Buccaneer Energy Ltd. (fka BCGFQ)

[Bobwins]

somebody took out the offer with a buy of 257,721 at .044. Congrats to the buyer. Lowest offer is now .05. I think that offer started at 450K shares. Somebody was anxious to get out because based on last night's close in Australia at A$.052, they should have moved up their ask to .046 but they obviously wanted out and got their price.

Exciting times ahead for Buccaneer. We should get test results over the next month from Cosmos. Kenai Loop should spud any day and the 800 lb gorilla is the FARM IN!!!!! We need that deal signed and put to bed so we can proceed with accelerated drilling plans without worrying about where the money is coming from.

If the Farm in Partner is somebody big like Apache, we should get a boost in credibility. Why would somebody big commit $150-200 million to a little company like Buccaneer unless they controlled highly prospective drill targets that had legs. A big public company isn't going to be satisfied if all 8 wells hit unless there is a lot more acreage to develop after the initial success.

[buccaneer1961]

ok,cool! thankyou

[Bobwins]

Cosmos is their first offshore well using their Jackup drill rig. Buccaneer has 25WI% in the well. Buccaneer also owns 25% of the rig and it's crucial to their program because there is only one other drill rig in the area. Endeavor, Buccaneer's rig, has more capacity than the other rig.

Also read up on the rebate program from the State of Alaska. Free money to drill Cook Inlet wells. Dramatically reduces offshore drill costs. Also State contributed $30 million to the refurbishment of the drill rig for free! because they are desperate for companies to drill in Cook Inlet.

[Bobwins]

.25 X 2.5 to 3 billion shares = $625 to 750 million market cap. It would take Buccaneer hitting some big offshore prospects. Kenai Loop probably justifies current market cap of A$115 million.

Buccaneer got in early and tied up some juicy looking prospects so yes, I think it's possible over the next couple of years. The JV is crucial because it will allow Buccaneer to drill for the next couple of years without having to issue more shares.

[buccaneer1961]

ok,so they also just completed a new well too?

[Bobwins]

around 10million cubic feet per day from 2 Kenai Loop wells. They get 6.24-6.75/mcf during most of the year and then a premium during the winter. Once they get past their obligation to the local utility, they can get winter spot prices as high as $20/mcf for short periods of time. Old fields are depleting so other production is slowly fading. Over the next couple of years, Buccaneer will continue to get premium prices before new wells from them as well as other competitors eliminate the premiums.

However there is a big surprise. Cook Inlet has the ONLY operating LNG export plant in North America. It was mothballed a few months ago for lack of supply to export to Japan. A few more good wells and they may reactivate and provide Buccaneer with access to Japanese/Korean export LNG prices, which are currently well over $10/mcf.

[buccaneer1961]

think we can get to .25?

[buccaneer1961]

got it,signed up...also does buccaneer have any production yet?

[Bobwins]

try starting here

http://hotcopper.com.au/aboutus.asp

I've had an account for so long, I don't remember where I signed up. Hotcopper is not the most user friendly site but the posters are worth it if you have Aussie stocks.

[Bobwins]

BCC.ax/BCGYF +.004 to A$.052

Woohoo! If it closes at .052, I'll finally be in the green again. My avg is .05086 so it's been awhile since I've had a profit. I think it will be worth the wait.

[buccaneer1961]

it wont let me get into that site

[Bobwins]

One last thing. The best place for info on Buccaneer is in Australia. There is a free message board called Hotcopper.com.au. go there and register for a free acct. They list all company announcements, company presentations and the price/volume info on the Aussie markets. The Aussie markets trade after US markets close so you get a peak at tomorrow's trading.

There are several excellent, knowledgeable posters. Watch for soulsurfer222, whisky49, sharks37 and danpech posts. You can pick out other favorites. There are dozens of posts per day as it's a popular stock in Australia.

