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How about a nice round of applause for our moderator!
Fairness and balance is being restored to this board!
Slo Jon, I think Lord Caw Caw is a little confused about the difference between being a long and being a pumper. Being a long does not make one a pumper.
Here's my idea of what a pumping tout would write:
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HOLY COW FOLKS, HERE'S YOUR CHANCE TO MAKE BIG BUCKS FAST! BUY XYZ CORP RIGHT NOW WHILE IT'S STILL CHEAP!! LOAD THE BOAT BECAUSE THE TRAIN IS LEAVING THE STATION!! CHOOO CHOOO--WE'RE ON OUR WAY TO MONEYVILLE! DON'T MISS IT--BIG NEWS COMING SOON! BACK UP THE TRUCK NOW WHILE YOU STILL CAN!!! WEEEEEEEEEEEEEE!!!!!!
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Have any of us posted such stuff here? Um......no.
--M
Crowtf: "pumpers can lure in newbies so the stuckhoders can pass the bag..."
So Crow, is this the real crux of your anti-TNOG agenda? You resent longs making money? This is illogical. You want longs to sell here, but if we do...according to your logic, we'd be passing the bag onto another 'stuckholder.' You would then go to work on that holder and call them pumper and tout until they sell--and then you will keep working on the next batch of 'bagholders', etc. Soooo....I guess we longs just can't win according to your rules. We're bad guys if we hold and we're bad guys if we sell.
By the way, when you sold 7 million shares of TNOG when you were flipping, just how many bag holders did YOU create?
LOL, you do crack me up sometimes!
I agree, Crow. Let's keep on topic. By all means, do not come clean with us and tell us about how you owned flipping shares of TNOG in the past. That's your business.
However, I've noticed that you do not hesitate to slam the longs when it suits you. How many times have you gleefully taunted the longs and called them 'stuckholders?' Can't remember? Check through your old posts. You have hundreds of them on I-Hub alone.
This is how bashers operate. Attack until confronted, and when confronted, cry foul and 'personal attack.' They'll do anything to make the longs look like 'the bad guy.' He'll ask 'who made you buy TNOG?' to the longs, but when asked about his own motivation, he says 'Let's stay on topic!'
Hey tefman--you said you would buy all of this you could at .0006/.0007. Does that mean you ARE buying?
Just curious.
--M
If my posts are deleted, so be it Cro, er, I mean Jlev. My feelings won't be hurt. But bear in mind that you and Crow are not the moderators of this board and neither of you can make the final decision. This is not the RB board.
And no, the above was NOT a personal attack. You don't decide that.
"Crowin and myself."
May I ask you a question--and it is not personal. Are YOU also Crow? If so, do you realize that multiple aliases are not allowed?
I have not personally attacked anyone. We are longs simply standing up for ourselves and our investment. If not taking guff from bashers seems like a personal attack to you, well you are entitled to your opinion. I am personally attacking no one. Can you say the same? I realize this board went through a relatively long period of quiescence where Crow pretty much dominated with his repetitive posts. This was due in part to an absent and indifferent moderator. Things have changed and so now perhaps any post by a long seems uppity to you.
Enough of this. I'm looking forward to more fair and balanced posts here and NO personal attacks and I hope you feel the same.
Thank you.
STOCKPUP!! Congrats on your new assistant moderator status. I'll try my best to be fair and balanced so you won't ever have to delete my messages
--Montanore
Crowin, you left off something on your list: In the past you have owned TNOG at least twice which also means you were buying while bashing. I have saved the messages you posted on the RB board. Do you deny this? If not, do you care to elaborate on your TNOG trading strategies? Are you now bashing in order to accumulate TNOG at a rock-bottom price for flipping purposes or were your previous claims of owning TNOG a bald-faced lie? (Which would confirm your status in the minds of many longs as a liar).
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Another intersting comment on bashers who say they're doing it...well, just because:
Neurotic ambition is an attempt to prove and realize exalted attributes. A person lacking in real self-confidence seeks high ranking on a comparative scale in an attempt to achieve pseudo self-esteem. Neurotically ambitious people, believing themselves to be innate geniuses or potentially omnipotent, must produce results that prove this claim. In a terrible irony, the artificial view becomes a tyrant, driving people to mentally reconstruct reality to fit the idealized image of themselves.
