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CTB, I agree with you. My bet is that good things will come, all IMO, of course. In my interpretation, CB has been controlling things, as has been said, to "get our duck in line." BS. Why would I say that?
Before I go there, let me also say, "he had better pull a rabbit out of his hat." If he doesn't, I intend to crawl down that hole and find out why. Follow the logic.
We need to frame this correctly and look at things through the proper lenses. Tell the truth, when in many cases, the truth may or may not be fully divulged. Once he knew he had a gold mine, 3D data, a little drilling exposure, he realized that he was caught with his pants down around his ankles. Did he do this? CB knew the train was about to leave the station and guess who was left back at the station. CB. He had no ownership to speak of, considering that he was the man. The question is, was that intended, or not?
Put yourself in CB's shoes. If you started the company, built the company, lived the company 7 days a week, loaned the company a lot of money, what should your ownership be? Is .4% enough? Is 2.5% enough? NO WAY. He had 2 million shares, then he crafted the loan, setting up the preferred 3X multiple on 3.5 million shares, which resulted in a total of 10.5 million shares. So we have a total of around 12.5 million shares, give or take, a few shares? So lets do the math. 12.5/500 million share issued and outstanding = what 2.5% Oh SXXX. Who was that guy left at the train station as we shareholders all left for the celebration run. CB!!!!!!! Again, the question is, was that intended or not?
Now some would say that was a mistake. CB is not that naive, IMO. This guy has 30 years in the patch, coupled with some ups and downs. Did he learn something? I can tell you one thing, I didn't. My BAD. Only I was stupid, in not seeing this, when I invested. I thought it was buried in the family. How stupid of me. All I heard was the integrity word.
This has been professionally done, intended or not, but CB has to be given credit for a polished execution, whether we believe it, considering the outcome. This is part of why I believe, there is more to come. The one thing we invested in was CB's O & G knowledge. You have to admit, he has pulled some stuff together. What he fails to remember is, that was done on our money.
Look at the events. He acquired the land and rigs, having fully issued 500 million shares, less a few. He brought on the polished Director, who was a CPA, who aided in cleaning up the books and reporting. Then things started. SEC investigation commenced to change the BDC structure. AENP got a clean bill of health, which was not easy. He followed this event with the RS bomb once the Shareholder vote settled the BDC. Then he quickly floated the Padgett release, only 3 days later, to try to easy the pain. The stock tanked, from that very point, going from $.06 to $.01, around where we sit at the moment.
CB held his only recent conference call to sway the vote, pre RS. We had the vote and it BARELY passed, by I think 3%. Then he went silent and deep. CB got back on the train and we are about to enter the next station.
The question is, where are we and what should we expect? CB had better understand a few things. That there are people/investors in this company besides CB. This is not his company to do as he pleases, without consideration for all the investors. He is the CEO. The #1 responsibility of the CEO is to maximize shareholders value. This is the burning question, is CB and has CB been mazimizing shareholder value the last 1-2 years with what he knows? Being stupid or poor judgement will only protect you so much.
The one question I have is, can you manipulate drilling activities and well productivity, which ultimately leads to altered revenues and cash flow, to benefit someone, good or bad? If we look at the events, pre and post RS, the severe scope of the RS, someone really gained from this event, and it wasn't everyone. We invested in the game under established rules and the rules changed. Is that fair? More importantly, is that legal?
The way the shareholders have been treated, especially in communications the last 2 years, it may be technically legal, but I think considering all the facts, I am not sure we have not crossed the line ethically.
We will watch things evolve. As I said, when I started, I believe good things will come. If they don't or if we see more RS kind of surprises, I can tell you this, I for one will not be happy. CB is clearly on the hook as are the two Directors who recently resigned. They know what happen last year under their watch.
The big upside value in this company is what is in the ground in our Barnett Shale holdings and CB knows what that is, and he has known for some time. You don't pay $65,000 for sophisticated 3D seismic information, in late 2005, and follow this up with a couple of expensive drillings, starting in early 2006, and know nothing. My bet is that this information is really, really good. Is it CB? Do you know that and how long have you known that, considering we are trading for $.01. Boy, that is an explosive question, isn't it CB? So, what is your answer, CB, Mr, Director(S)?
Here is another one. CB. is AENP really worth only $7 million dollars considering the resources, the equipment, the reserves, and the revenues we have? Wow, that's another explosive question CB? Seems like there a lot of those, don't you think? I would especially like to ask the CPA Director, who left, that question amongst many, many others.
Numbers and communications is all that matters, is all we want, and it better start soon.
