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Buying starting coming in today until an order of 71,899 shares hit the bid.
Thanks for the response Germanium. Now it makes more sense to me. I'm glad it will be a smaller sum of money lost so they can drill again soon.
I wonder if we are going to get bad news about LLDSB #3 om the 10-Q. Originally it was supposed to be connected in October and maybe got delayed until December by the hurricane. But we are in Feb now - it should have been hooked up by now or they botched it.
CLEVERROX; the 3 to 4 million you are talking includes the 2 storage tanks needed, the seperator,(water from crude oil and gas) and the casing, and the lateral casing, 4000 thousand ft.putting that all in the hole, and the cost of fracking which was not used, also the drilling rig which lost power and unable to do the job.naturally they had to quit the hole.and the drill taken into shop to be fixed.they will have to contract for another rig which maybe they have to wait a month or two before they get one.Maybe the rig was to small to drill the tough shale rock above the ML.maybe a clause in contract penalizing the drilling co because they unable to do the job.also Mesa has allready bought the tanks, the seperator,the casing and the lateral line, so when they drill the next well they have all the equipment needed except the fracking.I believe they drill another ML horizonal well before drilling in wyoming in august.IMO
Where do you get the half a million for the cost Germanium? The well would normally cost $3M - $4M to fully complete and they were already 1/2 way there. I don't know how much of the cost is the fraccing.
I believe Mesa energy drilled to about 5,000 ft when they ran into problems while the drill rig was starting to make the 45 degree turn so the drill would come into the ML on a horizonal level, they ran into some tough shale and the drill rig lost power. yes there would have been oil in the ML at this site if they had reached it.so my guess is I don't think they spent much over half a million dollars on this hole and this will not hurt them at all. I have bought a lot of shares in the 0.1301, 0.131.and 0.132 area. I am buying while the others or selling.if you can be patient it will pay off IMO.I believe they will hit a well in OK or Wyoming this year and we will be on our way.I won't to see how much money they have on hand at end of 4th quarter 2012 that will give me a clue. hang in there.
I was playing the one-well-stock-flip game and technically lost as the well was a failure. However, it looks like I will not be penalized for it in the short-term as I was able to sell some at 0.14 after the news. I'm not going to place another sell order immediately as it looks somewhat supported at this level. I doubt the recompletion is the reason and suspect the looming merger is somehow providing the base. I am wary of the merger as I just don't trust this size company to look-out for the shareholder...but I guess you never know. I'll cautiously hold and watch next weeks action.
Hopefully they didn't spend but half of the drilling price of $4M on this hole. LH well is good news but if it is low pressure it could fizzle out quickly. Not sure where they are going from here. Sounds like next drilling would be the Niobrara.
Short-term catalyst gone.
Looks like no reason for MSEH shares to run up anytime soon. Mechanical problems and a section made of titanium prevented further drilling (just kidding)...
It was just a failure and that's how people perceive this. Now, they do have data, and that may have some value but only way to know is for them to give it a shot elsewhere.
They have little room for error and can't make the same mistake twice as it will result in selling stock to raise capital to keep operating, IMO.
The next drilling operation needs to be a win. Glad they countered the failure with extracting more oil from Louisiana.
Merger is a delicate situation in the weeks to come, nothing spectacular to look forward to with earnings. I think we will be looking for Niobara drilling project next and optimism will be converted to skepticism with a little fear.
Any success in a future project will catapult AOIL (new MSEH) shares much much higher but that is months out.
If you continue to believe in management, it would be the right to buy as short-term holders will probably sell out.
Good luck.
Short-term catalyst gone.
Looks like no reason for MSEH shares to run up anytime soon. Mechanical problems and a section made of titanium prevented further drilling (just kidding)...
It was just a failure and that's how people perceive this. Now, they do have data, and that may have some value but only way to know is for them to give it a shot elsewhere.
They have little room for error and can't make the same mistake twice as it will result in selling stock to raise capital to keep operating, IMO.
The next drilling operation needs to be a win. Glad they countered the failure with extracting more oil from Louisiana.
Merger is a delicate situation in the weeks to come, nothing spectacular to look forward to with earnings. I think we will be looking for Niobara drilling project next and optimism will be converted to skepticism with a little fear.
Any success in a future project will catapult AOIL (new MSEH) shares much much higher but that is months out.
If you continue to believe in management, it would be the right to buy as short-term holders will probably sell out.
Good luck.
Well Mesa Energy did not complete the first well in the ML in Oklahoma,this is a set back, but look at it this way, the vertical well did not cost them over 1 million dollars to drill because they never did drill the 4,000 ft lateral or test it or put in the casing. so that is a positive.Early in the drilling process they ran into problems so I dont know how deep they drilled they did not say. so their costs were not not that great.
MSEH News...Mesa Energy Holdings, Inc. Provides Drilling and Operational Update
DALLAS, Jan 31, 2013 (BUSINESS WIRE) -- Mesa Energy Holdings, Inc. (the
"Company") (OTCBB: MSEH),
an oil and gas exploration and production company, announced today that it has
completed a successful workover of the LLDSB # 10 well in its Lake Hermitage
Field in Plaquemines Parish, Louisiana and that the initial results have been
promising, with daily production rates as high as 200 BOD. The Company is
continuing its workover and recompletion activity in the field and expects
additional results soon.
