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You might be smart to wait until post RS. I just don't see a reason to sell here. Despite others unwillingness to pay a premium, I still feel like I got a steal of an investment, even with the shares I picked up at 2.5 cents, which I have averaged down.
Glad to see investors are still behind WGAS here. The lack of news doesn't mean I-1 isn't on schedule to be in full production soon. Lots of positives already in the news/PRs with it. I still think we will have a big turnaround in the PPS in the next month. Jmo.
Interesting...I didn't read into that. I'm probably going to vote yes on RS/volk. I was leaning towards a no on AS increase. Thoughts anyone?
Absolutely! I'm all for the RS. His response about keeping his mouth shut for legal reasons says it all IMO. This is an experienced team that isn't going to lose their share in a great company in the works.
Tony Mason - CEO September 4, 2012
I have received a number of comments on the matter of the stock reverse spilt. At this stage I am unable to say very much about this issue as I am bound by legal constraints. Suffice it to say, as a fellow shareholder, I want to maximize return for all shareholders and this has been given a huge degree of thought and consideration. The issue of the increased share capital is another matter, and again, I am constrained by law as to what I am able to say. The objective is to build the Company, and with that shareholder value. A more detailed statement will be forthcoming post discussions with our Legal Counsel. And, thanks for all your comments – Tony
I don't think I need to add anything. You are either in or out. I think shareholders are going to make big $ here.
We'll find out. I don't care much about the short term price. The r/s isn't bad. The increase in a/s doesn't mean it will increase the OS. I consider Volk a valuable member of the team, but I'm not here to defend him. I just expect to see a nice gain on my investment along with those that ride it out.
We aren't late on news. Mason just isn't updating every other day like before. This doesn't effect where we are on I-1 and the future. He updated us when there was a lot of action at I-1. Now we sit back and let a little time go by before the $ rolls in. The good news already came and the share price will follow soon IMO.
Those that stick this out will be rewarded IMO. I can't predict the future, but I think we are in good hands with management. Mason and Volk aren't going to give away their piece of the pie with continued dilution. Pre-approval for a loan isn't something you fabricate on a 10-k and I expect we'll see some good news, along with dilution coming to a halt. I-1 is about to bring in big $ for a company our size. We are way undervalued here IMO. Compared to any oil producer with revenues around $1 million and we should be valued at minimum $9 million. I'm happily sitting on my shares.
Tony said it himself "What we are seeing is more oil flow than gas flow based on our well test of last July. It is evident that we will have to recalculate the Gas Oil Ratio (GOR) as we go forward.
Thus far, we are pleasantly surprised by the results exhibited thus far. We have some theories on this particular reservoir but it is way to early to make any flow arte and content projections at this stage."
The recent silence from management might not be a bad thing in the long run. JMO.
Holding/picking up shares as well. We are about to see some nice revenues/profits from I-1 and additional loans are expected in the near future. Looking good despite the recent drop in PPS. JMO.
I think so as well. It doesn't look like things are exactly settling down in the middle east. I'm happy to support Worthington, who creates jobs and invests money here in the U.S.
It's unlikely here. Why sell when we are sitting on the assets we hold? Mason will take the PPS much higher before he considers a buyout IMO.
Great post! Agree with you on the AS.
Good luck! We'll be here if you decide to come back :) I expect Mason to address the RS before the vote. He has been straightforward with shareholders thus far, so I don't expect anything to hurt the shareholder value. Him and Volk hold many shares so they have their own and investors interest in mind. If there are additional shares issued, I'm one that believes it is necessary to produce more oil. I don't want for it to happen, but it might be necessary to give lenders a piece of the pie. I still think this stick is a steal even if that happens...there will be more than enough $$$ to go around once we produce the oil we are sitting on with our assets. JMO.
Welcome to the boards! Many of us have been here some time and there is some great DD if you do some digging on the boards. WGAS is a solid investment IMO. I think we stand to gain a ton with our assets and with the experienced management. I-1 is going to make us just under a mil a year or even more, depending on oil prices. And that's just the beginning of Mason's BIG plans. Check out the assets page on WGAS's website. XZX has provided great estimates here as well.
We are feeling the pain at the pumps but at least it benefits WGAS. More money in our pockets :) we are a producer now! Anyone that wants a piece of the pie needs to get in now IMO. Cheap shares won't be around after we start making $ at I-1 IMO. A number of other things could set this off as well.
Looking good! Up34%!
I laugh every time I read one of your posts. If only we had beastman here haha.
Looking good today! Looking forward to the pr!
Nope. Only an increase to the OS.
A RS here would cause the price of each shares to go up 10x and you are given 1 share for 10. The market cap and value of shares don't change.
