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They are DRILLING!
A hole in my pocket!
Amazing there has heen almost no news for the last 6 months!
Trying to get to my $3000 loss. Sitting at $1000 gain right now.
Still kills me that the $3000 loss limit has been the same for over 25 years.
Sorry have to Sell.
Need a tax loss, so I have to sell some shares.
Do not want to get drilled on taxes.
If this company can't drill, I should not get drilled by the IRS.
Looks like we got some GAS MONEY for the rig. Now we just need somewhere to go.
1 well in 6 months!
We are going to need alot of rigs to do 100 wells in a year!
I think I saw it broken down on the side of the road. Stripped and up on blocks, wonder if they had insurance.
Lets hope it get back to work and soon, it has been way to quiet!
Kentucky
Have to wonder how many wells if any were completed in Kentucky. It would be nice if they at least got 10 - 15 done with good results. At least that would provide a little revenue.
Oh that's why
I had asked in an email, since I live in Kentucky can I go see the rig in action. I was told no, they wanted to reserve that for possible customers. But now I guess it was because of all the problems they were having with the rig and old rig foreman.
If you go by the last 10Q about 90 days. ( Q1 had 1 well drilled, Jan 31 days, Feb 28 Days, March 31 days) LOL
I wish that was funny!
I have sent you an email yesterday and one this morning. password = RED
I sent an email
I will be surprised in I get an answer. They are 1 out of 4 on replying to my email.
Questions Questions Questions
As normal with this company it is hard to tie thier press releases and 10Qs together. The agreement with RET was for 3 wells for $50,000 then they could chose to do 100 wells on a split the output increase deal. Was the 3 wells for $50,000 done? The $20,000 of drilling rev in Q1 was for 1 well. Did they change the agreement to 1 well for $20,000. Was the 3 well done in April? Or was the 3 wells dropped all together?
Reliance - On press release 2/17 had a new 7 well project followed by an 18 well project. Where do these projects stand? It seems like we always hear about a 5 well deal then we drill only 2 wells, this happened several times last year.
I wish that you could tie the press releases with the 10Qs.
We drill a well!
10Q is out down hole revenue of $20,000 for a hole drilled in Jan. Other then that nothing new. What is going on?????
Man what a bitch session that last few days
Has anyone had any luck emailing the company lately?
I sent an email and got no reply, resent and still no reply.
That makes me 1 out of 4 email that they have replied to.
Anyone have PACER subscription?
The Kentuncky company Resouce Energy Techologies that Blast has the contract with is being sued, If someone has a PACER access can you look and see what the law suit is about?
Filed in Kentucky Western District Court
Case Number 1:2008cv00150
I think you are a little high because it is not per day but per well based on number of laterals. Looking over the past news releases I think it is more closer to.
45 weeks a year (52 - 7 weeks holidays, maintenance, etc)
45 X 2 wells per week = 90 Wells
Average $30,000 a well ( First 2 wells were 2 Laterals = $20,000 Last 2 well averaged 10 Laterals = $40,000)
$30,000 X 90 Wells = $2,700,000 a rig.
Do not get me wrong this is great. Look out a couple years.
10 Rigs = 27,000,000 in Rev and profit of 6,000,000 with a multiple of 20 = 120,000,000 market cap or about $2.00/share
I little farther out.
100 Rigs = 270,000,000 in Rev profit of 60,000,000 with a multiple of 15 = 900,000,000 market cap or about $15.00/share
Not sure how Reliance works into the numbers. Strange how they were to provide crew for rig and then we hire a rig manager who is looking to hire a crew?
By repositioning I do not mean packing up and moving to the next well, but that could be a half day or more. I am talking about pulling the nozzel and hoses back and moving to the next depth or direction to started the next lateral. If this time is a hour per lateral and they do 20 laterals thats 20 extra hours or even if it's 1/2 hour thats 10 extra hours. So you are at about a week a well. So even if there is no waiting on the wells to be drilled that is still only 4 wells a month. If you read the news release it sounds like the 25 wells (7 + 18) are new wells so it could be 2 - 3 a month. I guess on the bright side that is almost year backlog. And they could go and do other wells while they wait.
