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Weekly Summary: Rigs engaged in exploration and production in the U.S. totaled 1,965 for the week ended July 06, 2012. This was up by 6 from the previous week's count and represents the first increase in the past 4 weeks.
The current nationwide rig count is more than double that of the 6-year low of 876 (in the week ended June 12, 2009) and comfortably exceeds the prior-year level of 1,887. It rose to a 22-year high in 2008, peaking at 2,031 in the weeks ending August 29 and September 12.
Rigs engaged in land operations climbed by 3 to 1,896, offshore drilling was up by 2 to 50 rigs, while inland waters activity gained a rig to reach 19 units.
Natural Gas Rig Count: The natural gas rig count – which recently slumped to a 13-year low – increased for just the fourth time in 26 weeks to 542 (a gain of 8 rigs from the previous week). Despite the weekly improvement, the number of gas-directed rigs is down approximately 42% from its 2011 peak of 936, reached during mid-October.
In fact, the current natural gas rig count remains 66% below its all-time high of 1,606 reached in late summer 2008. In the year-ago period, there were 873 active natural gas rigs.
Oil Rig Count: The oil rig count – which was at a 25-year high of 1,421 in the previous week – was down by 2 to 1,419. Nevertheless, the current tally is way above the previous year's rig count of 1,007. It has recovered strongly from a low of 179 in June 2009, rising by nearly 8 times.
Miscellaneous Rig Count: The miscellaneous rig count (primarily drilling for geothermal energy) at 4 remained unchanged from the previous week.
Rig Count by Type: The number of vertical drilling rigs fell by 4 to 549, while the horizontal/directional rig count (encompassing new drilling technology that has the ability to drill and extract gas from dense rock formations, also known as shale formations) was up by 10 at 1,416. In particular, horizontal rig units – that reached an all-time high of 1,193 in May this year – increased by 3 from last week's level to 1,174.
Do the charts auto update to the current date? I trade 90% oil stocks so I found it useful. If I see any missing I will let you know. Any exchange?
I have not updated in a while but probably still some good ones up there...
Holy great ibox of charts. Nice work!
FECOF Aquino backs gas project in Recto Bank
By: Christine O. Avendaño, Doris C. Dumlao
Philippine Daily Inquirer
11:28 pm | Monday, June 25th, 2012
share21 3
President Aquino: Full support for Recto Bank gas exploration
LA TRINIDAD, Benguet—President Aquino said Monday the government was fully behind the gas exploration project being undertaken at the Recto Bank by businessman Manuel Pangilinan with a Chinese company as well as the latter’s bid to expand his foreign partners in the venture.
“Mr. Pangilinan will be undertaking the venture based on authorization coming from the Philippine government,” he said.
Aquino told reporters here that the gas exploration project being undertaken by Pangilinan’s Philex Petroleum Corp. with state-owned China National Offshore Oil Corp. (CNOOC) was a major project that would need much financing.
“There will be a lot of finances that are needed and it is also incumbent upon him to source this financing,” the President said, adding that “so long as it complies with the terms and conditions as stipulated in the service contract, we have no issue with this venture.”
Over the weekend, Pangilinan said he planned to expand the consortium undertaking gas exploration at Recto Bank, which both the Philippines and China claim, to “internationalize” and “depoliticize” the concession area while boosting the financial and technological muscle for the project.
While Philex is preparing to work with CNOOC on the project, under an agreement that requires the approval of both the Philippine and the Chinese governments, Pangilinan, speaking on Thursday night in Hong Kong, said the project might be big enough to take in one or two more foreign partners.
Meantime, business tycoon Enrique Razon Jr. has also cleared the air with Pangilinan on the issue of having CNOOC as a strategic partner in the Recto Bank project, touted to have resources much bigger than that of the Malampaya gas field.
“As long as they’re genuine partners, whether Chinese, Japanese or Americans, it’s okay with us,” Razon said.
Razon said he had spoken to Pangilinan in the United States, where they joined the Philippine business delegation during President Aquino’s state visit.
In Congress, Muntinlupa Representative Rodolfo Biazon has urged the government to adopt a moratorium on all negotiations with Chinese exploration companies for joint projects in disputed areas.
