Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
Dak,
CMMI looks really good right now. I am in at .18 and ready for the ride.
I missed out on getting into SRSR.PK two weeks ago. It was on my radar for a few months and I just never did pull the trigger. Now it is p 1300%. Bummer.
Tomorrow should be interesting for CMMI and I think that they have some real potential. I love the filing the did after hours, looks really good.
-faz
Bri,
Don't bother. I think that there is a big divide opening up here and looking down the barrel of a potential R/S, people are venting their frustrations. I have done this myself. However, I am back to being indifferent to Berman and I am keeping my fingers crossed that the PPS recovers so I can break even or scrape out a little profit.
I am fully confident that Berman is not the right person to head this company and will do more harm than good at this point. I think RSDS, through the claims it holds, has potential, but we may never see that realized. I am done bashing the man, but will not stop others (short of personal attacks such as the ones that have been deleted).
Best of luck to you and I will watch with my skeptic eye from here out and will be praying for a Christmas PR blitz that takes us to .01
:)
-faz
Not So Aware,
I deleted your post because it was baseless and a personal attack. If you don't like it, take it up with MATT.
"lame-brained, weak-kneed, pissing-your-own-pants morons"
Sure about that? Seems that when someone doesn't have any factual arguments, they resort to name calling and sophomoric responses.
"You have NO business deleting ANY post attacking Berman and his cronies"
Actually, I do. That is what a mod does when they see senseless, baseless attacks by posters.
"Go ahead and delete, and ban me from IHUB. I certainly do not want to part of this pathetic forum any longer, and you IHUB deleter, are as much a POS as Briboy and Berman."
Thanks, have a good day and see you later!
Keep it on topic here please, or your posts will be deleted.
-faz
Thanks Dak...reminds me a lot of DPDW. Just got back into that one too!
-faz
perfect timing. This stock is set for some serious growth over the next 5-10 years. Nice move.
-faz
Just doubled down my position at .18.
Love the PR today.
-faz
Anyone think that news is coming after the market closes?
Yep, not sure what the PPS will do from now until then. I bet we get back up into the .40's and then who knows.
News is out:
True North Energy Corporation
Friday November 9, 11:25 am ET
HOUSTON, TEXAS--(MARKET WIRE)--Nov 9, 2007 -- True North Energy Corporation (OTC BB:TNEN.OB - News), an independent oil and gas exploration company, is pleased to provide an Operation Update on the following Alaska Projects: Beaufort Sea and Cook Inlet.
Beaufort Sea
On November 6, 2007, True North Energy entered into a pooling agreement with Savant Alaska LLC., ("Savant"). Under the agreement, True North Energy and Savant pooled certain leasehold interests, on a net acreage basis, and agreed to jointly drill a test well within the Savant Kupcake Prospect. The test well will be located in Section 29, T11N, R17E and is planned to be drilled to a depth of 11,000 feet in order to test the Kemik formation.
Working interests within the pooled area will be approximately 91.5% Savant and 8.5% True North Energy. Savant will be the operator of the pooled area. Savant has entered into a drilling contract with Kuukpik Drilling LLC for Kuukpik Rig No. 5 and is in the process of permitting the well and preparing appropriate agreements. The drilling operation is scheduled to commence in February 2008.
The Kupcake prospect is located adjacent to the British Petroleum ("BP") Liberty Field, which has estimated recoverable reserves of 130 million barrels. True North Energy has 10,000 leasehold acres adjacent to the Kupcake prospect and is currently the in process of evaluating the acquisition of all available 3D seismic that covers approximately one third of the remaining True North Energy acreage.
Cook Inlet
True North Energy has engaged the services of Rose and Associates to conduct an independent technical evaluation of the resource potential of True North Energy's Harriet Point prospect. Rose and Associates is a world leading consulting firm that provides unbiased characterization and probabilistic resource potential of the most challenging plays and prospects. In addition to the potential resource estimate, Rose and Associates will reinterpret and re-map the prospect based on True North's 33 miles of seismic data. True North currently has 25,000 leasehold acres in the Cook Inlet area, which it owns 100 percent.
True North Energy anticipates that the work by Rose and Associates will be completed by year end.
