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I am not an iHUB member yet ... I cannot respond to the many PM e-mails that I have received in my in box.
Please provide me an e-mail address in your correspondence if y'all want me to answer your iHUB e-mails.
I'll get a premium iHUB membership on Friday. Can anyone give me feedback on the "best" iHub level?
Thanks ... I'm just tryin' to make shareholders a little money.
PS - don't like MM's and bashturdz & LIAR short flippers.
The SHORTZ DO NOT have a chance.
Luv,
Red
IMO based on the last 10Q I think the OS count is now staked between 96 and 110M shares unless CPV paid the debts of RNWF before crafting the merger agreement to make it clean.
I think that 80 million are locked down tight so 16 to 30 million are actually trading hands.
If there are actually 64M+ shares available ... somebody is in deep do-do when my recent purchases settle over the next couple of days.
Any other opinions? Just an EWAG ... this is a very unusual situation but worth the SHOT.
Wow ... where did all the shares go? :')
CPV would have worked out the details of retiring debt and obligations with YA Global, Montgomery Equity Partners LLC, LH Financial and Montgomery Equity Partners and cleaned up the mess way before investing alot of their time and money developing and implementing the merger plan.
The deal is signed and will be filed sometime on or BEFORE December 5, 2010.
I think if I'm a CPV CEO or CFO I would develop a joint PR then file this deal as quickly as I could ..... imho.
1.2 Effective Time
. The Reorganization will become effective upon the filing of this Agreement with the Securities and Exchange Commission and the filing of a Certificate of Merger with the Secretary of State and the State of Maryland in accordance with the relevant provisions of Maryland Law, to be done no later than December 5, 2010
4.4 Confidentiality
. All information obtained by CPV pursuant to this Section 4.4
shall be held confidential in accordance with the confidentiality agreement, dated June 8, 2010 (the "Confidentiality Agreement"), between CPV and Renewal Fuels.
General Provisions 6.1 Notices
. All notices, requests, claims, demands and other communications hereunder shall be in writing and shall be given and shall be deemed to have been duly given if delivered personally (notice deemed given upon receipt), telecopied (notice deemed given upon confirmation of receipt), sent by a nationally recognized overnight courier service such as Federal Express (notice deemed given upon receipt of proof of delivery) or mailed by registered or certified mail, return receipt requested (notice deemed given upon receipt) to the respective parties at the following addresses: If to CPV: Competitive Power Ventures 8403 Colesville Road Suite 915 Silver Spring, MD 20910 Attn: Senior Vice President, Finance with a further required copy to (which copy shall not constitute notice) Wachtell, Lipton, Rosen, and Katz 51 West 52ndStreet New York, NY 10019
If to Renewal Fuels: Renewal Fuels, Inc. 1818 North Farwell Avenue Milwaukee, WI 53202 Attn: Donald Jackson, Interim CFO.
6.4 Interpretation of Agreement
. Each party and its counsel cooperated in drafting and preparing this Agreement. Any rule of law or any legal decision that would require interpretation of any ambiguities in this Agreement against the party that drafted it is of no application and is hereby waived.
IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed on November 18, 2010.
COMPETITIVE POWER VENTURES HOLDINGS By: _/s/ Doug Egan
Name: Doug Egan Title:
Chairman & CEO RENEWAL FUELS, INC. [17]
By: /s/ Donald Jackson
Name: Donald Jackson Title: Interim Chief Financial Officer
CPV would have worked out the details of retiring debt and obligations with YA Global, Montgomery Equity Partners LLC, LH Financial and Montgomery Equity Partners and cleaned up the mess way before investing alot of their time and money developing and implementing the merger plan.
The deal is signed and will be filed sometime on or BEFORE December 5, 2010.
I think if I'm a CPV CEO or CFO I file this as quickly as I can ..... imho.
1.2 Effective Time
. The Reorganization will become effective upon the filing of this Agreement with the Securities and Exchange Commission and the filing of a Certificate of Merger with the Secretary of State and the State of Maryland in accordance with the relevant provisions of Maryland Law, to be done no later than December 5, 2010
4.4 Confidentiality
. All information obtained by CPV pursuant to this Section 4.4
shall be held confidential in accordance with the confidentiality agreement, dated June 8, 2010 (the "Confidentiality Agreement"), between CPV and Renewal Fuels.
General Provisions 6.1 Notices
. All notices, requests, claims, demands and other communications hereunder shall be in writing and shall be given and shall be deemed to have been duly given if delivered personally (notice deemed given upon receipt), telecopied (notice deemed given upon confirmation of receipt), sent by a nationally recognized overnight courier service such as Federal Express (notice deemed given upon receipt of proof of delivery) or mailed by registered or certified mail, return receipt requested (notice deemed given upon receipt) to the respective parties at the following addresses: If to CPV: Competitive Power Ventures 8403 Colesville Road Suite 915 Silver Spring, MD 20910 Attn: Senior Vice President, Finance with a further required copy to (which copy shall not constitute notice) Wachtell, Lipton, Rosen, and Katz 51 West 52ndStreet New York, NY 10019
If to Renewal Fuels: Renewal Fuels, Inc. 1818 North Farwell Avenue Milwaukee, WI 53202 Attn: Donald Jackson, Interim CFO.