The need for achievements to validate the neurotics view of himself leads to misery. The inherent futility of achievements driven by the search for glory eventually burns a person out. The worst element in the search for glory, in terms of damage and human suffering it causes, is the need for vindictive triumph. The need for vindictive triumph may be closely linked to the need for glory and achievements, but, if so, it's chief aim is to put others to shame or defeat them through one's very success: or to attain power over people, to inflict suffering upon them: mostly the humiliating kind.
In other words, some folks get a perverse and sadistic satisfaction out of taunting others. They fit TNOGMel's No. 3 description:
3. You have some kind of mental quirk and don't have the ability to realize that there are more productive ways to spend your time.
LOL--take your trash talking back to RB. You are now on ignore. LOL
Yeah, sure. Bashers don't exist. LOL
LOL, what is crystal clear is that you and your buddies (Kro, etc) have spent countless hours hand wringing over a stock worth less than a half cent. Talk about negative ambition!
Dogface, you have been relentless with your TNOG bashing. If the shoe fits, wear it.
JLEV, exactly which of the 'fellow longs' here are dishonest? We do not need your vague smears. Please remove them from the board.
Thank you
Wow, I'm a STAR! Great Photoshop work there. I should frame it. Thanks!
This IS a young company. You have your opinion and I have mine. To you, longs are 'touts.' To me, shorts/bashers are 'taunts.'
'nuff said, because this type of conversation is almost always pointless.
Have a nice day all longs!
Doc took Kro off ignore and so did I. Still, I agree with another poster here--it's pointless to bandy words with them. Been there, done that.
Our new moderator has gotten off to a good start. He has been patient, fair and balanced. I've seen no pumping here, but at a glance I saw the usual spate of stale reruns from our resident nay-sayer. I for one would rather not see this board dissolve into contentiousness and emotion-baiting. I don't think that will happen. Let the name callers stay on RB.
There is nothing wrong with being long and trying to make money and thinking positive. There is something wrong with forces trying to profit from shorting and trash talking young companies into oblivion.
Dr. Silkworth--congratulations on your new moderator status.
IMO, TNOG is oversold and hammering out a bottom. Good luck to all longs!
--M
You could be right. Let's face it--most pink sheets are dodgy and very high risk. That said, IDCN is as regular as a heart monitor. Buy at rock bottom and sell on the blips. Just look at the chart. All it takes is some patience.
Or you can buy at .0007 and not worry about splitting hairs!
That chart said it all...
The following is a good message from the kid. He's no longer the moderator nor is it a 'cult' over there. We're just some patient longs who like to support our stock amid friends who like to think positively. Nothing wrong with that! I think it's healthier than compulsively and sadistically bashing a stock that's not even (currently) worth a half cent. Why does the anti-TNOG entity do that? No particular reason. Just because. That's the disingenuous reason the bashers will give you.
Isn't it funny how they gang up and attack an innocuous island of peaceful longs? A board they can't spam with their vitriol and incessant reruns must be very frustrating to them. Why can't they just leave us alone and ignore us? And why do they virulently attack 'the kid' in particular? Probably because they consider him to be the lynch pin of the longs. They figure if they can get him to sell, then it will trigger a general stampede to the exits. I don't know of any long on that board that is planning on selling at these lows. In fact, we're planning on buying more. Sorry, Charlies.
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There are 2 entirely different visions for the future of TNOG.
Vision #1) TNOG is a start-up Oil and Gas company that is actively
trying to become a viable business entity based upon a conservative
business model. Once they establish a positive stream of Revenue,
albeit slowly at first - there will be a "snowball effect" as
revenues are redirected into further drilling - and with Pete Maupin
calling the shots along with some good 'ole fashioned luck - TNOG
will defy gravity and rise to new and unprecedented heights.
