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VanWilder:
I am in total agreement with you I also bought on the news today.
You also hit the nail on the head when you stated:
I know all the major individual shareholders mean well, but I think HRT just needs a few weeks of ZERO drama. Less publicized fighting, power struggles, and shareholder complaints.
Rising Costs Hit Balance Sheets of Major Oil Companies
By Nick Cunningham | Thu, 23 January 2014 23:24 | 1
Quarterly earnings for Royal Dutch Shell have declined sharply due to large expenditures, delays, and lower than expected production. The oil-giant reported that it expects fourth quarter earnings from 2013 to come in 70% lower than the same quarter for the previous year. Fourth quarter earnings are expected to decline to $2.2 billion, down from $7.3 billion in 2012. The decline prompted Shell to issue a profit warning, its first in 10 years, hitting its stock price. The company expects to release a full-earnings report on January 30.
Shell’s capital spending surpassed $44 billion in 2013, a 50% jump over the prior year. While investing in growth is necessary to turn a profit, many of Shell’s projects are floundering. After sinking over $5 billion in a multi-year effort to tap oil in the Arctic, Shell has nothing to show for it except for a series of mishaps and bad publicity. The company wants to return to the Arctic in 2014 after taking the year off last year to regroup, and submitted a scaled-back plan that they hoped would soothe the concerns of the Department of Interior. Yet with a January 22, 2014 decision from the Court of Appeals from the Ninth Circuit found that Interior violated the law when it sold offshore leases for exploration back in 2008. The ruling throws Shell’s plan into deep uncertainty, and is merely the latest blow to the company’s bungled Arctic campaign.
Shell has also bet big on Kazakhstan, sinking over $30 billion in a project, again with little to show for it thus far. The project is 8 years overdue.
Related article: UAE to Invest $1.2bn in Kurdish Oil
The latest news may be indicative of a new phase for major international oil companies. Shell is not alone in investing huge sums to develop complex oil fields in far flung places around the globe. As easy-to-get oil declines, Shell and other oil companies are forced to search for oil in places that present geological and engineering difficulties –and thus present significantly higher costs. According to Reuters, the rising cost of oil projects around the world is a major topic of discussion at the World Economic Forum in Davos.
Another example is Chevron’s Gorgon LNG project, which is expected to come in at $54 billion, or $20 billion more than originally expected. Italian oil company ENI expects to blow around $50 billion on the Kashagan oil field in Kazakhstan, five times what it expected.
Ben van Beurden, Shell’s new CEO, hopes to take a more conservative approach, paring back large investments in “elephant projects,” according to the Wall Street Journal. Other major oil companies are also promising their shareholders they will cut back on expenditures. Reducing costs may be a good strategy in the short-term, but the profitability of major oil companies depends on their ability to replace reserves and produce oil, not just now, but 10-20 years from now. If these companies decide not to invest in new oil fields, they will not have additional capacity coming online in the years ahead.
But it is telling that Shell and others do not find it wise to invest in new oil projects. If that is indeed the case, then the world could be looking at much more expensive oil in the not-so-distant future as existing fields naturally decline and supply tightens.
By. Nick Cunningham
http://oilprice.com/Energy/Energy-General/Rising-Costs-Hit-Balance-Sheets-of-Major-Oil-Companies.html
According the information I found on the internet 200 wells were drilled in the North Sea before they found a discovery of commercial quantities. Here is the quote I found stating this:
Well 2/4-2, the 34th exploration well in the Norwegian sector, turned out to be the discovery well of what was later termed the Ekofisk field. At that time more than 200 exploration wells had already been drilled in the hostile North Sea, but none of them had found oil in commercial quantities.
http://www.geoexpro.com/articles/2011/01/the-first-commercial-north-sea-oil-discovery
I am very optimistic about the future of HRT, I am knee deep in O&G stocks. Not one of the stocks that I own stocks do I feel have the same potential of HRT.
Patience and we be well rewarded for our faith in HRT.
GLTA
DrillaHill:
Where is there mentioned that Banco Itaú is bullish on HRT.