Due to a series of complications, the Company has abandoned the Thomas Unit #6H
well in its Turkey Creek Project in Garfield County, Oklahoma. The mechanical
failure of a drilling motor assembly combined with a very difficult shale
section just above the Mississippi Limestone precipitated a series of issues
that ultimately could not be overcome. However, the extensive logging and
testing of the pilot hole early in the drilling process has provided the Company
with valuable information, not only about the Mississippian Lime but also about
the Woodford Shale, a highly prospective zone immediately beneath it. The team
will fully evaluate the results of this effort and is looking forward to
additional drilling and expansion of the Company's
acreage position in the Mississippian Limestone play later this year.
"We are pleased with the activities in the Lake
Hermitage Field but are obviously disappointed in the mechanical failure and
subsequent abandonment of the Thomas #6H well. Complications associated with
initial drilling activities in a new field are a part of the challenges that any
company endures; however we are very encouraged with the preliminary findings
and we are confident that our next efforts in the Mississippian Limestone will
be successful," said Randy M. Griffin, CEO of Mesa
Energy Holdings, Inc. Mr. Griffin added, "Also, we
expect to close our transaction with Armada Oil, Inc. in the very near future
and to begin preparations for commencement of an additional horizontal drilling
program in the Niobrara Shale in southeast Wyoming later this
year."
About Mesa Energy Holdings, Inc.
Headquartered in Dallas, TX, Mesa Energy Holdings, Inc. is a growth-oriented
Exploration and Production (E&P) company with a definitive focus on growing
reserves and net asset value per share, primarily through the acquisition and
enhancement of high quality producing properties and the development of highly
diversified developmental drilling opportunities. The company currently owns
producing oil properties in Plaquemines and Lafourche Parishes in Louisiana as
well as developmental properties in Garfield and Major Counties, OK and Wyoming
County, NY.
More information about the Company may be found at http://mesaenergy.us.
Forward-Looking Statements
Certain statements in this news release, which are not historical facts, are
forward-looking statements. These statements are subject to risks and
uncertainties. Words such as "expects", "intends", "plans", "may", "could",
"should", "anticipates", "likely", "believes" and words of similar import also
identify forward-looking statements. Forward-looking statements are based on
current facts and analyses and other information that are based on forecasts of
future results, estimates of amounts not yet determined and assumptions of
management. Actual results may differ materially from those currently
anticipated due to a number of factors which may be beyond the reasonable
control of the Company, including, but not limited to, the
Company's ability to locate and acquire suitable
interests in oil and gas properties on terms acceptable to the Company, the
availability and pricing of additional capital to finance operations and
leasehold acquisitions, the ability of the Company to build and maintain a
successful operations infrastructure, the intensity of competition and changes
and volatility in energy prices. Readers are urged not to place undue reliance
on the forward-looking statements, which speak only as of the date of this
release. We assume no obligation to update any forward-looking statements in
order to reflect any event or circumstance that may arise after the date of this
release. Additional information on risks and other factors that may affect the
business and financial results of the Company can be found in the filings of the
Company with the U.S. Securities and Exchange Commission at www.sec.gov.
http://cts.businesswire.com/ct/CT?id=bwnews&sty=20130131005294r1&sid=cmtx4&distro=nx
SOURCE: Mesa Energy Holdings, Inc.
CONTACT:
Mesa Energy Holdings, Inc.
IR@mesaenergy.us
972-490-9595
Copyright Business Wire 2013
-0-
KEYWORD: United States
North America
Texas
INDUSTRY KEYWORD: Energy
Oil/Gas
Natural Resources
Mining/Minerals
Other Natural Resources
Environment
SUBJECT CODE: Product/Service
I've never seen a great company built by diluting over and over to acquire things. The goal should be to build shareholder value per share, not the biggest conglomerate possible. I hope management is smart enough to realize that shareholder equity is not an endless piggybank. If they think they can go to the NYSE and then immediately dilute to raise cash for this aggressive Niobrara deal - I predict now it will be a disaster for shareholders. They will end up issuing shares while trading at 2x - 4x times earnings - and that is a sin and a heinous crime.
They need to borrow money from a bank this time around to drill the Niobrara and give the stock some time to settle on the NYSE before using it to raise capital.
it has been 43 days come friday since randy griffin of Mesa Energy announced the start of drilling on the well in oklahoma.I started to drive up there from Ft Worth Texas to snoop around there and try to find out something.but the weather at times has been bad.I think the reverse split will be 1 for 2 when Aoil does the split.heck emerald oil EOX had a 1 for 7 reverse split so I dont know for sure. but I believe they will authorize up to 100 million share or more so they can buy out other small operators or leases when they make the announcement.We should know in a little over 2 weeks so hold on. good luck to all.
All these new filings provide room for speculation. Why did Ray and Randy cancel Randy's right to buy from Ray? To clear the way for a fast approaching merger or risk has been mitigated? Wonder how drilling is going thus far. Any leaks? Anyone with eyes on ground?
