may determine to be viable.
-- Continued re-organizing of the virtual I.R Department providing more accessibility to company business activity while maintaining an open line of communication to shareholders.
-- The Company has received a notification from the Pink Sheets organization regarding new requirements and the Company will endeavor to meet the highest standards for future reporting and compliance.
These decisions will be tailored around the expected conclusion of the East Texas Oil Field Joint Venture transaction.
Summary -- The Company is entering into a new era in its business growth and development. In doing so, many changes are needed in order for the Company to take advantage of and to exploit the many business opportunities it has available to it.
The Company would like to thank its shareholders for their patience and understanding during this period of change and growth, which brings with it uncertainties and daily decisions to make for the benefit of all concerned. Your Company is worth your respect and is only as good as its shareholders say it is no matter how successful management is in performing its duties.
Website: http://www.bignltd.com
About Biogenerics Limited
Biogenerics is a diversified investment venture capital firm focused on exploiting and distributing domestic oil and gas reserves. Biogenerics also has joint venture activities with Tyche Energy Inc and Hydroslotter Corp.
Forward-Looking Statements
This press release contains ``forward-looking statements'' within the meaning of the Private Securities Litigation Reform Act of 1995. Statements in this release that are forward-looking statements are based on current expectations and assumptions that are subject to known and unknown risks, uncertainties, or other factors which may cause actual results, performance, or achievements of the company to be materially different from any future results, performance, or achievements expressed or implied by such forward-looking statements. Actual results could differ materially because of factors such as the effect of general economic and market conditions, entry into markets with vigorous competition, market acceptance of new products and services, continued acceptance of existing products and services, technological shifts, and delays in product development and related product release schedules, any of which may cause revenues and income to fall short of anticipated levels. All information in this release is as of the date of this release. The company undertakes no duty to update any forward-looking statement to conform the statement to actual results or changes in the company's expectations.
OT SEC investigated.......at last!
http://www.thesanitycheck.com/BobsSanityCheckBlog/tabid/56/EntryID/495/Default.aspx
SEC To Be Investigated By GAO
Location: Blogs Bob O'Brien's Sanity Check Blog
Posted by: bobo 10/26/2006 5:48 AM
Well, for those who felt that the SEC would continually get away with murder, operating like a fiefdom above accountability to anyone, free to ignore the basics of due process, the rule of law, responsible regulation, etc....News Flash!
The SEC is going to be subjected to the scrutiny of the GAO.
This just in from Bloomberg.
The Mack investigation is the catalyst - Senator Grassley's lack of satisfaction by the SEC's responses, and the growing sense that the SEC has become a captive regulator, co-opted by wealthy and powerful special interests on Wall Street (many of whom routinely violate the rules and break the law, as evidenced by the wrist slap fines the SEC tosses around whenever years of larceny are discovered at the largest players there), and completely uninterested in quaint notions like investor protection or anything in the public interest.
Readers of my blog can attest first-hand to the seeming complete disregard for investor protection that the SEC has demonstrated in naked short selling abuse. The prevailing attitude of the Commission was best summed up by Commissioner Annette Nazareth's high-handed and dismissive statement when confronted by the news that many Reg SHO stocks had suffered massive bear raids, resulting in 50% or greater declines since going on the list and Reg SHO's implementation a few months prior. Her sentiment was that those complaining were just disgruntled bad sports, pissy their stocks had gone down - essentially, degenerate gamblers annoyed over their bad bets.
That said it all for me. Told me everything I needed to know.
The SEC is broken, and needs to be dismantled. It fails in its essential purpose - to protect investors from the predation of Wall Street, and keep that body's larceny in check. If anything, the Commission is now a silent partner in the worst abuses against investors, and actively aids and abets the most blatant and brazen acts of crookedness - occasionally attempting a pretense of effectiveness by levying a fine akin to demanding the industry's spare change.
We have long been calling for a special prosecutor. Perhaps this is the first step in that badly needed direction. The laundry list of egregious offenses is long, and rather obvious. It shouldn't be too hard for the GAO to read the plain language of the 1934 Securities Exchange Act and contrast it against the behavior of the SEC, and the absurd rules it has promulgated.
It is impossible to explain Grandfathering as anything but a hall pass for the worst violators of delivery rules - there is no investor protection in that, unless one defines "investor" as "Wall Street stock manipulator" and "protection" as "safeguarding illegally generated profit at shareholder expense." It is impossible to interpret Section 17A's mandate for the prompt clearance and delivery of shares in the manner that the Commission has, unless one is deliberately trying to ignore the delivery part of the requirement, and pave the way for the industry to institutionalize fraud. It is impossible to frame the options market maker exemption as consistent with investor protection, unless one is trying to claim that derivatives speculators are the investors the 1934 Act was intended to protect, and stock investors are their intended prey, to be abused in whatever manner is required for the options market to have the most lucrative trade. It is impossible to hear the SEC's now well-established lie about how "Reg SHO is working" and be even passingly familiar with the actual numbers of FTDs via the FOIA data, without comprehending that our securities regulator is lying, regularly, to the public, in order to cover its ass, and to protect Wall Street's lucrative business of defrauding the American public - taking money, and failing to deliver the goods.