6.4 Interpretation of Agreement
. Each party and its counsel cooperated in drafting and preparing this Agreement. Any rule of law or any legal decision that would require interpretation of any ambiguities in this Agreement against the party that drafted it is of no application and is hereby waived.
IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed on November 18, 2010.
COMPETITIVE POWER VENTURES HOLDINGS By: _/s/ Doug Egan
Name: Doug Egan Title:
Chairman & CEO RENEWAL FUELS, INC. [17]
By: /s/ Donald Jackson
Name: Donald Jackson Title: Interim Chief Financial Officer
Toucan I owe you an apology because I could only accumulate 37 million shares as of today. I thought I could get the whole enchilada, 64,175,520 OS shares, but I had to go see my accountant about the alleged "merger agreement" this afternoon and help my mother with her year end tax adjustments. Don't want to pay toooooo many taxes you know.
I have informed my lawyer of the same. I'll see him next week. That dude is a real prick, expensive too. I hope nobody faked this document ... "jack" the knife will find them. Figuritively speaking of course.
That said I couldn't get to my broker today before the close to deposit more cash to buy the remainder OS shares.
I'll do that in the am.
All the best,
Red
You forgot real "investors" in your list.
hedge fun could you please tell me how the MM's could play games?
How many shares are in the float?
If certain investors buy shares and keep locking them away what "shares" do the MM's have to play with?
Are they fabricating shares? I just do not understand how this works I guess.
I guess I'm just naieve ...
nice bass by the way ...
All the best,
Red
" to be done no later than December 5, 2010. "
1.2 Effective Time
. The Reorganization will become effective upon the filing of this Agreement with the Securities and Exchange Commission and the filing of a Certificate of Merger with the Secretary of State and the State of Maryland in accordance with the relevant provisions of Maryland Law, to be done no later than December 5, 2010.
Best to all,
Red
Will one of you flippers please sell me your shares?
Thank you.
All the best,
Red
OK my accountant has the "merger" document and she will review and get back to me in the next day or so with her comments. I filled her in on the whole RNWF enchilada from the May rumor through today.
I couldn't get an appointment with my lawyer until late next week.
I told her to prepare to file a Schedule/form 13D on my behalf on December 6th.
I'll let you know what she says when she reports back.
This is kinda exciting ....
KJ I'll get back to the board with her comments. If the "deal" does get filed then I need to know if the 64,170,520 shares OS in the document is public notice of the OS and therefore my current holdings 27 M shares will be material. I'm not trading those shares they are locked. I may continue to add as well
At this point I'm just trying to stay ahead of the curve that's all ... I never thought about the 13D stuff until a poster mentioned it yesteray.
Gotta go my appointment is 1:30 PM. I'm taking the "merger agreement" with me.
All the best, Red
1.2 Effective Time ... "to be done no later than December 5, 2010."
The operative phrase ........ " to be done no later than December 5, 2010."
git 'er done ...
The Merger 1.1
Offer Price; Merger Consideration
. It is proposed that CPV shall commence an offer
(the “Offer”) to acquire Renewal Fuels
at the equivalent price of $0.12 per Company Share, net to the holder thereof in cash or in shares from the subsequent IPO from CPV, all upon the terms and conditions set forth within.
1.2 Effective Time
. The Reorganization will become effective upon the filing of this Agreement with the Securities and Exchange Commission and the filing of a Certificate of Merger with the Secretary of State and the State of Maryland in accordance with the relevant provisions of Maryland Law, to be done no later than December 5, 2010.
The MM's must be pulling shares out their butts ... where the heck are they getting trading shares? They couldn't fill my whole order at .0007 they are going to have to pay the piper soooooooooooon !
I'm going to talk with my accountant this afternoon about that 13D filing stuff someone mentioned to me yesterday.
Best to all,
Red
OK I'm done for now at 20M will see where we go from here before December 5 ... nothing risked nothing gained. Git 'er done CPV and show me the MONEY !
Actually this is pretty cool technology if you click on the fuelmeister link and look at the product.
The key is "non-food" source materials! I can see how this would be a hit in rural and fringe suburbia around the world ...
>>> Renewal Biodiesel , Inc. is a wholly-owned subsidiary of Renewal Fuels, Inc., and manufactures the FuelMeister II in Sparks, NV. FuelMeister is by far the world's leading brand of "Personal Biodiesel Processor", with over 2000 units sold worldwide, and over 30 dealers nationwide. The FuelMeister II can make 80 gallons of biodiesel per day from waste vegetable oil collected from restaurant deep fat fryers.