[buccaneer1961]

thankyou very much

[Bobwins]

It's very low risk offshore drilling. Several of the prospects were drilled in the 70's, hit oil or gas but were never developed. 500bpd oil was so small compared to what could be developed on the North Slope in the 70's that they were plugged and never produced.

Likewise on land, the Kenai Loop field has two Buccaneer producing ngas wells that total about 10 mmcfpd now and they are planning to spud another well any day. Kenai Loop is adjacent to a very large ngas field that has been producing for decades.

Buccaneer has big reserves and in their first offshore well, has multiple oil and gas zones that have shown during drilling. The announcement tonight says the total oil/gas column exceeds 400 feet.

They won't test all the zones in the Cosmos well but will test the new oil zones to add reserves. The primary target is ngas because of the high need in the area and the above market prices Buccaneer can get.

Buccaneer could be a monster if they hit on several of their offshore prospects. The JV is crucial because that will ensure funding for up to 8 wells. Waiting until the JV is signed is conservative but the share price bottomed in the low .03's in June and has already climbed to .05. Wait too long and the easy money will be gone. The down side of BCC.ax/bcgyf is the massive share count of over 2.5 billion. This will limit upside but the potential is still there for a multi bagger from here.

Good luck and be sure to view the company presentation on their website.

[buccaneer1961]

good info il keep watch on that sept 15th date is its signed il jump in,any word on that area where current production exists that's near this area that buccaneer wants to drill?

[buccaneer1961]

what do you think of this oppty here?,doing some dd

[eom7]

Tear down the wall.

[Bobwins]

BCC.ax/bcgyf +.003 to A$.047 Buccaneer has been steadily climbing from the .03's to the current level after the farm in was announced.

Testing of Cosmos is important to near term momentum and could be make or break for JV partner. Can't wait to see the oil and gas test results in a few weeks.

If they announce the final signing of the farm in, we should move into the .05's. Heck, good results on the Cosmos tests may do that anyway.

Need that farm in agreement signed and for the drilling to start cranking up. Buccaneer has a huge opportunity in the Cook Inlet in both gas and oil. 2013-14 should be a busy and profitable year for Buccaneer!

I tried to buy some cheap shares today in bcgyf but only got 10k @.04. Will keep trying.

[futrcash]

Onshore permitting proceeding-

Interesting that the 'potential' JV partner is likely to pay for two of these wells-

http://www.asx.com.au/asxpdf/20130717/pdf/42h34db2hxhnh9.pdf

futr

[futrcash]

Farm Out-

http://www.petroleumnews.com/pntruncate/37359825.shtml

http://www.buccenergy.com/

futr

[Bobwins]

The testing of the new oil zones is probably to provide info to the reserve engineers so they can assign some reserves to the new zones. Good news that it is unexpected and represents new potential reserves and production for Buccaneer.