I agree with your estimate of 45-50 days from spud to flow test, especially for a hz well with a TD of only 11,700'. They may have to wait for a frac date depending on activity level in the area. 50 days from Dec 18 is about Feb 6. I expect to hear results by mid-Feb for the well. It could be sooner IMO if all goes well and they release initial production after only a few days. If they want to sell shares they'll release the first day IP and not a 30-day avg IP.
Your welcome just my .02 centsI like the action on aoil today all offer stock bought.
Thanks for sharing perspective
WEll thats the way I see it. Aoil is starting to lift and mseh has been basing .14 to .15 for awhile. The longer the base the longer the move. I believe mseh attempts to go to .20 area this months seems realistic. As Aoil trends up so will mseh even more.
Celtics,
Read ur post. I like the idea people see value in mseh as i have a vested interest. However pegging mseh value against aoil prior to merger is not the est approach as post merger we could be up much higher or if selling ensues lower...it has hit .38 before. Good luck...eish us all well
im buying mseh. REASON: aoil was .65 bid today so .65x.40 is .26 thats close to 85% discount imo here.
The number of shares you hold in Mesa energy just multipy by 40 and thats the number of Armada Oil shares you will get after the merger. then after the merger you will own only have of the SHARES of Armada. I called twenty twenty oil company in Hennessey Oklahoma Ph 405-853-4607. zip 737742 zip code. to see if Mesa had completed the well they were drilling on property I think they farmed out to them their phone rang, but I was never able to get ahold of them. maybee you can try, this I think is a small local telephone co. go to google and put in twenty twenty oil co,Garfield county Okla.But their office is in Kingfisher co, Okla.February 18 and February 28th are last days for the merger.We will know 4th quarter and year end report of Mesa energy and operations report by Feb 15. I look for good news. good luck to all of us stockholders.
gaininmo,
If MSEH would hit $1, we would have to vote no for a merger.
At $1, there is no way AOIL at a volatile price range, with entry points recorded at .40 is a good deal.
The merger agreement would have to be amended to be 1.5-2 shares of AOIL for one of MSEH.
It seem like a bunch of nonsense about ratios considering when the company's merge and outstanding shares reduced, it will be financially stronger on paper.
Shareholders have a right to be a little ill-tempered but mgmt has alot at stake and decided this was best to raise capital and get moving on their drilling and exploration plan.
Next short-term catalyst can be positive or negative. If they succeed at drilling a decent well, it will definitely be a positive. If it is dry or low BPOE this could really be a negative and could lead to a very tight financial situation considering the costs associated with exploration.
I do remember mention of talk about drilling on AOILs leases then end of Q4 but no mention to date on the success of that plan.
Definitely some funny trading going on but what do we expect?
Something looks fishy about Mesa Energy trading, they are showing a bid of .11 for 1/2 million shares, and 1,000,000 million shares to sell when you go in to buy shares of Mesa. maybe a error. but it could happen at end of trading today . I have seen things like this happen before amoung large traders. Well we'll see.
you seem very well informed biztech...
I look forward to $1.00 as MSEH
thats when I look forward to the merger at .40/share.
I am gonna stick with optimism Biztech.
all imo of course
Mseh will not hit $1, imo...
Merger will go thru and you will multiply .40 times share price of aoil to determine the value of ou mseh versus our average cost per share...
If aoil hits $1 multiply by .40 to get mseh share price as if we were still mseh.
Read the recent filing by mseh and took some notes. Dont have it hand now but there will be cash and some shares issued to the company handling the merger. 350k worth of shares and 400k cash llus 10k !a month until deal is done starting in nov.
Also company providing fairness opinion also gets paid...
I imagine tbey wont be hokding long term.
Plan for some delay in having aoil shares available for trading so wont be easy to cash out nedt day at a premium...ateast retail wont.
Good luck...read prospectus via nasdaq or sec filings link.
When MSEH hits $1.00 i am taking my principal out...
hail mary long with my gains
I am looking forward to $5 MSEH some day (higher with merger)
been acquiring MSEH for over a year now
my avg buy is .10 with right under 700k shares
not quite at biztech level but I ALSO am tapped out
I am glad I found this community
I got on board today in the same range. However, not so much as a play on aoil deal but speculation that the horizontal well will be a success. I am not looking long term at the moment but maybe I'll change my mind.
Im buying here today .14 to .145 I think its bottomed out and when this deal goes thru imo Mesa will lift. Aoil approx at .50 so .4 x .50 is .20 mseh now.
Germanium123,
I agree with alot ofbur points...
Not so sure about increase related to anything meaningful due small volume...could be bad order to market or msrgin call purchase...
Didnt see a ything meaninful on armadas site concerning drilling...
Didnt see anything about 1000 bpoe in wyoming
I have already purchased enough...im tapped out at 1 million
re Biztech. your statement about a 5 for 1 reverse stock split for Aoil would certainly rocket the stock higher, even a 3 for 1 reverse split would send it much higher. if you buy Mesh stock now at 0.14 , it would be like buying Aoil for 0.35 cents per share right now before the Aoil buyout of Mesa Energy.I have bought a lot last couple of days. on Aoil web page they show production of Mesa in LA at 500 to 600 BOE per day. also show horizonal wells completed on all sides of our land in wyoming some of them coming in at 1,000 boe oil per day. also Aoil show they hold interest in 34,000 thousand acres in the Niobrara shale in Wyoming. 41 square miles. Aoil stock hit 84 cents today something going on. let the wells come in. good luck to all of us.