For more information please visit the Fuelmeister website at www.fuelmeister.com. FuelMeister is a registered trademark of Renewal Biodiesel, Inc. http://www.fuelmeister.com/home/home.asp
Renewal Fuels will continue to build a portfolio of green technologies focused on generating biofuel from feedstock that does not negatively impact the nation’s food supply. Specific technologies currently being investigated allow production of biofuels from sources including waste vegetable oil, inedible oils (such as jatropha and algae), wood waste, municipal solid waste, and coal fines. <<<
credit: the moderators
If the moderators or any other shareholders knew there were more than 65,000,000 outstanding and in the float why didn't they challenge this provision in the "alleged" merger agreement????
2.3 Capitalization
. (a) The authorized capital stock of Renewal Fuels consists of 3,000,000,000 common shares and 20,000,000 shares of preferred stock, par value $0.001 per share. (b) As of the close of business on November 18, 2010: (i) 64,175,520 common shares were issued. (ii) No shares were held in the treasury of the Company (c) All outstanding options, warrants or other rights, Contracts, arrangements or commitments of any character relating to the issued or unissued capital stock of the Company (including any bonds, debentures, notes or other indebtedness having voting rights or convertible into securities having voting rights) or ownership interests in the Company will be paid in full by CPV.
Serious as a heart-attack champ ...
If I control 65,000,000 shares and get the certs how can this trade?
Shorts, cheaters and bashers couldn't legally trade right?
I'm just figuring but I can buy the rest of the float tomorrow for $45,000.00 bucks?
50,000,000 shares at .0009 ... then what would you bitchers whine and cry about? Who could trade the stock?
LOL ... hell maybe I'll take the chance ...
See ya tomorrow ... :`)
BullRaid
Thanks ... 15 million shares @ .0008 - .0012 ....
I'll buy more tomorrow below .0012 and do the work to find us a suitor after 12/5 or a denial by CPV ....
You just don't understand the business of biofuels or the global energy implications.
That's ok ... China needs non-crop generated biodiesel to provide energy.
After 12/5 I'll be working on this issue of finding us a suitor ... you other stockholders should as well.
Here's why I like the biofuels angle in China ... go to this site and read up about China's fuel shortages!
http://peakoil.com/
China suspends diesel exports amid domestic market shortage
China Petroleum and Chemical Corporation (Sinopec), China’s largest oil refiner, said Friday it has suspended diesel exports to relieve shortages in the domestic market.
Sinopec also said it is seeking to import 200,000 tonnes of diesel.
PetroChina Co., China’s largest oil producer, plans to import 200,000 tonnes of diesel. Some 35,000 tonnes of it has already arrived.
Insiders said China’s diesel output in the first nine months soared, prompting the two oil giants to expand exports.
Sinopec attributed recent hikes in the domestic price of diesel to hoarding, seasonal factors, transport factors and energy-saving measures.
“The fundamental reason for the diesel shortage is the industry monopoly. Oil refiners are not keen to increase production because profit margins in the sector are relatively low,” said Qi Fang, director of the Hebei Provincial Petroleum Industry Chamber of Commerce.
“The two oil giants operate on a planned-economy basis, resulting in an unbalanced supply-and-demand situation. Supply and demand can easily outstrip each other as government planning cannot keep pace with changes in the market,” Qi said.
Statistics from the General Administration of Customs show China exported 360,000 tonnes of diesel in October – only slightly lower than the 368,100 tonnes it exported in September – even as diesel shortages worsened.
xinhuanet
renoldman
I have 15 million shares in my accounts as of today.
I wanted my broker to send me the physical shares (stock certs) so they can't be legally shorted. I am still working on that issue.
A private Chinese biofuels company that is producing and has contracts may be a viable suitor for this shell. That's all I'm saying.
Until CPV or RNWF issues a public statement I'll lay low.
No harm in helping our company ? EH?
This may sound silly but I am invested in several public companies that are looking into buying and spinning-off some Chinese biofuels companies. Some of the Chinese companies have patents pending for their unique chemistry or processes.
Would it be beneficial for one of those Chinese privately held companies to buy/merge a shell co. like RNWF with the same market mission and vision or to try to come to the US market as an IPO?
If the CPV rumor/deal doesn't go down by 12/5 then I will contact the CEO/Boards of the companies to see if the acquistion of RNWF makes sense to them.
Disclosure: I bought 15 million shares of RNWF "LOCKED UP TIGHT" between .008 and .012.
I own stock in the US public companies that are negotiating with privately held and public Chinese biofuels companies which I mentioned in my post.
Best to all,
Red
I HATE shorts an MMs ... see y'all at .12 or better.
