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In fact, it is disgraceful that he would lead with such an announcement given the market valuation of his own company. You can't buy anything with the stock at this valuation, except in giving away the farm.
He need to get the stock price up to $2.50 ($.10 pre RS) before he buys anything.
Can you imagine this announcement with the ditch we're in?
This sounds like it was written from a text book. They should start by buying AENP, the most undervalued asset.
Where is the Wendy's lady went you need her. Where's the beef?
This is also saying prepare for dilution.
So this means we have one director left CB. This does not look good, when two of three directors depart within weeks of each other. What could be up?
Thank you for your informative and honest response.
Did I miss the conference call? I thought at the last conference call, just prior to the RS Shareholder Meeting, that CB/Joe said that they would try to have them quarterly, in an effort to enhance communications and keep the shareholders informed. With the financials released 11/15, I must have misplaced the e-mail announcing the call. Could someone help me out?
Did CB dupe us just for the vote or was he sincere? This guy is looking more like a wolf, than a sheep, everyday, as we sit here in silence.
If anyone has to sell under these conditions, its brutal. Nice that management is providing air support/air covered for its groud troops, the shareholders.
What is $.24/25=$.0096. Nice jobe CB.
You are a technically savvy guy that seems to know this company and this business, do you not feels the same way, in spite of what we know?
CB would be wearing a nice horizontally stripped suit, if he ever tired to pull that off.
Here is a question, why have they not PRed/updated product flow rates for Padgett #11, since initial rates were announced June 11th? They said 30-60 days from June 11th and its now November 14th?
I agree with you 100%. We need serious solutions to serious problems and no more time for politics.
Another thing is, with the RS, all control is in the hands of one man. This is a dictatorship if there ever was one.
He is CEO and head driller. He controls the board, he and the person in his pocket, especially now that the 3rd guy just left. What are the qualification for the second person besides friend?
He better understand that this is not his own personal sand box. He may own most of the sand, but not all of it. As CEO, he is supposed to represent all the sand, not just his. If he loses any more of my sand, we may have to do an investigation and start following the dots, starting with his loan and the preferred share arrangement, that turned out so well.
Here is a good question, will we have a shareholders conference call to discuss the quarterly result like he promised us? Remember the last one we had, which fronted the RS vote?
They are not going to buy what they have not seen, only what management cares to share. Once they unleash the results of the 3-4 wells, they are working on/or have in production, they will see.
In my discussion with Joe on several occasions, the feeling I get is they are looking decades, not days, so what's the hurry. As an example, the wells they are working on today must be done right because they could have a life cycle of 20-30 years.
My feeling is, I don't think they care a hoot about the short term price. Remember what CB said to me just prior to the shareholders meeting, "it only matter when you sell." No ShXt Sherlock. I am not here for decades with a piece of the pie like you.
Thank you sir. Here is one for you. I picked up on this investment web site 6 months ago, www.moneyandmarkets.com, and they have been spot on the current investment scenario. They put out 1 article a day free, which focuses on investing in gold, oil & gas, commodities, foreign currencies, etc. They do have a paid subscription service, which I plan to use in the future, but I don't now.
The reason I bring this up, they see much deeper problems ahead and they have predicted accurately the scenario the past 6 months. The dollar scenario, sub prime problems, oil prices etc...
We have some very complex problem to deal with in the days ahead that we, the US, are not facing. The energy crisis is real and we do not have a clue. Couple this with tree hugging and the political mess in DC, and there is not solution in site. The problem is the supply demand equation is changing away from the US and in favor of industrializing 3rd world countries, such as China, India, etc. Power houses like China, which is cash rich, and Russia, which is mineral rich, are moving to buy up any resources it can get its hands on. The world is moving to a scenario, where energy is power. Look at Venezuela with oil, Russia with NG to Europe. We are the biggest consumer, but the smallest domestic producer.
One more issues lurks, the middle east, and how about the nuclear issue with Iran, Iran sitting right on the Straits of Hormuz, and Iran's and Russia's close relationship. We are currently the power house of the world, the large consumer, but we have an umbilical cord which is tied to the middle east.
Finally, another issue is surfacing as a problem, water. Did anyone go to Atlanta to pray today for rain. Serious stuff. Many alternative energy solutions use massive amounts of water, like ethanol.