CB and the last two Directors took this thing to $.01, no one else. Maybe I should say it's 95% AENP's responsibility, as a result of the RS, no communications, no information, no numbers, etc.. , with the remaining 5%, going to the bashers.
He has created an open season for the bashers, feeding them candy to fuel the negative overtone of the boards. What do you expect CB, for them to sing your praise? All I hear is they think you are a clown, that you are no oil man and AENP is a fraud? CB, I didn't invest in AENP knowing that to be the truth. Why are you perpetuating this overtone? Why have you chosen to hold down the price so long?. Who is to gain from this? Oh I know, I'm not concerned about the stock price or the short term you would respond, for I am looking to the future. The only person who has gained the past few years is you, you got gain while everyone else got pain and dispare.
CB, JC, I sure hope you are reading this because you can see the framework of my thinking. Do you realize that you built this thing with shareholder funds?
I still ask myself, did I have all the information fairly presented when I invested in late 2005, or was there something deliberately held back, which would have significantly altered my decision and judgment. That 2% ownership level just doesn't sit right with me. Come on CB, you know exactly what I mean?
If this thing blows and goes, as it should, and we see the rabbit, we will all be happy and all will be forgotten. I have said this before, the longer this is held down the bigger the ditch he is building himself. How can we be so screwed up with oil at $108 a barrel at this very moment? Oh, I know, no one is going to tell CB what to do. This is my company. CB, do you remember the movie, "A few good men?" Good movie. Remember the Cornell? Sort of like, don't tell me what to do kind of guy, wouldn't you say. What happen?
CB, I firmly believe, if thing go south, there is a lot of value here to distribute to the other shareholders, considering the price of oil and where the price of oil is going.
The value of this company is in the ground, not in people walking on the ground, who think they walk on water.
There you go again pissing in the wind. Do you realize, the dollar volume of all trades, the last several days, only equals one expensive dinner, per day?
And you are splitting hairs over the price.
Yes, there are no buyers, but there are no sellers, as well.
OT: Look for further support of Oil and Gas prices as the governments continue to step up efforts to support the financial industry. I first thought that JP Morgan was a white knight, along with Uncle Sam. NOT. For every one dollar the government puts up, JP Morgan puts up one penny. Who is the biggest gambler on Wall Street?
In derivatives trading, JP Morgan is overwhelmingly the biggest player of them all. They control $91.7 trillion in derivatives, or over 53% of all derivatives held by US commercial banks and all with little more than $1.2 trillion in assets! Are they packaging one mess into another?
Look for further interest rates cuts and for the government to continue to cover the losses. This will put continuing pressure on the dollar, step up inflation and put a floor on commodity prices. i. e. oil.
Again, Oil and Gas in a good place to be. Couple this with world tension, increase foreign demand, peak oil constrains, no US energy strategy, a weak government and the elections process and the change over lag. What do you have? A mess on your hands, yet, an opportunity, as well.
CB, now is the time to move and start playing your cards.
We investors, in AENP, have been in the ditch, so long, it feels like home. Now we are being joined by some high flyers.
Sorry big guys, you can have my seat because I am about to leave!!!!!!!
I agree with you 100%. People thought I was crazy investing in a small O & G unknown, such as AENP. Look at all those big name, backbone, portfolio stabilizing stocks get hammered or at least major haircuts. Financials, Investment houses, brokerage firms, builders, retail, etc ... now the virus is spreading. Looks what's going up and what's going down.
Go O & G. Go AENP. GO CB, show us what you got. CB, show us your the oil man everyone said you were.
Interesting way to start the week:
Sunday evening: Oil up over $111 and NG over $10. The dollar continues to drop against the Japanese Yen, now 96, the lowest in 12 years. Gold up $25 to go over $1025.
Sunday: Bear Stearns (BS) is gone. BS bought by JP Morgan for only $240 million. The government agreed to back up to $30 billion of BS bad debt.
Here are some staggering numbers:
* BS made a profit of $2 billion in 2006.
* BS had a market value high of $19 billion and a PPS of $160 in the last 52 weeks. That is considering 118 million shares outstanding. So $19 billion wiped out in a year.
* BS, as late as last FRIDAY, had a PPS of $55 and a market value of over $6.5 billion. All wiped out in a few days.
Here is the kicker, BS 45 story headquarters building in Manhattan is said to be worth $1.2 billion alone.
So, JP Morgan purchased the total company, including all of its assets, for only 25% of the value of the HQ building and got the government to cover 30 billion of the bad debt.
Interesting times we live in.