I respectfully request that the moderators update the intro page
Moderator: SevenTenEleven Assistants: moneybuilder102, shrudeinvesta, auburnfan37 Share6 Followers: 332
Created: 4/27/2006 12:35:18 PM
Thank you,
Red
I hold 14 million shares and called my broker today to see if I can obtain the physical stock certificates. They said there is no known transfer agent and I couldn't be issued shares.
Anybody else know if there is anyway to obtain the physical shares?
The way I see it is I have a number, 12 cents, and a deadline, 12/5, and I'm willing to see this through. If everything is clean with the deal they could file it early ... HO, HO, HO .....
Place yor EWAGs and bets folks ...
All the best,
Red
4.6 Public Announcements
. No press release or public announcement, statement or disclosure concerning the Merger shall be issued by either party without the prior consent of the other party (which consent shall not be unreasonably withheld, conditioned or delayed), except as such release or announcement may be required by Law, including the rules or regulations of any U.S. or non-U.S. securities exchange, in which case the party required to make the release or announcement shall use its reasonable efforts to allow the other party reasonable time to comment on such release or announcement in advance of such issuance, until the filing of this Agreement with proper regulatory bodies.
Matt BMGP looks good right here could you post a chart on that stock for us. The CEO is in China right now finishing up a few deals and we expect news upon his return. I think this news plus the improving chart could make for a nice play before the end of the year.
Thank you ... all the best,
Red
PS - I really appreciate all the recent chart postings. I really like the prospects of many of the specs posted by board members. I hope we all make money ...
Here's why I like the biofuels angle in China ... go to this site and read up about China's fuel shortages!
http://peakoil.com/
China suspends diesel exports amid domestic market shortage
China Petroleum and Chemical Corporation (Sinopec), China’s largest oil refiner, said Friday it has suspended diesel exports to relieve shortages in the domestic market.
Sinopec also said it is seeking to import 200,000 tonnes of diesel.
PetroChina Co., China’s largest oil producer, plans to import 200,000 tonnes of diesel. Some 35,000 tonnes of it has already arrived.
Insiders said China’s diesel output in the first nine months soared, prompting the two oil giants to expand exports.
Sinopec attributed recent hikes in the domestic price of diesel to hoarding, seasonal factors, transport factors and energy-saving measures.
“The fundamental reason for the diesel shortage is the industry monopoly. Oil refiners are not keen to increase production because profit margins in the sector are relatively low,” said Qi Fang, director of the Hebei Provincial Petroleum Industry Chamber of Commerce.
“The two oil giants operate on a planned-economy basis, resulting in an unbalanced supply-and-demand situation. Supply and demand can easily outstrip each other as government planning cannot keep pace with changes in the market,” Qi said.
Statistics from the General Administration of Customs show China exported 360,000 tonnes of diesel in October – only slightly lower than the 368,100 tonnes it exported in September – even as diesel shortages worsened.
xinhuanet
Ray,
Here is how I would create value in HDY to include the participation of the Chinese for their cash but not give them control.
I cite the recent example of CNOOC and the Jubilee field in Ghana.
>>> October 25, 2010 China's CNOOC Ltd. (CEO - Analyst Report) and Ghana National Petroleum Corp. have bid for Kosmos Energy’s (a Texas-based oil and production company) assets in the West African state, including its stake in the Jubilee field, according to news published in Bloomberg.com.
The amount of the bid was $5 billion, which topped a failed bid of more than $4 billion from ExxonMobil Corp. (XOM - Analyst Report). Exxon’s bid includes a coveted 23.49% stake in the Jubilee field, which holds an approximately 1.8 billion barrels of crude oil. <<<
If we let the Chinese participate by prospect or block onlythen we control operatorship over the whole concession.
Let's face it, Dana Corp. got the deal of the century!
NSAI said we have 2.3 billion barrels in place possibly, let's say the 3-D is so good that we sell 25% of only these prospects to the Chinese for $2-3 billion. Everyone wins when we hit oil on these first prospects.
1.) China gets a great deal for oil they desperately need.
2.) HDY gets desperately needed cash to jump start the drilling and production process.
3.) We share the risk for the drilling.
After we hit oil the cash for prospects goes WAY higher and we provide the Chinese with the right of first refusal on other prospects but this will allow market forces to prevail.
It would make sense to include Anadarko in our group as they already have the logistics and infrastructure in place 'right down the road' to assist with drilling and production.
All the best,
Red
The IV "HDY Discussion board" in the sane board ... the other is for those "free spirits" ,,, if you know what I mean ... LOL
I schnitzeled more shares the last few days. Looking forward to more info on our China businesses and the latest from LANL.
Sent an e-mail to Paul yesterday with a battery of questions, still awaiting a reply. Maybe he made the trip to China as well.
My hope is that they dot the i's and cross the t's on this trip so we can get some concrete news then begin to enjoy some cash flow projections and get down to business.