Oil’s Sharp Decline Sign of Gathering Storm
Published: Wednesday, 20 Jun 2012 | 6:12 PM ET
By: Lee Brodie
Traders are always looking for a major market ‘tell’ and CNBC's Fast Money pros think it’s coming from the crude markets
Oil prices [CLCV1 80.34 -1.11 (-1.36%) ] tumbled on Wednesday to their lowest levels in a year and a half, with declines extending into the close, even as the S&P [.SPX 1355.69 -2.29 (-0.17%) ] moderated and pared losses.
And trader Josh Brown believes the action is the equivalent of the oil market jumping up and down trying to get your attention.
He sees the weakness as a leading indicator - one that says global growth is facing serious challenges.
And those challenges are probably due to two factors.
1. “We’ve got a fiscal cliff coming,” says Brown. That is companies will be immobilized by the tax increases and spending cuts that are all scheduled to take effect at the very beginning of 2013. Although it’s widely believed lawmakers won’t allow the economy to go off the ‘fiscal cliff’ the Street has no expectations of a resolution until after the November election, at the earliest. Therefore the belief is companies will be reluctant to either spend or create jobs anytime soon.
2. “Nasty stuff in Europe still lies ahead,” Brown adds. Largely the Street believes the financial woes of Spain and Italy will flare before the summer ends. Trader Jon Najarian of OptionMonster says if the the Europe crisis were a football game we’d be at the end of the second quarter. In other words, a lot of crisis to come.
All told, Brown, Guy Adami and other pros believe headwinds could become quite severe and warn investors to prepare, now.
"The world gets scarier by the day to me," says Adami, managing director of stockMONSTER.com. "The energy market is telling me that growth is slowing globally."
“Our tactical accounts are 100% in cash,” adds Brown. He wants nothing to do with stocks. But before you go into hibernation, it’s worth noting that not all the Fast Money traders are negative. Trader Brian Kelly is quite bullish.
Kelly, founder of Shelter Harbor Capital, thinks the decline in oil has everything to do with animosity in the Middle East. "The Saudi's have no problem with lower oil prices because they squeeze Iran."
He says forget oil; “as long as Fed and central banks around the world are poised to intervene, I’m a buyer of stocks especially cyclicals which tend to outperform in this kind of environment.”
What do you think? We want to know!
Just saw this $65 call on oil WOW!
From Monday
June 18, 2012, 4:24 P.M. ET
Raymond James Downgrades 24 Oil & Gas Names; Crude Going to $65?
By Avi Salzman
Raymond James analysts just got very bearish on oil. How bearish? $65-per-barrel bearish.
The analysts, led by John Freeman, paint a very messy picture of the supply-demand balance for crude.
“The downside risk we saw in oil prices has started sooner than we had expected, due primarily to demand fears spurred by a flare- up of the European debt crisis and negative economic data points across the globe. That said, we continue to see downside pressure for oil prices into 2013, as our oil model points to a severely oversupplied global oil market. While lower demand is part of the story, robust production growth in the U.S. is the monster lurking in the shadows. We expect this bogeyman to fully show himself before the end of this year. Accordingly, we believe Saudi will begin to noticeably cut production in 4Q12, while U.S. producers will begin to curb activity in upcoming weeks. Combining the U.S.-driven resurgence in non-OPEC supply with our lackluster demand expectations, we believe that once the market’s focus shifts from demand to supply, the picture will get uglier. Thus, we are lowering our 2013 price forecast to $65/Bbl for WTI and $80/Bbl for Brent – both well below the futures strip and consensus estimates. We are also lowering our long-term (10-year) WTI forecast to $80/Bbl, while keeping our long-term Brent assumption at $95/Bbl.”
Nymex oil futures slid 0.9% on Monday to $83.27 per barrel.
Freeman is also bearish on natural gas, which he expects to “remain depressed.”
The analysts downgraded 24 oil and gas names. The ratings changes are below. Most are one-notch downgrades, although Northern Oil & Gas (NOG) was downgraded to Underperform from Outperform. NOG fell 4.2% on Monday.
Strong Buy to Outperform: APA, APC, BPZ, CLR, CXO, DNR, EXXI, PXD, QEP, REN, WLL
Outperform to Market Perform: GDP, KOG, OXY, PQ, SFY, OAS, SM
Outperform to Underperform: NOG
Market Perform to Underperform: BRY, COP, FST, ROSE
This is the VP of SIOR, recently hired in Jan 2012
Pretty terrible video but watch it if your interested in the company...
http://losangeles.cbslocal.com/2011/03/03/child-custody-psychiatrist-defends-sexually-explicit-facebook-page/
Here is his facebook page
http://www.facebook.com/JoeNaylorKenan
Profile
About Joseph
I was born and raised in Oklahoma City, Oklahoma. Tom Kenan, counsel for Superior Oil and Gas, is my father.