Expect the FED to drop rates again this week, further devaluing the dollar and continuing to put inflationary pressure on O & G, gold, commodities, etc....
Where are you CB? Take advantage of the times we live in.
Come on seriously, the painting the tape discussion is like pissing in the wind. Either way, your all wet.
Bottom line is that no one is buying or selling. If you're caught selling, your going to get taken to the cleaners for two reasons. First, there are no buyers, and secondly, anyone who is buying has lowered their nets knowing that there are no buyers.
As I said yesterday, the knife cuts both ways. This stock is buried in the hands of a lot of battle hardened, upset, invested, stuck and committed people, who have not sold or have sold very little.
If CB gets his head out of his XXX, and starts to act in a professional, responsible and respectful manner to his shareholders/investers and the investment community at large, which he has not done for some time, this thing will turn and "cut the other way." I mean oil is $110 and gas is over $10. Nice arena to be in.
The movement upward could be significant and steady, if they are consistent. Does this guy have the expertise and goods we expected when we invested in this stock? Remember the new Oil and Gas, Jr., we all talked about. Remember what he said to everyone behind the oil derrick the past 2-3 years?
If he does, hold on to your XXX. If he doesn't, we sit where we are, in the ditch. We surely cannot fall much further then the "chump change" we are worth today. Unless you are CB, of course, post RS.
CB has had over 2 years to get his act together. Most CEO's would have been fired for such results by the Board of Directors. Oh, I forgot, he is the sole Board of Director (sorry no "s" on Director indicating plurality).
If he had any brains, he would start the engine running, 1 April, and not let up. What a time to get visibility. People are investing, even is a down market. Just look at gold, oil and commodities. The cost of oil is on EVERYONE'S mind and effecting everyone's wallet. If they could get their act together, explode the company's valuation based on expected results, they could use the increased valuation to move things ahead aggressively, through enhanced drilling and expansion.
If more games are at play, such as the RS, "it" too will become more evident soon. Just ask Mr. Spitzer, who got caught with his pants down, if he expected "it." From the lips of one of our great leaders, "what is the definition of "it?" Let "it" be whatever you want "it" to be.
Come on CB, I'm betting on you. Tell us it isn't show and show us differently, your other side. Two plus years of silence, two plus years of marginal results, all capped by the unexpected shocker, a 1:25 RS as the explanation point, is way to much excitement to handle for me, at least.
Come on CB, start treating us with the respect we deserve. I know you are busting your XXX for this company, but I busted my XXX for the six figures I have lost in this company to date.
Come on CB, it is time. No more excuses. No more surprises. You are way overdue. Heck, what happen to the promises you made pre RS verbally. Come on CB, it your time.
I agree with your assessment 125%. Thanks for your response. All the work, over the last 2 years, will start to roll out in some form or another, at a rate, which we shall see very soon. All IMO.
What does FCR stand for?
The stock price situation, the preverbal sword, cuts both ways. As it's pushed down by little buying volume, coupled with even limited selling, it can explode with little selling volume, coupled by even limited buying. If things come together, as in one scenario, and AENP comes clean with what they have, then buying pressure could accelerate. Couple this with limited selling and you have a good situation.
The stock has been battle harden by a lot of long term holders. It sits in the hands of a lot of longs, who are mad a hell, like me. Having said that, I am one to see how the cards play out. If CB starts to act in a responsible manner and reports what I think he should/will, then I will hold for the ride. If more longs look past the pain of the past and to the opportunity of the future, then we may have very few sellers. The is a formula for excitement.
Let's face it, oil and gas is the place to be considering the reality we live in today. Another reality, that will come to play, is AENP's true market value once they discloses their resources and reserves and prove that they can successfully drill a hole.
I know it's all about a gut feeling and your DD, but what percentage probability would you put on your comment, "2 weeks till -- everyone will be happy"???
A better way to put it, is "what level of confidence do you have, based on your exceptions?"
A level of confidence from 50% -- 100%, with 50% being so -- so, and 100% being a done deal.
April 1st could be a good target, if this BDC closure speculation is for real. Additionally, we will have 2007 year end numbers publicized and the PRI extension ends March 31st, so something will have to be done, extension, conversion, etc....???
Additionally MN#1, which was put on line Jan 31st, is coming closer to published numbers, sometime in late April, I would expect.
Am I missing any other targets of interest or what other converging targets of interest are there?
Thanks.
What a mess, but what an opportunity. Another piece of the iceberg, shows it ugly head. For those that were talking about financials hitting a bottom, a month ago or so, the big BEAR (BSC), shows us we are far from the bottom.