RS aren't bad unless there is a continuation of dilution. Maybe there is a RS to make WGAS less volatile. Im still happy with Mason and WGAS thus far. I-1 has been moving along quickly. I have a feeling Mason will reveal his plans for our next well and refinancing soon. Possibly in 1 monster of a PR :D
JMO
Nice post. My estimate was just above yours, but very close. Im happy to know you are in the industry! What are your thoughts on Worthington vs. other businesses you have worked with? Do you think theres a chance we could have higher flow rates closer to the 300 bopd?
Do you or anyone have any idea how many BOPD we might see by next month when we hit full production? I am guessing we see just under $1 mil profit over a year at full production, but that's just a guess.
I'm looking forward to seeing the flow rates at full production as well! Sounds very promising based on the current flow rate!
I expect some good news coming our way! I think once we see a nice PR on refinancing, there will be even that much more value in WGAS. The oil is about to be flowing from I-1 and we are on the way to more wells.
Glad you found us here :) I think most of us will agree with you on that.
It definitely got some good exposure this week! Very active considering our OS is less than 300 mil. Next week we move up IMO. Someone is soaking up a lot of shares which I consider a big positive.
I think someone is picking up shares and keeping the price down. It will have nice support and then they will drop the bid and watch investors sell into it. Jmo.
Definitely agree with you here! I think most of yesterdays new buyers probably got out today. 45 million shares traded today is incredible especially since we were only seeing a few million traded a day on average. Someone picked up alot of shares today and I don't think it's an individual on the bid either. I think holders overreacted to the 8k today...not good for the quick flippers. In the long run, I don't think it's a bad thing to get the short term traders out. I think we are in good hands with Mason. I have a feeling he's going to reveal his plan after he gets the financing lined up...It's just a matter of time. Whoever is picking all these shares is going to make some serious $ IMO.
Increasing the AS doesn't mean anything unless they increase OS. Mason may increase the AS just in case it is needed, however that doesn't mean the OS will increase necessarily. If it stays near the current OS, it will just be that much more earnings in the shareholders pockets IMO. Sometimes it is necessary to give lenders a share of the profits through shares. Even if we hit a billion shares, there is still a lot of value IMO. I see Mason getting a loan without issuing shares though. WGAS has a pre approval for a loan and once we get I-1 in full production, I imagine we can get even more money. Keep in mind the market cap is only a few million currently. With our assets and the oil that will flow, we have a lot of upside.
I've been picking up discounted shares myself. Letting the flippers have their fun while we wait for big profits to roll in.
You can easily look at the 10Q and see the dilution that occurred. There hasn't been any lately. You (who claim to have found God, which I find quite humerous) are the only that has posted inaccurate information repeatedly here. I find it hard to believe that you, who claims to be holding stock, would refer to the company as a scam. There is no indication of that with WGAS and we are going to make big $ at I-1 and our other assets in the near future! Go WGAS!
Good thing you and I understand that a reverse split doesn't take away value. Also, an increase in AS doesn't mean we are going to issue the shares. Even if we do, there is still going to be plenty of earnings to go around after we develop our assets.
I am just sitting back and watching the day trading while WGAS/Mason create more and more value for those in for the long run :)
Why do you expect a promo???
What indication do you have of a promo?
It's likely he is referring to us. My investment was easy to make after doing some DD. I previously focused my investments on small-mid caps, but WGAS had too much to offer. It will go much higher IMO. I guess I am loyal because I believe in the experienced management team and their ability to continue to produce. I think those like us who have been here a while realize that the share price didn't reflect the accomplishments at I-1 because we were being held down. It's hard to hold us down when we trade almost 25 mil shares on news of oil flowing :). I think Mason is going to stick it to the creditors that unloaded their shares soon. The fun has just begun for us! All JMO.
I was about to post that link. Also on OTC Magic. I don't follow any of these sites, but I have heard of Aim High. It's interesting that they are watching WGAS.
Here's the link to OTC Magic: http://www.otcmagic.com/worthington-energy-inc-otc-wgas-explodes-on-the-otcbb
Zeroing the convertible debt is going to send us much higher. Would love to see that. Great summary as well. Congrats on the great day. Mason is the man!
Thanks everyone for their posts today. It's hard for me to really follow WGAS closely at work. Sitting on my shares for the long run. I don't see a reason to sell because this is the first well of many to come. VM-179 is HUGE! Not to forget our other assets and pre approval on a nice loan. I have the feeling I'm not the only one that will be sticking around for the show.
Over 20 mil volume today!!! Congrats all on the great day!
The run is just beginning IMO. Now is still a good time to pickup shares.