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If I were part of MRT I would give them a conditional approval now. As a condition I would say you have 12 months from formal approval to drill two wells. If you complete the two wells we will approve your remaining applications. Until then they are on hold.
After two wells we either have something or we don't. The company has either proved they have the capability to complete two wells or they don't. They will either find oil/gas or the company is dead.
Waiting until March or post election puts them into winter again before they could start drilling. Fall would be a much better time to drill.
This is a no risk solution for MRT. We either strike oil and Tasmania starts getting their percentage or after one year they are rid of MB forever.
JMO
Howard is correct regarding Smart Win. Heraclitus you have been accurate in most of your postings but regarding Smart Win they did pull the rug out from under EEGC.
I was in contact with John Garrison in this time frame. He told me once the final funding from Smart Win was received they would have the cash to complete the well. The Hunt rig was in place at this time.
When drilling did not start I spoke with him again and he told me that they had not received the funds and now Smart Win was holding the funds waiting to re-negotiate for a greater amount of the ownership of the findings.
Whether EEGC should have given into this blackmail can be questioned all day long but the reality is Smart Win was blackmailing EEGC.
I spoke with John Garrison in Kansas during this time frame and was told the exact same thing Howard said. My take on what was said by Mr. Garrison was SmartWin was blackmailing Empire for a bigger cut. These are my words not Mr. Garrison's. I firmly believe Howard is correct.
The only reason I read this board is to try to get some factual information about the company. Information I did not know. This was very good information that Howard posted. It was not a personal attach but rather factual information we should all know.
This is much better then worthless repetition.
"You are using OLD information." Your words. You never give anything new either.
It is my understanding plenty of investors have wanted to put money in for a high percentage of the find. MB has refused to dilute.
I do believe it is in MRT's best interest to give GSLM the EL because they can do the job quicker then getting someone new, once funding is received. My guess however is they will put time requirements on the new EL. I believe MRT should push them, with a realistic time frame based on the world financial crisis, even if they have to dilute.
Information on this board is like flipping a coin. I have gotten my best information by calling GSLM directly.
There are some very good people on this board trying to give good information, sometimes correct sometimes not.
There are some that are trying to undermine the company on this board. Some obvious and some not obvious.
To me this board has lost its relevance for reliable information. I still read about half the posts.
I continue to hold my stock. I will find out if that is a good choice or not down the road.
JMO
Doc/Howard I am not happy with how this has been going but I will continue to hold. The upside potential if this works out is HUGH. It is the best interests for MRT to approve the EL. They will find out what is under those 15 domes quicker with EEGC then with anybody else.
GSLM deserves the right to drill since they have done the work.
Sure MB should have done this much quicker. His refusal to dilute the stock has created more risk for all of us. But if it works out GREAT.
My personal opinion is we have a $45.00 stock if they hit oil.
There have been plenty of investors that wanted to put money into drilling but at 70% ownership. MB would not dilute his own position. The rights offing does not dilute his percentage and will actually increase his percent ownership of the company with the over allotment. Not the approach I would have taken but it is what it is.
MB is waiting for the offering to be approved then things will happen. Until then nothing will happen.
I apologize to EarnestDD. He says that what I heard and posted yesterday is not true.
Malcolm, Alan, and John: Give us a real update!!!!!!!!!!
Malcolm, John, Alan: How about an update with some substance? No anticipates, no assureds, no projections, etc.
It is time for the company to give us an update. MB's letter stated they should get an extension to drill the 15 sites. How about an update! How about something in writing from MRT!
More food for thought - MB increases his ownership by buying the rights and increases his percentage of ownership by buying the un-subscribed shares.
Would he put another penny into this company if he did not believe in the company's success? Of course not. He is 100% comitted to its success.
I am not a fan on how he is doing it but he is committed to its success. I hope he proves to be right.
I see panic of a short position when the stock is moving up.
Another vague PR tonight. They think they are getting closer to getting the rights offering approved. They used the term "lodge". Not sure what that means.
Thanks for telling us that.
The May 20 press release said they had filed the rights offering on May 11. But I don't see any proof of filing until July 23, 2009.
We all assumed it was filed prior to that. But 7/23/2009 was the filing date as I look at the filings. The 10-Q was an open item. The SEC should have everyting now. I hope.
The only actual filing I have seen on the offering was filed 7/23/2009. This was a real filing. If you have a copy of a filing prior to that let us know.
We all know the rig was moved. That is not new.
That one is a valid point. Correction - I beleive the official filing was one of the two filed on July 23, 2009.
You have already told us that.
You have already pointed that out. We understand your position.
To see who reacts.
Nothing will happen until the rights offering is approved (or not approved). Then we will see if MB really has the funds.
It is what it is.
You have already pointed that out. We understand your position.
IMO, nothing will happen until the rights offering is approved. Nothing on this board will make any differnce on the stock. MB has a plan that he thinks will work and I hope it does. Nothing we say will change his plan.
Thank you Howard for answering my question yesterday.
That was not the question.
When the SEC approves (or disapproves) the rights offering, how do we as investors find out? Do we have to wait for the company to announce it or is it picked up by the news wires?
When the SEC approves (or disapproves) the rights offering, how do we as investors find out? Do we have to wait for the company to announce it or is it picked up by the news wires?
Earnest, I would cover your short. I would take your profit and run. If MB does have the resources to buy the entire offering this stock will shoot up. Nothing on this board will change that. The risk of shorting this stock is much too great. Down side potential $.024. Upside potential $45.00 (my own due diligence and my opinion only).
All the recent PRs say the same thing MB wants to increase his ownership in the company by buying the entire offering. He will dilute as a last resort. Nothing will happen until the offering is approved.
JMO
I have heard this from several other investors and MB keeps confirming this.
Nothing will happen until the rights offering is approved.
This is the only source of financing. MB does not want to dilute his stock. He wants more stock. He has assurance he can drill after Sept 30. The rights offering will fund two wells.
He will buy the entire offering to own more shares and a greater percent of the company.
There are plenty of investors that will fund the drilling for 70% of the revenues. MB won't dilute.
"Empire has been informed that it qualifies for licensing and expanded permitting over these newly discovered structures by the granting of either exploration licenses and/or mining leases"
When are they going to apply for these licenses? Why have they not yet applied for them?
Again stop talking and start doing!!!!!!!!!!!!
My dad used to say "all foam and no beer".
I have been very frustrated with the slow progress. This is the type of information I feel we should have been receiving all along. The shorts better cover their positions.
When there is a real announcement I will believe. This rumor board continues to disappoint.
Track record of predictions?
Which came first the chicken or the egg. Which comes first funding or extension.
I don't understand why the rumored US group raising money for EEGC and MRT aren't talking (along with EEGC). If they are talking why does it take so long to get an agreement?
From what I have read and heard an extension is based on the ability to drill the wells. So trying to read the minds of MRT, who will they have confidence in to get the job done? Malcom, Callaway or someone else? I don't know the answer. Maybe it is Malcolm, maybe it is not. MRT wants to see they have funding to drill before they give an extension. It only makes sense for MRT to extend because EEGC could drill faster then anyone else if there is funding.
JMO
All words no action. This is why MB should turn the CEO position over to someone with the experience to get things done. This would be in his best interest also.