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Cimm: The dog would not bark back if the person in question did not drag the stick along the fence.
Sneak
To the Board: Maybe we could help middy out. Ya that is right! lets let middy sell today and before the close lets see if we can buy his shares on the open market and put him out of his misery!
Sneak
Middy: Get a Grip on yourself. You Bloviate all day and month long that Management is not tell us what they know and then you post this:
"It appears you have not heard that SNP is the operator and they have not released results on 5 wells more than a year after the completion of drilling."
1) If SNP has not released the results, Why do you think PN has to.
2) It has not been a year since drilling was completed.
Your intense anger towards the BOD and Management is out of control. It is clogging your presumptive judgement.
Get over it. If this stock play is causing you to be unsettled, then sell, Otherwise sit back and enjoy the view. It looks like you could sell now, maybe take a loss and quickly make it back with HDY and never look back.
Sneak
SEO better get to the Conference room and cut a deal before it is to late. Take a look at the new forms of FREE energy that is about to hit the Market.
http://peswiki.com/index.php/Template:Top_5_Exotic
Sneak
Middy: Again, What Players in the three blocks of the JDZ that were drilled last year have released results? It is a Very Simple Question. Some Companies maybe leaving, But what about the details of the Results. Surely their shareholders and YOU would like to know the details that led to that decision about folding shop and leaving town. Please list Facts and not Ambiguous Statements.
I am waiting, Oh by the way, Have you been able to release the details of all those JOA you were privy to yet or are you just like Management, Say anything and let the chips fall were they may!
Sneak
Middy: There is nothing to say or report! As a matter of fact! Please list any of the other players in the JDZ that have announced results as you claim they should.
Sneak
Middy: As troublesome as it maybe, The jury is still out on the private placement. The three blocks of the JDZ that were drilled contained about 1.9 billion barrels as per the NSAI numbers. ERHE had about 17.5% of that estimated P50 number or 336 Mbls. The 19 target may only hold about 100 Mbls each on average. The update NSAI report will be interesting to see. Only time will tell.
Sneak
Here is a little background on Tullow.
Tullow partners with CNOOC, Total to develop oil sector in Uganda
February 18, 2010
Tullow Oil has decided to partner with China National Offshore Oil Corporation (CNOOC) and France's Total to develop oil sector in western Uganda, a Ugandan official said on Wednesday.
Fred Kabagambe Kalisa, the permanent secretary of ministry of energy and mineral development said out of 11 companies who expressed interest in Tullow's assets in Uganda, the London-based oil company selected CNOOC and Total as its joint partners.
Tullow exploring oil in western Uganda early this month reached an agreement with former partner Heritage Oil, to take over the latter's 50 percent stakes in two blocks exercising pre-emption.
Appearing before the natural resources committee in the Parliament, Kalisa said Tullow has been asked to submit the joint operating agreements and sales purchases agreements for review.
"The farming in partners, CNOOC and Total have been invited to present their plans for development to government," said Kalisa.
"The approval for the partners to join the licenses shall be made only upon confirmation that the partnership addresses the country's interests," he said.
There was concern from top energy officials over monopoly after Tullow successfully secured full control of two oil blocks by blocking Italy's Eni's offer to Heritage. But Tullow ruled it out by partnering with other companies to develop Uganda's fledging oil industry.
"We need to avoid the monopoly situations to enable the country to benefit from a competitive and innovative environment in the sector. Competition brings transparency and could enhance transactions proceeds," said Kalisa.
He said Uganda requires significant investment of 8 billion U.S dollars within the next 10 years to develop the oil and gas industry in the country.
"The government should quickly move with the formation of national oil company so as to increase national participation, especially in commercial aspects of the oil and gas sector."
So far, about 800 million barrels of oil were found in three blocks owned by Tullow in western Uganda and another 1.5 billion barrels remained to be found, according to the company's estimates.
Sneak
Krom: I do not doubt the strategy. Without any hard proof that it has taken place with erhe, It is all an assumption. Like Crapppie said " Nobody Knows Nuttin".
Anyhow, I am trying to rundown the Tullow Story for new details.
I always look forward to your input.
Have a Great day.
Sneak
Krom: shortsqueeze.com does not lend credit to your hard work of explaining that Erhe had endured the shorting by anybody, let alone a hedge fund. Interesting assumption as it maybe, It did not happen to Erhe.
Sneak
amj23: Like I said, If it was such a sure thing (shorting), Why didn't all those "In the Know Experts" sell at .26 and buy back at .15, Surely if a hedge fund would sell short in order to make about $440 Thousand dollars, One would think those on this board would sell a few thousand share to lower their cost basis and cash in for a few thousand dollars.