I spoke to HRT’s IR today and was told we can expect a response from the ANP on the HRT Rosnoft deal in two to three weeks. Hopefully favorable news. The company is looking for a deal with another company to drill in Namibia. Each well would cost 90 million dollars, they could drill 2 wells but that would drain them of their cash. Which is not the route they want to take, because they also want to find another producing Brazilian property to invest in.
I am putting my trust in the management of HRT, therefore I voted for the candidates they put up for election. Bertmd there is a lot of people in this world so it is understandable you would be unfamiliar with those put up for election.
I just got a phone call from a representative of HRT asking me if I have received my HRT proxies which I answered in the affirmative. I was also asked if I would be supporting managements proposals and I said yes, and I was thank for my support.
Robnhood:
I am going to vote for the list of candidates that the HRT management recommends. I feel I have no choice but to do so. I feel with Tanure/Discovery having such a big position in HRT it has a very good chance of becoming a very significant oil and gas company. Especially with Tanure's history of corporate turnaround successes.
I was glad to see the Poison Pill was not on the agenda. Which I would be against being removed. The fact that we have two dogs barking at the gate I feel is good for the minority shareholders.
I am actually excited about the future of HRT with a little luck I can see this stock going much higher. Other companies have been beaten down like HRT and have come back. They have the properties that smell of oil and gas, they have already found gas in the Solimoes Basin, now it is time to find oil to go along with the production in the Polvo field.
HRT has no debt, money in the bank, cash flow, has the largest Namibian offshore holdings, a large holding in the Solimoes Basin.
I was told by an IR person of HRT that the agreement whereby Rosnoft increases it's position in Solimoes Basin is before the ANP for approval and once that is done the shareholders will be made aware of the details. It is hard to understand why this should take so long, but it took a long time for HRT'S Polvo deal to be approved. Once this is done and Rosnoft buys the four HRT drilling rigs, giving cash to the company and doing the heavy lifting in the Basin hopefully being successful with it's drilling and the gas that has been discovered becomes monetized.
I have shares in several oil and gas companies, but there is no other company I have shares in or know of that I am more excited about then HRT. An O&G company trading at current prices as Nelson Tanure was reported as saying with Huge Potential. WOW!! That is a company I have got to have a good position in. Which of course I have at a very good average price.
Share holdings as of January 31, 2014
Shareholders Common Shares Participation
JG Petrochem Participações Ltda. 57,272,013 19.25%
Discovery Capital Management LLC 52,671,397 17.71%
Itaú Unibanco S.A. 11,075,705 3.72%
Other Shareholders 176,447,631 59.32%
Total 297,466,746 100.00%
I have received my proxies.
The press has so often proven to be an unreliable source of information, especially when it comes to reporting statements by high profile people like Nelson Tanure. People like him are next to impossible for the press to get to talk to. I find it hard to believe he would say such things to any reporter or columnist even if those were his plans for HRT.
I know of so many cases of articles that were mostly fabrications of what businessmen or politicians have said. I had that happen to me the one and only time I was interview by a reporter, it was very short. When I saw it in the paper the next day most of the quotes he wrote I said that did not come out of my mouth. One day a few years ago I came across a magazine with a picture of a friend of mine on it's cover. He was the head of an up and coming high tech company, I read the article and I felt it was just the kind of things he would say. I said that to him the next time I saw him, he told that he never said any of those things in the article.
Robnhood even though this has been the case so often in the past, I still put on IH what you and Debora posted on SH. Who am I to say whether it is fabrication or not it is up to each individual reader to decide.
Posted on SH by Debora:
Nelson Tanure betting on the growth of HRT
Rio de Janeiro - The businessman Nelson Tanure, by JG Petrochem, acquired 19.25% of HRT Participações, the fifth Brazilian oil and gas company. Founded in 2008, the oil company debuted on the stock exchange in October 2010, raising R $ 2.6 billion. Although it holds quality assets in the Solimões Basin ( AM ) and Namibia, HRT saw its shares fall more than 95 % due to unsuccessful investments.
The HRT is a Brazilian oil and gas company with huge potential. Witness the daily production of 12 thousand barrels in Polvo field (Campos Basin ). The company is formed by a qualified and geoscientists and geophysicists team with tickets in large Brazilian and foreign corporations. HRT's assets are recognized for the quality of potential oil reserves _ Tanure said. What the company needs, says Tanure, is an efficient and creative management.