Good, Bad and the Unknown
The Good
We can state that there is a 28 well backlog with options for 100 more. Back when the stock was $12 the backlog was 500 to 600 wells with "more to come any day".
The Bad
90 feet with 20 laterals = 1800 feet
1800 feet at 1.5 feet/ minute = 1200 minutes or 20 Hours
Add in the noncutting time of repositioning this could total 30-40 hours per well. Add in that we have to wait for the well to be drilled before they are ready for us means we can do 2 or 3 wells a month. Not a lot of revenue/ month at $20,000 a well (our half)
Unknown
How many laterals do you get for $40,000 a well? Is 20 laterals $80,000???? Any news about the Digital Oil field or Satellite services?
Does any one know?
Question is about the connection between Reliance Oil and the AFJ rig. If you look at the news release of the service agreement that was signed for work in Kentucy, Reliance was never brought up. Are they part of that deal? Or is it a Blast deal? Can Blast or they use the rig if it is not being used, and they just have to share half of the revenue of any of thier projects? If we get a project do we have to use them and they get half?
If we built another rig does this same connection between us exist for the new rig?
Great News!
Here is an email I sent to John MacDonald with reply.
John MacDonald
I have a few question on Blast's latest Q10.
From the Q10 ....
Satellite Communications Services
Satellite Communications Services' revenues increased by $36,000 to $116,000 for the three months ended September 30, 2008 compared to $80,000 for the three months ended September 30, 2007. The increase was the result of new business and customer renewals, including the initial partial delivery of 35 new systems sold to a major pipeline company. The operating margin from Satellite Communications Services increased by $35,000 to a gross profit of $12,000 for the three months ended September 30, 2008 compared to a gross deficit of $23,000 for the three months ended September 30, 2007.
This order for 35 units, how many shipped in Q3 and what is the time frame for the remainder of the order? Is the delivery schedule a matter of months, quarters, or years?
Nick
And the reply was.....
are you ready?
Nick,
All systems have been shipped and most have now been installed. We expect them all to be operational by mid-December.
John MacDonald
This is great I was thinking it would be a year before they were all shipped. So we should see a big increase in rev from the Satellite group this quarter. Plus it shows that we can get orders out the door. We just need to get more orders. Hope this order will be a good show case for other customers.
I guess that answers the question!
Does Blast management look at this site?
Why only 50 Feet?
I thought that the rig was able to go out up to 600 feet. Why only 50 feet? Was there a problem? Was 50 feet the target? It would be interesting to be kept up to date of the production rates going forward. Does the increase fall off quickly?
I wonder want the percent of..
the company is owned by us on this board?
A few years back several coworkers and I started buying shares in a company and at lunch one day we started adding up the shares and had like 2 1/2 percent of the company.
I have 40,000 shares.
Any one know the percent that the law firm got from the settlement? Was it 1/3 or 1/2 and does that mean Blast only gets 6.6 Mill or 5 Mill. ????
Is there confussion?
Under the terms of the revenue sharing agreement, Reliance will operate the lateral jetting rig at no cost to Blast and will share 50% of the revenues. The rig has been contracted at a gross rate of $20,000 per well for the current five-well Abilene program, but with success in stimulating production, the rate is expected to double for the Austin Chalk.
I read this and understand that the rig generates $20,000 per well and we get half of that. Reliance gets half but has the provide labor to run the rig.
I think others on here read this and understand we get $20,000 per well plus half of the revenue generated from the well.
Which is correct?
I hope not!
Hope they stick to thier knitting. They tried that before (twice)and it was just a distraction.
EPM was one of thier first customers back then know as Natural Gas Systems. McAfee has part of this company also and they had signed contacts with Blast to do over 200 wells before they found out that the rig did not work very well.