This is bad for the Fed, bad for the dollar, but good for commodities, such as OIL. Sure looks like the $200 billion dollar credit infusion didn't stop the bleeding, with the DOW down near 200 points, as we speak.
People are flooding to commodities as they run for safety. The FED is lost even in the face of lowering rates to the anticipated 2%.
What a time for a little OIL company Jr., to get its act together, have a coming out party, and show itself as a viable entity with substances and integrity.
Boy could one get some momentum to increase its PPS and valuation, which would aid in expanding operations and reserves immediately, before the price of oil/reserves gets out of hand.
Where are you CB?
Let me say, two things. First, maybe, just maybe, CB wanted people to think that they were having problems, until he got the RS done, ownership done, ducks lined up to commence operations, etc... I cannot stress enough how the RS had to be done or CB would have lost his XSS and all that he worked for and was working for. In my opinion, when they started the SEC investigation to change from a BDC company to an operational reporting company, CB knew what he had. The clock started ticking with excitement, but he didn't expect the SEC drain or length. Once done, the RS was floated. Once that was done, he was is total control, show shove it. Sole
director/CEO/Head Driller/etc....
I believe little this guys says. Look at the pre RTS promises that he made to get the vote.
Let see what happens with PRI arrangement,this month, and his brothers ownership. Let see how he distributes shares to management, new board members, etc.... Is he keeping this horse harnessed or is he really, really in a ditch? Is he keeping the PPS down for a reason?
This has been said before, and said to me specifically in late 2005, when I visited, you do not want your competition knowing what you know. In other words, if the 3D seismic data and drilling activities show, massive reserves, than hold your horses. Let's take advantage of this information for as long as we can.
Secondly, the real question we all want an answer too is, what kind of O & G reserves do the Barnett Shale properties have? CB knows this information today and has known for some time, at least in guess form, IMO. Didn't JB make a comment to someone about the massive reserves, once they would be announced?
That is why he better be very, very careful on how he plays this out. In my opinion, this is way to easy to prove, if he doesn't come clean. If he pulls another RS type surprise that benefits someone(s), other than all the shareholders, he will have crossed the line, all IMO.
My response to the basher, says this is a different way.
Given the timing, pre and post RS, CB has been riding this horse based on a preconceived plan and schedule, all IMO. We are all too think that nothing is right from the bashers, but the reality is, we know very little, except for what you pointed out, pictures, etc....
The one thing we can say for sure, without debate, is that the reality we live in, oil and gas, is the right place to be, considering the price of oil and gas today. 2X from last year alone.
This is due to many factors, the effects of the US dollar on commodities prices, the supply and demand strain from the Far East, peak oil concerns, no US energy policy, nor hope for one soon with this political mess, to name but a few issues.
I disagree, but we just don't know. One thing for sure is, with the price of oil near $110 today, possibility heading to $120-150 this year, our oil reserves dollar value have doubled over last year, just sitting in the ground. Nice problem to have.
Commodity prices, including oil, are the only investment vehicle exploding in face of the credit problem and the dollar dropping. IMO, that is not going to change in the short term. People are flooding to commodities.
Just think of what could happen too this DOG, if they showed life, a plan and value. This is the time to market yourself, get the stock price up and expand operations with an appreciated stock price. People are investing in this space for many reasons, not the lease being, as a hedge.
You cannot buy anything with our stock price in CHANGE.
Yes, we are all watching CB. Isn't it nice to know that our sole BOD, the group we elected to represent US shareholders and our interests, is the only guy watching over the CEO, which is himself? Is there something wrong with this picture? He better be careful because if you are right, all hell is going to break loose.
No one, in there right mind, would come out with a DEC PR that articulated a Corporate strategy that is broader than what we thought we were doing, if we were dead, at least, I hope not.
My bet is that it is going to go the other way. Of course, all IMO.
Here is another thought that dispels your theory, if someone walked into day and bought the company, they would be paying for approximately 30 million shares, 19.78 million common and 10.5 million preferred.
If you want to look at it differently, convert the preferred, pre close, and you get 30 million shares and change.
Bottom line, if someone bought the whole company, Mr. Bitter's preferred would be bought out, therefore, he owns 1/3 of the company, fully diluted, today.
Since I've been here, what is interesting is, that all communications was encouraged to be behind the oil derrick, with CB and clan. Talk to CB. Come pay us a visit. How many people were encouraged to talk with or visit CB, JC and company and have them blow in their ear for encouragement.
Of course, all was off the record and nothing was in writing.