Touted as a sort of Brazilian version of American Carl Icahn, Tanure act as an activist shareholder, aiming to turn the oil into a profitable enterprise. As you know Icahn is one of the most aggressive investors in the U.S. market, with important stakes in major companies such as Apple. It is so powerful it reached dismiss executives of companies in which a shareholder.
In early February, the company and its subsidiary HRT O&G announced the process of exporting the first shipment of oil in the Octopus Bowl, having sold 233,300 barrels of oil. The next sale is scheduled to occur at most in the first week of March with an estimated 400,000 barrels of oil volume. The company expects to have revenues of R $500 million in 12 months.
Maersk is a minority partner in the field of HRT Octopus, having a share of 40%. The new company's shareholders plan to focus on mature oil fields especially those that large companies such as Petrobras and Chevron, have no more interest because of the scale. Thus, it is possible that at the end of 2015 to reach a close HRT sales of $1 billion and a daily production of 20 thousand barrels per day.
Within this strategy, the company will reduce the risk in the Solimões Basin, where soon the Russian Rosneft, the world's largest oil conglomerate, will have a majority stake of 51%.
Likewise, the partners seek buyers for the blocks in Namibia, owner of certified reserves that exceed the home of 7 billion barrels of oil equivalent. " HRT need to be aware that it is a private, small and poor company. It is necessary to cut costs to have a permanent box at $ 200 million and seek new revenue in mature fields. We have qualified personnel and appropriate equipment, "said Tanure.
By: Paulo Roberto Cunha - (BLOG BLACK GOLD, Brazil)
Posted on SH by robnhood:
What Tanure want HRT
The businessman Nelson Tanure is working to accelerate the entry of Russian Rosneft in exploration blocks that HRT in the Solimões Basin (AM). Thus, HRT will be minority and with no obligation to bear the heavy commitments related to operation.
At the same time, plans to buy 40% stake in Maersk Polvo field (Campos Basin), where HRT owns 60% of the business.
Tanure also want to sell just the blocks in Namibia, where each hole for exploration costs 90 million dollars. (Until now there were three holes in the water literally). The box of HRT is only 200 million.
By Lauro Jardim
http://translate.google.com/translate?hl=en&sl=pt&u=http://veja.abril.com.br/blog/radar-on-line/economia/o-que-tanure-quer-da-hrt/%3Futm_source%3Dfeedburner%26utm_medium%3Dfeed%26utm_campaign%3DFeed%253A%2Bradar-on-line%2B(Lauro%2BJardim)&prev=/search%3Fq%3Dhttp://veja.abril.com.br/blog/radar-on-line/economia/o-que-tanure-quer-da-hrt/
From IR of HRT
Dear XXXX,
We will start mailing distribution of Voting Cards and Management Information Circular to GDRs holders on Monday, February 24th.
Meanwhile, you can go to our website > www.hrt.com.br/ir > Releases And Minutes > Calls and Minutes > Management Proposal for the Special Shareholders’ Meeting of 03/19/2014 to access the agenda.
Kind regards,
Investor Relations
Relações com Investidores
Av. Atlântica, 1130 - 10o andar
Copacabana - Rio de Janeiro - Brasil
hrt.com.br e
tel +55 (21) 2105-9700
robnhood:
Your post is not as specific or relevant as mine since it comes from the IR of HRT.
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=97512616
From IR of HRT: Re: Rzbern post #2680
According to Deutsche Bank, Depositary Agent for the Canadian Global Depositary Shares (GDSs), the HRTPY security is the same security represented by the HRP CN GDRs in the CSD. They have the same CUSIP number so all shareholders who have the US or Canadian security should be entitled to vote.
Kind regards,
Investor Relations
Relações com Investidores
Av. Atlântica, 1130 - 10o andar
Copacabana - Rio de Janeiro - Brasil
hrt.com.br e
tel +55 (21) 2105-9700
Robnhood on SH is getting pleasure out of our recent posts.
hissy
fits on IHUB. ))))
http://www.stockhouse.com/companies/bullboard/v.hrp/hrt-participacoes-em-petroleo-sa?postid=22206047
http://www.stockhouse.com/companies/bullboard/v.hrp/hrt-participacoes-em-petroleo-sa?postid=22206992#postanchor
DrillaHill:
You have been making a very valuable contribution to this board. I sincerely hope you continue doing so.
ogopogo007:
You are sounding like robnhood and buggati on SH. Your post is the kind those two love to see. You would make their day if you posted it on SH. Especially your quote "The cheerleaders here keep tossing their pom poms back and forth."