Regarding the merger of Mesa Energy, and Aoil, I believe if you hold 300 thousand shares of Mesa energy, then you would have 120 thousand shares of Aoil, then after the next reverse split by Aoil you would only hold 60,000 thousand shares of Aoil.if it is a reverse 2 for one shARES OF aOIL.IF YOU paid 0.13 cents per share for Mesa energy you have 39,000 dollars invested. so Aoil would have to trade at about $ .64 cents to break even. I don't see a 5 for 1 reverse split. there will only be about 28 milion total shares of Aoil after the buyout and split. and the Co owns over 50 percent of the shares. so only about 15 million shares will be trading or less. this is my guess since i don;t have all the info. if the wells come in, it will be good for us. imo
Germanium123,
What price do you think aoil will be at at point of merger...at wha price do u think it will be at after reverse merger?
I believe results of well will come out before merger is effected. Mseh shares will rise and so will aoil...if aoil goes to $1 a reverse merger will like be a 1 for 5 and take share price to $5...but only means aoil was at $1 valuing ur mseh shares at .40...
Many other variables may take place but if aoil goes to $1 i suspect it goes to $5 or greater and a new offering to raise capital for more projects if first is successful and aoil 3d proves valuable for future projects on aoil leaees..
...good luck
In my opinion always
I believe Mesa will complete the Horizonal well sometimes this month in the Miss limestone in OK. if this well is over 300 BOE per day than it will be producing more than all the wells we have in LA.I talked to Mr Jay Roberts of Mesa the other day, he lives in Keller Texas,just NE of Ft Worth. he seems to be very upbeat about the future of Mesa and Aoil. Mesa shareholders could have made alot more money if the merger did not happen.but this is still a good deal.after the merger and reverse split by Aoil, there will only be about 15 Million shares trading on the exchange. The management will hold the other half of shares.The shares will jump over a dollar and they will get listed on the ASE or NASDAQ. IMO. my price target is $ 2.50 by year end.IMO
Typically it takes 45-50 days from spud to flow test. You aren't going to see a flow rate any time soon. I'd say it will likely take longer with this being their first well.
Holding for that $2.00 range Germanium!
I hope so. Happy new year!
Holding 1.3M+.
I believe mesa energy is rushing to complete the Horizonal oil well in the Miss Limestone in OK. They would like to have some good news ending the year.Randy griffin has already stated that.I thing also they may have options on land nearby to LEASE IF the well is a good producer.otherwise they pay more for the leases.if Armada and Mesa merge it is possible Armada stock hit $2.00 dollARS before end of 2013.A PR should come out within the next 15 days. IMO This all depends on price of oil, markets, ect. Happy new year to all of us left holding Mesa stock.I still have some 275,000 shs left holding on for a good profit. I will buy more mesa at 0.135 or under.
MSEH NEWS...Mesa Energy Holdings, Inc. Announces the Commencement of Drilling in the
Mississippian Lime in Northwest Oklahoma
DALLAS, Dec 18, 2012 (BUSINESS WIRE) -- Mesa Energy Holdings, Inc. (the
"Company") (OTCBB: MSEH),
an oil and gas exploration and production company, announced today that it has
commenced drilling of the Thomas Unit #6H in its Turkey Creek Project in
Garfield County, Oklahoma. This horizontal well will be drilled to a total
measured depth (TMD) of approximately 11,700 feet including a horizontal lateral
of approximately 4,000 feet. The Company owns a 100% working interest in the
well and, through its wholly-owned subsidiary, Mesa Midcontinent, LLC, is the
operator.
Once the well is drilled to total depth (TD), the Company expects to run
production casing and schedule a multi-stage frac. The Company also anticipates
drilling a salt water disposal well on the same location that will serve
multiple production wells. The Mississippian Limestone in the area of interest
is at a vertical depth of approximately 7,200 feet and is approximately 500 feet
thick. Potential reserves in the Mississippian have been reported to be in the
range of 300,000 to 500,000 BOE per well.
The Mississippian Lime is an oil-rich carbonate play covering 6.5 million acres
in Oklahoma and Kansas and has been developed with vertical wells for over 30
years. Several thousand vertical Mississippian wells have been drilled in
northern Oklahoma and the nearby wells with current and past Mississippian
production have provided the Company with a wealth of data. Companies operating
in the Mississippian Lime play include Chesapeake, SandRidge, Devon and Range
Resources. The Company currently holds leases or farm out agreements on
approximately 3,400 net mineral acres in the play and is continuing to lease
additional acreage and to pursue additional farm out agreements.
"We are excited to be kicking off our drilling program
in the Mississippian Lime and look forward to expanding our drilling program and
acreage position in 2013," said Randy M. Griffin, CEO
of Mesa Energy Holdings, Inc. Mr. Griffin added, "We
expect to begin preparations for the commencement of an additional horizontal
drilling program in the Niobrara Shale in southeast Wyoming in
2013."