Vision #2) TNOG is an outright scam. They have not, nor will they
ever produce anything. They exist solely to sell shares to the
unsuspecting and gullible who are willing to be parted from their
money.
Since we do not have a Clear Answer as to which of these totally
incompatible visions is the truer, it really comes down to WHAT WE
BELIEVE. Doesn't it?
I (and most of us here) believe the propensity of the available
information supports Vision #1, although that is not a guarantee,
what is guaranteed in life anyway?
Many others (particularly on Raging Bull) believe in Vision #2. They
offer as evidence past failures, spurious allegations of
purported "Insider Selling", and character assasinations of Kent
Jacobson, Pete Maupin, Clayton and Brandon (Novak) - along with
accusations that this board is dominated by what they term
as "Ostriches and Nazis".
Again, nobody KNOWS the answer. It really comes down to what we
BELIEVE.
Personally, I believe that I will buy more shares, but that is my
decision only. I am a big boy, I am willing to take the risk to back
up what I believe.
Yet the opposition cannot commit to sell more shares - because they
don't own any to sell anyway. Or perhaps they are selling shares
they don't really have? That is more likely IMO.
But that is also very illegal.
The only way the shorts can win is if they drive TNOG right into the
dirt. The only problem with that theory - is the potential
probability that Pete Maupin may actually get the ball rolling,
meaning actually bring in a Revenue Stream.
And if that happens - the brokerage houses and the marketmakers will
be in a profoundly untenable position. That means that they will
have to pay "out the nose" for their bad bets.
I will continue to believe in Vision #1 and buy more TNOG.
And will someone please repost this to Raging Bull and IHUB?
Hey, you jackasses out there...........
I have not been a Yahoo Board Moderator for 2 friggen weeks now.
So all you bashers can shut yer yaps as regards kid shelleen.
The TNOG LONGS Board is moderated by a fine group of LONGS, but not
by yours truly anymore.
So you low-life basher idiots in Internet-Land better find a new
target for your venomous terrorist campaign against a USA O&G start-
up company.
Once again, the Bashers have no clothes.
They show themselves for what they are: Non-shareholders with an
agenda, and a despicable one at that.
How can these people even look in a mirror? I don't know.
kid shelleen
It U-turned right back down. I guess yesterday just a pump and it got heavily shorted. Today we see the dump. The MMs need to make money so they occasionally manufacture blips like what we saw yesterday.
Springing to life today. Is there news coming or is this due to some pump on another board? Anyone know anything? Volume looks great here.
I like this news. I'll be keeping my eye on this stock. And so will many others, no doubt.
We're set up for a nice run here, IMO. I like the company and its prospects. This one is just getting started--and it could go far!
Okay, that sounds like I'm pumping, but so what. I'm excited.
BIGN moved up over 40% today on no news. Glad I got in at .021 the other day. They're in the same business that TNOG is in. That is, increasing the production of existing oil and gas wells. When dealing with pinks, it's best to get in at rock-bottom lows, when bashers are doing their bashing best to keep you out.
Yes, it is good time to buy TNOG.
Frankie, I think you're right. The summer doldrums could last well into the fall here. That said, I've learned that these slow 'under the radar' periods when the price is at the nadir is also the best time to accumulate. I did just that today and averaged down for some more at .0007. The best time to buy stocks like these is now. I did the same thing with AMHD and waited for the pop. Sure, patience is required. I'll wait or go down with the ship at this point. That's how patient I am, ha ha. No fear when you have that attitude.
I bought some shares of BIGN today. LIke TNOG, they reopen existing wells and apply exciting new technology to get more gas (and oil) out of them. Don't underestimate the revenue that can come from these wells. They're a lot cheaper than exploring from square one--and as TNOG adds more wells, the revenue will start snowballing in a big way.
We're just getting started, folks. Put the braying naysayers and their strident anti-TNOG agendas into perspective. They claim to have no position, and yet they seem to have endless time and energy to taunt longs with thousands and thousands of posts. No particular reason, they'll say. Just a hobby. Why are they *REALLY* doing this? IMO, they're predictably doing the bidding of their naked shorting hedge fund masters who want to drive promising young companies into the ground so they never have to cover. They'll pull every dirty psychological trick they can to insult, discourage and wear out longs while keeping new investors away. Regardless of their ignominious efforts, patience will be rewarded here. TNOG will reopen more and more wells. The Manitoba Group and their ilk will evanesce into their crooked woodwork.