In respect to your comment about the drill rigs that HRT paid $60M and are selling for $40M. In virtually all cases as you very well know, when selling used equipment you get less then what you paid for it, in many cases a significant amount less. Depending on how good the market is for what you are selling.
ogopogo007:
You have made your point several times in favor of selling HRT in pieces, it has been duly noted, no need to say it anymore.
Why would other large shareholders want to work with a company to enable it to acquire HRT at a price less then the economic value plus 15%. Does not make sense to me. I also question the legality in doing so.
HRT By Laws regarding a takeover of the company:
42. The public offer for the acquisition of shares provided for in Article 41 of these By-Laws should also be held;
(i) in cases where there is assignment for consideration of subscription rights of shares and of other bonds or rights relating to securities that are convertible into shares, which results in the Disposal of Control of the Company; or
(ii) in case of disposal of control of the company that holds the Power of Control of the Company, the Controlling Disposing Shareholder being obliged, in this case, to declare to BM&FBOVESPA the value assigned to the Company in this disposal and to attach documentation proving it.
43. The party that acquires the Power of Control of the Company over the latter, resulting from a private share purchase agreement signed with the Controlling Shareholder(s) or Controlling Group of Shareholders, involving any volume of shares, shall be under the obligation to:
(i) hold the public offer for the acquisition of shares mentioned in Article 41 of these By-Laws;
(ii) pay, under the following, an amount equivalent to the difference between the public offering price and the amount paid per share eventually purchased in an exchange in the 6 (six) months prior to the acquisition of the Controlling Power, restated to the date of the payment. This amount should be distributed among all the people who sold Company shares at the Trading Floors where the buyer made the purchases in proportion to the daily seller net balance of each share, it being incumbent upon BM&FBOVESPA to operate the distribution under the terms of its regulations; and
(iii) take the appropriate measures to reestablish the minimum percentage of 25% (twenty- five per cent) of the total outstanding shares of the Company, within 6 (six) months subsequent to acquisition of the Control.
44. Any person or group of persons representing the same interest, who acquires or becomes the owner of shares issued by the Company, in a volume equal to or greater than 20% (twenty percent) of the total shares issued by the Company should, within a maximum time limit of 60 (sixty) days from the date of acquisition or the event which resulted in the ownership of the shares in a volume equal to or greater than 20% (twenty percent) of the total shares issued by the Company, undertake or request the registration, depending on the case, of a Public Tender Offer (Oferta Pública de Aquisição- OPA) for the total shares issued by the Company, in accordance with the provisions of the applicable CVM rules, the Novo Mercado Rules, other rules of BM&FBOVESPA and the terms of this Article.
Paragraph 1 - The Public Tender Offer shall be:(i) directed indiscriminately at all the shareholders of the Company; (ii) carried out by auction to be held on the BM&FBOVESPA; (iii) offered at the price determined in accordance with provision in paragraph 2 of this Article; and (iv) paid on sight, in Brazilian currency, against the acquisition in the Public Tender Offer for the shares issued by the Company.
Paragraph 2 - The acquisition price, in the Public Tender Offer of each share issued by the Company, may not be lower than 115% (one hundred and fifteen percent) of its Economic Value, as defined in the appraisal report elaborated in accordance with the provisions of, and following the procedures foreseen in, Article 48 of these By-Laws.
Paragraph 3 - The holding of the Public Tender Offer mentioned in the preamble to this Article shall not exclude the possibility of another shareholder of the Company, or, if applicable, of the Company itself organizing a competing Public Tender Offer, under the terms of the applicable rules.