True North Energy has also engaged the services of Michael Baker Corporation - Energy Solutions Group. Michael Baker Corporation has provided True North Energy with estimated project timelines and turnkey drilling and associated services costs for a test well on the Harriet Point prospect.
"We are extremely pleased to be able to participate in our first Alaska well with an experienced industry operator like Savant. I believe that experience gained by participating in drilling of the Kupcake well and the work undertaken by Rose and Associates and Michael Baker Corporation will allow us to significantly advance our understanding and development of the Harriet Point prospect," stated John Folnovic, President and CEO of True North Energy Corp.
189 mil and counting.
What do you think is the bulk majority of the cost? I have a feeling it is the diesel needed to run the rig. With OIL at an all time high and projected to stay high, that is going to impact the cost of drilling, hauling tailings, etc.
-faz
Wonder if Berman is selling so much today to offset his other losses in the market?
Righty,
Is that figure based on owning the drill rig or if you have to hire out a contractor and a rig to do it? Those figures seem like they would be if they did not have their own rig, but I may be wrong.
-faz
waller,
Berman stated that the report is "expected" to be delivered in Q4 2007.
Maybe that is what the selling is for. Maybe he needs to pay the geologist.
-faz
This is a great question. Shouldn't it read board of director?
-faz
Unreal...gold moving higher...much higher!!!
http://www.kitco.com/charts/livegold.html
-faz
Negative rantings are not hurting this stock, the CEO is. Here are the last several months for this company.
Lets review the positives and negatives here:
Positive:
Sept 17, 2007: Field Report for Russell Industries Inc.submitted by Layne Berman and Tony Brandt
The result of the laboratory confirmation of the samples taken from Russell’s Cache claims validated that there is, in fact, uranium present. Although the percentage of ore from that particular sample is not considered sufficiently mineable, the result is such that drilling should continue on that permitted area in Utah’s Lisbon Valley, and the target depth should increase to an average of 350 feet.
Oct 13, 2007: Russell Industries Rage Claims Exploration Authorized
November 1st: Small mine reclamation permit in the works
Negative:
August 16th: A/S increased to 10 Billion
PR'd September 25th: Russell Industries has elected to not acquire American Uranium Mining, Inc. (effective June 19th but not PR'd for 3 months!!!!!!)
November 6th: Russell Industries No Reverse Split for 2007, but says one will be in 2008.
These are the facts from the last few months. Sure there have been good developments, but not enough information is coming to answer many questions. You mention contacting the CEO directly. Well, this has been done and pushed right back in my face. Berman refuses to answer any questions that are proposed to him. I have no problem seeing the good side of a company, but a good company managed poorly is not a good company. The PPS says it all.
Your statement: "But maybe thats the naysayers intention is to hurt the company?"
Sure, this may be true, but me, I have invested (and lost) more money than most here. Trust me, I want to see that money come back to me, but I am not going to put on the "rosie" glasses and pretend that everything is alright in RSDS land. There is a lot that needs to be done to right this ship and like I said before, I remain very skeptical of the man tasked to do this.
Your statement: "I sure hope someone sees the (good) light through the tunnel soon."
I agree, but it is hard to see the good light at the end of the tunnel when what we see at the end of the tunnel right now is a R/S. This is what is killing PPS here, not skeptical investors
This is not a rant on anyone here, and I am sorry to parse surfer's post so much, but I wanted to present the facts rather than shower this board with unfounded statements that could not be justified with facts, like a basher would do.
-faz
Unreal huh? I truly though that this stock had found good support in the .40's, but a drop back down to .28 is both nerve wracking and exciting at the same time. I have a great opportunity to average down into the high 30's and position myself for another run. Everything from the company seems to be on track for drilling in Q1/2 next year. I had a few questions to the company regarding the run up in the price of oil and how that is going to impact the cash flow from their producing wells. I imagine only to the upside, but I asked for specifics.
Oh well, glad my CHL, RIO and EWY were on fire today and helped take the sting out of a 17% drop.
-faz
Ouch! There has got to be news on the horizon sometime here. Still have not heard back from the company but will be renewing my efforts today.
Still long on this and very surprised that it fell fast. Will load up at .26-.28 and hope for a bounce. Then I can pull some profits out and get back some of my money.
-faz
did .0002 just print?
