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I spent well over an hour on the phone with Marc about 6 weeks ago. So you can drop the no response act. I am emailing him now.
????? Why post that here? Why not email Mark directly?
They have proven reserves (assets) in Louisiana that are valued at about 10 times the current debt, so unlike DUNR which has huge massive debts and interest payments, this one is not going under, or walking away. The BP well will get fracked and connected. The only unanswered question is what will the financing cost.
If we get just a little bit lower, like .15/share, I will be selling the ranch and loading the second boat here!
Eco is not selling!!!!
I doubt that very seriously. In fact I doubt it will fall past .15, if it even gets that low. At .20/share it is already down to a market cap of only 16 million dollars. Some of the Lousianna properties are valued at about about 43 million dollars alone according to a valuation study they had done about 12 months ago.
Post away, I am still waiting for my orders at .005 to fill!!!
LOL, note that I am trying to be optimistic, LOL.
While it could still drift lower, this is a pretty good bargain here. I hope you all have been buying here and not selling here, as this price puts a market cap on MNLU of about 16 million dollars, which is nearly what they spent on drilling the one BP #1 well this year, much less all the other value the company holds in leases.
I really don't know if I can BEAR this any longer!!!!!
It is getting un-BEARable,
LOL
LOL, and yesterday you were pissed at me!!!
LOL
I think it is time we sent him on a hunting trip with Dick Cheney. Buy him a one way ticket.
Actually I am the one that crashed it, by not buying shares until they dropped under .01!
ROFLMA
You need to go back and read the last 30 months of PRs, they have major deals already in place, several in China (for small motorcycle, medium sized truck, and huge mining operation engines, like 5000 HP) and one in Japan. They also have a pending (but delayed) merger deal with a China parts OEM company that is already profitable.
I would rather buy here at .22 than in a few weeks at .3 or .4/share. Does that answer the question?
Or they plan to ram rod the merger finally to enable funding? It has occurred to me that some funding offers may want to see the merger agreed to by stock holders of both companies before they fund a JV? Either way, it sounds bullish right now.
The first thing he needs to do is hire an accountant or learn how to do real accounting. The EGOH financial statements he submitted are absolute BS. The last 2 quarterlies don't even look like the same outfit, and there is no path information as to how they got from one to the other. I can't even tell what all the liabilities are, or what liabilities were added or eliminated. That last quarterly is a joke! I don't see how any credible organization could do business with an outfit like this?
From my email inbox late today (see the quote below) This reminds me that Gerry and I chatted about our shared opinion that the shallow wells, ones close to drinking water, and near municipal operations that are being drilled my MNLU NG Shale competitors are likely to have some obstacles thrown in their path (see the details below), while the BV field and well is so deep Over 4 miles IIRC), is not going to be a horizontal frac, and is so remote, that no one will bother us. Their loss, could be our gain!!!!!
Fulbright Litigation Briefing - Shale and Hydraulic Fracturing Task Force
West Virginia Issues New Gas Fracking Rules
Visit Practice Site • Learn About the Task Force • Read Article Online • Subscribe • Contact Us • Unsubscribe
On August 22, 2011, the West Virginia Department of Environmental Protection (“WVDEP”)—pursuant to Governor Ray Tomblin’s Executive Order 4-11, issued July 12, 2011— promulgated emergency rules related to horizontal drilling and hydraulic fracturing (see July 29, 2011, Fulbright Litigation Briefing “West Virginia Executive Order Regulates Drilling in the Marcellus Shale”).
The new emergency rules concern permitting requirements and operational procedures of horizontal wells, requiring operators to provide extensive information and follow new regulations for those wells. Some of the information required by and regulations to be enforced under the new rules relate to erosion and sediment control, site construction and safety, well construction and casing, and water management in certain circumstances. The new rules also require operators to follow certain operational rules to protect water quality and quantity and to provide public notice before drilling a first horizontal Marcellus Shale well on any pad located within a municipality, as that term is defined by statute. According to news reports, the West Virginia Secretary of State still must approve the rules before they become effective, after which they will remain in effect for 15 months.