JMHO.
I'm reading 8,888,800 volume. We rolled a lot of 8's today, ha ha.
Looks like I might get a chance to pick some up at .0005 soon.
Restocker--I agree with you. I bought stocks like XOM and MUR and have held them for years. They are like anchors in my portfolio. I also own a lot of gold and silver stocks. All pink sheet stocks are risky, but they are also fun. There's nothing wrong with speculating and TNOG could be very rewarding for the patient investor. Those that are playing with money they can't afford to lose are easy marks for the paid bashers. They are quite good at beating the drum of fear to wear longs out. Some even like to make the longs feel guilty for trying to get rich quick by calling them greedy. Getting rich quick is the best way!
Good luck to all longs. May we all get richer--even if it takes some old fashioned thick-skinned patience.
That pink sheet stocks are the riskiest of all investments is obviously true. Those that constantly bring up this fact as one of their hectoring points are usually doing it to frustrate longs into selling low. Despite their claims of 'no position,' they are often buying up millions of shares near the bottom. The 'they' I'm referring to can be pro bashers who are fronting for MMs, naked shorting hedge funds or both. Or it could be individual bashers wanting to get in very low. They all know pink sheet stocks and patience are like oil and water. It's easy money for them. The bashing can also be done by some rogue sad sack--probably a lonely individual with multiple IDs who has a lot of time on his hands. Maybe he got burned on a pinkie and wants revenge. Maybe he gains some sort of sadistic ego satisfaction by repeatedly posting patronizing warnings and antagonizing longs. He picks on a pinkie because he knows they all have plenty of problems on which he can fixate. If they were perfect, they wouldn't be on the pink sheets!
Regardless of bashers, we all know that the pinks bring big risks that can morph into huge rewards. It IS a gamble, but all stocks are a gamble. Even the best DD can go painfully awry (Enron, World Com, etc). The safest gambles usually yield the smallest rewards. Living is a series of decisions or 'gambles.' By all means avoid pinks if you want, but you can't avoid gambling if you want to make money. Some folks may find intrinsic reward from stuffing paper fiat money into a sock. I don't.
People may play the pinks for action and excitement, but don't paint all pinkies with a scarlet "S" (for scam). Many of these companies are like seeds and need time to grow. I see nothing wrong with folks having a positive attitude about a pink sheet company and not all of them are pump and dumps. Some even graduate to the OTC and higher. (SRLM recently moved to the OTC, for example). Sometimes the best way to make money on pinks is to buy them absurdly low when nobody else wants them. Buy fear and impatience. Sell greed, irrational exuberance and mania. 'Patience grasshopper' can apply even to pink sheet stocks.
Sign the petition against naked short selling.
http://www.investigatethesec.com/petition.php
I've heard that BP will be shutting down its Cherry Pt. facility here in Bellingham for refurbishment sometime soon. I think it will be down for several weeks. This refinery deals with oil from Alaska. It looks like the a lot of infrastructure needs fixing, so it looks like a good time to get it done. Remember, this country has not built new refineries in many decades. Everything breaks down and gets old eventually.
And oil wells eventually run out of oil:
http://www.energybulletin.net/18904.html
Even worse news, potentially, comes from Saudi Arabia, where oil flows have shrunk by some 400,000 barrels per day over the past few months, despite astronomic prices. No one knows for sure what is going on. The Saudis themselves say the production cuts are due to lack of demand, but this hardly seems plausible, unless the kingdom is only able to deliver unwanted heavy, sour crude to market—but even in that case, one would expect flows to increase, with a price discount factored in for resource quality.
At the same time, the Saudis are hiring just about every spare drilling rig in the world, resulting in a dramatically falling rig count in the Gulf of Mexico—a place that would otherwise be seeing an increasing count, given the fact that Mexico’s giant Cantarell field is in now in steep decline, with dire implications for the nation’s economy.