Waiting, waiting for news on all my specs ... ugh ... though I was all green today! HDY, KBLB, and BMGP.
Have a great weekend all ...
Close is $3.19 ... +$.27
If Guinea settles down over the weekend maybe Ray & Co. will throw us a turkey bone and release the news of who they selected to do the drilling tender and a little glimpse of the potential of one of the targets for a Thanksgiving present? Git 'er done ...
Calm returns to Guinea capital after poll clashes
Fri Nov 19, 2010 2:02pm GMT
Print | Single Page
By Saliou Samb
CONAKRY (Reuters) - Calm returned to Guinea's capital on Friday after days of street clashes sparked by the announcement that opposition leader Alpha Conde had won a presidential election in the top bauxite exporter.
Although there was still a heavy security presence in the capital Conakry, vehicles returned to streets that had been the scene of violence between rival supporters and the security forces. There were no reports of violence from elsewhere.
A regional rights group has said at least ten people were killed and over 200 more injured in clashes that underscored deep ethnic divisions between Conde's largely Malinke backers and the Peul, who had supported his rival Cellou Dalien Diallo.
The government imposed a state of emergency due to the violence and a Reuters witness said the security forces were stopping even very small gatherings of people from forming.
But taxis were running and traffic jams clogged the seaside town in the morning. Banks were open for normal business.
"Things have calmed down. I did not hear any gunfire overnight," Souleymane Bah, a resident in Bambeto, said.
The elections were the former French colony's first free vote since independence in 1958 and are meant to bring to an end nearly two years of military rule since the 2008 coup.
A senior official at CBG, Alcoa and Rio Tinto's Compagnie des Bauxites de Guinee, said there had been violence around the company's operations at Sangaredi, about 350 km (miles) to the west of Conakry, but disruption had been minimal.
"Now the situation is calm. Production at CBG wasn't affected," the official said, asking not to be named.
Guinea boasts around a third of all known bauxite reserves. CBG shipped a record 13.7 million tonnes in 2008 before political instability sparked by a 2008 coup dented output.
This week's violence erupted despite calls from both Conde and Diallo for calm.
Diallo is challenging the results, which gave Conde 52.5 percent of the November 7 vote, in the Supreme Court, which must announce a final result by next Tuesday.
Tara O'Connor of Africa Risk Consulting doubted the court would reverse Conde's victory and warned another bout of violence was likely, but said much hinges on how far Conde goes in reaching out to Diallo's camp to reunify the country.
Ahead of the election run-off, and in an effort to ease tensions, the pair vowed to include whoever lost in any future run-off. Conde has repeated this offer publicly since winning but no details have emerged.
"His presidency will be doomed from the very start if it is just about pay-back," O'Connor said of the tendency in African politics for successful candidates to reward backers with cabinet posts or other positions of power.
I'm looking forward to getting some free stock in a Chinese Biodiesel IPO as well.
If the formulations that we get to license are cutting edge and profitable then the rights to that intellectual property should provide a nice income stream.
Obviously the IOBS commercialization is the big prize. But I think that the PVA and biodiesel generated cash flow will be a nice addition with the added plus that we can sell these profitable businesses in the future for a profit.
Has anyone ever e-mailed the company and received a response?
I have been watching this whole situation from afar for a month or so now and have done my DD on the PVA and biofuels projects and the IOBS R&D. Watched the stock price dance around as well. It seems that there is some support at .09 so I picked up 112,000 over the last few days in the .09 range.
CEO Hardman is in China again. I hope this time he mops-up and finalizes the details they couldn't complete on the last trip.
If Hardman has contracts to purchase our plastic and biofuel then these opportunities should pay off, especially with partners and credit facilities in China. If they can make these ventures cash flow positive that is a feather in our cap.
The handheld IBOS unit will be a goldmine when they get it to market. Operative word is 'when'.
I'm willing to wait and put up some speculative cash as I like all the businesses in BMGP's portfolio ...
Ray said that HDY and Dana were going to open the bids for the drilling tender on October 25, 2010 and that the partners would make another announcement mid-November.
Ray noted that they would be looking for the most favorable terms in relations to mobilization and demobilitzation costs, best daily rates and best drilling schedule.
I hope one of these 5-6 firms has a rig available in June-July-August, 2011 and we blow the doors off the shorts and traders.
I've been waiting 7 long, painful years for this ... git 'er done!
This week almost 3 million warrants became exercisable
http://investorvillage.com/groups.asp?mb=10989&mn=44619&pt=msg&mid=9659271
The 181st day following the last stock issuance occurred this week. All the warrants issued with that stock issuance are exercisable at $1.58. It is almost certain that many if not all of these warrants were exercised and a lot of the resulting shares are now being sold at a nice profit. I feel like this is what is causing the downward pressure on the stock this week. People who do this type of financing are usually not long term investors. Hang tight. As soon as these shares are sold off the upward move should resume.