COSMO # 1 WELL – DRILLING REPORT # 9
Buccaneer Energy Limited (“Buccaneer” or “the Company”) is pleased to provide the following update on the progress of the Cosmo # 1 well in which the Company has a 25% working interest:
Time: 9.00 am (Sydney) 16 July 2013 / 3.00 pm (Anchorage) 15 July 2013.
Depth: 7,599’ Total Vertical Depth (“TVD”)
Activity: Drilling completed at 7,599’ Total Depth (“TD”).
Wireline logs have been successfully run from 5,479’ to 7,599’. A total of 60 side wall cores have been obtained, 1 gas and 5 oil samples were taken and 27 pressure results were obtained using Modular Formation Dynamics Tester (“MDT”).
The Company is currently preparing to run and cement a 7” liner. Although not originally planned, the liner is now necessary to allow testing of the newly discovered oil zones above the previously-known oil reservoirs that form the existing Reserves. On completion, the production testing program will commence.
Summary of Results
As indicated from logging, MDT and sidewall cores, the Cosmo # 1 well has confirmed the presence of an extensive hydrocarbon column covering numerous formations above the previously known oil reservoirs. The Cosmo # 1 well was drilled on the crest of the structure and encountered geologic formations 200 - 300’ higher than those encountered by the Starichkof State # 1 well. The Cosmo # 1 well has encountered oil bearing sands ~400’ stratigraphically higher than any other wells drilled on the structure to date.
The Tyonek formation, which contained all exploratory targets, was found to have 488’ of indicated oil and gas pay, including 18 gas zones and 8 oil zones.
The previously-discovered Starichkof and Hemlock formations were confirmed to contain oil in this well. The Starichkof formation was found to have 43’ of indicated oil pay, and the Hemlock formation was found to have 149’ of indicated oil pay.
Not all of the zones intersected will be flow tested; however, the newly-discovered zones will be high graded and a testing program implemented in conjunction with BlueCrest Energy Inc. who holds the remaining 75.0% working interest.
Well Plan:
The Cosmo # 1 well is a vertical well that has been drilled to a Total Depth of 7,599’ (“TD”).
Surface casing was set at 800’ after which the well was drilled to the top of the Tyonek Formation (“Tyonek”) at 2,055’ where casing was again set. The 9 5/8” casing was set at 5,479’ MD. A 7” liner is to be set from TD to the bottom of the 9 5/8” casing.
The Upper Tyonek gas zones are behind pipe, and the plan is to test several gas zones. Evaluation of the new oil zones may warrant additional testing.
The well will then be temporarily abandoned as a future gas producer.

[davo22]

BCC is in the best position it has ever been in and the thread has gone dead apart from 1 baseless comment.....

Once the placement shares that are in the hands of short term traders clear then there is likely to be some good upside in the near term...Add to that the liklihood a few positive broker reports should surface in the near term, KL/SC drilling is only a matter of weeks away
and this story is about to unfold...Broker reports surfacing when a company has no cash are treated as a cash call but now the cash has been raised will be taken more seriously by the market...

The new directors have certainly been taken as a positive by the Aus market...

[buccaneer1961]

ay boy...,this is a heavy risk stock

[Greenoilman]

Ok, didn't see that one coming. Meridian the new cornerstone investor votes in the proposed directors from two disgruntled shareholders. Dean moves to Chairman, some guy named Brian gets appointed and Curtis gets the most votes.

So we seem to have a short lived stalemate. What is Meridian doing? Are they in a takeover mode, and don't want to make a bid for the rest of the company? Are they really a "Republic" front? Are they simply confused because they rushed into this investment?

What is going on?

Did the new guys even know they were being supported? What are they getting paid? Who is going to be an ED and who is a NED. And what happens to DART?

Lots of questions, very few answers and that means share price stagnation for the foreseeable future.

[futrcash]

It was halted in Australia-

And won't resume trading there pending another announcement-

futr

[ashy2classy]

NICE!!! Was BCC halted yesterday?

[futrcash]

$15,500,000 Funding!

Good to go for next 8 wells!

http://www.asx.com.au/asxpdf/20130628/pdf/42grlnhnbfcdkq.pdf

futr

[futrcash]

Presidents Letter to shareholders-

http://www.asx.com.au/asxpdf/20130624/pdf/42gmx5p53mtm51.pdf

futr

[SCREAMING EAGLE]

Just don't get the bit stuck. I hate when that happens.

[Greenoilman]

DeepDown,

You bring up a good point. I went and looked into this, this afternoon. It seems that Arrow was bought from Nicholas Davis and the others by CNPC/Shell. Yea for them, but what did they get out of it? It appears that they were able to create ACER and DART from the remnants and profit heavily personally, but it didn't stop there.

With ACER it seems that was done with Republic, another Chinese investment group and the first group to be associated with the 249B. That was probably too obvious so they pulled. But they are all still closely related and heavily Chinese money. It seems they initially got money for Arrow, then they got support for ACER and they got loans for DART.

In exchange Arrow seems to have been able to buy things and add things to the portfolio that CNPC couldn't get on it's own.