No fire here bro, but I do in fact know exactly how much those tailings are worth, you can find the info via Denison and the white Mesa Mill. Our share price sure has reflected the value of those tailings.
I guess the tailings are just the beginning just like the drilling equipment was the new beginning, just like the permit approval was the new beginning, just like the mining claims were the new beginning...please.
Maybe some details on the small mine reclamation permits and why they are pursuing that route as opposed to drilling new holes like they said they would? Come on Berman, fill us in on operational stuff and not how you are going to squeeze shareholders for your 2007 Christmas bonus.
I like your optimism: "but if somewhere RSDS can earn enough $$ and buy back shares would turn this share price more positive." At any time, when, please give me some evidence, when Rick Berman has done anything, ANYTHING, to benefit share holders? You will be hard pressed to, however, you can point to many things he has done to negatively effect shareholders.
I own shares here and I am not bashing the stock or company, but rather the CEO. I hope that what you say is true and that RSDS does have a miraculous turn around story. I will be right there with you riding the PPS up. In the meantime, I will remain incredibly skeptical of this CEO and his motives (whcih now point to R/S)
-faz
Show...
"If not that pretty much sews up this year as more dilution for salaries with zero return."
Pretty much haven;t had any return at all to date. Maybe Berman and family will just stroll around the claims on the lookout for more piles of uranium rich tailings. I know, instead of buying drills, he should just hire a bunch of high school kids to walk around the claims and do the work for him. He could pay them with some of the 2.8+ billion shares that were returned to the treasury in order to continue with the company's strategic plan.
Sorry for the humor today, but it helps take the sting out of the reality of today's PR.
-faz
So, any thoughts on what the R/S is going to be?
1:100,000??
I think that the fact that there is no bid at all tells you all about the value of this company. Remember, the company is a sum of it's parts. We might awesome mining claims that have crazy resources in them, however, if the CEO is not up to the task, then the value of the company takes a hit.
Right now, most are still trying to see the upside of what the potential is for RSDS rather than looking behind to see who is taking to them. In this case, it is Berman and he has telegraphed his plans for R/S.
My guess is that we will see a bunch of fluff PR's that will attempt to bump up the share price enough so the .0001 buyers(Berman and family) can get out.
Love this stock. Love it, love it, love it!!!
Booooooyahhhhhh!
-faz
Bri,
This is an odd PR. Really not sure what his motives are for doing this. I do like that he is not going to R/S this year, but he leaves the door open for 2008. What I do like is that he stated he would put it to a vote. Now, that might give everyone a warm fuzzy feeling unless it is him and his family who have been eating up all the shares in order to have a controlling interest and then the vote won't matter.
I question the motives of this, but it is nice to get a little peak behind the curtain.
Also a little surprising that this is a national PR and some of his drilling results, mining permits, field reports, etc have not been.
Anyway, don't worry about getting beat up, Tuesdays are usually good days!!
Have a good one!
-faz
Must be the reason. I am glad about my average in this stock, now below $3 per share and I am certin that in 5 years we will be very much higher. If we do for some reason drop below $3, I will be selling my house to buy more as this stock will certainly outperform the housing market for the next decade.
Have a great day EZ!!
-faz
Why do you think it is going to go under $3?
Gold is currently up $12+ to $820 an oz. The fact that NXG is going to clear their hedges off the books (only 10,000 oz. as of CC) and production going to be in the neighborhood of 430,000 oz next year ought to be positive.
I listened to the whole conference call yesterday and it was very optimistic and very long term. I was impressed with management and how they handled this acquisition.
The funniest part of the whole thing was the Q&A. Seemed like everyone was trying to find out negative things about the company. No one had any real, legitimate questions about the perseverance acquisition, they were all concerned about the credit ratings of lenders and where they had short term investments. I even liked the callers who were still hung up on KN approval and know more about NXG profit sharing with FN.
Unless I missed something, NXG complete wrote off KN and took the hit this Quarter. I honestly thin that they are not going to explore the option of KN any longer and will look to other plays either in Canada or in Australia. There was an interesting call about the transfer of equipment from KS to YD and the CEO stated that they were two different types of mines and the equipment was not able to be used for YD. That means they are going to be looking for another acquisition or partner up with someone so that they don't have equipment sitting around, IMO.