Matthew Simmons (Twilight in the Desert) has been insisting for the past few years that Saudi production is close to peak and that Ghawar, the world’s biggest field, may be in decline. Now many others are speculating that this is the real reason for the falling production figures.
What happens next? It depends on the real condition of Ghawar. Perhaps a heroic drilling campaign could result in a temporary bloom in production, lasting perhaps three years, followed by a swift, terminal collapse. On the other hand, it is possible that the field has been so thoroughly exploited already that we are seeing the irreversible, rapid decline. At the ASPO conference a well-connected industry insider who wishes not to be directly quoted told me that his own sources inside Saudi Arabia insist that production from Ghawar is now down to less than three million barrels per day, and that the Saudis are maintaining total production at only slowly dwindling levels by producing other fields at maximum rates. This, if true, would be a bombshell: most estimates give production from Ghawar at 5.5 Mb/d.
I recently owned shares in EDEX and started selling it in the teens. Why? because the price began slipping after it reached 20 cents or so and I wanted to lock in profit since I originally picked it up at just under 3 cents. Sure, they were due to announce drill results but a full week before that announcement, the price kept on dropping. I've seen this happen before and to me it was a very bad sign. It dropped a little day after day. Then the day before the results were to be announced the bottom began to fall out on heavy volume. Sure enough, the next day they announced there wasn't enough oil (only 6BPD) to make it worthwhile and the price crashed even more. Glad I got out when I did! In contrast, TNOG's price has been holding relatively steady on light volume which, IMO, portends good news. All weak hands are already out.
BTW, I still like EDEX and I'm hoping to get back in under 8 cents. (I missed my chance to buy it back around a nickel on the bad news day). They have some very promising prospects coming up in New Mexico.
TNOG may or may not have a gusher, but any news of oil will be great. Even if they don't have the oil it's not a huge deal because they have other promising leases and JVs in the pipeline. The bashers have got to be getting nervous!
SloJon--excellent article on naked short selling. I saved it. Naked short selling is the selling of counterfeit or fictitious shares to the investing public with the intent of ripping them off and making the rich and powerful even richer by underhanded means. We all know the MMs exploit a loophole in trading rules to make it all possible. It's an unpunished crime being perpetuated by a combination of brokers, market makers, clearing houses, hedge funds and the DTCC and all of its entities. Those entities include paid internet bashers. They're obviously here to wear us all out with their constant negative babble. They want us to sell at a loss--the bigger the better. (Our loss is their gain). Congrats to all TNOG longs who are able to tolerate some red and not get scared out by the MM's artificial walk downs.
One last thing--this business of selling what isn't owned is pandemic in America. Our politicians spend almost unimaginable amounts of money that they (we) don't have. Thanks to the banksters and the Fed, our fiat money is backed by nothing but faith. Just print up some more! Another example is the comex. They rewrote rules to allow short sellers the advantage. For years they've sold silver they don't have to keep the price low. The silver they sell is just imaginary. It is allowed because the banksters can't stand the fact that folks might flock back to REAL money and away from money that is equivalent to stuff torn out of phone books. The traditional silver-to-gold ratio (15-1) is way out of whack. Buy silver. The gold-to-oil ratio is the same way. Gold is low. Buy gold!
The multi-national corporations are now running the show by taking everything off shore, including their headquarters to avoid paying any taxes in the U.S. Let the plebes pay taxes. Clinton forgives fugitive billionaires if it enables him to get some contributions for his library. The White House was for sale. Still is. Cheap labor and breaking of unions is encouraged. Bush won't enforce the law because he wants the North American Union which will make his corporate buddies a lot more money. Never mind something as trivial as the law or the Constitution--they'll just get our Supreme Court to pass eminent domain and take it! The US is for sale! Like naked short selling, laws are not enforced if it helps the rich and powerful become more so. The middle class (already in debt from home equity loans, credit cards, consumerism, etc) will have to pick up the tab. The middle class cattle will have to work harder in their pens. That way they won't pay attention to the freedoms they're losing!