More, specifically, the new WVDEP rule:
* Requires certified and detailed erosion and sediment control plans to be submitted with applications for well work permits involving well sites that disturb three acres or more, which plans will be considered conditions of the permit and, therefore, enforceable;
* Requires well work permit applications for sites that disturb three or more acres to be accompanied by a detailed site construction plan certified by a registered professional engineer, which plan will be considered conditions of the permit and, therefore, enforceable;
* Requires applications for well work permits to estimate the volume of water that will be used (in the drilling, fracturing, or stimulation phases), and if in excess of 210,000 gallons during any month, file a detailed water management plan, which must include a list of the anticipated additives for the fracing/stimulation process, and a list of the actual additives used must be submitted with the completion report required by statute (the rules specifically state that their requirements do not abrogate the statutory requirements that apply to water withdrawals in excess of 750,000 gallons per month);
* Requires applications for well work permits for sites that disturb three or more acres to include a detailed well-site safety plan for the protection of those on the site, as well as the general public and the environment, which must be provided to local emergency planning committees at least seven days before earth disturbance;
o The well-site safety plan must include, among other things, an evacuation plan for personnel and residents in the area surrounding the well site who have the potential to be affected by an emergency;
o The well-site safety plan also requires that the Operator list all schools and public facilities, including telephone numbers, within a one-mile radius of the proposed well;
o The rules also require, as part of the safety plan section, that an Operator conduct weekly on-site safety meetings where all personnel must check-in and out, and logs of those meetings must be maintained on-site;
* Requires operators to comply with various prescribed operational and reporting rules related to quantity, location, methodology, identification, record-keeping, transportation, drill cuttings, and casing standards to protect the quantity and quality of water in surface and groundwater systems during and after drilling operations and during production and reclamation; and
* Requires well operators to comply with prescribed public notice procedures for certain wells within municipalities, as that term is statutorily defined.
The WVDEP emergency rule is a timely one. On August 12, 2011, Monongalia County Circuit Court Judge Susan Tucker invalidated Morgantown, West Virginia’s ban on Marcellus shale gas drilling in the city and its environs on the grounds that the ordinance was preempted by the state’s comprehensive regulatory scheme (see August 16, 2011, Fulbright Litigation Briefing “Morgantown City Ban On Marcellus Shale Gas Drilling Overturned”).
Review the rules on the West Virginia Department of Environmental Protection website.
View Fulbright's Briefing online.
This article was prepared by Jeremy A. Mercer (jmercer@fulbright.com or 724 416 0440) and Cecil C. Kuhne III (ckuhne@fulbright.com or 214 855 8122) from Fulbright's Litigation Department.
Learn more about Fulbright’s Shale and Hydraulic Fracturing Task Force at www.fulbright.com/shale.
That report, and the numbers look nothing like the prior one. Something smells rank and vial here.
I find it very interesting, and possibly telling that the time extension for the merger with AEXP announced today, was only a two month extension this time, not 3,4 or 6 months. I probably would not have done that unless I was nearly ready to mail out the proxy's?
I got the impression that we would not get any major PR news real soon. That does not mean we wont get an update on the merger extension. Hard to put a target date on anything, but Gerry did say he still had hopes of having the BP well online producing gas and cash flow by year end this year, if that helps. He also said that they already had a fracing crew and equipment already on call for a moments notice to start work once a financing deal was completed. So recent posts here that there is, or will be a 6 month waiting list to get a fracing crew and equipment, after financing are BS according to Gerry.
Actually it should put more pressure on a move to switch from Nuclear power to Natural gas, so for us it may help move investment in MNLU!
http://www.reuters.com/article/2011/08/24/quake-usa-nuclear-dominion-idUSN1E77M1N320110824
HOUSTON/NEW YORK, Aug 23 (Reuters) - The largest earthquake to hit the East Coast of the United States in 67 years raised concerns on Tuesday about the safety of the country's nuclear power plants.
The 5.8 magnitude quake's epicenter was just a few miles from the two-reactor North Anna nuclear power plant operated by Dominion Resources (D.N) in Mineral, Virginia, 80 miles southwest of Washington.
The plant lost power and automatically halted operations after the quake. While a Dominion spokesman reported no "major" damage to the facility, three diesel generators were required to kick in and keep the reactors' radioactive cores cool. A fourth diesel unit failed.