I was a little surprised with the drop yesterday as this stock should not be viewed as long term and the past quarter should have had little impact on the PPS.
Hoe you all have a great day.
-faz
kittie,
I have been out all day and I am just looking through my email now. I haven't seen anything yet, but I did send out that email to them at the close of business on Friday. I hope to see something back from them very soon. I am transferring funds now and will be averaging way down this week.
-faz
Bri,
I have the faith that one day my shares will be valued more than they are today.
I am actually starting to get crazy thoughts in my head about averaging down with the share price at .0001.
I need to lay off the NyQuil!!
-faz
Bri,
Thanks for the post. Long time man. I think that you are an eternal optimist and I give you all the credit in the world for that. I too want to see this company do great things and I think that the "company" can and will. However, I will take exception to the CEO. I truly don't think he has anyone's best interest in mind except his own. You can see this in any number of PR's and actions he has taken. The most blatant would be the acquisition and then non-acquisition of AUMN. Everything that was PR'd led us to believe that this was an acquisition by the company and that it would lead to great things for us. However, it turns out that he wanted to take AUMN for himself and not for the benefit for anyone else, especially RSDS. There are so many examples of how this CEO has tried to obstruct the shareholders from finding out his true intentions and motives.
In no way am I bashing the company, but rather I am bashing the CEO. I do not think that he is taking this company in the right direction and I would welcome a change so that the true potential of the mining claims we have can be realized. I am not the smartest man in the world, that is for sure, however, I do have enough common sense to see that Berman is thinking more of himself and his interests rather than the shareholders which provided him the capital.
I have done a significant amount of DD on the claims and RSDS in general. I know a good deal about exploration drilling. I believe there is potential, but I don't think we will see it with Berman at the helm.
Just my opinion.
-faz
NYBob,
Sure would be nice to tap into the Lisbon Valley and pull out a few hundred thousand tons of uranium ore. I still think that there is a lot to be said about the claims that RSDS is sitting on, hence the reason I am still here. I have lost nearly every bit of faith I put into Berman, but I am always willing to give someone a chance to turn things around.
Funny thing is that if Berman played his cards right, our share price would be significantly higher and he would only need to sell 1/100th the shares he is selling right now to stay afloat.
Oh well, no use in crying over spilt milk.
Let's keep our fingers crossed and hope that Berman rights the ship and takes us to the treasure.
-faz
Global Uranium Supply and Demand
Author:
Toni Johnson, Staff Writer
November 2, 2007
Introduction
Interest in the use of nuclear power is on the rise, as the world’s growing demand for cheap, reliable electricity vies with the need to reduce air pollution. Nonproliferation of weapons and the safe disposal of spent nuclear fuel dominate the debate on nuclear power, while nuclear fuel supplies have garnered little attention. Russia and Europe, currently shut out of the normal U.S. nuclear fuel market, want to sell directly to U.S. utilities, raising concerns about the U.S. enrichment industry. Meanwhile uranium mining is making a comeback after a two-decade slump, but obstacles such as infrastructure problems, stable access to enrichment services, and environmental concerns continue to dog the industry.
Discerning Supply and Demand
Close to five million tons of naturally occurring uranium is known to be recoverable. Australia leads with more than one million tons (about 24 percent of the world’s known supply), followed by Kazakhstan, with over 800,000 tons or 17 percent of known supplies. Canada’s supplies are slightly less than 10 percent of the world’s total, while the United States and South Africa have about 7 percent each.
Good article...click link below to read the rest.
http://www.cfr.org/publication/14705/global_uranium_markets.html?breadcrumb=%2F
-faz
downriver,
I agree with your assessment. I am a optimist by nature but I am also not as naive as I once was. What troubles me about Berman is his complete disregard for shareholders. I think he sees this company as his and that as long as he knows what is going on, he is a happy camper. This would be fine if this was a private venture, however, this is a public company and he should have the common courtesy to keep us in the loop. This is from the October 13th PR:
"The operator will transport a truck mounted drill rig, water truck and two pick-up trucks to the site to drill approximately 27 holes. The majority of the holes will be drilled on the native surface road and all holes will be drilled to a maximum depth of five hundred feet."