2008/09 will be wasted years with the elections. The only bill that Congress can pass in their pay raise. Talk about grid lock!
How does this fit AENP? A hot domestic Oil and Gas, JR. is an excellent, excellent place to be. If CB could show any signs of life and start to scratch the surface of GEH's forecast, we would be home free. That is what I am betting on.
It is not the simple. You can hide behind the SEC deal, cashflow, pump went out, waiting on Injection well, etc...
I got to tell you, I grew up through the dot.com era. Nothing surprise me where money and EGO is involved. Look at Enron, WorldCom, Adelphia, The Baptist Fund of Arizona (for real). How about Aurthur Andersen (AA) -- completely gone as a result of corruption. AA had to pay the Baptist Fund $250 million in fine as a result of fraud that AA let go. I heard this on a plane ride to Denver one day - How funny.
I worked in 2 different companies during that era that could have had poster child CEO's for such activity. For real. I've seen this before, so nothing surprise me. Computer technology, oil, what's the difference, its come back to people. Common stock is common stock. Preferred stock is preferred stock. Computer technology is just as sophisticated as drilling a well. Just look at what Google did. That's amazing.
Heck, just look at the new bubble called credit and sub prime lending. The CEO of Merrill Lynch gets $30-40 million dollar bonus last year on bogus numbers and he gets an exit package of $140 million. They should have thrown his XSS out the door in his underwear and taken back last years bonus.
CB better be careful. I don't think ever investor in AENP is an idiot. There are too many dots connected here.
Let me ask you a question, do you think he could have reported production with #11, and possibly #12H, or reported on Murphy-Nash #1, and get the RS passed.
NO BLANKEN WAY!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
Everyone and I mean everyone would have, at a minimum, scaled back the RS ratio,if he even got that much.
He had to make this look crippled to get it passed. If you don't pass this I'm going home and pass around the tin cup.
The story of the family members taking a haircut in kinda true, but he can take of them on the back end.
Here is the deal, I visited in late 2005, just after they did the 3D seismic reading on, I believe, 2500 acres of the 7000 acres they had in the Barnett Shale area. They knew they had massive O & G on certain properties, as CB called it, "I think we have a diamond in the ruff." He used these word recently, with someone, to support his ownership position and the RS.
With the announcements of the five (5) O & G formation for the Padgett/Murhpy-Nash leases in Sept 2006, followed by the Injection well announcement in May 2007, followed by the Padgett #11 and #12 H production status in June 2007, which included flow rates for #11, this starts to show reality to the prediction. Based on old June Oil and Gas prices, Padgett #11 was rated at $1.2 million dollars annually. Consider today higher O & G prices, with possibly higher production flow rates. Now add #12, which is a horizontal. Now consider, if Murhpy-Nash #1 has the oil expected in the formation? This use to be AENP's largest producing well. This is all company announced information, not mine.
This doesn't count Hood, other leases, wells, or what's up with the rigs?
I don't like this one bit, nor do I trust this guy further than I can see him, but I believe he has enough going to make this fly. The land alone and the market/world conditions support this theory.
Here is another theory, he needed to cap this thing to make the RS necessary and look good. Could you imagine the pain, if it turn quickly, and he's worth 50-100 million day one. What do you think the shareholders would think then with the RS, since it came out of their pockets? Again, as the founder, he deserves it, just not this way.
Do you realize that the RS passed by the skin of his XSS. If GEH's group of 4 investors had voted no, it would have failed. That my friend is close. That means a lot of people in numbers voted no, and several that voted yes, did so out of fear of what's next. What they don't understand is that the property and assets, at this stage, is the value way beyond the current market value.
That's why. Just my opinion.
Sorry for any misspelling - in a hurry and got to run.
This stock is going to fly from here, inspite of CB's games.
If they don't communicate consistently, this stock will be played like a yo-yo. I said this before, they are not EXXON/"XON", and I don't see any X's in the symbol AENP.
Who knows, if we do enough RS's, we could end up with an "X" on the symbol change. Do you think that is his plan?
It comes down to this, we have classic bashers, that have motives to destroy the stock for financial can or for revenge.