While nuclear power plants can operate safely on back-up power, failure of generators was a key reason for the disaster at Japan's Fukushima Daiichi plant after a 9.0 magnitude quake and tsunami in March.
"Nuclear power plants lose a significant margin of safety when they're forced to rely on these emergency back-up systems," said Paul Gunter, director of reactor oversight at Beyond Nuclear, an anti-nuclear lobby group.
The U.S. Nuclear Regulatory Commission (NRC) said North Anna's shutdown was safe and posed no risk to the public. It wasn't clear when off-site power could be restored or when the 1806-megawatt plant, which remained on alert, could restart.
Dominion spokesman Jim Norvelle said the plant was designed to withstand an earthquake of up to 6.2 in magnitude.
But some experts expressed concern about the narrow margin between the design metrics and the quake's size.
"It was uncomfortably close to design basis," said Edwin Lyman of the Union of Concerned Scientists, which has pushed for stronger nuclear regulations.
"If Fukushima wasn't a wake-up call, this really needs to be to get the NRC and industry moving to do seismic reviews of all the nuclear power plants in the country."
Tuesday's quake, which was felt along the East Coast as far north as Canada, was the region's largest since a 5.9 quake hit New York State in 1944.
North Anna's reactors are among 27 east of the Rockies that the NRC highlighted during a seismic review last year as presenting a potential hazard, due to the amount of ground-shaking they were designed to withstand.
Twelve other nuclear plants along the Eastern Seaboard declared an "unusual event" following the quake, the lowest of the NRC's emergency classification ratings. North Anna's "alert" status is one step further up on a four-step U.S. emergency scale.
READY OR NOT?
Many nuclear experts say plants in the United States were designed with big margins of error built in, but last year's NRC survey found that the risks posed by earthquakes were higher than previously thought.
And Victor Gilinsky, who was an NRC commissioner at the time of the Three Mile Island nuclear disaster in Pennsylvania in 1979, said that he was concerned that safety at plants like North Anna were not being reviewed as understanding of earthquakes increases.
"It is important to review the seismic design of the plant in terms of current knowledge," he said "Instead, the NRC has been relicensing plants without any real safety review - they do not question any of the original licensing conditions, they only check to see whether the plant has a program to deal with old equipment. It's an irresponsible approach."
Even a pig should never say never!
Stock will never see .40 again
Gold is down nearly $100 from the high this week! That is probably why mining is down. Today is a lesson in diversification my young Jedi!
They are still shaking the bushes so to speak.
I got the impression a JV was currently the most likely path, all considered, but I think they are juggling multiple options, including multiple JV deal options. One thing was cleared up for me, and that was Guggenheim. Seems they will (or at least they will consider) a further JV deal (with a line of credit, loans, like last time) but only once the current well is in production, thus converting the reserves status to "PROVEN" reserves.
Seems they only loan money (like they did before) against proven (I think that was the key word?) reserves, the BP #1 well is not yet proven, not until it has actually produced in such a way to establish a proven reserve, which is what they need some of the current funding for, to finish this well.
Chicken or egg problem, the which came first deal. So I got the impression Guggenheim might JV or loan money, or both(?) for additional wells, expansion, once the first well is proven.
I suspect an outright bank loan is not possible at this time for obvious reasons. Needs to be an investment bank, VC, JV deal or the like near as I can tell at this time.
Just a reminder, that there was PR about 10 months ago that MNLU was worth a good 50 cents/share (liquidated) based just on proven reserves in Louisiana, and that was at old oil and gas prices from about 12 months ago. So current prices are a steal here.
Par for the course, typical with this stock. I have been in this one for a good 2 years, maybe a little longer now. It takes a while to buy cheap, and a while to sell higher (not much good for day trading), but I am accumulating for the long haul on this one. I am not selling at anything under .30/share, as they have too many irons in the fire, and it is way over sold here.
I spoke with Gerry Friday, and I am still in. I may add if it goes any lower.
I am still watching this one from the side lines, so I have no axe to grind here, just interested in getting to the entire truth, and all the factors involved. I still suspect the news here is not as bad as most think it is, but I could be wrong on this one.