I am not the least bit concerned about the expiration of the Watts lockup for several reasons. First, a huge number of shares they own are not even covered under the lockup. Only the shares issued pursuant to the Class B preferred were locked up. If the Watts wanted to sell some shares they could have all along.
Second, the Watts have had several chances to sell at prices higher than this and they never have. Why would they sell a substantial amount now when we are closer to drilling than ever?
Finally I don't see these 2 and 3 dollar thershholds for earning options as being a real factor in where the share price goes and when. These levels will be achieved and sustained based on other factors.
Volume today already well over 3 million. Shares of stock to be sold from warrant exercise, 3 million. I think we may be done. That was quick.
OK Kim let's leave the genetics to the scientists and how about working on getting this first generation MonsterSilk to the commercial market.
We need add a little value to our company and get into some institutional portfolios ....
jmho and keep up the good work ...
October 2010 to be a memorable month
RL has set this up really well to drive the stock higher over the next few weeks imo.
Originally, CEO Ray Leonard said the preliminary 3-D would be ready 12/10 and the full interpretation would be available April/2011.
His latest estimated for fully interpreted 3-D data is now Feb./2011. I expect preliminary data on the first phase of the shoot could be available by the conference call 10/25/10.
So we have the IPAA Conference this week and the conference call set for 10/25/2010.
Upcoming Event
Oct 14, 2010
11:00 AM ET IPAA Oil & Gas Investment Symposium
Speaker: Ray Leonard, President and Chief Executive Officer
The company has been in talks with many, many companies to JV on the remaining 26% and that may already be in the works.
This will be a very exciting month ... I've been waitng 7 years for this ...
Best to all ... MU_Redskin1
Hyperdynamics to Hold Business Update Investor Conference Call October 25
HOUSTON, Oct 12, 2010 /PRNewswire via COMTEX News Network/ -- Hyperdynamics Corporation (NYSE Amex: HDY) will host an investor conference call at 10 a.m. Central Time (11 a.m. Eastern Time) on Monday, October 25, to provide an overall business update and to discuss recent developments.
http://investors.hyperdynamics.com/releasedetail.cfm?ReleaseID=517389
Originally Ray said that partially interpreted 3-D would be available in December 2010 and the fully interpreted 3-D was going to be available in April 2011.
At the R & R conference in New York Ray said that the fully interpreted 3-D was going to be available in February, 2011.
Therefore I think the preliminary 3-D results should be done in late October, 2010 and this will trigger the signing of one or two other JV's if they haven't already been signed.
We may get really good news at the October, 2010 conference call.
Best to all ...
MU_Redskin1
If you extract a sentence or two from the transcript below ...
Ray Leonard >>> " I think the best example is offshore Ghana where the Jubilee field has been delineated at 1.8 billion barrels. And, as a number of you [unintelligible] Exxon offered 4.2 billion dollars for a 23-percent share with Kosmos Energy, and while that seems to have been preempted by the Ghanaian government with backing from the Chinese, Kosmos is still going to get their payout—even though it may not be from Exxon.
That’s the type of play that we are looking at, and that’s the type of payoff we think we have as we actually have several of those turbidite-fan prospects in the offshore." <<<
What's our 77% of 2.3 billion barrels worth once it is proved? We are finally looking golden !!!
Have a great day !
Best to all ... MU_Redskin1
Ray Leonard, IPAA Oil & Gas Symposium, April 13
HYPERDYNAMICS BACKGROUND
“ My name is Ray Leonard; I am the chief executive officer of Hyperdynamics. And, as many of you are wondering, Hyperdynamics is not your average name for an oil company.
Hyperdynamics [the Company] was initially a software company, and after the ‘dot-com boom’, they decided to change into a [geophysical] software company, and they acquired, along with a large geophysical database and geophysical software, the drilling rights to offshore Guinea. And, over the years, everything else fell away, and the offshore rights became the core of the company. And there’s a lot of you who have been following west Africa as have probably seen, northwest Africa has become an exploration hotspot, and that offshore drilling rights in Guinea became really a [potentially] very profitable and very exciting asset to have.
The Company is an independent E&P company based in Houston, Texas, and is a 77-percent interest holder to a 25,000 square-kilometer offshore license [slightly bigger than Vermont], one of the largest licenses in west Africa. The area has a number of prospects in the billion-dollar range with [in respect to?] recent discoveries both north and south of the acreage. And what’s also as important, since July 2009, which is the time I came on board, there’s been a significant change in the management of the company and in the staff of the company.
My background: I spent about 20 years with Amoco; one of my positions there was as the division geologist for west Africa; my last position [with Amoco] was as the Vice-President of Resource Acquisitions located in the former Soviet Union. Since then I have had executive positions with Yukos, MOL [the Hungarian oil & gas company], and before joining the Company I was Vice-President of The Kuwait Energy Company based in Kuwait City.