Paragraph 4 - The holding of the Public Tender Offer mentioned in the preamble to this Article may be waived by means of a favorable vote of the shareholders gathered at a shareholders’ meeting specially called for this purpose, where the following rules should be observed:
(i) said shareholders’ meeting shall be held, upon the first call, in the presence of shareholders representing over half the capital, and upon second call with shareholders who represent over 30% (thirty per cent) of the Company’s capital;
(ii) the waiver of the Public Tender Offer shall be considered approved with the vote of the simple majority of the shareholders present, either on the first or second call;
(iii) the shares held by the Acquiring Shareholder shall not be taken into account for the purposes of determining the convening quorum, in accordance with item "ï" above, or of the deliberation quorum, in accordance with item "ii" above; and
(iv) The Acquiring Shareholder is prohibited from voting at the shareholders’ meeting.
"Economic Value" means the value of the Company and its shares which are determined by a specialist company, through the use of a recognized methodology or based on other criteria defined by the CVM
Rzbern:
I know of situations that require 75% of shareholder approval votes before a takeover can be successful. How did you come up with the figure of 95% of shareholder approval in order for the takeover of HRT to be successful.
I am very excited about the prospects of HRT and am ready to do battle to protect our interests in the company. I have fought many good battles before and every time have come out on top.
All I ask is you show your support in making shareholders aware that they will be treated fairy.
Fantastic news BTE is a core holding of mine a cash cow. I have held shares in it since 2004 which I bought at $10.50 a share I have experience a 400% capital appreciation in the company. It once traded round $2 a share investors who bought shares in BTE at that time receive more in dividends each year then they paid for their shares providing of course they did not sell their position as BTE appreciated in price. I feel HRT has the same potential of rewarding shareholders as BTE has.
tschussmann1:
The three parties would be walking on thin ice if they tried to make adjustments between themselves after a takeover. As I mentioned in a previous post I received compensation from an action taken against the board of Directors of a company I no longer had shares in, in fact I received more money than I had paid for the shares when you add the amount of money I received for selling them. Recently I was informed that I will be on the receiving end of settlement funds of an action taken against a company I had shares in 2004. Fortunately I had kept my 2004 buy and sell statements from my broker which enables me to benefit from the proceeds of the settlement.
I did nothing to start an action against the two companies in fact I did not know they had done anything wrong. Had I known they had done something that was not in the interests of the shareholders, due to the small investment I had in both companies, I would not have taken the trouble to seek justice for myself and the other shareholders.
That is not the case with HRT, I have a very significant amount of shares and money invested in the company. My average price is .40CAD so even if they offered .50US and considering the CAD dollar is lower then the US dollar I would still make a fair amount of money. I invested in HRT to make a lot more then any .50US would give me.
Because of what I have ridding on HRT I am prepare to go as far as it takes to get the most out of any take over if it comes to that, for my benefit and the benefit of all shareholders, and that no Hedge Fund receives more, due to some side deal.
I live in Vancouver BC and fortunately Discovery Capital Management LLC the holder of 17,71% of HRT shares has an office here. Very convenient for me and any Lawyer that is engaged,
What I hope is that no take over is attempted and the company proceeds to develop the Solimoes Bazin with Rosnoft, the drilling of offshore Namibia and the acquisition of another producing property to accompany Polvo as stated to me by IR of HRT. That will be the most beneficial thing to happen for all the share holders of HRT.
robnhood:
I was mainly referring to the name calling by you and buggati of others on SH. Due to your history on SH few who have been on SH can except your guarantee that you did not start the name calling between individuals. Now that you are posting on IH it is time to lay this to rest and not say anymore about it.
robnhood:
I welcome these kind of posts on IH if you and buggati would post in the same manner on SH and leave out the name calling what a relief that would be.
This is a reduction from 134.4 million GDS shares to 116,792,100.
NEWS RELEASE
UPDATED NUMBER OF GLOBAL DEPOSITARY SHARES
OUTSTANDING
Rio de Janeiro, February 3rd, 2014 – HRT Participações em Petróleo S.A. (the “Company” or “HRT”) (BM&FBOVESPA: HRTP3, TSX-V: HRP) announces that the records of the TSX Venture Exchange (the “TSX-V”) have been updated to reflect the number of HRT’s Global Depositary Shares (“GDS”) currently outstanding. As of January 1st, there were 116,792,100 GDS outstanding (each representing 1/2 of an interest in a common share of HRT).