So lets look at this one. Davis and crew have already said they would focus onshore. Perhaps they need a partner for the offshore, like CNOC to provide the dollars to develop the offshore. Would those assets be sold to a JV? If they do that, I'm out because that would be the majority of the upside going to the Chinese.

If the end game is to bring in more Chinese money/government they are going to have to deal with the US very closely. That didn't work out too well for UNOCAL that ended up being sold to Chevron because the deal cratered thanks to CFIUS.

It looks like these Singaporeans simply need to get rid of the board in order to make the strategy work. Of course they will pump up the price to get a little extra on the side and then execute.

However, if the US government decides this is a no go, then shareholders lose big time and I would bet these guys are out even before the game begins.

The Chinese are patient but they are not stupid. A foothold in Alaska could lead to a seat at the table for Arctic trade routes and that may ultimately be the motivator to go after a small company like Buccaneer. It would certainly be more palatable coming from an Australian company than from the Chinese directly.

[ashy2classy]

Nice article...thanks!

[ashy2classy]

Curtis responds on YouTube...

Part 1:

Part 2:

Part 3:

Part 4:

Part 5:

[DeepDownResources]

Anyone else see this article on Fuel Fix?

http://fuelfix.com/blog/2013/06/24/small-oil-companys-shareholder-fight-has-international-reach/


I love the fact that the CEO of Buccaneer Energy and Founder of the company is complaining about "Fat Cat" Chinese. I know what he means.

Wikipedia’s DEFINITION of Fat Cat is: a wealthy person. I think some have also said it is a wealthy person who profits disporprotionately from the work of others. that accurately conveys his concerns that the shareholders are potentially going to be denied the fruits of their investment and years of work by opportunists who are well funded and capable of gaining undue control over these assets.

It does raise questions – where does a company like Dart get its funds? Are there connections to CNOPC? Are we, in fact, dealing with legitimate Asian private investors here, or is there a larger game afoot? I don’t know the answers to these questions, but it does appear a bit odd that a floundering company (Dart) has a seemingly bottomless pit of funding.

[geopressure]

BCGYF, Good News (For a change)...

Buccaneer [BCGYF] was expecting only gas in the Tyonek Formation from 3600' to 6000', but I am hearing that they have found oil in much higher intervals than expected prior to drilling. This is a good thing because not only does it mean that there are oil-bearing zones of interest in the Tyonek Formation, but it also suggest that the deeper formations, below the Tyonek Formation, will also be oil-bearing.

It has taken a long time for Buccaneer to obtain this information, but for now, the news could not be better.

Buccaneer will TOH, Run Wireline Logs, Run 9.625" casing, and cement before drilling to a Total Permitted Depth of 8,000 feet. Note: Based on Seismic Data, Buccaneer is planning to obtain full-core samples from 6,900 ft to 7,300 ft which was thought to be oil-bearing sands pre-drill & recent oil shows in the overlying Tyonek Formation have solidified this pre-drill analysis.

Additional information: I hear that they had to cut the morning conference call short yesterday morning because they took a kick & the well started flowing on them. They have since increased the mud weight to stop the flow & will be wireline logging for the next 3-4 days...

[geopressure]

Perhaps there is a reason Curtis has been making the rounds with the politicos in Alaska.

This is because the State of Alaska is paying for the well... Buccaneer will break even before the well is ever produced - or actually owe on a small percentage (maybe 10%) of the total exploration cost...

Buccaneer owns the rig, they can carry a rig-rate of approximately $160K/day (that they never have to pay because they own the rig)... However, the state of Alaska who has agreed to pay for 50% of the drilling cost will refund 1/2 of $160K/day. The State of Alaska also pays for 50% of all 3rd Party service company products, services, and rentals. So, as long as Buccaneer's 1/2 of all the 3rd Party service company products, services, and rentals does not exceed $80K/day, then Buccaneer is getting a free well... Worse case scenario & BCGYF will only have to pay for 5% to 10% of the total drilling cost.