We have disgruntled investors who are generally negative. I am in the negative group, based on results, expectations and events, but I am highly optimistic on making money here. Maybe not the grand slam, but a nice extra bagger. The RS cut 1/3 off the top and we don't know what's next.
I don't see pumpers, but rather intelligent posters, some who are way over the top. There substance is highly accurate in a perfect world, but remember, CB is driving this boat, not an idealistic business plan.
Once CB announces positive results and follows through, the cockroaches/bashers will scatter to another nest. Positive execution/results is the only remedy for bashers.
I hear you. I am not a pumper, but an investor who is trying to make sense out of this mess. We have had two traumatic events over this stock, the SEC investigation for accounting changes, which we passed with flying colors, followed immediately, by the grand daddy of them all, the 1:25 RS. Two negatives are supposed to equal a positive and that is what I am waiting for.
I love the comment CB said, why did you do it, "Because they told me to." I said this before, CB deserves the ownership level he has now, but not the way he went about it.
I talked to CB just before the Shareholders meeting and I asked him why I should vote for the RS. He said, well, if I asked you too, would you do it." Then he laughed for, what seems like hours. but was several seconds. Then he said, "it does not matter until you sell it," which frames his thinking. This guy is not a slight of a fox as he thinks he is.
For a person who has lost some meaningful money the past two years, in addition, to being down a ton with what's left, I was not in the mode for his laughter, and I am surely not now with no news.
I still believe in the assets of this company, especially considering world events and the price direction of O & G. These guys could screw this up and it is still worth a ton more than it is now.
No answer. Don't they have financial reporting due 11/15 for the quarterly period 7/1-9/30? It will be interesting to see if there has been any increased revenues for new wells, not yet reported by the TRRC, since there is at least a 90 day lag.
It will aslo be interesting to see if they are on time reporting. It was not until the new director came on around May of last year, did they start to report on time. Before that, they were always late. He just left in the last couple of weeks, how will they respond? He seems to be the financially competent peg in the wheel.
As I said the other day, I don't expect big things for the wells reported and operational through 9/30. I am waiting to see the real production numbers for Padgett #11, Padgett #12 H, the reworked Murphy-Nash #1, and the other well drilled, I believe it was on the Hood property.
How do you announce the results of a drilling formation in September of 2006, announce the drilling status for both Padgett's #11 and #12H on June 11th 2007, including preliminary production numbers for #11 that were to be updated in 30-60 days, and have no new announced productive wells as we sit here today November 13th 2007.
I am no oil guy, but they started drilling over 18 months ago and we have nothing to show for it. I have been here 2 years and nothing new productive. I am new to this, but are we the first company to ever crack this code and drill an oil well? I thought this guy was suppose to be so big oil boom-ba? Come on CB show your stuff.
Yes, and many more items, such as plans for PRI, the two drilling rigs, fund raising and whatever else CB's been working in the backgound.
I agree with you, that was not bashing, but those reports listed reflect past history, not future expectations that we have been waiting on for a long, long time.
How about revenue production numbers on #11 alone. Put #12 H on this, things get interesting.
I do agree with you on that point. Even the smartest and most honest people in the world can craft a story, with projections, that would blow you away, if this was a perfect world.
This is similar to business plans that Venture Capitalist review daily. The hockey stick theory. You have to know too sift through the smoke and mirrors and apply a probability of believability. I did not, my error. I believed a lot of this CB stuff. My error.
We don't live in a perfect world and they are not running the company. These people a brilliant, technically accurate, with pure intentions, but they are not in CB's head. CB is a classic entrepreneur, who has big eyes and a little stomach, has all the answers, that thinks he/she is invincible.
I still firmly believe in the upside, or I would not be here.
Not true. What's your point. What is the production status of Padgett #11, #12 H, re-worked Murphy-Nash #1, etc....
I am not here based on what has been reported and verifiable, but rather, what is coming and expected based on infomation released by the company, by not yet reported.
Fact or fiction?
I'll give my view, my guess, since 99.99% of the postings have been from bashers, highly disgruntled investors or people with motives. I am in the highly pissed off category.
