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Lou, what kind of good news? I'll take any at this point.
Lou, how many people have contacted you to date? We need to get something started here.
Barry, who most everyone seems to have confidence in, said in a recent press release that BD will remain a profitable company for a long time to come. If this is true then things ought to get better. Maybe eventually we will get to 15,000 barrels a month.
I bought this company per the RedChip report, but also with the geo-political situation in mind. Seems to me that the mideast will eventually go up in flames. If the U.S. stops the Iranian bomb, oil goes up; if Israel stops the Iranian bomb, oil goes up; if nobody stops the Iranian bomb instability will ensue in the region and oil goes up.
Despite the recent decline in oil prices, the long-term trend is moving very much in the other direction. The average price per barrel has gone up the last five years. That is a significant trend, not a blimp.
Unless BD is a fraud, it ought to get better from here. I'd like to hear that the numbers went to the auditor.
Perhaps this is just all wishful thinking.
Is BD still going to the RedChip conference?
Well, it's good to see that we have some numbers. Can't wait to hear that they went to the auditor. What acounts for the growth in revenue, increasing production of existing wells and drilling new wells, or merely adding acquisitions? If BD is actually driving production up, that would be great news. Is it reasonable to expect revenues to double in the next 6 monhts? That would be great news.
This is not great news, but with the Caddo lake cash in hand, we might be looking at a good Spring? At least it looks like a real company. Wbat the hell, not much point to selling now.
My sense is that capital spending is somehow account for differently in the oil business. Does the operating espense line item include improvement to the oil wells? Can we determine if there is any capital spending or new drilling to increase production?
We still don't have any revenue / production figures for October, November, and December. Releasing these, assuming they are at all decent, would at least make the case for continued "growth."
"The deal that RM was mentioning that would make Gemini look like child's play - was that the deal involving purchasing 15,233 wells from the JJM Exploration Company (JJM as in Joseph, Jayne, and Mario)?"
57tbird, not to be thick, but is this just a great joke or is there really a JJM Esploration company? With these guys, well, it occurs to me that you might be serious.
Dragon Man, thanks for the encouragement. Let's hope we here that the audit went this week. Even that would be good news.
Will there ever be any good news? Whatever happened to having engineers perform due deligence before buying oil wells. That ain't rocket science. This just stinks. Got to give BD credit; they do it right out in front of us for everyone to see.
Maybe I ought to sell at .21. take my licks, and move on.
Can't say I understand this. Why would they buy the Caddo Lake wells and then turn around and sell them back to Gemini only a few months later? Doesn't make much sense for either BD or Gemini? Did they sell everything they bought from Gemini?
Good to hear that they are still saying next week. Care to make a wager on this? I'd even give you odds. OK, I don't want to bet against my own best interest. We will see.
Hmmm. The numbers didn't go to the auditor this week. Anyone have confidence they are going next week?
Sure hope you are right that we will see unuadited numbers this weel of next with audited number to follow. Getting some honest numbers out is the most important thing right now.
So
I don't know. The interim CFO announcement leaves me with the impression that Barry has a lot of work to do before he ships financials off to be audited.
Is he still saying the audit will begin this week? Thanks.
Thanks millionairedreamer. We all might as well be positive. Could work out.
Well, perhaps... But my fear is that the audit this week or next week will turn into the audit the week after, etc. Nothing good will happen until there is an audit.
Got to say that I'm not sure how RM can go to the REDCHIP show and not have his head handed to him. They are on record for 10,000 in August and 12,000 in September. Explaining a huge variance will be difficult. If he is willing to go and take the heat, that by itself will be positive. Hope REDCHIP can hold BD's feat to the fire.
Infortunatly I own more shares than I even want to admit. I'd take a hell of a beating if I sold now, but that might be better than getting nothing. You seem to think there is hope for the future. I dont know. If the board goes down in flurry of law suits, well, that will pretty much be the end.
Here is my case for holding:
The lack of news has made the posters here hysterical.
RM is probably to smart to be a crook and his interest is ultimately aligned with ours.
Given that the average price of oil has risen for the last 5 years and that demand will double in the next 20, that oil is a finite resource, certain pending future scarcity --- not just current supply and demand --- will keep the price of oil high.
There should be more money to be made running an honest company than a fraud, and you don't have to run the risk of spending your decling years in jail.
If BD is screwing us, then they are also screwing a lot of people who can actually do something about it, unless you imagine a fraud of gigantic proportion, but that is just not realistic.
Ok, those are my best reasons for believing. Have to say, though, that I don't get all the lies, an audit they just can't finish, etc. Maybe they just went broke!
I've never seen anything like this. My best hope is that RM is not a crook, understands the oil business, and will produce an audit.
By the way, who do you think is buying shares at the current price with all the problems?
Thanks for the info. Do we know what precentage of restrictied stock is still held by the board? Thanks
Well, once you stop to think about it long enough, this may not really be that bad. From what I have been able to determine, the insiders are still holding. Eventually they will hit 30,000 or more Barrels a month. Maybe even produce an audit. If Lanza is who the board indicates he is, well, maybe he can make us all some money. OK, that's, well, optimistic. But here's hoping the fat lady can really sing.
Wow! Thanks for the info. Wonder what RedChip has to say. What a sorry situation.
Are you certain Lanza has been convicted of all these crimes?
High inside ownership is almost always positive. I don't see that there have been any recent sales. Dilution for a start-up, and given the potential for the price fluctuation of oil --- is probably preferable to debt, assuming they are building assets with the issuance.
I don't mind the fact that production is slower than anticipated, assuming they don't lose any leases. I'd expect them to be somewhat behind what was a very agressive schedule. What I hate are the lies and lack of transparency. The next quarter will make or break this stock. If we get a credible audit, if they are generating cash flow to pump back into production, if they show signs of becoming "bankable" perhaps then there is hope.
BD's home page says that RM was once a State Prosecutor in Illinois. That gives me hope that everything is on the up and up.
"I keep getting told by red chip that the 11 mil. on a yearly basis is bdgr's take. I was also told that there was only 58 mil shares out. Is anyone out there thinking as I do that the stock has been diluted enough. What are everyone's thought on calling for a shareholders meeting to limit the shares issued."
Hmmm. This would obviously be great news if the net PV were 11-million annually, but can't say that I read the news account of the economic analysis that way. Are you sure that Redchip is saying this? Thanks.
"I keep getting told by red chip that the 11 mil. on a yearly basis is bdgr's take. I was also told that there was only 58 mil shares out. Is anyone out there thinking as I do that the stock has been diluted enough. What are everyone's thought on calling for a shareholders meeting to limit the shares issued."
Hmmm. This would obviously be great news if the net PV were 11-million annually, but can't say that I read the news account of the economic analysis that way. Are you sure that Redchip is saying this? Thanks.
My read of the recent "economic analysis" is that BD has a mere net PV of 11-million of proved reserves. The announcement doesn't tell us over what period of time the future cash flows are being discounted by 10%. But it does appear to be the case that the net 11-million is not annual, but is to be realized over some period of years. However, a few posters have indicated that this is an annual figure. Can anyone help me to understand how I should think about this number? Thanks.
Obviously, 11-million net annually of proved reserves would be great news!