Why has there been no update on this? I don't care if it is in a PR, but why not on the website? It should not have taken 20 some days to move a rig. He should put out an message on his website that says:
"hey, we have moved the rig and we have begun drilling. News on the results when we get them."
Also, i want to know is he going to do the whole drilling campaign of 27 holes prior to logging them? This would be a retards approach, so I hope it isn't the case. It would be nice to see maps with clear dill hole locations and the order in which they are going to be drilled. Has he consulted a geologist on how to best drill or is he just putting holes in the ground for the hell of it? There might be a load of uranium down there, but we might now know it unless the exploration is done properly.
I think a shareholder letter would be worth while. Give us some idea of what is going on. I know he is not required to, but it is a common courtesy to investors who have provided him the means to make it this far.
-faz
TNEN's kupcake field is very close tot the Liberty Field being developed by BP.
BP Liberty Field
Published July 11th, 2007 Alaska , BP , Prudhoe Bay , oil
From Petroleum News (Alan Bailey):
Up to 6 ERD (extended reach drilling) wells in works for Liberty - Wells from Endicott satellite island for BP’s second Beaufort Sea oil project will break new records for extended reach drilling
After several years of project evaluation and a progression through various field-design concepts, BP has submitted a detailed plan of development for the Liberty field to the U.S. Minerals Management Service. And, as we’ve previously reported, that plan involves the drilling of ultra extended reach wells from the Endicott field satellite drilling island — Endicott is located five to eight miles west of Liberty (see “BP begins application process for Beaufort Liberty prospect” in the May 13 edition of Petroleum News).
The Liberty field lies about 5.5 miles offshore in an area of the Beaufort Sea where the water depths are about 20 feet. BP abandoned an original concept for a Northstar look-alike at Liberty, involving the construction of an artificial island and a subsea pipeline. Instead the company has decided on the less environmentally invasive extended reach drilling concept.
In its new development plan BP says that it will drill one to four producing wells and one or two water injection wells — waterflood will provide the primary oil recovery system. BP will also use high-pressure gas lift, with carbon-dioxide injection perhaps coming into play at some stage.
The waterflood operation will use both high salinity water from a conventional waterflood arrangement and low salinity water from a BP trademarked system. The low salinity system will require a special module that filters salt from water from the Endicott seawater treatment plant.
BP hopes to recover about 105 million barrels of medium-gravity crude oil from the field, depending on the level of success with the extended reach drilling.
The geologic setting of the Liberty oil accumulation resembles the Endicott field and BP says that the company’s experience at Endicott is enabling the company to “determine the most efficient method to maximize oil recovery in the Liberty field.”
But those wells will involve pushing the limits of extended reach drilling beyond what the oil industry has achieved to date — the Liberty wells will require horizontal departures of 34,000 to 44,000 feet from the surface wellheads, to target an oil pool about 10,000 feet below the surface.
“Drilling studies support departures of 39,000 to 44,000 feet,” BP says. “Departures beyond 44,000 feet have not been studied.”
One or two producer wells will tap the up-dip section of the reservoir, the closest side of the field to Endicott, with one or two injector wells placed in the central part of the reservoir. Depending on the capabilities of the extended reach drilling, one or two additional producers would then tap the down-dip side of the reservoir. Maximum oil recovery will depend on success with all of those wells.
“The intent is to maximize resource capture as drilling performance is proven,” BP says.
With extended reach drilling requirements beyond the capabilities of any existing North Slope drilling rig, BP is commissioning the construction of a purpose-built rig for the Liberty project. Construction of the rig should start in the first quarter of 2008, with completion slated for the third quarter of 2009. If all goes according to plan the first well should spud in 2010 and production hook up would occur early in 2011.
According to BP, the Liberty wells will be “up to four or five times longer than a conventional North Slope well.”
“The well design work already completed has confirmed that there are no rigs currently operating anywhere in the world that are capable of successfully drilling and completing Liberty ERD wells,” BP says. “The demands placed on the rig for drilling the Liberty wells are mainly in the areas of rotating torque capacity, hydraulic horsepower, pipe management and fluids management. … The Liberty rig may be the largest land rig operating in the world.”