Please, please, don't for one minute think that 10,500,000 shares of preferred isn't counted, converted or not converted. The man owns 35% period of the company and no one, absolutely, no one knew that until he flowed the RS proposal. This non sense of the Bitter's clan getting a hair cut, as well. The Bitter's clan owns 35-40%+ of the company, as they should, just not the shady way it came about.
Do it upfront, so everyone knows what they are getting into. We all got into this only to be surprise by the instant devaluation of 1/3. Maybe I wouldn't have invested so much had I known that there were 750 million shares issued and outstanding (pre-split), not 500 million.
He set the preferred up that way for two distinct reasons. First, for liquidation rights ahead of common stock shareholders. If the company was liquidated, he would get his loan back ahead of any proceeds to common shareholders.
Secondly, for the magical RS. His shares were spared the hair cut. This is common for start ups, as VC's protect their investment from future dilution.
So, if you are doing the math, count the preferred, for fully diluted considerations.
The Preferred shares sits outside future RS's, as well, if he so desires. Why convert until you have to?
I am no oil guy and I appreciate your expertise. Let me say this. He had the 3D seismic studies which I believe he paid $65,000 for, covering 2500 acres. He was excited in what he saw when I met with he and Joe. He called it, "a needle in a hay stack."
That data showed him exactly where to drill. Plus, he was drilling existing properties where his biggest producer existed. He drilled 1000-1500 feet from his biggest producer, as I remember. Pretty good odds wouldn't you say? But there is more. The company confirmed their success with, at least, two announcments.
The AENP announcements on September 2006 and June 2007, supports my theory. The company was proud of what they found, at least enough to make announcements. Plus all the hardware we saw on the pictures in December 2007, leads me to believe these are not dry holes.
Finally, we now know that MN #1 in hooked up and on line.
I think you are wrong in this case, says AENP.
Thanks. I am starting an extensive addition to that note, which further shows the road map that CB has been using, all IMO.
How about taking this stock from $3.50 (pre-split $.14), in late 2005, to $.15 (pre-split $.006) in December 2007. For those that don't know math, that's like take a penny and cutting of 40% of it. That puts you down around 96%, if you bought at the peak that day, which closed at $.10.
This stock price decline/spread of 96% is directly in the face of oil going up 100-150%. Although both directors resigned in late 2007/early 2008, they are not of the hook for such a performance. Now go figure.
Maybe my experience with small start ups, VC's, Investment Bankers, entrepreneur and lawyers was for "such a time a this." At least, I may get something out of my expertise. I learned the hard way, but I didn't forget what I learned.
The dot.com circus, followed closely by the sub-prime/credit circus, shows me that not all people speak with strait tongue.
The longer he plays his games, the bigger he digs his ditch, all IMO.
Having met with the guy and hearing his comments, I can see it clearly. Here are some random thoughts.
Having worked in small start ups, I will say it again, the MAJOR reason for the RS was CB's ownership (period). This founder, CEO and owner had essentially no ownership to speak of pre RS, none. He owned less than 2% of the company. Raising money, moving to the big board, were all smoke and mirrors, just like the promises he made pre RS on the conference call. Vote for me and I will, what, be silent.
The 25X RS multiple gave him the 1/3 interest he demanded. A 10X or 20X multiple just would not work. His ownership was all based on the RS multiple leverage. So everyone saying that it was positioning to get to the bigger boards, IMO, is mistaken. As a residual purpose, absolutely. He was getting his ducks in line prior to launching his baby. He would have lost everything had he not done so.
Another reason, he needed to show poor performance, post RS, to justify the RS. Slow things down, we are in no hurry. When you talk to them, they talk in terms of decades, not months, quarters or years.
Now some of the positives. MN #1 was just hooked up Jan 31st, yet no numbers.
What about all the equipment that was being set up on site from the December photos? That's a lot of hardware/investment for dry holes, NOT.
Here is another issue. From what we know, the company has not issued any new stock to raise funds. Now that is strange. We were dying into the RS, but we manage to survive and live on without a resuscitator.
Again, think back to the September 2006 announcement of the 5 O & G formation that the company logged on the new drilling. Did all that go away?
The only thing I can say that I still believe about CB from my DD is that he still is considered by many to be a good oil man. Isn't that what we are betting on? You notice, I didn't say CEO.
I will tell you a story. About 1 1/2 years ago, my daughter, who works in a distribution business supporting resturants/hotels etc, came across a man who was CFO of an oil company. In the discussion, she brought up AEMP. He not only knew of CB, but knew of AMEP and what they were doing. His comments were such that he said, that should be a good investment, but that it could take a very long time. NO KIDDING.