My executive vice-president for commercial affairs, Bill Young, was most recently the commercial head for British Gas, a 40-billion-dollar company in the UK.
Steve Barrett, our exploration VP—his last position was with Nations Petroleum, a very successful independent company in the former Soviet Union.
Jason Davis, our CFO, joined at the same time I did in July; his last job was as CFO for Particle Drilling Technologies.
We also have an extremely strong Board [of Directors]:
Bob Solberg, the Non-executive Chairman, was the president of worldwide E&P for Texaco; after the merger with Chevron, he has been on a number of corporate boards; he’s also the chairman of Scorpion Drilling.
And then also Herman Cohen, who was [formerly] an Assistant Secretary of State for Africa; he is certainly exceptionally helpful in the west Africa political environment.
And Lord David Owen, the former Foreign Secretary for the U.K., who was also the chairman of Yukos International, brings E.U. and U.K support, as does Herman Cohen for U.S. Government support.
So, politically and technically, this is an extremely strong team.
HYPERDYNAMICS IN GUINEA
Northwest Africa is an interesting area. As I mentioned before, I was the division geologist for Africa in the 1980s, and actually we were the first ones to take out concessions in Liberia and Sierra Leone. The problem was that for us “deep water” [back then?] meant drilling in 200 meters of water, and, ironically, we drilled a well only 15km from the recent Venus discovery by Anadarko—the difference was that ours was on the edge of the shelf, and theirs was in the deep water.
The opening of the deep water has really opened the potential for northwest Africa. I think the best example is offshore Ghana where the Jubilee field has been delineated at 1.8 billion barrels. And, as a number of you [unintelligible] Exxon offered 4.2 billion dollars for a 23-percent share with Kosmos Energy, and while that seems to have been preempted by the Ghanaian government with backing from the Chinese, Kosmos is still going to get their payout—even though it may not be from Exxon.
That’s the type of play that we are looking at, and that’s the type of payoff we think we have as we actually have several of those turbidite-fan prospects in the offshore.
Now, when I was working in the 1980s, “west Africa and oil” meant a line from Nigeria down to Angola. But, a generation later, the northwest [of] Africa is really the place that can be a lot more profitable, and there are a few major reasons for that:
One, the fiscal terms are a lot better: you have 80 to 90 percent government “take” down in the Nigeria-to-Angola area, whereas your government take is more in the range of 50 percent in northwest Africa. So, per barrel, your value is up to 3 to 4 times higher in northwest Africa.
And, in addition, there are no OPEC quotas, and the countries in northwest Africa are “hungry”—if you find something, they want you to put it on stream as fast as possible. There are as few barriers as possible in your way. So it’s a much better place for exploration if you’ve got the prospects—better terms, faster development.
In “de-risking” the asset in Ghana, you’ve got, um…. excuse me, in Guinea… Freudian slip there; it’d be nice if it was Ghana—there are really three stages:
We’ve completed the first stage, and that’s to do 2D seismic to identify the play trends and the general prospects. And we took another step here, which was very important: with satellite imagery, we identified oil seeps in a number of areas, and then we got a boat out and did a geochemical coring exercise to get subsurface and surface samples and water samples to verify the seeps. We identified both Cretaceous and Jurassic source rocks. So we know that we have an active petroleum system there.
The second stage (and we’re putting out a tender this week actually for a very large 3D seismic program that should cover 3,500 to 4,000 square kilometers) is to go over three of the best prospects we see, and we are committed by contract with the government [of Guinea] to begin drilling by no later than the end of 2011—so our exploration drilling will be starting at that point. (The seismic run you see there [on a presentation slide] covers one of the turbidite fans that we see; it’s a very large and obvious structure that is actually about the size of the Jubilee prospect in Ghana.)
A second factor is bringing in additional participants. We came in this with 100 percent interest. We acquired one partner, Dana Petroleum: they’re very active in northwest Africa, active in Morocco and Mauretania where they’ve participated in discoveries; also, they’ve taken a position in Senegal. They acquired a 23 percent share [in HDY] for 19.6 million dollars.
We have had a letter of intent with Repsol to acquire another 37 percent; their exclusivity has lapsed [as of 11 March 2010]. However, they are still negotiating to try and close that deal. However, after their exclusivity expired, several other companies have stepped in. So we have an active competition to get that third slot, which is a 35 to 40 percent operating interest. So we are going to have a third partner there, a major company as an operator. [I take this to mean that HDY and Dana are the other two partners. –E.H.]
THE GEOLOGY
So what does the geology look like in more detail?