I ran across a post today in Alpha Seeking, on another short hammered stock I do own shares in, and a poster on that article posted this from the 10-Q of that company (ABAT), that I think may answer some questions in the entire China/US RM stock sector about the issue of moving cash to the USA to pay say dividends.
Here it is:
Why don't you read the SEC-filings instead of making stuff up?
They are considering it.
From the 10-Q
Restrictions on Dividends and Other Cash Transfers
All of our business operations are carried out by our two subsidiaries and one variable interest entity in China. In the future, in order for the U.S. parent corporation to pay dividends to our shareholders from the earnings obtained in China, we will have to transfer funds from our Chinese subsidiaries through Cashtech Investment Limited, our BVI subsidiary, and then to Advanced Battery Technologies, our U.S. parent corporation. Our ability to transfer funds in this manner will limited by two factors:
1) Statutory Reserves . The Company Law of the PRC applicable to Chinese companies with foreign ownership provides that net income can be distributed as dividends only after:
a. Cumulative prior years’ losses have been recouped;
b. 10% of after tax income has been allocated to a statutory surplus reserve until the reserve amounts to 50% of the company’s registered capital;
c. 10% of after tax income has been allocated to a statutory common welfare fund, which is established for the purpose of providing employee facilities and other collective benefits to the company’s employees; and
d. Allocations have been made to the discretionary surplus reserve, if such a reserve is approved at the meeting of the equity owners.
2) Currency Conversion . The Chinese Yuan (Renminbi) is not freely convertible into Dollars. The State Administration of Foreign Exchange (“SAFE”) administers foreign exchange dealings and requires that they be conducted though designated financial institutions. Foreign Investment Enterprises, such as Harbin ZQPT and Wuxi ZQ, may purchase foreign currency from designated financial institutions in connection with current account transactions, including profit repatriation.
These factors will limit the amount of funds that we can transfer from our Chinese subsidiaries to our U.S. parent company and may delay any such transfer. In addition, upon repatriation of earnings of our Chinese subsidiaries to the United States, those earnings may become subject to United States federal and state income taxes. We have not accrued any U.S. federal or state tax liability on the undistributed earnings of our foreign subsidiaries because those funds are intended to be indefinitely reinvested in our international operations. Accordingly, taxes imposed upon repatriation of those earnings to the U.S. may reduce the net worth of the Company.
This applies to ABAT as well as other China/US reverse merger stocks I think. I found it in the comment section of the new article:
Why don't you read the SEC-filings instead of making stuff up?
They are considering it.
From the 10-Q
Restrictions on Dividends and Other Cash Transfers
All of our business operations are carried out by our two subsidiaries and one variable interest entity in China. In the future, in order for the U.S. parent corporation to pay dividends to our shareholders from the earnings obtained in China, we will have to transfer funds from our Chinese subsidiaries through Cashtech Investment Limited, our BVI subsidiary, and then to Advanced Battery Technologies, our U.S. parent corporation. Our ability to transfer funds in this manner will limited by two factors:
1) Statutory Reserves . The Company Law of the PRC applicable to Chinese companies with foreign ownership provides that net income can be distributed as dividends only after:
a. Cumulative prior years’ losses have been recouped;
b. 10% of after tax income has been allocated to a statutory surplus reserve until the reserve amounts to 50% of the company’s registered capital;
c. 10% of after tax income has been allocated to a statutory common welfare fund, which is established for the purpose of providing employee facilities and other collective benefits to the company’s employees; and
d. Allocations have been made to the discretionary surplus reserve, if such a reserve is approved at the meeting of the equity owners.
2) Currency Conversion . The Chinese Yuan (Renminbi) is not freely convertible into Dollars. The State Administration of Foreign Exchange (“SAFE”) administers foreign exchange dealings and requires that they be conducted though designated financial institutions. Foreign Investment Enterprises, such as Harbin ZQPT and Wuxi ZQ, may purchase foreign currency from designated financial institutions in connection with current account transactions, including profit repatriation.