I could go on and on. The Aguirre matter merely highlights an out-of-control agency doing the bidding of those it was established to police. The SEC was set up after the Pecora hearings gave the country a thorough understanding of how the most venerated names on Wall Street had behaved worse than the most base criminals of the day. It came into being after the 1934 Act was passed, which strove to stop the worst of the larceny that characterized the markets, and the behavior of the brokers, banks and stock pools (hedge funds) that dominated the business. That the SEC has promulgated rules that ignore, or worse yet, are in conflict with that Act, typifies the problem. In a nutshell, the SEC behaves like Wall Street's propaganda arm combined with its own private security force, where fanciful ideas like self-regulation and honor systems are formalized with a straight-faced gullibility by our regulators.
How did allowing an industry that had been shown to be a snake-pit of crookery to operate on the honor system become the prevailing wisdom? How did abdicating outside policing of the most important elements of the market protect investors? How did steadily eroding the basic safeguards of the 1934 Act benefit anyone but Wall Street? How does protecting the rich and powerful, at the direct expense of the investing public, fulfill the SEC's mandate?
I could devote books to this. But it wouldn't matter. What does matter is that finally it appears that the SEC is going to have to answer for its behavior, and is going to have its actions investigated by an outside entity. We can only hope that won't result in another cover-up.
Cheers!!!
BSIC: once owned this stock-
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Press Release Source: Basic Earth Science Systems, Inc.
Basic Earth Named Among 'Top 20 Fastest Growing' Companies by Oil & Gas Journal
Tuesday October 3, 7:00 am ET
DENVER, Oct. 3 /PRNewswire-FirstCall/ -- Basic Earth Science Systems, Inc. (Basic or the Company) (OTC Bulletin Board: BSIC - News) reported today that the September 4, 2006 issue of the Oil & Gas Journal (OGJ) named Basic among the Top 20 Fastest Growing companies for 2005 based on percentage growth in stockholder equity. The OGJ annually ranks U.S. based, publicly-traded oil and gas producers in its "OGJ200" article. Although primarily ranked in terms of assets, companies are additionally ranked on eleven other benchmarks including the fastest growing category. Basic was ranked 124th in terms of assets (up from 129th last year), 18th fastest growing and 88th in net income.
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"While it is indeed nice to be recognized, 2005 seems a long time ago," commented, Ray Singleton, President of Basic. "Appropriately, our real attention is focused on opportunities that we are currently pursuing. Our Banks project in North Dakota and our other efforts in the Williston basin will be the foundation of our future results. At the same time, other areas still command our attention; Christmas Meadows in Utah is foremost among them. We are excited about the significance these opportunities could have on the Company's reserves and future revenues."
Basic is an oil and gas exploration and production company with primary operations in select areas of the Williston basin (in North Dakota and Montana), the Denver-Julesburg basin in Colorado, the southern portions of Texas, and along the Gulf Coast. Basic is traded on the "over-the-counter -- bulletin board" under the symbol BSIC.OB.
Information herein contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, which can be identified by words such as "should," "may," "will," "anticipate," "estimate," "intend" or "continue," or comparable words or phrases. In addition, all statements other than statements of historical facts that address activities that Basic intends, expects or anticipates will or may occur in the future are forward-looking statements. Readers are encouraged to read the SEC reports of Basic, particularly the Company's Quarterly Reports on Form 10-QSB for the quarter ended June 30, 2006, in addition to the Company's Annual Report on Form 10-KSB for the fiscal year ended March 31, 2006, for meaningful cautionary language disclosing why actual results may vary materially from those anticipated by management.
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Source: Basic Earth Science Systems, Inc.
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· BASIC EARTH SCIENCE SYSTEMS INC Files SEC form 8-K, Other Events - EDGAR Online (Tue Oct 3)
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Gas Supplies Need to Increase.... Powder River (PRVB) just completed its 8th successful gas well, on its TX project.
The market is looking at PRVB as a pure Oil play, but it is not. Oil is down today, but Natural Gas is higher. PRVB is not an Oil play, its in fact a Natural Gas play.
Fresh from UPI, Natural Gas rises:
http://www.upi.com/NewsTrack/view.php?StoryID=20060912-101935-6983r
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