I was trained as a psychiatrist at the University of California, Los Angeles and worked as a private practice psychiatrist for 10 years in Beverly Hills.
My past accomplishments include: President of the American Society of Adolescent Psychiatry; Chief Forensic Psychiatrist at the Psychological Trauma Center, Cedars SInai; Board Certification; Testimony in over 350 trials.
Because 10 years of school AFTER college wasn't enough... I started an MBA program at the University of North Carolina - Chapel Hill in October of 2011. I am fascinated by the psychological functioning of groups (families, organisations, and businesses.) A successful business plan will virtually always fail if run by a psychologically dysfunctional organisation.
I am currently working as vice president of business development for Superior Oil and Gas - pursuing a dream. I am dedicated to assisting Superior Oil and Gas Co. become an extraordinary company.
Superior is our Standard. Love being a part of the Superior team, who are as among the most talented and dedicated people I know.
COIL had a spike on Wed news (at bottom).
Some board DD: http://investorshub.advfn.com/boards/read_msg.aspx?message_id=76347373
20M Outstanding
14M Restricted
6M Float
100M Authorized
OJAI, Calif., Jun 06, 2012 (BUSINESS WIRE) -- Citadel Exploration, Inc. (COIL:OTC:QB), is pleased to announce that it has completed the preliminary surveys required by the County of San Benito for project Indian.
Reports have been generated from the findings in the surveys and submitted to the county for review. "I am very pleased with the findings in these reports and the proposed methods to mitigate disruption to the environment, and other potential sensitive elements, are very manageable," said Armen Nahabedian, President and CEO of Citadel Exploration, Inc.
"As an operator in California it is important to work closely and effectively with all local agencies that supervise drilling operations. California agencies demand the highest level of adherence to health, safety and environmental regulations. Citadel Exploration, Inc. will continue to adhere to these measures and believes that devoting extra attention to these issues in the earliest stages may benefit us greatly as operations progress," Mr. Nahabedian continued.
About Citadel Exploration, Inc.
Headquartered in Ojai, Calif., Citadel Exploration, Inc. (COIL:OTC:QB) COIL is an oil and gas exploration and production company with operations in the Salinas Basin of California. COIL has a broad portfolio of capital investment opportunities arising from the management's extensive knowledge of the geology and the history of oil and gas exploration and development in California, as well as a long-term presence and familiarity and relationships with other companies engaged in oil and gas industry in California.
For more information on the company, visit www.citadelexploration.com.
I have not looked at anything lately, with the big boards acting so crazy I think the money is in the option markets for now...
GL!
Mike
Thanks for the heads up.
Where are you looking next.
FWIW WRES is coming off a bottom.
It appears SIOR is a scam, a load of pumpers on that board hyping the CEO, my co-mod and I have uncovered that the current CEO Dan Lloyd has run other scams in the past...
I'm taking it off my watchlist and I'd advise others to be very very careful with her...
News from TAMO... Sounds like really good news...
http://www.marketwire.com/press-release/tamm-oil-and-gas-corp-provides-update-to-its-oil-sands-projects-otcbb-tamo-1664129.htm
I think HPMCF has a good chance of trading oner $2.00 per share in the next week to 10 days...
I recommend HPMCF to all traders who are not happy about missing the AOIFF boat... HAHA...
Take a look at this chart:
http://stockcharts.com/h-sc/ui?s=SIOR&p=D&yr=0&mn=11&dy=0&id=p69234731616
This suggest that there is a good buying opportunity right now in SIOR-Land... Especially considering the recent tweet from SIOR's CEO calling this period the 'quiet before the storm' & suggesting how undervalued SIOR is... SIOR is about to engage in a whirlwind of drilling & completing. I'm sure that they are planning to get current with the SEC as well, but I expect this will only take place whenever SIOR deems it to be the most beneficial for the company.
With a float of only 30,000,000 shares (20,000,000+ of which are tightly held), Investors who might want in should consider doing so during the current dip...
If anyone can find another Mississippi Lime Company with with a land-position to market-cap ratio that is on par with SIOR's please let me know about it...
--
Also looking for a similar company with a land position in North-Central to North Eastern Louisiana, Lower Smackover Brown Dense prospective region... Please shoot me a PM if anyone has any ideas...
