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Nominating Fureal for "Bull of the Week"
Dang you market makers messing with my mind. So cruel to rekindle my hope, but I got yer number ya bastages. Ain't drafting no apologies for any .0055's. No siree! Show yourself devil spawn! By the power of Schmoo I command you!!!
May you be correct Fred.
But we've seen this kind of incremental capitulation all the way down.
My money says the CD sellers have merely found a sweet-spot wrangle a few diehard hopefulls into averaging down.
Doesn't really matter if Mustang Island can or could have met operational expenses. The companies ability to equity finance is all but dead. Either Ironridge and the rest are making sure of it or Mason/Volk have been duped or Mason/Volk never intended to develop another lease. Whatever the case, whatever spine this company might have had, it is now broken. These .005's make the lotto look like a sure thing, but I say have at it to whoever's willing to take a chance that the next PR begins with "We regret to inform shareholders that...".
That 005 ask deeper than it looks.
Looks like debt holders have found a good spot to liquidate some size.
Going out for Nicorettes (promises, I know). Parting accusation for the day:
Didn't mean to imply you were suggesting that.
You alluded to the idea...
I'll be pflabberghasted if that's what ends up happening, but I'm darn near close to being pflalbbergashsted already.
Also be pfalaberggasted if this thing turns around...but I'm no where close to expecting that kind of fparvergastation.
ok,
computer
off
Check out how (now defunct/bk, old "DPTRQ") Delta Petroleum's assets moved into a new company Par Petroleum (PARR). I haven't researched it very deeply, but from what I gather the assets (and debt) were scooped up by some group of attorneys who then combined them with assets from another company to form Par Petroleum.
I wouldn't bet against the possibility of what you're suggesting.
ok. enough for me today.
Yep. More than a few things coming into focus now. Looking more and more like it was never managements intention to turn Worthington into viable company. Just keeping up appearances. Mason and Volk get a year's salary. Mason "flips" Mustang Island and moves on, and Volk moves into two other...ahem "business ventures" with his prior creditors off his back more-or-less. Sam Butero, Volks trusty sidekick goes with him.
No wonder LaSalle rescinded their demand for immediate repayment back some 6 odd months ago either. They were probably told "look, you're just going to kill the share price if you make us pay now, and then you won't get jack squat. When Mustang Island produces, sell into retail strength."
Arrrghhh...so freaking lame. I gotta stop thinking about this.
Could very well be, and as long as the major debt holders end up having gotten their due, Volk's free to move on with little to no backlash from creditors.
Big steaming piles. Amazing.
Gad dang that looks awful x!
Just checked out those links.
Stinkin' Sam Butero's even an officer in Volks new companies.
Unreal.
I'd be lying if I said that thought hadn't crossed my mind some time ago.
I'm not discounting any possibilities at this point. Heck, maybe someone did bribe that 'cappy to run that thing into the rocks. How much for a new hull and a Dodge Viper? Is it less than 2500 bopd? Anyone got a calculator? Mine sputtered out from entering too many 0's.
Looks like a systematic attack. Someone's steering the ship, and it sure as heck ain't Mason.
Exactly, it's not just the length of time it's taking for the phone lines to be repaired, it's about the timing of the event w/r/t pps and the fact that the company has gone completely silent while the pps has dropped from 8 cents to...looks like 0064 now, after Mason's famous "soon we will be rewarded" comment in the last PR.
If it was one peculiarity that'd be fine, but these sob's are stacking up as high as the pps is low.
Volk setting the stage for two business ventures,
Mason (enough said there),
The pps,
The phones,
The OS increase (minus explanation, as before),
IR stringing retail along. Now on a daily basis.
Yes, sometimes a companies value turns on a dime, but given the current circumstance, and in light of the events of the past year, expecting shareholders to stay positive and be patient carries no credence, unless it's being suggested by someone within the company, and even then, haven't we already been down that road?
They've been stringing retail along for weeks on end. Seemingly a last ditch effort to minimize selling pressure on the way down.
Meanwhile the company stays silent on he heels of "you will be rewarded" messages. Pure Behaviorism. What's the most effective way to reinforce a response? The random reward schedule.
Well, buying at the new all-time low I'd say you, sir, have the best odds of any retail buyer to profit from wgas...today, that is.
Yes I think with the US on the verge of a domestic oil boom, turmoil in the middle east etc etc, WGAS is little more than a nuisance standing in the way of 50, 100, hell even $200m (2 wells?) in gross annual revenues for some other player.
My hopes of recouping losses are basically gone.
I'll be interested to see who ends up developing VM179 once this is all through.
The more I think about it, the more this makes sense, but who knows.
Crazy as it seems, I'm not yet completely prepared to discount the idea that this sell off amounts to Ironridge manipulating the market. "To what end" (if that is the case) is TBD. It could very well be that the CD holders have simply gotten the best of Mason. Perhaps VM179 would have simply been too profitable for anyone with the means to take it from WGAS to allow WGAS to have it. Say VM is capable of producing 2500 bopd. It's not inconceivable that bankrupting/crippling WGAS for x-million bucks, someone could end up with a lease producing $92m in annual gross revenue. Domestic oil's about to boom for a variety of reasons, and this is a cutthroat industry.
Wild speculation, yes, but what really is there left for us?
So Volk's got one foot out the door with some new business venture he recently started
(didn't someone post something about that last week?),
And Mason sucessfully "flipped" Mustang Island from Black Cat for who knows how much,
And the CD holders will have gotten their due (at least some of them),
That should prevent any pesky class-actions.