My view of their resources has not changed and I will not get into the current price of oil, the US dollar dropping like a rock, or companies buying up Barrnett Shale properties, etc ... all advantages to an O & G entity. I mean the price of oil in up 50%.
Part of my comments come from working in small high tech start ups, and part from, my meeting with AEMP in the fall of 2005. Comments like, you never show your hand to early, if you don't have too, especially as it relates to filings with the State. Whatever you file is immediately available to anyone who want to look.
They also said the 3D seismic logs showed a possible "diamond in the ruff." Preliminary Padgett and Murphy - Nash reports show this. They know this. This is the upside, I/we have been waiting to prove out.
In my opinion, the RS was 99.9% about CB's ownership/EGO. He needed to get the stock restructured to make any money and to feed his EGO for the monster kill. One comment that was made to me by Joe was the CB felt, had he started 2 years earlier, that he could have been like Chief, the guy who sold his company for billions 1-2 years ago. That some BIG, BIG boots to fill.
I could kick my self in the XXX for not focusing on these comments, or maybe, I would have wondered why this guy didn't own anything. The RS at a 1:25 ratio is how he solved this. Everyone, and I mean everyone, was fooled/outraged by this.
The second important issue was being able to raise capital for operations or expansion. Pre RS, they had no shares. I don't count 7 million shares, in a penny stock, as anything.
In Sept 2006, AENP reported the rich 5 formation O & G findings. In May 2007, AENP reported the Injection well. In June 2007, AENP reported the status of Padgett #11 and #12 H, including the initial flow rates for #11. This was 3 days after the filing of the RS was uncovered. IMO this was sent out to soften the explosion of the weekend news.
It is my believe, that they have been holding back. They did this for 2 reasons, first to get their act together, and secondly, to soften the upside, immediate, financial reward for someone. Time heal all wounds for some.
I also think, they could not have gone through the RS process this long, with no announcements, and not been able to execute due to cash problems, Padgett #11, considering a 90 cash flow lag, should be producing big cash flow today, on the order of $100,000+ per month, based on the initially flow rates in June. Possibly even #12 H? And what about Murphy-Nash #1, a reworked highly productive well in the past, having potentially rich oil reserves, based on the formation logs?
I hope, when they have their coming out party, this big bang will happen. If they show strong #11, #12 H, and Murphy-Nash #1 results, the bigger boys will take notice and the stock should move up to a more realistic price.
IMO, November 15th reporting should start to show something, with announcements to follow. I am not so interested in the 15th numbers, but the news releases we all have been waiting for, hopefully shortly there after.
Fact or fiction? Bashers, game players, need not reply.
This is for CTB, Contractor or GEH:
Contractor's comments regarding stockpiling leads me to my question, what happened to all the O & G product that has been flowing from Padgett #11 since the June 11th announcement? This question may also now apply to Padgett #12 H.
I know this was offline for a while, due to a pump problem, but since it has not shown up on the TRRC listing, what happens to all the O & G revenues they have been pumping? Will the show up in the November 10q?
It was stated at the time that Padgett #11 had flow rates of $1.2 million annually, or $100k per month, which were at June pricing. Today oil is much higher.
Even if there is a 90 day lag on cash flow, it would seem to me that the sooner you start pumping, the sooner you get cash in hand.
If Padgett #11 was flowing in June/July, they would have cash in hand today.
I disagree. If they announce successful wells with Padgett #11 and #12H, and MN #1, you would be blown out of the water.
At this point today, with what we don't know, you are right.
The clowns talking about the SP dropping on the market digesting news, are just that, clowns. Anyone selling into this market, with NO news, will drop the price like a rock. It is like waiting for someone to jump out of a building, so why go up and get them? The demand side of the market must be created by the company.
Here is the GOOD and the BAD:
The BAD is management's execution or lack there of. If they don't have anything to announce, then we are in trouble. If they are holding back production flows and reporting, for whatever reason, then there are plenty of other things that could be announced. Letting the SP drop, to pre RS sub penny, is disgraceful. They always blame everyone else, but themselves, yet CB rewards himself handsomely with the RS.
Here is the GOOD:
Domestic Oil & Gas Jrs. are the place to be, if they can execute, which includes marketing and communicating.
The US dollar is dropping like a rock, which is good for gold, oil and raw materials.