Hayhauler, you are saying that this is a dry hole and I am saying, otherwise, even in face of what we know to date, IMO.
Let me ask you a question? Do you think anyone would roll in all that hardware, for the new wells, if they were dry? You know the ones I am referring too that were taken in December by a few investors visiting AENP.
Hornbookco, I am very sorry to hear about your cancer. I will keep you in my prayers. My wife just got over cancer, since they caught it very early, but she did have major surgery and reconstruction. It was a difficult 6 months, but we feel blessed.
If any of the Bitters read this, see CB, there are people here with real world problems and issues.
Now let me answer your question. I worked with guys like CB all my life. Some entrepreneurs are interesting and they make the world go around. They can be intimidating and know it all's, but I've come to appreciate/anticpate their moves.
I review my hole card every day as to why I got into this company. The market today for O & G investments is 10X better than when I got into AENP 2 1/2 years ago. My goodness, look at where we are and where we are going.
Not to waver. I think this country is in a box and sub prime mortgages was just the fuse. There is no easy fix to this problem. We have real estate problems. We now have credit problems all over. Commercial real estate in wavering. Heck our whole financial systems is in trouble. Our solution, lower rates. Bad answer. Our dollar is crashing and oil, commodities and mineral resources are rising causing inflation to explode.
You see, I said oil. That is good for us, supposedly. Couple the financial problems with world tension, peak oil issues and exploding demand in the Far East and we have high oil price support.
The value in AENP has not gone away, just manipulated. I believe, just as Contractor has stated. I too am optimistic in the short term when things are disclosed.
I said this before, CB has had this thoroughbred off on some country fair, harnessed for kiddies horse rides.
CB, it is time to bring this thoroughbred to Churchill Downs and show its stuff.
Hornbookco, may God bless you in your days ahead. IMO, I believe we will all be blessed very soon. For your sake, mine and all the others who have endured this saga.
What is funny is that every time the price of O & G go up, AENP's value should be favorably affected. Why are we going down to nothing?
I mean, just last year, we were dealing with $50/60 dollar oil and now we are approaching $110.
I just saw an article in Forbes, which indicated that big oil companies have been up 40% and drillers have been up 66% this past year. We tanked when the RS was announced in June and have gone south ever since.
We should be exploding things now, to get the stock price up significantly. Then we could use the additional capital or stock price leverage to expand operations, resources and reserves.
To be fair to CB, let me ask you one simple question which is the #1 responsibility of the BOD and the CEO. CB are you and have been "maximizing shareholders value?"
CB, let me give you a clue to the answer. Shareholder is not defined to be CB, solely, but rather all the people who own stock in or have invested money in AENP, in one form or another.
NG prices just past $10.05 and oil is $107.89. Getting closer to $110 already.
IMO, CB is playing with fire in abdicating his responsibilities as CEO and as its sole director. Two directors resigned at the same time late last year, leaving only CB, which to me is suspicious. Nice form letters are not enough reason for me. Was CB not listening to their recommendations?
Is CB keeping the price suppressed for a reason? The company has been under steady accumulation the past 6 months based on CMF data. CB, do you know who is buying and why?
And of course the RS speaks for itself.
About a month ago, I was in Dallas. I called JC and I wrote a e-mail to AENP requesting a visit. Not one response. Is this the way you treat investors? Just look at the website.
With the price of oil today, and especially considering its trend with the dollar, peak oil issues and worldwide explosive demand, the value of AENP's O & G reserves could be staggering. CB knows this with his 3D seismic information and drillings on the Barnett properties. We are currently valued at $6.5 million, for the whole enchilada, and that is ridiculous. Heck, someone just bought 2000 shares this morning at $.22, which lowers the company value to less than $4.5 million. The rigs are worth more than that alone, forget about the 68 million barrels of reserve on PRI and the unknown reserves and production on the Barnett Shale properties.
CB is not the only investor in this company. CB, where are all his promises from the pre-RS shareholders conference call?
Just last night, I saw a piece on how EXXON has a war chest of $120 billion in cash that could be used for purchase of reserves and companies. All the BIG boys are accumulating a lot of cash and so are the second tier oil companies. With real O & G finds/supplies diminishing, demand increasing, and prices exploding, there will be a mad dash for proven production and reserves. Just watch. Many predict that the price of oil this year could hit $150. Heck, I will take $110. We are only $2.63 away from that target at this very moment.