I too am mainly interested in the South Arkansas, North Louisiana parts of the play... It may be a decade before Oil & Gas prices are suitable to develop the LSBD west of Jackson, MS... I'll let you know if find us a good small-cap accumulating leases in hotter parts of the play...
Yep I've had my eye on AVOE, I did not however know that the play extended all the way down to Florida. Great DD, i know there are a ton of penny plays with holdings in Louisiana, I was mainly looking for plays in Arkansas after reading about Devon but I only could find AVOE as well.
I'll start digging again and see what I can find!
Smackover’s ‘Brown Dense’ to Get Tested
By LOUISE S. DURHAM, EXPLORER Correspondent
Looking for success in the Brown Dense play – here, along the Arkansas-Louisana state line, where it is 300-550 feet thick at 8,000-11,000 feet in depth over a large area. Photo courtesy of Southwestern Energy Co.
The highly publicized Haynesville shale gas play, which is concentrated principally in northwest Louisiana, may soon be overshadowed by a whole new unconventional play.
This one’s the hydrocarbon flavor du jour – oil.
It’s the Brown Dense lime, which is the lower section of the Upper Jurassic Smackover formation, a thick carbonate that immediately underlies the Haynesville in the region. Geographically, the fledgling play is concentrated in southern Arkansas, parts of northern Louisiana and the river counties in extreme west-central Mississippi and extreme eastern Louisiana.
The Smackover formation per se has been drilled extensively since oil was first discovered in a test well drilled in the shallow Smackover Field in Union County, Arkansas, in 1937. It rapidly became the darling of Gulf Coast operators, and over the years numerous wells have successfully completed in the higher sections of the formation, in both carbonate and sandstone facies.
In most areas, the Lower Smackover lacks the reservoir qualities to produce commercially via conventional technologies, according to AAPG member Steve Walkinshaw, president of Madison, Miss.-based Vision Exploration LLC.
It may be a tough nut to crack production-wise, but it’s loaded with hydrocarbons.
“The lower unit of the Smackover is aptly named the Brown Dense,” Walkinshaw said, “and it’s the most prolific source rock in the Gulf Coast.”
AAPG member Randy Ponder, vice president of New Ventures at Southwestern Energy Company in Houston concurs.
“The organic-rich Brown Dense zone extends from Mexico to the Florida panhandle and on to offshore Florida, extending into the offshore of the Gulf of Mexico basin, where it’s the source rock for some of the fields on the GOM shelf as well as many of the deepwater fields,” Ponder said.
“It truly is the most prolific source rock in the Gulf Coast.”
In essence, limestone is a bit of a misnomer for the zone.
“In most areas, it’s an organic-rich mudstone, a very muddy carbonate,” Walkinshaw said. “The brittle micritic limestone is remarkably uniform, with only rare developments of significant porosity.
“In many areas it’s fractured,” he added, “and wells drilled there typically encounter a lot of good oil and gas shows.”
Entering the Play
The Brown Dense has fed significant volumes of hydrocarbons to other reservoirs, but it has never been exploited with horizontal drilling technology – until now.
That’s changing somewhat quickly, as some laterals already have been drilled into it by a handful of smaller companies. However, a completion indicative of commercial potential has remained elusive.
Enter Southwestern, which is poised to determine if this can be realized.
The company has accumulated 460,000 net acres prospective for oil in the Brown Dense along the Arkansas-Louisiana state line. It has invested $150 million in undeveloped acreage where the Brown Dense is 300-550 feet thick at 8,000-11,000 feet in depth over a considerable area.
“We extensively reviewed the Brown Dense across the region and have indications that the right mix of reservoir depth, thickness, porosity, matrix permeability, sealing formations, thermal maturity and oil characteristics are found in the area of southern Arkansas and northern Louisiana,” Ponder emphasized.
He mentioned also that the principal differences between the Brown Dense in Louisiana-Arkansas compared to Mississippi are hydrocarbon type and depth, which is greater in Mississippi.
Ponder noted that Southwestern received the permit approval for its first horizontal well August 23. The well is planned to spud late in the third quarter of 2011 with a scheduled TVD of 8,950 feet, including a 3,500-foot lateral. It will be drilled east of the Dorcheat-Macedonia oilfield in Columbia County, Arkansas.