Further details regarding the
GDS can be found in the Company’s annual information form.
For further information, please contact HRT’s Investor Relations Department.
Sedar Profile # 00031536
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
IR CONTACT:
Ricardo Bottas Dourado – CFO and Investor Relations Officer
Sandra Calcado – Investor Relations Manager
Tainah Costa – Investor Relations Senior Analyst
+55 21 2105-9700
ri@hrt.com.br
As posted on SH:
Agreement on HRT
Hit with the
Americans Tanure Nelson and U.S. fund Discovery sealed peace on HRT. They own 19% and 16% share each, respectively, of the oil.
Tanure withdrawn all lawsuits that promoted against the Americans, in turn, stumbled support the names proposed by the entrepreneur in the new council of HRT.
The council, which will no longer have the participation of the founder of HRT, Marcio Mello, chaired by Hélio Costa.
By Lauro Jardim, Radar Online
Read more at http://www.stockhouse.com/companies/bullboard/v.hrp/hrt-participacoes-em-petroleo-sa#Oe6kAsmqeYth3zSe.99
As posted on SH:
RE:RE:RE:RE:release
All I can say is that it comes from Brazilian business associates in the oil and gas industry and their knowledge and view of Tanure. He is apparently VERYwell connected with the government and his style is that of a activist shareholder who takes over and transforms financially distressed companies. When asked to compare him to anyone in the US (I was thinking Ichan), they said "no, he is more like Buffett, special deals and never goes in half hearted." From an HRT perspective this would be an owner who keeps the company Brazilian (there is a pride factor here) and who likely has the connections to get funding from the Brazilian development bank for the Solimoes gas development. A very well connected business man who plays hard and does not lose easily. I think we are looking at the future owner of HRT (BWTHDIK)
Read more at http://www.stockhouse.com/companies/bullboard/v.hrp/hrt-participacoes-em-petroleo-sa#229PQMLSSKYEQrYC.99
I found the article on the internet this morning, you would think that if the article was incorrect Discovery would ask Bloomberg Newsweek to publish a retraction of what was written. Which would be on the internet, since nothing of that nature showed on the internet. One can safely say no retraction request was made by Discovery.
I agree with you that Discovery could be found liable for BIG dollars. It was a Canadian company I mention in post #2641 whose Directors were charged with breach of trust and forced to pay the shareholders millions of dollars in compensation. The second one is an American company.
Discovery Capital Management LLC has an office in Vancouver BC where I live. Should they not act in the best interests of the shareholders legal action could be taken against them in Canada. HRT also has an office in Canada as well as in the US. I feel that Canadian law would be applied to the action.
Should JG not act in our best interests we would take legal action against them in the best way possible.
There is no way I am going to allow being roll over by any of the parties involved in HRT. I have never let it happen in the past so this will be no exception.
As stated in a previous post I have a lot of money invested in HRT and am prepared to put a significant amount of money towards legal costs. This is something all of us must be prepared to do if it comes necessary.
Here is a the link to the article.
http://investing.businessweek.com/research/stocks/private/snapshot.asp?privcapId=4498162
Bloomberg Businessweek article:
Discovery Capital Management, LLC Key Developments
Discovery Capital Reportedly Prepares To Increase The Stake In HRT
Nov 11 13
Discovery Capital Management, LLC prepares a strategy to take over HRT Participações em Petróleo S.A. (BOVESPA:HRTP3), edition Relatorio Reservado reported on November 08, 2013. Strategy would include an increase in Discovery's shareholding in HRT which holds 35% of HRT's ordinary shares. Also according to the publication, the company targets to change the legal status of HRT and avoid application of Articles 44 and 53. The first obliges each shareholder in HRT with a 20% stake in the company to make a public offer for the remaining shares, while the second article determines the announcement to the market of acquisitions involving more than 5% of the company's capital. The plan of Discovery is against the interests of some of HRT's shareholders such as Marcio Rocha Mello, Founder and Chief Executive Officer of HRT, resigned as CEO in May, 2013. The clash is expected in the first quarter of 2014. Discovery plans to convene a shareholders meeting by March 2014 with the aim to propose the change of HRT's legal status, Relatorio Reservado, said. On November 08, 2013, the stock of HRT fell 2.5% at BRL 0.78 in Sao Paulo.