The rig will require a derrick with a top drive and a rating of 1.5 million pounds. The drilling will involve the use of casing flotation techniques, to minimize the drag of the casing against the well bore.
The conceptual design of the rig envisages four main modules that can move along a straight line of wellheads using a self-propelled skidding system. Well spacing would be 30 feet. Drilling waste would be hauled to the central grind and inject facility at Prudhoe Bay.
The Liberty drilling pad and associated facilities will require a 20-acre extension to the existing Endicott satellite drilling island, to convert the island from its existing square shape to more of an L shape.
Water for waterflood will come from the Endicott facilities through a new pipeline that is to be constructed from the main Endicott production island. The Liberty project will also involve the construction of a gas-lift pipeline parallel to the water pipeline. Other construction requirements include upgrade of the west Sagavanirktok River bridge, or possibly the construction of a new bridge (the existing bridge is in unsuitable condition to support the loads and traffic requirements of the Liberty project).
BP says that it is in the process of negotiating a facility sharing agreement with the Endicott field owners. The company has also applied to the U.S. Minerals Management Service, the Alaska Oil and Gas Conservation Commission, the Alaska Department of Revenue and the Alaska Department of Natural Resources for permission to commingle Liberty and Endicott production.
As envisaged in the development plan, production from Liberty would commingle with Endicott production at the satellite drilling island, for processing through the Endicott production facilities. Liberty oil would pass with the Endicott oil through the Endicott pipeline to Pump Station 1 of the trans-Alaska pipeline. Gas produced from Liberty would be used for fuel and gas lift in the Liberty field, with any excess gas injected into the Endicott field. Produced water would commingle with produced water from the Endicott field and be used for waterflood at Endicott and Liberty.
Although BP anticipates first oil production from Liberty in 2011, full operation of the field will take three years to ramp up. Fabrication of the low salinity waterflood module is planned for 2011-12, with the module moving to the North Slope by sealift in the 2012 open water season (BP anticipates the drilling rig modules and other equipment being trucked to the project site). Construction of the waterflood and gas-lift pipelines from the main Endicott island would occur in 2012.
BP says that in submitting its Liberty development plan to MMS the company is initiating the permitting process for the project and a review under the National Environmental Policy Act. The company has already applied to the U.S. Army Corps of Engineers for a permit to expand the Endicott satellite drilling island. The company says that it will also apply for incidental harassment authorizations or letters of authorization under the terms of the Marine Mammals Protection Act for any potential incidental take of marine mammals.
http://northernoil.wordpress.com/2007/07/11/bp-liberty-field/#more-9
-faz
Kittie,
Thanks for the heads up. I just sent them an email asking for loads of input on the current and future operations. I have also asked about the website and a few other things. If I get a response I will post it directly.
I am also going through the ibox and cleaning things up and will post some DD I have been working on there very soon.
Have a great weekend!!
-faz
Has anyone here had any contact with IR at True North?
Nice job righty, guess she got to your response before mine. Well that clears things up. The only question is how in the heck did they get this confused with the Maynard Topaz Mine? I am very curious to see the contract that Aware is referring to. Also, I am wondering if that document is not going to be posted on the website, why Aware has it?
Glad to know we are just talking about 30 miles instead of 300.
-faz
Gold is rallying above 800!!!!
bucksmypup,
My Ameritrade shows the bid at .0001 and the ask at .0002
Is this not correct?
-faz
NYBob,
I don't think anyone is disputing that the tailings pile is on their claims. That is not the issue. The DD that I have done suggests the Maynard Topaz Mine is located hundreds of miles from the Rage claims. If that is the case, then RSDS does not have a mine, specifically the Maynard Topaz Mine, located on their claims. That is what I am getting at.
The ore that they are speaking of is the tailings pile shown in pictures here:
http://www.ru308.com/photos_2007_09_17.asp
The tailings pile was found near an abandoned mine that is from the 1960's. I am all for that, however, I don't think that it can be the Maynard Topaz Mine because documentation exists indicating that the Maynard mines in is not in San Juan county. If this mine has another name, great, I am all for it.
In the end, my whole argument is centered around the fact that RSDS did nothing to "EARN" this tailing pile, abandoned mine, revenue. It was all happened on by chance, which I have no problem with other than it does not give any indication tot he future direction of the company.
-faz