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You have to understand something about the situation here, Opp, and those who are in it.... many of them clearly had no idea whatsoever of the considerable risks involved in drilling a well and are understandably uncomfortable with anything - or anyone - who suggests even the remotest possibility of - from their point of view - an unpleasant outcome.
Now you and I, who have been in and around The Oil Patch for a long time, know and understand these risks and accept them because we've lived them.
But some here are graduates of The Jed Clampett Skwirrul Gun Skool of Oyl Drillyng Teknowludgy and you know how easy 'ole Jed made it look. So some have forgotten the risks, and some are just learning them now.
Glad to have you here!
News! Second batch of bio good to go!
http://biz.yahoo.com/pz/060828/104423.html
"Roughly how much more dollars would be needed to complete drilling as it was first intended. "
Clearly, more than they were willing to throw.
Ever hear the expression, "Throwing good money after bad."?
Did you not understand my previous post? I guess you don't understand the concept that "wanting" and "having" aren't synonymous. Be that as it may.
Who wouldn't rather have both gas and oil? But at what cost? Aye, there's the rub.
If you need both gas and oil from this well as badly as you seem to, why don't you offer to pay for MXXR's portion of the cost; I'm sure they'd appreciate your generosity.
It's very clear now what happened at Friday's meeting.
The participants were told,
"You can have a gas well right now, or you can spend (in$ert a$tronomical number here) to try to save that oil well."
Even Oryx's pockets are only so deep. If they're going to take the bird-in-the-hand(gas well) over the two-in-the-stuck-pipe-bush(oil well) everybody's made an intelligent decision.
Scarce resources require wise allocation.[eom]
All factors taken into consideration, a gas well is much preferred to an oil well, at least for this Company at this point in its existence.
Uhh... that was back in May, the last time they flirted with the Fuschia Forest.
Building that "bid-side slingshot" again.
Here's some useful information
http://www.gg.uwyo.edu/content/lecture/energy/fossil_fuels/oil/production/completion/intro.asp?type=...
for those of you unsure about the difference between a "drilling rig" and a "completion rig" and what - and how - each is used for, to best effect.
If it could trade just over 2 million today, it would raise the "Volume Alert" flags on all the quote streamers; they go off at 7x the 10-day average volume.
This ought to be a new record volume day, eclipsing the 600k+ of 8-14; volume leads price! Except for a 700k+ day on 7-11, one has to go back to Jan '06 to find higher volume.
"A journey of 1000 miles begins with the first step."
Well, gee.. if they're "..Waiting On (A) Completion Rig", it must mean they're going to "complete" something; or try to.
It means they're having to cross orders to fill them; meaning shares are far and few between; meaning all this tinderbox needs is any kind of "spark".
Just a wild-eyed speculation, MBR, based on the prospect of a merger with some existing oil and gas exploration company. The Q filed yesterday is about as good a place as any to start.
Whoa! ECN "TRAC" just showed up on the bid looking for 303K.
This is the same bunch that bailed out of Savoy and left it a rotting carcass in the Fuschia Forest.
Talk is cheap; filings aren't.
Hmmm... looks as though whomever is playing this has decided the "E" isn't going to start a mad rush for the door, so time for Plan B.
If someone has calculated the number and presented it in a prior message, my apologies for having overlooked it in perusing the message archives, but has anyone calculated the intrinsic value of the FAB.V shares in terms of the IDCN share price?
In other words, how much of the marked-to-market asset value of the FAB.V shares is being reflected in the IDCN share price?
I'm going to presume you mean the "15c-211". A "15c-211" filing is a form submitted by a Market Maker so they can light up their turret with an official quote on the OTCBB and the stock can trade on that venue instead of the Pink Sheets.
Some investors simply won't touch a Pink Sheet stock no matter how compelling its story or prospects might be.
Is such an OTCBB listing likely to help this particular stock? Well, it can't make it much worse, can it?
If you're wondering what happened to your "ARET" shares in your E*Trade account, you'll find them under their CUSIP number in your Portfolio tab.
Seems they've found some gas:
http://biz.yahoo.com/iw/060824/0157086.html
Looks more like an angel food cake pan than a cup and handle, but your analysis is spot on.
What extraordinary good fortune that she chose her ancestors so wisely! They'll keep the spigot flung wide then, I'm sure.
That'd be excellent news, if they've made such an arrangement for financing-against-production. Banks will make such loans. That was my point in an earlier post that they need to focus their attention on getting the remaining Buck Snag wells drilled and into production with all possible expediency.
I don't know how much a bank will loan against $500 a day, net. Do you?
That's a reasonable speculation, Brad; the most likely reason they're all "going to the well on Friday" is to hear from the operator how much good money after bad they're going to have to throw on this to try to save it and how soon the AFE cash calls are going to start coming for said money.