CB, contrary to your thoughts, not all investors in AENP are stupid traders. No, my friend, you are dangerously close to the edge, if not already over, in crossing the line of integrity and abdication of your fiduciary responsibilities. Your silence and performance the last 2 1/2 years is deafening, especially the last 6-9 months. Some suggest the BDC as the recent, obvious reason for silence. That is another excuse IMO!! Since September of 2005, when I entered the premises, people have lost millions, both on paper and in real money.
In 20 days the PRI arrangement expires. It will be interesting to see what CB does with JB's properties. Of course, that is a transaction that is all in the family.
I agree with you in one respect. I am outraged in how we have been treated and how this was executed, especially the RS scam. I, and many others, have lost a great deal of money the last 2 years, both paper and real.
On the other hand, I feel your excitment. I still see incredible opportunity here and I am expecting to make a lot of money. I have said this many time, this guy is holding back, manipulating things to cover up for mismanagement, the SEC investigation strain, and especially for, the RS approval. The RS would not have passed any other way, especially if things were going well.
IMO, he has had this thoroughbred doing third rate carnival rides.
It is time to let this pony run! Once he got his new pretty dress, with 10,500,000 shares in the hem, we can now have CB's "coming out party."
CB, I worked with people like you all may life, as the CEO and founder and with VC's in structuring financing. The key is in the CEO/people maintaining INTEGRITY, through the storm of a company's execution. CB, show me wrong, in saying that the "I" word has been thrown out the window in favor of the G word, as in "GREED." I too have seen this. It is amazing how a feeding frenzy results when we see blood. I am betting that Barnett properties are "a needle is a haystack" kind of prize.
CB, these are the exact words you used, in late 2005, when I visited you to review investing in AENP. That is what the 3D seismic study showed you and you were to prove with the MN #1 rework and the Padgett drillings. Oh, what do you mean we don't have the numbers on these three wells, yet, two years after we starting drilling? Are you kidding me?
Oh, I get it CB, I will keep a secret.
CB, let the pony run!
You're right about that. I completely forgot about the BDC dates (December 29th cancellation) and vote. I mean, after being flogged by CB for so long, you sometimes lose your wit. Sometimes I wonder if AENP even exist.
Yes, the BDC vote was March 13th, 2007 and the vote was approved to change the operations of the company. Given this and rhw yearend numbers due out March 31st, I would agree that April 1st makes sense.
What is also interesting is that oil is going up from here ($100+). The declining dollar is causing gold, oil, raw materials and commodities to rise. There is no slow down in China's or India's thirst for industrialization. We are in a box and there in no easy way out. Oil and Gas is a good place to be. If AENP would get off its XSS, and show itself as a responsible productive and profitable company, able to drill a well and deliver, watch out.
Beyond knowing the production rates of 4-5 wells, in various stages of drilling, I would like to know the status of PRI's recovery possibilities of the 68 million barrel of oil in reserves and the levels of oil and gas reserves in the Barnett Shale properties.
Everyone in the world is looking for a good investment in a bad market. An undervalued Oil and Gas, Jr., could be explosive.
What the hell are they waiting for? No more BS BC or it could be said that you are manipulating this stock for whatever reason. The RS was one thing, what now? I will be watching you very, very closely CB. Both Directors leaving at the same time is also suspicious, given what we know.
This has been like a nightmare, waking up Christmas morning, and running down the stairs as a child. Four times I woke up, ran down the stairs and a burglar broke in and stole the presents. Three times I woke up, ran down the stairs and our house was flooded and all the presents were destroyed. Two times I woke up, ran down the stairs to a false alarm, it wasn't Christmas. One time I ran down the stairs and the dog eat the presents. What's next CB? Are you the grinch that stole Christmas or are you Santa Claus?
Peter Drucker, considered by many to be the father of modern day Management practices and principals, would be proud of the way CB has treated his shareholders and fellow investors. NOT!!!!!!
Is that your understanding when everything will be complete? We can officially change the day from "April Fools" to "No more excuses CB" day?
Can someone please clarify the timing of the last BDC reporting period, expected upcoming financial reporting, and the true start of communications. The no more excuse date.
Is it not true that 4th quarter 2007 and AENP's 2007 yearend result are due out by 3/31/08?
Does that mean April 1st is the no more excuse date?
Very well said. If this man had any character, intelligence or class, he would realize just how bad he has performed and managed this company and start immediately to build a story through results and communications. Start acting like a CEO who's interest is in increaseing shareholder value.
He has take this stock from over $.10 to $.01, and he doesn't seem to care.
He has a lot going on and he is holding back. What about the PRI reworking discussed in December? What about the PRI 60 day extension, didn't that expire? What about MN #1? What about Padgett's #11 & #12 H? etc...