[Greenoilman]

http://seekingalpha.com/instablog/650237-alaskaman2030/1747491-we-all-love-the-blame-game-but-who-really-stalled-buccaneer-energy-s-endeavour-s

I know the "replacements" are intending to keep the current board, have they seen this posting? Perhaps there is a reason Curtis has been making the rounds with the politicos in Alaska.

[ashy2classy]

BCC.ax/BCGYF - Buccaneer in the news...

http://www.ktuu.com/news/ktuu-buccaneer-energy-set-to-strike-oil-20130620,0,5103857.story

Buccaneer Energy Set to Strike Oil

ANCHORAGE, Alaska—

Buccaneer Energy received news from oil and gas consulting service, Netherland, Sewell & Associates, that has the company quite pleased, according to CEO Curtis Burton.

Estimated numbers released by the consulting group show that Buccaneer could have up to nearly 96 million barrels of oil equivalent (MMBOE) in their North Cook Inlet properties.

Topics
Petroleum Industry

“It’s a huge number,” Burton said. “And what makes it unusual for this kind of report is that the [possible] number is 95.9 million barrels. [This] is of course kind of the blue skies number.”

According to Burton, Buccaneer’s jack-up rig, Endeavor, is making all of this possible.

“It’s the first time in over 30 years that a rig has been there that’s capable of working all over the Cook Inlet.”

The company’s Cosmopolitan property has been drilled previously by different companies, but the full potential was not reached, Burton said.

“The thing that has made a huge difference and the reason we have the property today is that the prior owners didn’t have a jack-up rig. They had no way to drill Cosmopolitan except from the beach, and those were very expensive wells. They didn’t have a technical way to access what this rig has done to allow us to go into Cosmo.”

Burton said beyond the good oil projections, his company is excited for what this will mean for Alaska.

“We’re not the big guys. We’re just the little guys. We’re there to create jobs, we’re there to create environmentally friendly energy, and we’re there to help expand the tax base.”

Buccaneer’s Endeavor rig is currently drilling the Cosmopolitan property and will next move to the north and northwest Cook Inlet properties.

[Greenoilman]

Another release from Buccaneer, it seems that the rig got them a seat at the table with Conoco. First thing they take down is a farm out with significant reserves.

Me thinks that means that Conoco is heading out of the Inlet. They have gas shut in, they are giving away oil rights that they know they won't get to, the LNG plant is sitting still.

Looks to me that Conoco may be another Marathon waiting to be snatched up.

That LNG plant would be very important if you are competing with Hilcorp on the Gas side. Would explain why they were meeting with the Governor and other politicians last week.

Perhaps another enabling asset, attached to natural gas production is in the works. That would explain quite a few off the cuff remarks in the oil patch.

[DeepDownResources]

Davo,

If you say so, they don't look all that well known. Had you heard of them before they were nominated? Also how can you say they don't know the investors, the investors were working with Republic and Republic has has worked with these guys a few times. Arrow, Acer, and now Dart. Each one doing worse than the other.

Nope, I don't see them coming in and making things better. I see them coming in and quickly finding out the limitations of being a board member on the other side of the world and having to deal with Alaska. My bet, they try to sell it as quickly as they can.

I doubt they will have as much patience for current management as Curtis appears to have, and I am pretty sure they won't be pulling deals out of their @#$$ to save the company.

I'm not too worried either way because I am pretty sure their will be a bounce. If they come in I'll sell on the bounce wait for them to announce their "plan" and if the shares crater I'll probably buy back in and wait for a "for sale" sign.

[davo22]

"8% shareholder would see full board control is because they have a plan. Probably not the plan you and I would like, but it is a plan."
Maybe you dont like to make money but I suspect that is the plan...The 3 directors are well known in the Australian oil and gas patch and I doubt they would destroy there reputation for investors they have never met......

They are not coming to take the company over...