This is the field where Brammer Engineering drilled and completed a well in the Brown Dense in 2010. The well reportedly produced a paltry 49 bopd and 137 mcf of natural gas for a time and was shut-in.
It also was reported that the well encountered 2 percent H2S in the gas; this impacts profitability of a well, because it must be removed.
However, as with any yet unproven play, mum’s the word for the most part relative to critical information the already-drilled wells have revealed to the operators.
Southwestern plans to drill a second horizontal well in the play this year in Claiborne Parish, Louisiana. It is scheduled to have a 6,000-foot lateral and a TVD of 10,700 feet.
Eight more wells are planned for 2012.
Increasing Activity
Unconventional Barnett shale play kingpin Devon Energy announced early in August it’s hopping into the Brown Dense action, with its first horizontal well scheduled for September.
The company holds about 40,000 net acres prospective in the play. The drill site for the initial well is in Morehouse Parish, Louisiana, and proposed TD is 9,000 feet.
Vision Exploration has opted to focus its efforts in the Brown Dense condensate window, which ranges in depth from 12,000 to 15,000 feet in Mississippi and is rich in Btu content.
Walkinshaw noted that commercial production of gas and condensate doesn’t require the advanced levels of porosity and permeability as oil production.
His take on the Brown Dense is that like other oily resource plays, storage is key – and microfracturing created in the source rock via in-situ hydrocarbon generation is insufficient for oil production in commercial volumes at current prices and technology. He emphasized the need for additional matrix porosity and permeability, e.g., interbedded sandstone facies, to provide ancillary storage.
In the areas that appeal to Vision, certain clay constituents preserved above-average porosity and permeability by preventing the subsequent formation of diagenetic quartz overgrowths. Walkinshaw said such reservoirs can contain excessively rich gas and condensate at moderate depths with essentially no hydrogen sulfide and little carbon dioxide.
He theorizes the occurrence of hematite and other iron constituents within the sandstone lenses of the Brown Dense served to “scrub” a significant amount of hydrogen sulfide from those reservoirs as soon as they were charged.
Walkinshaw emphasized the modest lease bonus and royalty terms of the area, along with the potentially rich liquids yield, enable the play to make good economic sense, even at $4 per MMBtu gas.
Still, resource plays are resource plays, with all of the baggage that entails.
“Economics ultimately will drive the success of this play,” Ponder said. “As with all resource plays at this stage, we have very little data to help us model the performance.
“Only drilling will tell us,” he emphasized.
Ponder said they noticed that leasing activity picked up following Southwestern’s announcement July 28 about entering the play.
“It’s obvious from broker activity observed in the local courthouses,” he commented, “that other people are getting into the play.”
MWM, I'm looking for a little small or micro cap E&P who has a position that is prospective for the Lower Smackover Brown Dense (LSBD) Play. I have only found one so far, AVOE, and I really don't like the location of their leases that are held by production - The Smackover is too deep that far west, & likely to produce dry gas.
The LSBD is about to be huge... On SWN's 2nd completion of a Horizontal LSBD well, they are getting rumored to be flowing 800+ BOPD out of the ground. SWN representatives are also rumored to have unofficially said that "the LSBD will eclipse the Eagleford".
I decided to compare SWN's recent success to the Early Eagleford development & found that it took over 40 horizontal completions & 2 years before the eagleford ever had a well that flowed 800 BOPD or better. If SWN continues progressing along the learning curve at their present rate, then LSBD might be better compared to the Baaken Shale. After all, the LSBD is the most prolific source rock of the Greater GoM basin and I believe that it has huge potential.
I believe that the formation will be productive for liquids from Claiborne Parrish, LA to western Yazoo County, MS then pick back up in southeastern Rankin County, MS and stretch all the to where the Alabama/Florida Border meets the GoM. I should mention that east of Jackson, MS the LSBD is much deeper than it is in the area where SWN, CHK, & DVN are currently targeting; yet it will still produce liquids because the temperature gradient is less severe. However the LSBD is pretty deep & will require higher OIl prices to be economic, & feel that $200/bbl oil is less than 5 years away.