About Mesa Energy Holdings, Inc.
Headquartered in Dallas, TX, Mesa Energy Holdings, Inc. is a growth-oriented
Exploration and Production (E&P) company with a definitive focus on growing
reserves and net asset value per share, primarily through the acquisition and
enhancement of high quality producing properties and the development of highly
diversified developmental drilling opportunities. The company currently owns
producing oil properties in Plaquemines and Lafourche Parishes in Louisiana as
well as developmental properties in Garfield and Major Counties, OK and Wyoming
County, NY.
More information about the Company may be found at http://mesaenergy.us.
Forward-Looking Statements
Certain statements in this news release, which are not historical facts, are
forward-looking statements. These statements are subject to risks and
uncertainties. Words such as "expects," "intends," "plans," "may," "could,"
"should," "anticipates," "likely," "believes" and words of similar import also
identify forward-looking statements. Forward-looking statements are based on
current facts and analyses and other information that are based on forecasts of
future results, estimates of amounts not yet determined and assumptions of
management. Actual results may differ materially from those currently
anticipated due to a number of factors which may be beyond the reasonable
control of the Company, including, but not limited to, the
Company's ability to locate and acquire suitable
interests in oil and gas properties on terms acceptable to the Company, the
availability and pricing of additional capital to finance operations and
leasehold acquisitions, the ability of the Company to build and maintain a
successful operations infrastructure, the intensity of competition and changes
and volatility in energy prices. Readers are urged not to place undue reliance
on the forward-looking statements, which speak only as of the date of this
release. We assume no obligation to update any forward-looking statements in
order to reflect any event or circumstance that may arise after the date of this
release. Additional information on risks and other factors that may affect the
business and financial results of the Company can be found in the filings of the
Company with the U.S. Securities and Exchange Commission at www.sec.gov.
SOURCE: Mesa Energy Holdings, Inc.
CONTACT:
Mesa Energy Holdings, Inc.
IR@mesaenergy.us
972-490-9595
Copyright Business Wire 2012
-0-
KEYWORD: United States
North America
Oklahoma
Texas
INDUSTRY KEYWORD: Energy
Looks like folks at AOIL are busy ramping up on plan execution:
http://www.findingpetroleum.com/n/Armada_Oil_commissions_Geokinetics_3D_survey_of_Niobrara/49955a7f.aspx
I see it as a positive and explains a little of the buying. I'm sure some of you are picking up shares and will begin cheerleading once you've accumulated enought to be happy with.
Merry Christmas!
i have not given up on mesa energy,my posts are sometimes negative,however i am still buying bought 40,000 shares at 0.131 and 0.132 and will buy more shares under 0.1350.randy griffin said the well they are drilling in the miss limestone would be completed by the end of this month in oklahoma. besides the other wells in La.if this well in oklahoma comes in at 300 to 350 barrels.then I think were off to the races.after the reverse split there should not be more than 30 to 40 million shares out there.imo
Contingent on the uplisting happening as planned - MSEH should be a good buy at these prices.
Assuming AOIL has 54M shares outstanding and AOIL will earn $4M a year the EPS would be $0.08. As a NYSE stock we should get a minimum P/E of 6 or $0.48.
If they drill a successful well or two I think BOTH the EPS will go up AND the P/E ratio will go up.
PE 6 = $0.48 * 0.4 = $0.192
PE 8 = $0.64 * 0.4 = $0.256
PE 10 = $0.10 * 0.4 = $0.32
I find the 38% dilution (minus AOIL assets) annoying but the AMEX uplisting should make up for it when you consider MSEH trades at a P/E of 2-3 today.
cleverrox- thanx for the clarification. I didn't realize they were gifted to friends and family as restricted stock, probably got talked about while I wasn't keeping up.
Good luck, hopefully works out well.
I think this has been covered before, but Monnie and Williard gifted some shares to friends and family. Those shares are all restricted. They are not hitting the market.
We have 86M shares outstanding so there is plenty of room for people other than insiders to sell. This is an SEC reporting company. I think we'd spend our time better analyzing other things. Maybe we get a spud in MS Lime soon. Should be lots of things happning the next few months.
cleverrox- remember those milions of shares Monnie and Bud gifted? Why wouldn't those shares be allowed to be sold into the open market without our knowledge? The receivers of the shares wouldn't need to report unless they were 5%+ holders, insiders, etc correct?
The part I mentioned about CEO possibly receiving them was just off top of head BTW and you are right, that probably would need to have been documented. Just saw the share count #s and thought maybe that was where the gifted shares went.
I could never find a trail showing where all the gifted shares went which bugged me a bit but the op results back then were enough to keep me in the game. Now I only hold a small position.
Good luck, all IMO...
MSEH...
Not me,, I have moved on and will not look back.. I only have one oil stock and continue to add to it whenever I can.. I think my last post says it all..GLTA.. hank
Insiders would have to fill out forms if they were buying and selling. This share movement talk is a bunch of hoopla about nothing. There is no evidence of it - only speculation. If you owned 4M or 8M shares you wouldn't be selling it on the open market anyway. You would find someone to buy the block.
OK so maybe those shares are being sold out there. Was just a hypothetical. I only have a small position now to monitor how things go but really felt like thiswas an inside job in many ways... Just IMO only.