So, the critical issue for Matrixx is do they have - or can they raise quickly enough - the cash to meet those AFE cash calls? If they can't, game over, at least in Clovelly. Their W.I. will be ceded according to the terms of the Operating Agreement.
That's an interesting story unfolding, but it raises at least one immediate question in my mind, anyway:
Where was the Transfer Agent and why were they apparently asleep at the switch as this prestidigitation was unfolding? Any sort of split - forward or reverse - involves the Transfer Agent right from the start. Notice how the Company mentions everyone but the Transfer Agent as the object of their communiques.
Some new sort of "grandstanding" being invented here?
Not at all; 24 x 7 drilling has been SOP in the Oil Patch for decades.
Don't forget charming, handsome, witty, brilliant, suave, dashing, dapper, debonair, and modest.
Especially modest.
A: because I have an inate curiosity about things, because I believe in the Law Of Cause And Effect, because I believe in the Law Of Unintended Consequences, because I believe everything happens for a reason, especially in any situation where money is at stake.
Did that help? Good!
You "Ameritrade"ers? Is that with the "old, original" Ameritrade, or the "Waterhouse" step-sibling of the "new" Ameritrade?
The last half hour of trading sure didn't look like that of a stock about to be heaved over the transom or taken to some dark alley for a Market Maker Mugging. The game, it would appear, is still afoot.
What fun watching NITE and UBSS trying to slit each other's throats on the bid. Best knife fight of the year.
Uh, no aidan... "MCF" = 1000 cubic feet. "MMCF" = million cubic feet.
200-300 MCF is is a pretty modest well, but at least it will get some coin coming in the door.
The Company needs to do everything in its power to get the remaining Buck Snag wells drilled and in production as expediently as possible, because they're going to have to throw a lot of good money after bad if they want to stay in the Clovelly Game. Those AFE cash calls are going to eat them alive.
"The increased decline rate of ng wells is a known problem in the industry. "
That's because the economics of ng have changed to the extent that wells that never would have been put into production 2 or 3 years ago are being produced now, and a lot of them are "pennywhistle" wells from small reservoirs that are guaranteed to decline quickly, simply because of their smaller size.
When ng gets to $20 people will be drilling their compost heaps.
Well, today's PR makes one wonder about that. The lead-time to get onto a listed exchange isn't that great, so perhaps there's been some short-cut found by which a more expedient listing - and, thus, trading - can be achieved.
ok, thanks. so, you're an "original" Ameritrade account; the "Waterhouse" division is notorious for those kinds of restrictions, but given their "TD" roots and the role that requires them to play, such restrictions are at least understandable.
Is that restriction being imposed by the "original" Ameritrade or the "TD Waterhouse" stepchild of the "new" Ameritrade?
Asperse stock_observer all you wish, but there is clearly something different to the tone and tenor of MXXR trading, as evidenced by the Daily History:
Matrixx Resource Holdings Inc "High - Low - Last - Volume"
Date HI LO LS VO(U)
22-AUG-06 0.063 0.0580 0.0583 692490
21-AUG-06 0.068 0.0560 0.0600 1317215
18-AUG-06 0.068 0.0580 0.0580 1655585
17-AUG-06 0.068 0.0600 0.0630 2905817
16-AUG-06 0.062 0.0510 0.0610 1987473
15-AUG-06 0.062 0.0510 0.0610 1962431
14-AUG-06 0.057 0.0501 0.0528 3819754
11-AUG-06 0.058 0.0540 0.0570 1609558
10-AUG-06 0.061 0.0510 0.0550 2387177
09-AUG-06 0.063 0.0510 0.0610 3194868
08-AUG-06 0.065 0.0600 0.0610 1742625
07-AUG-06 0.073 0.0600 0.0650 3725819
04-AUG-06 0.075 0.0500 0.0660 13078810
03-AUG-06 0.060 0.0460 0.0500 4415198
02-AUG-06 0.069 0.0530 0.0600 4411334
01-AUG-06 0.076 0.0600 0.0690 4627760
31-JUL-06 0.075 0.0660 0.0710 8405901
28-JUL-06 0.065 0.0520 0.0610 1764502
27-JUL-06 0.072 0.0540 0.0610 3430961
26-JUL-06 0.060 0.0410 0.0550 2615141
25-JUL-06 0.075 0.0450 0.0500 7564747
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us;MXXR Matrixx Resource Holdings Inc Common Stock
CUSIP:57685E101 NEWS 13Jul06
Avg Traded Price: 0.0599 Volumes Trades Tic Volume
Total: 692,490 67 0 0.0%
Last:+ 0.0583 (U) 14.15 Block: 566,500 33 0 0.0%
Bid: - 0.0580 50 (U) 14.14 NonBlock: 125,990 34 0 0.0%
Ask: 0.0600 50 (U) 14.14 10DayAvg: 2,258,251