"...that they are willing to do whatever it takes (including diluting themselves) to get money"
Considering there annual salary far outweighs there holding in the company, I dont believe there interests are neccesarily aligned with holders, thus explaining 900m share offer...

"It also says that the situation has often been more dire than they were willing to let on."
Surely you dont take comfort from that??

"Or current management is maintained and dead weight is cut off. (after they raise money)Or the whole thing is screwed and then nothing will help."

Or maybe they end up raising money at such a low price it destroys the potential upside..IMO the safest bet is to go with the team that will have access to capital and will clean out the rot if any exists...

[DeepDownResources]

Here is where I am going with GreenOilMan. Never thought I would say that.

Davo, I think we can assume that the only reason an 8% shareholder would see full board control is because they have a plan. Probably not the plan you and I would like, but it is a plan.

No one takes over a company and continues the current plan without "butt loads of money" and no one accepts a take over expecting things to remain in place. (like management) If you want that you need to come with money.

These guys come with a "maybe", the current board have shown time and time again that they are willing to do whatever it takes (including diluting themselves) to get money. That says something about tenacity. It also says that the situation has often been more dire than they were willing to let on. So they have done whatever was possible. Good thing when failure means end game.

Now we have a new board proposed, and they are going to speed up the day-to-day operations. That means they are going to find the holes in the current boards plan and heads are going to roll. Whose head, we know the Alaskan team thinks that they are doing great things. Yet nothing is getting done. Hume, I wonder who roles next.

This leaves us with a real mystery. Is it the board that runs the day-to-day or is it the "Alaskan team" that isn't performing and fear of a shakeup is causing the board to keep them in place.

I did see a piece from one of the Hotcopper favorites on this. Alaskaman (whoever that is) went after them.
My point is I think GreenOilMan is right, delays, delays, delays.

Or current management is maintained and dead weight is cut off. (after they raise money)

Or the whole thing is screwed and then nothing will help.

[davo22]

Greenoilman
The one problem with your incoming director default theory is you assume current managemnet can drill the leases, fact is currently they have no money to drill anything......You mention you have a low cost base, I would suggest the cost base is irrelevant,it is all about the returns from here, if the current 900m @4c RI changed to 3.6b @1c to secure the same funding as they are chasing then I would suggest your 3c buy in dont look so good.Is it possible? well I dont suspect there is a lot of love for shareholders at the moment....The new board will see a significant improvement in the sentiment of potential funders and likely arerate in the shareprice and hopefully a staged approach to funding that may be done at increasing prices....I also highly doubt they would just sit idle and watch leases expire...
Regards

[Greenoilman]

Hey Davo,

Thanks for the post. I think I see it differently because i got in just a little over 3 cents. So everywhere I see is up. Unless the new directors are elected, they review the assets and the financial position of the company and decide there isn't time to raise money and not enough time to drill and the leases are lost. This is why I would prefer the current directors or some sort of hybred between the two.

In my experience any management change equates to long delays while they get their hands around what they have. If they come in and say "full stop" they are going to need to come in with butt load of money in order to pay the overhead of the company, overhead on the Jack-up, and if they don't drill they are going to have to re-buy the leases. That probably is going to be expensive if they are bidding against Apache or Hillcorp. That would get me to sell what I got, watch it crater and then if it survives Ill by back in.

I am planning to attend the shareholder meeting in Houston since I need to be there anyway on business. I will be interested to hear what they have to say and what the plan is going forward. Because unlike long term holders, I only care about the future.

I see lots of talk of the Devil I Know vs. the Devil I don't; What I know is that the Devil isn't involved and that I want to see this move forward and not be pushed into divesting half its assets by default. (losing the leases)

[davo22]

Shareprice 3.3c, no cash, significant financial commitments and only 10 bussiness days for you guys to vote....IMO the time for giving management the benefit of the doubt has passed,the reality is this company is on the verge of a whole world of hurt if it cant secure financing in the very short term...The proposed directors are independant and will likely attract the capital needed and I highly doubt they will come anywhere near the proposed 900m share dilution put forward by the current board....The directors combined have only contributed $13,000 for the rights issue, that is very telling...