Good luck.
Another 60k today. Thank you for selling. See we now have 65 followers, another person moving on. Year end selling makes sense for some who want to write off losses against other gains.
See a big block up for sale, I'd buy it all if it were a few days ago....too late someone else will have to get that deal! Hank? Steven P? They are all yours....
Thank you for removing all the junk I had to scroll all the way down. I'm holding waiting for an update end of December/Early January.
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Mesa Energy Holdings, Inc. Now Eligible and Trading on OTCBB |
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MESA ENERGY HOLDINGS, INC.
CONSOLIDATED BALANCE SHEETS
December 31, 2011 | December 31, 2010 | |||||||
ASSETS | ||||||||
Current assets: | ||||||||
Cash and cash equivalents | $ | 3,182,392 | $ | 6,096 | ||||
Accounts receivable - oil and gas | 2,460,260 | - | ||||||
Accounts receivable - other | 58,818 | 8,348 | ||||||
Derivative assets, commodity contracts - current | 656,413 | - | ||||||
Deferred financing costs - current | 51,507 | 135,552 | ||||||
Prepaid expenses | 3,971 | 3,750 | ||||||
TOTAL CURRENT ASSETS | 6,413,361 | 153,746 | ||||||
Oil and gas properties, successful efforts accounting: | ||||||||
Properties not subject to amortization less accumulated impairment of $0 and $247,500, respectively | - | - | ||||||
Proved properties subject to amortization less accumulated depletion and impairment of $2,359,193 and $898,483, respectively | 6,727,027 | - | ||||||
Support facilities and equipment less accumulated depreciation of $100,724 and $0, respectively | 2,076,777 | - | ||||||
Land | 48,345 | 38,345 | ||||||
Net oil and gas properties | 8,852,149 | 38,345 | ||||||
Property and equipment less accumulated depreciation of $2,854 and $5,203, respectively | 31,834 | - | ||||||
Deferred tax asset - noncurrent | 3,088,740 | - | ||||||
Deferred financing cost - noncurrent, net of accumulated amortization of $287,943 and $147,072, respectively | 28,431 | - | ||||||
Derivative assets, commodity contracts - noncurrent | 282,537 | - | ||||||
Deposits on asset retirement obligations | 640,000 | 40,000 | ||||||
Other assets | 5,000 | - | ||||||
TOTAL ASSETS | $ | 19,342,052 | $ | 232,091 | ||||
LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT) | ||||||||
Current liabilities: | ||||||||
Accounts payable - trade | $ | 1,518,603 | $ | 67,409 | ||||
Revenue payable | 796,221 | - | ||||||
Accrued expenses | 259,808 | 778,240 | ||||||
Accrued expenses - related parties | 54,840 | 131,832 | ||||||
Deferred tax liability - current | 212,781 | - | ||||||
Notes payable - related parties | - | 21,000 | ||||||
Notes payable - current | 466,655 | 20,000 | ||||||
Convertible notes payable - current | - | 1,480,000 | ||||||
TOTAL CURRENT LIABILITIES | 3,308,908 | 2,498,481 | ||||||
Non-current liabilities: | ||||||||
Long term debt - related parties | - | 451,400 | ||||||
Notes payable - noncurrent | 5,162,018 | - | ||||||
Convertible notes payable, net of discount of $4,279 and $0, respectively | 461,740 | 665,000 | ||||||
Derivative liability, convertible debt - noncurrent | 113,083 | - | ||||||
Asset retirement obligations | 3,450,252 | 80,217 | ||||||
TOTAL LIABILITIES | 12,496,001 | 3,695,098 | ||||||
Commitments and contingencies | - | - | ||||||
Stockholders' equity (deficit): | ||||||||
Preferred stock, par value $0.0001, 10,000,000 shares authorized, -0- shares issued and outstanding | - | - | ||||||
Common stock, par value $0.0001, 300,000,000 shares authorized, 79,531,616 and 40,232,021 shares issued and outstanding, respectively | 7,953 | 4,023 | ||||||
Additional paid-in capital (deficiency) | (633,745 | ) | (6,786,915 | ) | ||||
Retained earnings | 7,471,843 | 3,319,885 | ||||||
TOTAL STOCKHOLDERS' EQUITY (DEFICIT) | 6,846,051 | (3,463,007 | ) | |||||
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT) | $ | 19,342,052 | $ | 232,091 |
See accompanying notes to consolidated financial statements.