Meanwhile Montecito withdrew their demand for a summary judgement because the property will simply revert back to them once WGAS goes belly up,
and in the meantime IR's playing the "soon" PR game,
the phone's are down 3 weeks, but only in Worthingtons office,
and Mason's parting words are "our perserverence will soon be handsomely rewarded" with a "building sharholder value" on the side.
Hell of a spot to start a comeback.
Yes, I do own some of this "stuff."
I guess they call them shares.
But I'm just a spectator now, waiting for the end of this impressive year-long display of deceit and treachery.
I'll probably listen in too.
Got a real 'thing' for that VM179.
Can't seem give up the dream of WGAS turning into "Little EXXI"
I think this dilution is a combo of CD'ers and paying Mason the remainder due on Mustang. Any big dog willing to accept shares for cash sure as shyte wouldn't be willing to do so without a super serious pps base. imo
In fact, I can't imagine anyone sweeping in with financing based on a pps that was anything short of the absolute bottom. Not saying this is it, but it seems close.
Still going to wait for news to reassess my position size...probably
Assuming VM comes through with CD paid off, I suppose we'll all find out what his idea of "perserverence" means. He was in the military after all. Perhaps he survived Hamburger Hill.
Much appreciated Atlanta.
Go get em' man. You've got the all-time low in your corner, and it wouldn't surprise me to see this thing peak on volume around .05 with news somewhere in the next couple of weeks. It won't be getting there on my dime though.
Looks to me like all that retail weight in .05/.1 range has effectively been kicked to the curb, either by the CD holders, Mason/Volk or both. Plenty of room for the big holders to bail into "good news volume" at 2-5x multiples from here before hitting the (and I truly hate this word) bagholder wall. Somehow I doubt this drop is simply the result of delayed refinancing stemming from the pipleline leak. Not going to add till PR clarity comes in no matter how high or low it goes.
Sort of interesting.
Insiders exercised 350,000 shares in options on Jan 18 at .77
Wouldn't mind seeing $CERP do a deal with Whole Foods.
A day-trader fella once told me that AON orders on OTC's (at least retail AON's) are simply "ignored."
Why that would be I have no idea, but it's consistent with my experience.
Very well, the K then. Sooner the better. Just need some visibility back. All this post-RS *hit going on and Mason doing the Silent Bob routine...blah blah blah
That would be a good to see.
I'm looking forward to seeing the next Q.
Should be all sorts of new and interesting things in there.
Yes seems likely insiders simply haven't been permitted a chance to purchase shares, although I hardly believe they'll ever actually "buy" them while they're deferring salaries and paying the PR department in shares.
And Mason's 4.6m could very well still be an incentive enough for him. Maybe he still thinks they'll end up being worth a buck a piece or somesuch. Time will tell.
Just, as the pps goes down and the OS goes up I have concerns about the incentive he and Volk have to see the pps increase for the purpose of profiting (themselves) on the eventual sale of their shares.
As the proportion of Mason/Volks OS ownership decreases (and due to the fact that I'm a long and believe the company will eventually grow and endure) I'm left wondering how management might go about owning more of the OS and at what price that may take place.
If I thought a call to Surity would do anyone any good and I knew what to ask them I'd have already done it and posted it up for all you fine folk, A.
Aware of that too.
Only my personal wish that he had more in light of this (possibly) unplanned extra tranch of CD and OS increase thus far unattached to the report of completing an additional acquisition.
IMO City
Well aware x.
Only suggested that was a possibility with Ironridge because the author of that article characterized Ironridge as even more brutal than Southridge.
My facts are accurate thus far:
A toxic lender did what I cited (according to the article).
Ironridge is a toxic lender (according to the article)
Ironridge is a more brutal toxic lender (according...
Therefore I offer the possibility that Ironridge is not "above" engaging in similar practices.
Not saying anything particularly new.
And I don't think my post is anything to get worked up about.
10-4 fella
My guess is Mason was well aware of it when he "merged" with Worthington last year, and assuming it's been his intention to build the company (as opposed to misleading penny players to cannibalize it) it's entirely possible that the delays to MI production were significant-enough setbacks in his plan to pay down the toxic debt. Of course, plans change and I'm still uncomfortable with the number of shares Mason has relative to the OS. I can't help but think if he and the rest of management were confident the pps was going to go up post RS they'd have passed (awarded themselves) "options incentive" somehow.
Watching and waiting.
Interesting read Blindman.
This is rather what xzx has been suggesting for months, minus the possibility of manipulation by naked shorting.
From your link:
Yah why not? Then the BOD can elect to award themselves enough shares to give a darn about the share price.
Crafty guys.
Awww right...rough tuff stuff, this, but: Has it really gotten to the point of being "criminal?"
2 year timeframe (plus 1 - 2012 for some of us)
500 boepd in production in some combo of whatever the heckfire leases/deals/percentages we care to imagine
OS, say 150m to achieve 500 boepd
$9,000,000 in net revenues gives us .06 eps
pe 12 puts it at .72/share
72 cents on one very very conservative projection
Could end up being a sham.
Could end up being more than Mason could handle.
Could end up defending our shores at knife point when China comes to foreclose on the White House's riding mower.
But then again...
*
It was a good day to vent anyhow.
Thanks to the mods for putting up with it.
And let's not write off that victory BBQ just yet.
Hardly any consolation, but at this pps I'm darn near only a spectator to whatever happens.
I will say (however) that for todays volume I'm surprised we're not already trading sub penny.
Someone IS buying, but people have been buying all along and thus far only flippers could have profited from their purchases.
Other thing is, I'm a firm believer that if there's big money to be made in a stock "the big boys" will find a way to push the retail guys out. If this company turns into something from these prices, it'll have been just such a case.
We'll see.