EPM has since moved on and has a great future, stock is at $6 and should go to $10-$15 in 2-3 years.
Great presentation at www.evolutionpetroleum.com
Why did Blast own Hallwood money?
The 1.6 million that they are forgiving, what was this for?
Was Blast not doing work for Hallwood. Why were we paying them?
Calm Down!
This settlement is only 2 or 3 cents a share.
Depending on if the attorneys 1/3 is on 6.4 mill or the 4.75 mill cash part.
6.40 mill X .33 = 2.11 mill
Cash 4.75 - 2.11 = 2.64 Mill (Cash left after attorneys)
Split 60/40 to pay off 3.1 M leaves 1.056 Mill cash for Blast
1.056 Mill / 50 Mill shares = .02 per share.
4.75 mill X .33 = 1.57 mill
Cash 4.75 - 1.57 = 3.18 Mill (Cash left after attorneys)
Split 60/40 to pay off 3.1 M leaves 1.272 Mill cash for Blast
1.272 Mill / 50 Mill shares = .025 per share.
Wonder what percent Hallwood was of the 10M to 45M they were saying they could in law suits.
Remember in the bankruptcy filing they only projected 1.5 million in EBT for 2009. Or about 3 cents a share, IF all goes well with the Digital Oil field, Blast Rig 1, and the satelite. A very big IF with this company. So .30 - .40 is about the right price for this company now till they prove that their 2009 plan will be reality.
From Letter
If you would like to read though the Disclosure Statement Plan, it is available on the company website www.blastenergyservices.com
Does any one have time to read the 195 page plan?
Scanning over it what is the Digital Oilfield product?
They predict 15M in revenue from it in 09.
I wish that
they were drilling oil wells and not trying to drill some company in court. Time will tell.
What is your target??
With all that has gone on the last couple of months what is your target for this stock in the next two years?
Would a merger with Maxim not limit or change your target? What price would Blast be given in a merger?
Last summer I thought that $5 to $10 was very possible if the Blast rig worked out. And maybe even $20.
I am concerned that with a merger we only get .50 at the merger and have hopes of $1.00 to $2.00 after. My average is just under $1.00 so this would be disappointing to say the least. But, it has been a very long and bumpy ride so far.
That paragraph is from the latest 10K.
If you look at the complete 10K it is page 6 paragraph 3 under the Recent Events section.
Blast is currently in discussions to merge with another energy company that has oil and gas production as well as certain energy service technologies. Discussions are at an early stage and no assurances can be given that such a merger will be consummated or that the economic terms of such a merger would be favorable to Blast shareholders or creditors.
Any heard anything about this..
From 10K
Blast is currently in discussions to merge with another energy company that has oil and gas production as well as certain energy service technologies. Discussions are at an early stage and no assurances can be given that such a merger will be consummated or that the economic terms of such a merger would be favorable to Blast shareholders or creditors
Are any of the rigs..
Now drilling on contracts??
Is there any word on...
When thing will start up again at the Wyoming test site?????
Going once going twice SOLD!
Any news?
1.3 Million shares
Somebody threw in the towel.
.15 and falling......
I wish they could drill...
as fast as the stock is dropping.
I brought 5000 more shares, I hope it ends up being a
Ho Ho Ho and not a No No No.!
We are under .50 what do you think
The Blast Unit is on on hold till spring,( See my post #598) we have to get some drilling contracts soon because we facing some large interest payments coming up. What is the outlook for this stock? Give a percent chance of each. I will start.
1 Year
Stock goes to 0 - 10%
Stock is less then 1.00 - 30%
Stock is 1.00 - 2.00 - 40%
Stock is 2.00 - 5.00 - 15%
Stock is 5.00 or more - 5%
2 Year
Stock goes to 0 - 15%
Stock is less then 1.00 - 15%
Stock is 1.00 - 2.00 - 35%
Stock is 2.00 - 5.00 - 25%
Stock is 5.00 or more - 10%