F - 3 |
MESA ENERGY HOLDINGS, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
Year Ended December 31, | ||||||||
2011 | 2010 | |||||||
Revenues | $ | 6,941,354 | $ | 61,647 | ||||
Operating expense: | ||||||||
Lease operating expense | 2,830,241 | 33,407 | ||||||
Exploration cost | 129,478 | 13,492 | ||||||
Depletion, depreciation, amortization, accretion and impairment | 1,429,100 | 1,136,305 | ||||||
General and administrative expense | 1,855,282 | 2,017,244 | ||||||
Gain on sale of oil and gas properties | (22,396 | ) | - | |||||
Total operating expense | 6,221,705 | 3,200,448 | ||||||
Income (loss) from operations | 719,649 | (3,138,801 | ) | |||||
Other income (expense): | ||||||||
Interest income | 2,886 | 3,805 | ||||||
Interest expense | (549,512 | ) | (1,077,269 | ) | ||||
Realized gain on commodity contracts | 137,358 | - | ||||||
Unrealized gain on change in derivatives - commodity contracts | 938,950 | - | ||||||
Unrealized gain (loss) on change in derivatives - convertible debt | (113,083 | ) | 10,773,500 | |||||
Gain on settlement of accounts payable with common stock | 286,041 | - | ||||||
Loss on conversion of debt - related party | (62,306 | ) | - | |||||
Loss on extinguishment of debt | (17,620 | ) | - | |||||
Other income | 25,803 | - | ||||||
Total other income | 648,517 | 9,700,036 | ||||||
Income before income taxes | 1,368,166 | 6,561,235 | ||||||
Income tax benefit | 2,783,792 | - | ||||||
Net income | $ | 4,151,958 | $ | 6,561,235 | ||||
Net income per share: | ||||||||
Basic | $ | 0.07 | $ | 0.16 | ||||
Diluted | $ | 0.06 | $ | 0.13 | ||||
Weighted average number of common shares outstanding: | ||||||||
Basic | 61,494,530 | 39,932,479 | ||||||
Diluted | 67,905,495 | 49,190,627 |
See accompanying notes to consolidated financial statements.
F - 4 |
MESA ENERGY HOLDINGS, INC.
CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY (DEFICIT)
For the Years Ended December 31, 2011 and 2010
Common Stock | Additional | Retained | ||||||||||||||||||
Par | Paid-In | Earnings | ||||||||||||||||||
Shares | Value | Capital | (Deficit) | Total | ||||||||||||||||
Balances at December 31, 2009 | 39,385,700 | $ | 3,939 | $ | (5,457,156 | ) | $ | (3,241,350 | ) | $ | (8,694,567 | ) | ||||||||
Share-based compensation | 372,900 | 37 | 1,131,504 | - | 1,131,541 | |||||||||||||||
Conversion of convertible debt and accrued interest | 473,421 | 47 | 185,557 | - | 185,604 | |||||||||||||||
Discount on convertible debt | - | - | 665,000 | - | 665,000 | |||||||||||||||
Derivative liability on convertible debt | - | - | (3,311,820 | ) | - | (3,311,820 | ) | |||||||||||||
Net income | - | - | - | 6,561,235 | 6,561,235 | |||||||||||||||
Balances at December 31, 2010 | 40,232,021 | 4,023 | (6,786,915 | ) | 3,319,885 | (3,463,007 | ) | |||||||||||||
Shares issued for cash | 320,000 | 32 | 39,968 | - | 40,000 | |||||||||||||||
Share-based compensation | 816,967 | 83 | 324,242 | - | 324,325 | |||||||||||||||
Shares issued to settle accounts payable | 1,250,000 | 125 | 177,195 | - | 177,320 | |||||||||||||||
Conversion of convertible debt and accrued interest | 14,646,628 | 1,464 | 2,463,624 | - | 2,465,088 | |||||||||||||||
Common shares issued to induce debt conversion | 1,036,000 | 103 | 111,871 | - | 111,974 | |||||||||||||||
Shares issued for acquisition of Tchefuncte Natural Resources, LLC | 21,200,000 | 2,120 | 2,965,880 | - | 2,968,000 | |||||||||||||||
Shares issued in exchange for personal guarantees on debt | 30,000 | 3 | 4,647 | - | 4,650 | |||||||||||||||
Debt discount | - | - | 5,743 | - | 5,743 | |||||||||||||||
Related party forgiveness of debt | - | - | 60,000 | - | 60,000 | |||||||||||||||
Net income | - | - | - | 4,151,958 | 4,151,958 | |||||||||||||||
Balances at December 31, 2011 | 79,531,616 | $ | 7,953 | $ | (633,745 | ) | $ | 7,471,843 | $ | 6,846,051 |
See accompanying notes to consolidated financial statements.