Everyone is looking for a good investment in the oil and gas space, considering this difficult market. He would get a lot of interest if he would start to show results and tell the story.
Getting the price up would allow AENP to raise capital, at a more reasonable price, to acquire new leases, expand drilling, etc...
Son, we shall see and then I will come back at you.
Son, you have no facts that they failed either other than we don't know. Your negative attacks is all speculation until they announce the facts.
So state the facts back at you brother.
Contractor, thank you for your insight. I have said many times, that I think they are holding back big time. I say this for two reasons. First, because the RS had to be completed and time/seperation had to happen from this event before the fire works started. With all the crying CB did, about us supporting the RS, he very well couldn't have disclosed big production numbers within days or months of the vote.
Secondly, I have also speculated that they are holding back public disclosure on the Padgett/NM wells, as long as possible, because they don't want competition to know the results.
Do you think there are any grounds for these assumptions?
Exactly as I see it. This adds a massive source of real revenue to AENP from its existing resources. Nice to know this property is worth something. With 68 million barrels in proven, but difficult reserves, that's a nice long term revenue stream. If they are ahead of the game, wouldn't it be nice if they picked up a few other under performing properties, on the cheap, and applied this technology ahead of the masses. The landscape is littered with these type wells.
Now, if we can get the Barnett Shale properties running on top of this, we're in the game.
Great report. Great example for AENP to learn from for Marketing and Communicating.
If this company feels comfortable announcing the preliminary results, AENP should follow up with their own announcement.
That is Marketing the company CB. Learn and listen for once in your life.
Let me again thank you for your work and effort during your recent trip. Your strait forward comments this morning, shows your pure honesty and integrity.
It is about time CB step up to the plate and give back a little to those that have given back so much to him, such as you. Most of the longs on this board are good honest people that need to be treated with a little respect by CB.
I am tied of hearing about the BDC. He has been hiding behind that excuse long enough. We have drilling/formation announcements, as far back as September of 2006, with no closure. What about Padgett's #11 and #12 H, June 11th, 2007 announcement, MN #1 etc....?
What about all this pre-RS stuff of conference calls, which he miss the 1st one, and raising funds immediately for operation? Seems he has been operating nicely since September 2007. Will he have a conference call with the Feb 15th numbers? He needs to start PR's to get the price moving north so that he can raise funds at a decent price. String some PR's together to show a plan, execution and results. He needs to establish a track record of honesty, professionalism and communications to attract big, stable money.
He has been manipulating this thing long enough, hiding behind the one big excuse of, we don't want the competition to know the value of our property/resources, just yet.
This guy is a classic entrepreneur who thinks he has all the answers. He is no Barney of Mayberry, at least as far as I am concerned, because that RS was set up and excused like a PRO. His honesty has been suspect, at best, these past few years, so it is time he come clean.
I have some of that $.10 stuff. I have lost a lot to date, but I have a lot remaining. IMO, I truly believe, in spite of what I said, that this guy has the goods and we will see this shortly. As someone said earlier, he is not rolling in all that equipment and tanks for dry holes.
Here are a few key questions. Can we show decent production and can we deliver, on the exiting wells, we just recently drilled or reworked? What are the reserve estimate on the Barnett Shale properties and can we recover the PRI reserves, with estimates of 68 million barrels, with current technology that we are testing?
Oil and Gas is the place to be moving forward, along with gold, commodities and raw materials. The current valutaion of around $7 million is highway robbery and it is time CB start acting like a responsible CEO, start communicating and showing results.
It is good to see you back. After all the BS, I believe we are seeing movement, as packaged, to this very moment, by CB. This guy might speak with fork tongue, but he is not stupid and there is value here.
I agree. What I like most about the current situation is that AENP made 2 announcements in December. I am not as much interested in the content, but the intent of the company to start communicating.
Exactly what I was thinking.
I would also like to say thank you for the time and efforts of so many to keep us all informed. There is a lot of value in this company, under the hood, that soon will become evident.
How can you do anything at this price/valuation? Talk about negotiating from a position of weakness.
When you look at acquiring things, no one, absolutely no one thinks that their baby is ugly or should I say on the cheap.
They better be prepared to have this company rock and roll with substance, then this strategy might see the light. Otherwise this is circus.
If you haven't shown the ability to manage the energy business what makes you think you can manage the alternate energy business? They need to focus and execute.
This coupled with both directors leaving recently, points in one of two directions, strait up or strait down.
Yes, he better be prepared to follow this quickly with some performance numbers, the likes of which, we have been anticipating.