Just More Assumptive Hog Wash.
Sneak
Krom: I don't doubt the strategy, Please see my post to MZ.
Have a great night.
Sneak
Mz: Sorry for being such a stick in the mud. It all sounds plausible, It is all water over the dam. In any event, I would rather focus on the Tullow news and other up coming events. I just feel the continuing droning about shorting shares and incompetent BOD has gotten to me. I sure miss BB'S, input, although Krom, knowski, Jim long and others have my attention.
Have a great night.
Sneak
Krom: There is no proof this took place. Last year the price dropped to .10 cent and no hedge fund sold short, Just end of year tax selling was the most likely cause.
Sneak
Yes, Indeed. The same as HDY. No story there!
And the Truth shall set you free!!!
Sneak
Krom, I would have to believe no contract were viewed the great bloviator.
Sneak
Highcotton, I Second that Statement!
Have a Great Day.
Sneak
Proven: They speak with Fork Tongue!
Sneak
Middy: Your words not mine.
It's not the dilution that makes it toxic. It is the ability to short against the warrants that makes it toxic. And given the small amount of trades and dollar volume of the trades on this stock I would think that anyone that has any clue what they are doing could make money doing just that. If you thought our shares were being manipulated before, you ain't seen nothing yet.
According to you, There may be nothing left after the warrants are issued!! .28 is the high watermark.
Still do you have any proof that any shares sold to the private investor are being shorted?
Sneak
Middy,
1)There is no proof that the shares got shorted.
"It's not the dilution that makes it toxic. It is the ability to short against the warrants that makes it toxic. And given the small amount of trades and dollar volume of the trades on this stock I would think that anyone that has any clue what they are doing could make money doing just that. If you thought our shares were being manipulated before, you ain't seen nothing yet."
Just another visionary opinion on your part.
So, If you are so clued in, why have you not sold after the announcement and bought back into ride in back up to .28 collect your money and stop the ranting.
Sneak
Middy, do you own any shares of ERHE? and if so how many?
Sneak
Krom, You are doing a Great Job in "BB" absence.
Middy, Everyone who follows this stock play on I-Hub knows just how you feel about the current situation, There is no need to continue with the ranting about Management and the BOD. Everyone's position in this stock play pales in comparison to what SEO has riding on the line. I'm in the construction business and when a local building official is out of line and make a judgment call that cost me or my client money and I believe they are not following the building code, I do not Bitch to my peers or clients, I file a formal complaint with the proper authority in order to call them onto the carpet to defend that call. Either way the people in charge (State Officials) here out the complaint and make a final ruling in order to clarify the earlier ruling by the local building official. Now the building official will not make the same mistake or risk being put on notice.
If you feel that strong about the BOD and Management, Then by all means, File a formal complaint with the proper authority about the wrong doings and lets move on.
Sneak
ssc: Shameful as it may sounds, At least he is up front as to why he is under pressure. What is middy's reason, Did he mortgaged the house.
EHP: I hope you can hang on.
Sneak
Krom, Say it not True! All that Oil Pipe for Bio-Gas! Something does not smell right. LOL
Good Find!
Thanks
Sneak
Middy I am more of a realist than you will ever know. Keep up all the letter writing and managemet bashing and see where it gets you.
Sneak
Hey Middy: Check out this line from the HDY proxy. The ASM is for the 17th of Feb, 2011.
4. To amend the Company’s Certificate of Incorporation to provide, to the fullest extent permitted by Delaware law, that directors will not be liable to the Company or the Company’s stockholders for monetary damages for breach of fiduciary duty as a director;
WOW! You see, Like I said Perception rules the Day! Is or was there a little Fluff in all that PR work!
Oh YA, #3 of the same Proxy claim they want to do away with electing Director by Vote
SEO and ERHE are not so BAD!
Sneak
Crappie, No, without Mark and Ruby pumping MMFR, It would not be Fair! LOL
Sneak
So, Middy, Do you except the Gentleman's bet?
Sneak
Thanks Middy, A 500% gain would mean that HDY would be selling for .165 cents a share also, (Share adjusted of course), I wonder how much of the 77% share they have remaining in their block they will have a give up in order to attract a world class oil driller like SEO has got! Maybe 52% of the remaining 77% and if so will they have a billion dollar cash to pay their way through to production!
You see they are in almost the same boat as SEO is, Except, SEO boat is sitting higher in the water with no development cost to fork over.
Sneak
HDY is not such the Great Play that some here proclaim it to be.
1) ERHE lost about $7 million last year. HDY lost $11 million.
2) ERHE is selling for .165 cents a share, While HDY is selling for .83 cents a share when equal shares are issued.