Powerwalker anything is possible for example I held shares in two companies. I was informed one day of a company that I sold my shares in that due to breach of trust, actions were taking against it's Directors and a settlement was reach. I did the necessary paper work and submitted it to the legal firm handling the distributing of the settlement funds I ended up getting more money back then I had invested in the company.
Recently I received notification that actions had been taking against a company I had shares in 2004. It stated on proof of holding shares in the company during that period I was entitled to a share of the settlement damages proceeds. Judging from the settlement amount it appears I will have similar results as in the other case.
I feel that should a take over attempt of HRT take place, as shareholders in the company we should hire a lawyer to protect our interests to make sure that all parties have and will act in the best interests of all of the shareholders of HRT.
Due to the fact I have a large position in HRT I would be prepared to put a significant amount of money towards legal costs.
God Damn it ogopogo007 it you are right so sorry I apologize I did not remember I did copy one of your posts and not give you credit for it, Instead of being upset you should feel flattered.
For doing so you question my mental state by asking me if I am bi-polar what a personal insult. By doing so I have to question yours. You are making a big thing out of nothing. I am sorry it was a slip up on my part, but by making such a big thing about I have lost a lot of respect for you.
I was not impressed by you saying posters would have to pay to subscribe to the private message IH service before you would relate information you got out of the symposium in Vancouver were HRT made a presentation. Saying since it cost you so much you felt posters should be prepared to pay something for the information you got out of it. Since I took you to task for it, I think this your way of getting back at me.
For the record should anyone post something in my own words on SH they have my permission to do so with out crediting it to me.
For making a mountain out of a molehill ogopogo007, if I could put you on ignore on IH I would. I would love to have lunch with you as I did with garyadam so I could shove the meal in you face.
ogopogo007:
What a lousy, nasty, miss informational post befitting SH not IH. I am a MALE, garyadam can testify to that since we have had a luncheon meeting in Vancouver BC and we have spoken many times on the phone. I am sure that he does not mind me saying he lives in Seattle Washington.
I have never found any of your posts informative enough for anyone to want to lift, and I have not done so. I have copied articles, press releases ( but not words originating from a poster ) in reference to HRT that I have found on IH or on SH and pasted on either board, sometimes I say as posted on IH or SH and sometimes not, who the hell should give a damn. The important thing is we all share in the information.
I think the broken part is your head and it needs to be replaced.
ClipDapper sorry that my praising IH over SH caused robnhood to post here. I am sure VanWilder knows what to do if he starts to spread the same grap here as he does on SH.
Powerwalker they did not use the term all their eggs in one basket I said that to get across that they wanted to be involved in more then one producing property, less risky.
I was told that any take over share price would have to based on 20% over the economic value determined by an independent third party.
I came out of my conversation with IR feeling good about the company. I cannot understand why all of a sudden this talk of the company going for 50 cents a share.
I was told that whatever price is put on the shares by a third party it has to be put before the shareholders to decide to accept or reject the offer. I for one will not except any less then a three digit number.
VanWilder I got that impression later that was what you meant, I was only now able to respond to your question in regards to BW and HRT. IR did not know if HRT was going to come ahead of the deal or just get back half of what they paid for the 60% interest in Polvo. IR did say it was to lower any risk they may incur in Polvo, and that they wanted to use the proceeds to invest in another Oil production property. HRT feels that not having all their eggs in one basket is in the best interests of it's shareholders.
I did not ask about Polvo oil netbacks, or other things associated with Polvo, or how much cash HRT had. I have been an Oil company investor for many years, and found when I asked these questions I am told to look at their last quarterly report and if they are within 30 days of releasing a quarterly report they are in a quiet period and will not say anything, at least that is the way it is with Canadian companies. In any case I am told to wait for the next quarterly report.
I am very encourage with what has been occurring and especially with my discussion with the IR of HRT. They are trying to make the best moves possible as I stated they have turned down several Namibian farm out deals offered because they missed on a couple of points. They were trail blazers before in Namibia, now is the time to let others be the trail blazers before committing to more drilling.