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F - {C}5{C} |
MESA ENERGY HOLDINGS, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
For the Years Ended December 31, 2011 and 2010
Year Ended December 31, | ||||||||
2011 | 2010 | |||||||
CASH FLOWS FROM OPERATING ACTIVITIES | ||||||||
Net income | $ | 4,151,958 | $ | 6,561,235 | ||||
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ||||||||
Depreciation, depletion, amortization, accretion and impairment expense | 1,429,100 | 1,136,305 | ||||||
Deferred income taxes | (2,875,959 | ) | - | |||||
Share-based compensation | 324,325 | 1,131,541 | ||||||
Gain on sale of oil and gas assets | (22,396 | ) | - | |||||
Amortization of debt discount charged to interest expense | 1,464 | 665,000 | ||||||
Amortization of deferred financing cost | 140,871 | 147,072 | ||||||
Induced debt conversion expense charged to interest expense | 111,974 | - | ||||||
Shares issued for continuation of loan guarantees charged to interest expense | 4,650 | - | ||||||
Unrealized gain on change in derivative values | (825,867 | ) | (10,773,500 | ) | ||||
Gain on settlement of accounts payable with common stock | (286,041 | ) | - | |||||
Loss on conversion of debt - related party | 62,306 | - | ||||||
Loss on extinguishment of debt | 17,620 | - | ||||||
Changes in operating assets and liabilities: | ||||||||
Accounts receivable - oil and gas | (450,172 | ) | 17,546 | |||||
Accounts receivable - other | (50,470 | ) | - | |||||
Prepaid and other current assets | 11,669 | - | ||||||
Accounts payable and accrued expenses | 904,849 | 670,483 | ||||||
Revenue payable | 663,747 | - | ||||||
Accrued expenses - related party | 50,823 | 27,373 | ||||||
CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES | 3,364,451 | (416,945 | ) | |||||
CASH FLOWS FROM INVESTING ACTIVITIES | ||||||||
Release of restricted cash | - | 20,000 | ||||||
Cash received for sale of oil and gas property | 17,960 | - | ||||||
Cash paid for acquisition of Tchefuncte Natural Resources, LLC, net of cash acquired | (4,809,368 | ) | - | |||||
Cash paid for development of oil and gas properties | (569,689 | ) | (435,462 | ) | ||||
Cash paid for support facilities and equipment | (246,214 | ) | - | |||||
Cash paid for furniture and fixtures | (6,319 | ) | - | |||||
CASH USED IN INVESTING ACTIVITIES | (5,613,630 | ) | (415,462 | ) | ||||
CASH FLOWS FROM FINANCING ACTIVITIES | ||||||||
Proceeds from issuance of stock | 40,000 | - | ||||||
Proceeds from borrowings on debt, net of financing costs | 5,713,086 | 20,000 | ||||||
Proceeds from borrowings on convertible debt, net of financing costs | - | 573,362 | ||||||
Proceeds from borrowings on debt - related party | 72,000 | 21,000 | ||||||
Principal payments on long-term notes payable | (306,611 | ) | - | |||||
Principal payments on debt - related party | (93,000 | ) | (43,000 | ) | ||||
CASH PROVIDED BY FINANCING ACTIVITIES | 5,425,475 | 571,362 | ||||||
NET CHANGE IN CASH | 3,176,296 | (261,045 | ) | |||||
CASH AT BEGINNING OF YEAR | 6,096 | 267,141 | ||||||
CASH AT END OF YEAR | $ | 3,182,392 | $ | 6,096 | ||||
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION | ||||||||
Cash paid for interest | $ | 210,495 | $ | 578 | ||||
Cash paid for income taxes | $ | - | $ | - | ||||
NON-CASH INVESTING AND FINACING TRANSACTIONS | ||||||||
Accrued oil and gas development cost | $ | 36,364 | $ | (30,000 | ) | |||
Common stock issued for purchase of Tchefuncte Natural Resources, LLC | $ | 2,968,000 | $ | - | ||||
Derivative liability | $ | - | $ | 3,311,820 | ||||
Common stock issued for the conversion of notes payable and accrued interest | $ | 2,465,088 | $ | 185,604 | ||||
Promissory note and accrued interest exchanged for convertible note | $ | 41,019 | $ | - | ||||
Debt discount on convertible note | $ | 5,743 | $ | - | ||||
Common stock issued to settle accounts payable | $ | 177,320 | $ | - | ||||
Forgiveness of accrued salary by CEO recorded as contributed capital | $ | 60,000 | $ | - |
See accompanying notes to consolidated financial statements.
{C}
F - {C}6{C} |
MESA ENERGY HOLDINGS, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
NOTE 1 - ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES
Organization
Mesa Energy, Inc. ("MEI") is a wholly owned subsidiary of Mesa Energy Holdings, Inc. (the "Company"). MEI's predecessor entity, Mesa Energy, LLC, was formed in April 2003 as an exploration and production company in the oil and gas industry. MEI's oil and gas operations are conducted through itself and its wholly owned subsidiaries. MEI is a qualified operator in the State of New York and operates the Java Field. Mesa Gulf Coast, LLC, a wholly owned subsidiary, operates all properties in Louisiana. Mesa Energy Operating, LLC is a qualified operator in the states of Texas, Oklahoma, and Wyoming.
On July 22, 2011, MEI acquired Tchefuncte Natural Resources, LLC ("TNR"). TNR owns interests in 80 wells and related surface production equipment in five fields located in Plaquemines and Lafourche Parishes in Louisiana. The operator of all operated properties in Louisiana is Mesa Gulf Coast, LLC. Our operating entities have historically employed, and will continue in the future to employ, on an as-needed basis, the services of drilling contractors, other drilling related vendors, field service companies and professional petroleum engineers, geologists and land men as required in connection with future drilling and production operations.
Basis of Presentation and Principles of Consolidation
The consolidated financial statements herein have been prepared in accordance with accounting principles generally accepted in the United States ("GAAP") and include the accounts of the Company and those of its wholly owned subsidiaries. All significant intercompany accounts and transactions have been eliminated.
Exploration Stage Company
The Company was previously in the exploration state in accordance with SEC guidance and Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic No 915 - Development Stage Entities. During the year ended December 31, 2011, the Company exited the exploration stage upon the acquisition of TNR.
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