There is also a pocket in Jasper & Clarke Counties of Mississippi where the LSBD is relatively shallow (+/-13,000 ft) & more economical to develop. A Canadian Company (Epsilon) signed a joint venture deal with a mineral owner in Western Clarke County that stipulated that Epsilon would have to drill 2 Horizontal LSBD wells in 2011 or pay a $1MM penalty. They drilled the 1st horizontal well, but despite numerous oil/gas shows while drilling the interval they never cracked the well. Epsilon's presentation used to say that they were looking for another partner interested in a frac-to-praticipate deal. Then, the offer disappeared & Epsilon omitted the LSBD from their presentation. There has no LSBD activity in South Mississippi since. I think that this little pocket would be a great place to secure some 10-year leases at $50/acre and just sit on them or work over previously abandoned wells...
Looks like I got a bit long winded, but please let me know if you hear of anyone building a position in the LSBD. I feel like I have a company on the verge of capitalizing on early Mississippian Lime leases, and would love to find a similar company in the LSBD...
Make that SARA shares... sorry about that typo in my previous post...
I just bought a few SIOR shares @ $6.99 in the last hour of trading... I think that SARA would be a great company to acquire for a larger E&P who is interested in buying up natural gas reserves at these low prices...
I think that same seller bought 500K shares yesterday @ $0.016... I think it is just someone taking advantage of the wide spread that has developed between the bid/ask @ SIOR... This was a problem back when I first started trading SIOR last September, and I think that it signifies that Market Makers & shareholders are reluctant to give up shares... But I could be wrong...
CAVR - Check it out.
Rig called thisone...
until he is taken out we are in a holding pattern
SIOR, the seller has already arrived and I think he isn't fake. So if anybody wants to buy a few shares go ahead.
SIOR, going above 2 cents would certainly be great chart wise. We will see if the big seller returns today. He mostly comes later on with some big ask.
mwm, welcome aboard.. i think she's going to be a good one.. hopefully one of the greats
I think that you guys will be happy with the results of your SIOR buy... & hopefully it will not be more than a few months before they make us happy...
I also really like SARA out of the above charts on this board... & FLKOF is about to drill a 4.7 billion barrel prospect & the seismic looks great...
we enjoy the same style-
Yeah, it's one of those plays I'm just going tuck away for a year or so and see what becomes of it. It's nice to see that the CEO is the real deal and not some typical otc bozo. In the meantime, I'll just sit back and wait for them to start communicating with the investment community...no hurry for me.
Hi Ed! been too long.. i'm doing well thanks for asking... jumped aboard the si_or train today... saw you and mwm on it knew it had to be good ;)
g/l!!
Nice to see you here db7, hope you are doing well!
SI_OR, per last 8k they are going to get current with filings though.. that would be a possible catalyst imo and 'could' be why they've been so quiet..... several companies speak up so to speak after getting current
"However, the Company has now obtained the necessary funds and will proceed expeditiously to prepare and file with the Commission all delinquent filings and become current again"
Looks like a 500k buy on SIOR today. Ask back to .195.
Nice comeback...
An interesting reponse to Bob:
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=75179817
OPEC says pumping hard to bring oil price down
http://finance.yahoo.com/news/opec-says-pumping-hard-bring-152037059.html
I agree, we've been thinking of it as a repeat of OEDV for a while now... So many similarities between them...
I try not to worry about the lack of reporting because our CEO is not some scam artists trying his hand in the industry, He is in fact as deeply rooted in the Mississippian Lime Play as possible. His background comes complete with experience, contacts, & reputation. Additionally, Mr. Lloyd is already worth seven to eight figures, so he has no need to run a penny stock scam.
SIOR does have a number of 'red flags' that sends potential investors running:
-Not current with SEC
-No PR in about 9 months
-Increased A/S in late February of this year
I know that together these are enough to run even the most risk-tolerant investors running. However, when one takes time to get to know the company, you can understand how they became behind on filings, why the A/S was raised, & you can even understand why they communicate with shareholders as little as they do... This is a cut throat industry. Sandridge & Chesapeake keep very quite about their actions as well (within a given play) until they have build the position that they want & there is less to loose by making your actions/leasing known... SIOR fell behind on filings due to the death of the former CEO coupled with financial difficulties. Back in 2010 shareholders voted to raise the A/S to 600MM shares, yet they only got around to doing it this February.
Maybe these aren't the greatest excuses in the world, but it is better than simple neglect... I think SIOR is about the best place that one can find to build a position, assuming that it fits your risk tolerance...
Yeah I've asked Bob before and he makes some good points...
We'll see what happens...
MWM, you might want to read this. FWIW.
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=75168790
I was annoyed of no updates but after watching OEDV go from $1 to now $2 I couldn't resist...
Oil! Get Your Own Barrel!
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