3) ERHE has started exploration, HDY has Not, Those cost will surely drag down the stock price.
4) ERHE Partners have proclaimed Hydrocarbon finds, Quantities are unknown.
5) The Quality of the Hydrocarbons are also unknown at this time.
6) ERHE claims to have found Fart Gas, I mean Bio-Gas, (Sorry just a little Humor) in the JDZ, HDY has found nothing yet.
7)ERHE is seeking partners for the EEZ, HDY has no Partners as of yet. Let us see if HDY can strike the same type of deal as SEO, I do not think so.
8) HDY is selling for .83 cent(share adjusted) all on PRECEPTION! When they have that First Glitch, Look Out Below!!
9) ERHE will be starting Phase 2 in the spring of 2011, Know one Knows when HDY will start Drilling!
Here is a Gentleman's Bet. I bet that ERHE will be selling for more than HDY in the fall of 2011, Shares adjusted of course. The wager shall be for Bragging Rights!
All of this is just my opinion.
Happy New Year and Best to all us longs here!
Sneak
Take a Look at the cost of developing a deepwater source:
Chevron Sanctions Big Foot Project in the Deepwater Gulf of Mexico
Friday, December 17, 2010
Chevron Corporation has sanctioned development of its $4 billion Big Foot project in the deepwater U.S. Gulf of Mexico.
"Sanctioning Big Foot underscores our commitment to the Gulf of Mexico and will contribute to future U.S. energy supply," said George Kirkland, vice chairman, Chevron Corporation. "This project is another example of Chevron's disciplined approach to advancing our enviable queue of major capital projects."
Big Foot will be Chevron's sixth operated facility in the deepwater Gulf of Mexico and located approximately 225 miles (360 km) south of New Orleans, Louisiana, in water depths of 5,200 feet (1,600 m). The development will utilize a dry tree Extended Tension Leg Platform with an on-board drilling rig and have production capacity of 75,000 barrels of oil and 25 million cubic feet of natural gas per day. First oil is anticipated in 2014.
"We have industry leading expertise in developing deepwater projects of this type and have repeatedly proven that we can do so safely," said Gary Luquette, president, Chevron North America Exploration and Production Company.
Discovered in 2006, the Big Foot field lies in the Walker Ridge Area and is estimated to contain total recoverable resources in excess of 200 million oil-equivalent barrel. Primary pay sands are Middle to Upper Miocene ranging from 19,000 to 24,000 feet (5,800 to 7,300 m) and lie below a salt canopy ranging from 8,000 to 15,000 feet (2,400 to 4,500 m) thick. Three exploration and appraisal wells with multiple sidetracks have been drilled safely and successfully in the field to define the Big Foot structure. Chevron, through its subsidiary Chevron U.S.A. Inc., has a 60 percent working interest in the Big Foot project.
Just Food for Thought!
Sneak
I would like to see them defend their position, That the company suffered long lasting economic damage because a shareholder exercised his first amendent rights on a penny blogger website and not their own bumbling, stumbling goals that they seem unable to achieve.
Bring it on!!!!
Sneak
All I can say is "Let the Games Begin", Bring on the lawsuit. I would like to here the basis of their suit and some discovery of the FACTS!!
Sneak
It is cruel how the BOD treats us, Now we have a former trusted poster wanting to gain favor with all the victimize shareholders he left in his wake!
Nice Try Benedict Arnold!!!
SNEAK
Analysis: Drilling Contractors Bullish on Ultra-Deepwater Outlook Rigzone Staff|Monday, December 06, 2010
Drilling rig contractors are bullish on the long-term outlook for the global ultra-deepwater drilling sector, with rig demand beginning to recover following the global financial crisis of 2008 and ultra-deepwater rig demand appearing outside the "Golden Triangle" markets of West Africa, Brazil and the U.S. Gulf of Mexico.
The number of deepwater discoveries has picked up again as the global financial recovery and sustainable oil prices have prompted national oil companies, majors and independents to begin spending again on exploration. Drilling companies are finding that operators are opting for high-specification rigs, including rigs with dynamic positioning (DP) capabilities to meet more challenging geological plays as well as increased safety and operational standards.
Pride International President and CEO Lou Raspino told attendees at the inaugural Jefferies 2010 Global Energy Conference in Houston last week that he sees potential for its ultra-deepwater drillship Deep Ocean Molokai, which is scheduled for delivery in December 2011 and is not yet under contract, not only in the traditional Golden Triangle markets of Brazil and West Africa, but emerging deepwater plays such as offshore India, New Zealand, Malaysia, Indonesia, eastern Canada and eastern Africa.