These factors will limit the amount of funds that we can transfer from our Chinese subsidiaries to our U.S. parent company and may delay any such transfer. In addition, upon repatriation of earnings of our Chinese subsidiaries to the United States, those earnings may become subject to United States federal and state income taxes. We have not accrued any U.S. federal or state tax liability on the undistributed earnings of our foreign subsidiaries because those funds are intended to be indefinitely reinvested in our international operations. Accordingly, taxes imposed upon repatriation of those earnings to the U.S. may reduce the net worth of the Company.
Very good new article just came out on ABAT!!!!!
http://seekingalpha.com/article/288279-advanced-battery-technologies-solid-revenue-growth-and-awesome-net-income?source=email_global_markets
Looking at the BDI has me thinking it may be time to buy here. But I have not kept up. Looks like the last 10-Q has book value at 1.6 billion dollars and less than 90 million shares, for a book value per share of nearly $20/share?
Is that right? Am I missing the land mine (other than recent losses on the quarter), And selling for less than $2/share!
If the markets rally, this could be good for a real nice bounce short term.
May be time to buy this one back. BDI has been moving up while the market crashed. DIVERGENCE!!!! Friday Capex was up 10%
Even the waste water div is loosing money due to excessive overhead costs. I have a run a one man waste water business for over 20 years now, and made more money my first year than they have. The one man heading up their waste water division has not even justified his own paycheck yet, and he has only closed one deal that I know of since he was brought on board over 18 months ago.
I suspect there are multiple deals on the table being negotiated, but some may not be attractive enough under the current climate, and I agree, the bean counters, and attorneys can make a turtle look slow!!!!
From the recent posts here, I think a few are either shorting the stock, or selling large enough holdings, in the hopes to buy cheaper in the future. It is looking right now like it might go even lower short term, unless the world markets rally soon (today is OPEX!!!).
I am not selling here, but I am preparing for another 50% hair cut IF and when it comes, to really stock up on this one and the merger partner AEXP, as I have no doubt a deal is coming that will send it back to at least $1/share under the worst financing circumstances, but it may be a little while longer before the news of the final solution to the funding problem happens.
I had high hopes we would be off and running and fracing the well by now, with funding by now, but it seems like funding at this stage is just going to take a little more time to work out all the details, and do it right.
There is no way to know for sure where and when the exact bottom will be. But I do know it is very easy to miss the bottom, and it is possible we already bottomed. I also know that MM's rarely let us buy shares at the exact bottom, especially when the volume gets thin, and the spread gets wide.
Sooner or later the right deal and money will show up and this will go into production. In the mean time, shorts may talk nervous investors into bailing at the wrong time, and we may see lower prices. But I am not going to bank on it. I am holding and will add if we make new lows.
I find it very hard to believe they will not get financing. Just look at this:
http://www.mainlandresources.com/index.php?option=com_content&view=article&id=55&Itemid=61
If anything, I think there may be a bidding war under way, too many choices perhaps?
Looks like we are off to the races folks! Already up .10/share!!!
They already have a facility online. I agree on the licensing fee problem, good explanation, and it is a big part of why I finally sold and gave up on them. It was a great idea if they could sell it, large upfront profits, but your analysis is right on, no one is going to risk that much money up front.
I am hoping it is partly OPEX driven. Tomorrow is OPEX! The BDI rally may be seasonal!!!!!
But there are landmines ahead for sure. Elections for one. Liquidity drying up some is a problem. But there is a difference this time, many firms (outside of the BDI, like GE) have piles of cash this time and are not dependent on overnight cash loans like they were in 2008. M&A may take off again in some sectors.
Falling oil may help the shipping sectors, and airlines
BDI is definately showing major strength and not just for a day or two, in spite of all the other bad news. Question now, is the rest of the market testing the bottom and about rally all year, or will the BDI rally be trumped by all the other market wide bad sentiment.
What is even more interesting is that MNLU is much cheaper than AEXP today, on less volume. I have no idea, but I am almost green today, only thing hurting my longs is OPEX stocks like AA, which is getting hammered today. I think the penny stocks bottomed 3 months ago!!!!
There has been no dilution since then.
MNLU payed it off, and did not renew it, as they were swiming in cash at the time. I have no doubt they could borrow from Guggenheim right now, but it is obvious they think they can get better terms.
There has been no change OS shares in about 18 months.