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I hear talk of other companies waiting for EEGC to fail so they can drill in the 13/98 lease area. We are toast if we don't drill.
Yes, I have an agenda. I want EEGC to drill in hopes of finding oil/gas. I have concerns it will not happen if we keep going down the road we are on. Do you have any suggestions other then wait for MB?
PS. I am old, tired, and recovering from cancer surgery. I have no other agenda.
I hope I am wrong, but after speaking directly to several investors, some of which post here, MB seems to be working to benefit himself, not the share holders. Even in this economy, raising $10,000,000 is not hard. Drilling could have started months ago. But it seems MB wants to position himself better, as in increase his percentage and decrease ours. Again, it we start drilling and MB is fair - Fantastic.
Have you had anything good to say about anybody that has a different opinion then yourself?
I posted a suggestion yesterday but only got responses from two people.
My interest is what is best for all share holders. Actions by share holders may or may not be warranted. I believe we as share holders should not have blind faith in MB. I wish MB all the success in the world if his intentions are for the good of ALL share holders. If he is sacrificing us for his own good, we have a BIG Problem!
Thanks for abusing me. All I did was point out there are options.
If MB performs - FANTASTC!!!!!!!!!!!
We have the right to vote in a new CEO and/or BOD if we don't think they are getting the job done. So it is not black and white. MB was voted out years ago but got put back in.
I believe it is time for shareholders to start a backup plan. Time is running out and if MB does not perform then we must protect ourselves.
I fully believe there is oil in Tasmania.
EEGC has two assets. Seismic data and SEL 13/98. If EEGC goes under MB will start another company (which he may have already done), apply for a lease under the new company (which he may have already done), and use the EEGC data to drill. He has the Line of Credit not EEGC. There are rumors other companies are waiting in the wings to drill. We must make sure it is EEGC whether MB is CEO or someone else is CEO. We can not surrender the lease.
We must protect the seismic data which is EEGC property, not MB’s property.
This is what I believe needs to be done.
Give MB a drop dead date, such as July 20, 2009, to start drilling. If the drilling does not start we vote MB out and put a temporary CEO in that knows the oil business. Maybe Garrison stays, Heraclitus understands MRT better then anyone, Howard who seems to have securities experience, Callaway if he is still around, or somebody that knows oil.
The following must happen:
1. File an extension for SEL 13/98? There has been talk about an extension, but I have never seen anything about a filling for an extension.
2. File new SEL 4 and SEL 5 with out MB. There has been some chat saying SEL 4 and 5 were rejected because MRT doesn’t trust MB. EEGC with a qualified person at the helm would have a better chance.
3. Start a secondary offering to start drilling and meeting MRT money requirements.
This can be done but time is running out. We must act now. If MB performs - fantastic!!!! But we must protect ourselves.
It's all about funding the line of credit. With strong buying the last two hours, it implies somebody knows something. Hope they do.
Whomever is selling at .0255 is stupid IMO.
I have called EEGC in Kansas several times asking about funding of the credit line. They have no information.
Approval vs. funding. He may have approval but when will it be funded. If funded how will he use the proceeds? He hedge himself about using the money for drilling.
We need a clear PR!!!
"Heraclitus" is correct. IMO there needs to be facts and real information from the company and less blind cheering.
Thank you.
Any idea when MRT will announce new licenses?
MRT status? Anybody know?
WRONG - It is obvious there has been a large seller for a couple of weeks. This seller puts a sell order at the offer or sets a new offer and then waits for buyers to buy at the offer. It is one transaction with both a buyer and seller. NITE and other MM are simply working to fill their sellers orders. MM do very little to affect the price of the stock and most are at a zero balance at the end of the day.
I know everyone will disagree, but stop fooling yourselves. There is a lot of speculation being thrown out as fact on this board.
I am also a "stuckholder".
Agreed, there are a few that post very good information and a few that act like they know something that turns out to be wishful thinking. I doubt I will post again.
I agree if they start drilling soon. If not the .0001 to .01 is the reality. I fear working on other JV's or the such, rather then a straigth forward deal to drill could be a the down fall of the company. I hope they are working on getting it done and not shooting for the moon again with some new unique deal.
If I had Malcolm's phone number I would call him. I have e-mailed him with no response. I don't get a confirmation he has received the e-mail. John Garrison does not take calls anymore. They are treating their own investors like mushrooms. Keep them in the dark and feed them.....
With all the cheer leaders and all the nay sayers, I would love to know the reality.
Though I am tired of waiting, it is my opinion they are doing some strategic positioning. I still think drill and let the chips fall where they may.
If they announced funding and a drill date prior to that it would not hurt.
I've been worried since they missed the Aug 2008 drilling date. Its time to get it done Malcolm! Please!
I wish someone from EEGC would read this board.
He told me this a long time ago, December or January time frame. I have not talked to him in months even though I continue to call him.
If they hit oil/gas at Bellevue #1 can they turn the whole SEL into a production license or just the Bellevue area?
One of my concerns is, when John Garrison would answer his phone, he told me the intent of the first hole, was to drop seismic equipment down the hole to identify the next location to drill. Implying the second hole would be very high probability of hitting oil/gas where the first hole was lower probability. Of course hoping to hit oil/gas on the first try.
This means drill now!!!!!
Second Question. If they hit oil/gas at Bellvue and convert to a production license, is the whole area converted to a production or just Bellvue?
Hope somebody knows, I hope it is the whole area.
Question? I have heard from several sources that the current SEL could not be renewed.
If correct, EEGC has two options: First, to hit commercially viable oil/gas and then convert the SEL to a production license. The discovery needs to be verified by 9/30/09. I was told this by our friends with GSLM. Second option, redraw the area and reapply for the new exploration license, which EEGC has done.
Is this correct or have I been given bad information?
That is why I am holding, but still tired of waiting. Now I am being the broken record.
I have no choice but to wait but I don't like it.
Everyone else interprets and try's to read between the lines. This is my interpretation. I would love for some facts to come out. I hope something happens soon. Including family accts we own about 1,000,000 shrs at an average cost of .14. We are not selling! but tired of too many PR's that promise funding then nothing happens. John Garrison told me in December they had the money in hand to start drilling but not enough to go full depth.
I could retire.
That means we don't have a deal completed for money to drill. If I am wrong please tell me.
Under the current SEL, if they drill and hit oil at Bellevue, they can turn it into a production license. My question is: With one find can the turn the whole area into a production license?
Be nice, I am a fan of the way you respond to Z. I am nervious because I have a fairly large position. But it makes no sense to sell.
As in this week?
PR anytime soon?
Are hopes of a PR this week fading? Nobody is even talking about updates any more. Does anybody know anything?
The official rights offering has been filed with the SEC. It can be viewed on Edgar.
If I could get his phone number I will call him.