[Greenoilman]

Ok, well let’s hope Dean is strong enough, fast enough, and well enough connected to get some dollars in the door, defend the vote, and come out successful. If he doesn’t I am out of this stock so fast it will make your head spin.

[DeepDownResources]

I think the performance speaks for itself. The shareprice is sitting under 4 cents. The assets are apraised at 350 million. The analysts say that the stock should be at 10 cents and that this is undervalued. I think if Cosmo hits and these issues with the shareholder meeting are resolved, this stock shoots to 10 and maybe 12 cents.

That’s why I am watching. If the others get ahold of it, it goes to 2 cents, becomes very cheap and goes private.

I guess there is always a risk, that’s why they call it speculative investing!

[OilPatch234]

Well if your right, I can see why Dean is so staunchly defending the shareholders. If you have a chance of making it, and a very real chance of not making it under this team, I agree with him. In fact, if I could hire him I probably would. It is obvious this guy's willing to do whatever it takes to succeed.

I love this idea that he constantly finds a way to defend the company. Whether the bulldog clip thing is real or not, I have to tell you, that was pretty damn clever. And clearly he's also not afraid to take on the system. His complaints to Hotcopper are spot on, just not perceived correctly. Especially if it does come out that the price is being capped by the Chinese. Which BTW, it obviously is. They have a vested interest in keeping it down... I've seen this before. That the info has been planted by them on Hotcopper with the “open letter” and they are manipulating this, I totally get Dean’s point.

This thread, forum, whatever you call it, is not in the best interest of the shareholders. The readers/posters are being manipulated. Whether or not they are all buying into it (after just reading what I did, sure looks like it), the group trying to take hold of the company is being disingenuous. The original email that was posted, said it was from a member of the 'media'. The guy's a director in a PR firm. And what's worse, they didn't even try to hide it.

That's why I like posting here.

One thing is for sure, Dean is fearless.

[DeepDownResources]

Greeny, I agree but in the land of the ASX all things are possible. I am on board with the upside but if a shareholder can come in and throw the breaks on, it ain’t going to happen.

If I am this takeover group, I'm loving this. The shareholder base has been beaten up and are willing to believe that a shareholder with 8% of the company is doing this out of the goodness of their heart. Yea right. Give me a break. They put their pupets in and take over. Pretty soon the Alaskan team is no good (they have taken a really long time to do anything anyway) the capital markets are not conducive to equity raise, the local governtment is not helpful, the “other guys” screwed this up beyond saving. Then it is a fire sale. All shareholders fail, but these investors get a big upside to their personal check books by brokering the assets.

[Greenoilman]

A one to two penny rise on assets that are worth 350 million, are you kidding me?!?!?!?! This should be a 4 or 5 hundred percent rise in share price based on everything I have seen. This is a natural gas play in a land starving for gas, if they don’t develop gas they have a strong portfolio of OIL. Hello, how in the hell could this just be one or two cents?!?!?! New board means new management, and what, another two years of waiting for them to understand Alaska, IF they are going to produce anything.......

[OilPatch234]

Deep Down. I have been reading it. Reads like a drama novel now. Dean's taking a lot of heat for hammering the Hot Copper message board, but you know what? I really like the fact that this guy is such a bull. Bottom line, he'll do anything to defend the company. He has raised all the capital, handled the ups and the downs and now is not going to let it go. I think he sees the threads on Hotcopper as taking a shot at the company and the shareholders.

From my perspective, it is unlikely that an 8% owner can actually accomplish a board spill, but what it's doing is keeping the share price down. Even those attempting the spill acknowledge how good the assets are. I bet they are waiting for the current capital raise to fail, take over and sell. Could mean a 1 or 2 penny rise in share price.