The company also has favorable contracts for its other new drillships, including Deep Ocean Ascension and Deep Ocean Clarion, which were delivered this year and are under contract to BP at day rates above $500,000/day. The newbuild drillship Deep Ocean Mendocino will be delivered in January 2011, and is under contract to Petrobras at a day rate just above the $500,000 mark.
Fleet utilization remains effectively full through 2010 and looks tight for 2011 for ultra-deepwater rigs capable of drilling in more than 6,999 feet of water, with Pride seeing improved client demand and tenders and pre-tenders higher in this year's third quarter. Day rates for the sector remain above the $400,000 mark, Raspino noted. He estimates that 83 percent of the company's floating rig fleet will be contracted for deepwater work in 2011 and that deepwater work will comprise 75 percent of its revenue in 2013.
The company already has a significant presence in Brazil and Angola, with more than half of its revenues of $1,059 million for the nine months ended Sept. 30, 2010 coming from its Brazilian operations. Raspino anticipates seeing more demand for ultra-deepwater rigs from Petrobras, with shortages forecast in 2011 and 2012, even with Petrobras' recent announcement that it would move forward with plans to construct 28 drilling rigs to tackle its pre-salt offshore reserves. "The amount of drilling activity at Tupi and other areas will require more rigs than Brazil can possibly build," Raspino said.
Seadrill CEO and President Alf C. Thorkildsen said during company's third quarter 2010 earnings call that he is convinced Brazil will build rigs, but not that it will order up to 28 rigs, and estimates that the first rig would come out in 2016 due to lack of shipyards in Brazil experienced in this type of construction. Thorkildsen noted that many of these shipyards will need upgrades to tackle these projects.
"But I am of the opinion that the market in Brazil will absorb that, and also to a large extent some of the available capacity in the world and take up some of that," Thorkildsen said. Seadrill earlier this year said market demand prompted it to order two ultra-deepwater drillships from Samsung Shipyard at a US$600 million a piece.
Noble Corporation also expects to see rig demand recovery over the next several years, with progressive growth toward the end of the decade. The company sees major areas of growth in Brazil and West Africa, with floating rig demand strong in Norway as well. While deepwater and mid-water rig rates will remain under pressure in the near-term, the company noted that ultra-deepwater day rates are strong enough to encourage newbuild rig construction.
Noble also has been renewing its fleet since 2007, adding four semisubmersibles capable of drilling in 10,000 feet or greater, including three DP semis, and four DP drillships with 10,000 feet or greater drilling capacity. These additions do not include Noble's Frontier fleet acquisition in July, which gave the company a 5,000-foot DP drillship, two moored drillships, including one Arctic-class drillship, a moored semi and an DP FPSO, said Thomas L. Mitchell, senior vice president and chief financial officer at Noble, during a presentation at the Jefferies conference
While the future of deepwater drilling activity in U.S. Gulf of Mexico remains uncertain, operators face a wide range of possible scenarios, from less onerous regulations that allow smaller operators to still participate to stringent new rules that could result in a major exodus from the U.S. Gulf, creating a "Dead Sea", according to Noble.
Other drilling contractors such as ENSCO PLC also are investing in ultra-deepwater rigs. ENSCO is investing more than $3 billion in its ENSCO 8500 series of seven newbuild ultra-deepwater rigs. Last month, Athens-based Dryships Inc. entered an agreement with Samsung Shipyard in South Korea for the option to construct up to four ultra-deepwater drillships, which would be delivered during 2013 and 2014, at a cost of around $600 million each. "The ultra-deepwater market has turned a corner and we believe that this is the bottom of the newbuilding price cycle," said DryShips Chairman and CEO George Economou. "We see strong demand for state of the art ultra-deepwater drillships and are confident of customer demand for these drillships."
According to RigLogix, 30 drillships rated for drilling in water depths greater than 9,800 feet have been delivered this year or are scheduled for delivery through 2013, while 24 semis capable of drilling in greater than 2,461 feet of water will be delivered through to 2012. Thirteen of the drillships scheduled for delivery currently are without contract, while 10 of the semis set for delivery do not have contracts at this time. Petrobras has 17 of the newbuild rigs set for delivery through 2013 already under contract
Sneak
Krom: That would imply that management has it's head up and not stuck in the Sand. They should adopt an animal figure such as the Ostrich for the Company Logo.
I Thank you for your hard work.
Sneak
What Check? You must mean Warrants!
Sorry, Just Piling On! LOL
Sneak
HDY is not listed on the "Ankle Biting Exchange" like ERHE is.
Just Food for Thought!
Sneak
Krom: The new came out at the start of the Rodman & Renshaw Conference which was on a Sunday. The story printed after the market closed on Monday the 13th.
Sneak