Inflation is on the rise.
Third World (Asia) growth is exploding forcing increased demand for oil, while production falls below demand.
And just think, we have had no significant weather (hurricane) problems since 2005.
Just this moment oil hit $90.35.
Beyond this, we have Iran and a whole dimension of issues that could significantly alter oil flows and prices in the future.
That is why domestic oil is a good place to be. We are definitely in the right market, now the question is, are we in the right company? We think so. Now it is up to AENP to get in the game.
I agree with you. I don't want the cost of a PR governing a PR annoucement or plan. I have heard this as an excuse in the past.
Lord knows it going to take a few a them to get us out of this ditch. The good news is that there should be enough in the backlog to float a series of meaningful PRs over time.
I know that. I just hope this guy doesn't think he is the next "Peter Drucker" of the oil business and that he is going to teach us all a lesson.
Besides, if they have no money, based on CB having to loan the company money, he better raise the funds he was talking about. To do that, he better get the price way up from here.
The only way to do that in the short term is to "execute and communicate."
That sound like a childish answer to me in the way to run a company. So you get a few people bashing and you take your toys and go home.
What about all the good investors who put in their "hard earned money" in AENP? Don't they deserve better? Do they deserve a pre-split stock price of $.013, when many got in years ago, as much as 10X higher, or $.13-$.14 per share.
If you let boards control your decision making, than you don't deserve being the CEO. It is time to grow up and act like a CEO.
I agree with your last comment, regarding AENP's failure to communication:
"Its failure to do so is approaching incompetence."
I also agree with you comment regarding "awesome opportunity." Today marks the 4 month anniversary of the June 11th announcement of Padgett's #11 and Padgett's #12 H status, including initial production numbers for Padgett #11. The numbers represented then, showed a revenue rate of $1.2 million annually. They indicated that they were to updated the production numbers within 60 days, yet we sit here 120 days later and nothing.
I don't agree totally with your comments regarding the SP. I see the RS, coupled with no communications as 80% of the problem, with the last 20% going to the bashers.
"Execute and communicate" and they will be diminished, although never erased totally. Games will always be played and that goes for any exchange.
Here is a question for you. Do you know why it cost AENP $2000 to release each PR? Are you sitting down? Because that is what the law firm charges them to review each PR. Are you kidding me? That is insane! Yes, the law firm should occasionally review the PR boiler plate, but for them to review each operational PR is insane. I found this out in my discussion with CB just prior to the Shareholders Meeting. There have been comments thrown around in the past that PRs were costly. I think that $2,000 per PR should be wiped out and saved for production or marketing/communications expenses.
It is time for this company to "execute and communicate."
Maybe so, but the current stock price ($.33), strongly supports my opinion.
I find all this talk about PRs and dealing with the bashers/traders quite amusing.
Here is a rule of thumb: You perform and communicate, things will take care of themselves. If on the other hand, you do not perform and do not communicate or you perform and do not communicate, you get trashed and traded.
CB has taken this company to the pits, over the last two years, and now he wants to get it all together, as in a perfect world, please. The only thing he did right was for HIMSELF in setting up the loan/preferred offering and following it up with outrageous RS.
So please stop the perfect world/duck in a row actions and just execute and communicate.
I mean, how many ducks do you have to get in a row?????????
I thought we were supposed to be moving towards a PR run, reporting activities and results, which would move the SP significantly upward, so that we could raise funds.
On June 11th, they reported Padgett #11 result and said production numbers should be available within 60 days. We are approaching the 120 days mark.
What are we waiting for or what is the hold up?
This board will come alive when AMEP does. Bitter's has his ownership secured. Why no announcements?
It is time to put this behind us and move on to rebuilt value. I want to hear about Padgett #11, Padgett 12 H, Murphy-Nash #1, new drilling/lease plans, PRI results and activities, and new fund raising plans, etc...
If this is true and CB's ownership is in place, we will start to see some annoucements, which is good.
Are you that naive to not recognize what is happening to the value of your investment? The value of this company tanked for a reason?
Should we not be celebrating the Padgett #11 news? Should we not be celebrating with the prospects of Padgett #12 and the MN #1 findings?
So tell me, from your view, what could have possibly happened?