We see 3 prospect trends. The dashed area shows the specific concession area that we have. The gray outline shows the original concession, and then we were able to, after acquiring the [2D] seismic, basically able pick the 25,000 sq.km. that we wanted, which is one of the largest concessions in west Africa, and it covers the 3 main prospect trends.
One [of those trends] is the turbidite-fan area; the Anadarko east [?] discovery is right here [referring to a presentation slide]. So this is basically the same play type. We have a fan here, another here, and another here, so you have multiple prospects there.
Then we have very large lower-Cretaceous/Jurassic structures in ultra-deep water—we have one here that’s over 100 kilometers long [over 62 miles].
And then we have a series, right on the shelf edge, of smaller 4-way closures that have some direct hydrocarbon indicators.
So you have multiple prospects here—and this is really a “petroleum province”. I know when I was with Amoco, the company was really based on 2 or 3 international areas: one in Egypt and one in Trinidad. And the value to Amoco was, it was a large enough area that you not only had development projects but [also] consistent exploration prospects. So this is the type of concession that big companies are interested in. It really reaches the size that now you have super-majors far larger than the Amocos of the day when I came into the industry. They’re looking for projects that can have an impact on the bottom line of companies that size, and the Guinea offshore concession actually does reach that size.
You also can see there the locations of some of the active petroleum seeps; they’re not only by the coast where the formations crop up at the seabed, but also there are seeps in the middle of the concession area.
Just to look a little more at the details: This is one of the turbidite fans, you can see very clearly on the seismic it’s approximately 1,000 sq.km. in size, and this is a cross-line, and it’s hard to see from here, but you see this and you get very excited, because you have a mid-Cretaceous event here which disappears under the middle of this, under the area that’s under 4-way closure, which indicates some special event here, it has a different velocity that’s masking this reflection underneath which could be a direct hydrocarbon indicator.
The other type of prospect, the deep water, the lower-Cretaceous structures, it’s just a big huge anticline, that as I said before is over 100km long, and as you have identified active Jurassic source rocks in the area, this is another potential, although again, as it’s in 1500 meters of water, you’re really looking at an expensive deep-water well. This may not be the first well that’s drilled.
From the conference call ... tidbit
Ray said the tilted fault block geology in the southern part of the 3-D seismic area was similar to the Espoir field off the Ivory coast, here is a media piece on that field. This is a decade old so I'm sure the lessons learned and new technology could make our prospects very attractive.
http://www.offshore-technology.com/projects/espoir/
http://www.google.com/search?hl=en&source=hp&q=Espoir+oil+field&btnG=Google+Search&rlz=1W1ADFA_en&aq=f&aqi=&aql=&oq=&gs_rfai=CWdPnfvR3TJ2UBpSEygTruKXYDwAAAKoEBU_QSDLe
I was impressed by the CC and am looking forward to the October CC ... that should be a very good call ... imo
Best to all .. MU_Redskin1
The Guinean oil flow soon: HDY has Ranform Challender the dock at the port of Conakry
http://investorvillage.com/groups.asp?mb=10989&mn=42094&pt=msg&mid=9361339
Expected for some time, is finally a reality. Hyperdynamics Corporation Ltd. The company has come under the effective launch of its seismic three-dimensional (3D), the last of its exploration program for oil in offshore Guinea.
With this in mind that one of the giants of the world oil industry launched the campaign on Thursday at the port of Conakry, under the auspices of the Prime Minister, Head of Government, Jean Marie Dore, surrounded several of his ministers, members of the republican institutions, and defense and security.
At the launching ceremony, officials have succeeded Hyperdynamics to signify their satisfaction theory PLCA to leave the practice with the arrival of this vessel specializing in this field.
Thus, the Vice-Presidents of African Affairs and the Operations, respectively, MM. Famourou Kourouma and Mike Palmer said that this step is important in view to break offshore Guinea, the first barrel of oil in 2011 in Guinea.
The use of geophysical research vessel shall, with the help of three other ships Falcon G AuroraG Felloship and will help make operations, three (3) months, in places deemed oil. With funding of about 25 million U.S. dollars at the expense of Hyperdynamics exclusively (without any financial commitment of our country, Guinea).
In welcoming the commitment of Prime Minister for his involvement in the signing of this contract division, they have asked Guinean Guineans and to pray to God that the places covered by the 90-day search actually contain oil, to the delight of both sides, but mainly for the Guineans.
For Jean Marie Dore, today is one that "impedes" the misery for Guineans, for with oil "we have the dollar in Guinea. " Hence, it is "the immediacy of the beginning of our enrichment ... The Treasury will have to wait to run the Customs national budget ..."
In short, he urged Guineans to use wisely the oil will soon flow from the basement Guinea.
It was after the tour of the ship Challenger Ranform the ceremony ended, before the eyes of many admirers and curious workers Wharf container port Conakry.
Minka Camara, guinee24.com, Conakry Minka Camara guinee24.com, Conakry
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