The traitors in D.C. have sold us out. No other way of putting it! Sorry for my rant.
Buy gold and silver and oil stocks!
GO TNOG!!!!!
OT: Exxon drills largest dry hole in history. These things happen--even to the biggest and the best sometimes.
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OSLO, July 27 (Reuters) - ExxonMobil (XOM.N: Quote, Profile, Research) has drilled a dry exploration well at its Kogge prospect in the Norwegian sector of the North Sea, Norwegian energy authorities said on Thursday.
The well in production licence 315 was drilled to a total depth of 5,837 metres (19,150 feet).
"This is the deepest well ever drilled on the Norwegian shelf," the Norwegian Petroleum Directorate said in a statement. "The well was dry, and has now been permanently plugged and abandoned."
ExxonMobil is operator and has a 30 percent stake in the licence. Its partners are Norway's Statoil (STL.OL: Quote, Profile, Research) and Petoro and German RWE (RWEG.DE: Quote, Profile, Research).
ecp--good luck to you. Dr_S...I think you may be right. Sometimes 'iggy' is the best route to take.
You ARE speaking the truth. Several longs have complained that some of the links are filled with spyware and other nasty stuff. Especially on the RB board. A TNOG investor personally verified this to me. Can I prove this to Kro? Why bother. He's here to stay no matter how many times he's refuted. Bashing TNOG is his raison d'etre.
I think it's best to do your OWN DD and avoid clicking on known basher's links just to be safe. TNOG is on the SHO list and that means a hedge fund or other naked short selling entity is bent on boxing the stock price in--probably with the help of MMs. They want TNOG to go bankrupt so they don't have to cover. It's commonly known they also send out paid internet bashers (we all know who they are) to discourage new buyers. The bashers will use all dirty tricks and negative verbal tactics to get longs to sell and new buyers from buying. If you're a long, expect to be called names (touts, pumpers, stuckholders or worse). They try to make you feel guilty just because you have the chutzpah to risk your hard-earned money to (gasp) make a profit. If you are honest and announce when you bought in, they'll make fun of you if the price goes down and remind you over and over that you're underwater.
In their view, longs are evil and naked shorters are good. This is not just a problem with OTC stocks--but it's pandemic in the stock market in general. Big money has corrupted the system and it goes to the top. The folks who operate the markets are in cahoots with big banks and hedge funds and if naked shorting makes 'em money, why enforce the law? Indeed, even our own money has been debauched. The Fed claims to be there to fight inflation, but they're the ones who caused it in the first place. That's what they do. Transfer wealth way from the common man and into the pockets of elite banksters. Look at the debt in this country--everything is getting sold down the river. It's a good idea to own some real money--gold and silver because some day the debt will have to paid.
But I digress. All stocks suffer from naked shorting, but start up companies in particular are targeted for take down. It's easy shorters to find problems--and all pink sheet stocks have fleas. These flaws are magnified by them while they ignore any potential. TNOG is at a low price at a time when oil might take out $80 and the bashing hasn't let up one bit! The abusive MMs and naked shorting entity will be in big trouble if TNOG can release good oil news from Bastrop. Or maybe a JV announcement will do it. Sure, things can go wrong, but lots of things can go right! The bashers have to know they're sitting on a powder keg--and that may be the reason for their strident, unending and insulting posts. We longs are honest. We're here to make money. The bashers never admit why they are here, but check the sho list and you'll have a good idea. JMHO.
One more thing--in addition to outlawing naked shorting altogether, isn't it also time to do away with MMs? Computers/ECNs could do a better job of matching up sellers and buyers. At the very least a gatekeeper needs to be installed to monitor illegal activity. MMs who do nothing but sell and short as well as manipulating the bid and ask to help induce selling should not be considered bona fide MM activity. Today I waited until under 2 minutes from the close to put in a small test buy at the ask. (40k shares at .0075). The bid was .007. Well, they filled me by dropping the ask to .007 and the bid to .0065. Why? Hardly any activity was going on. Why not fill me at .0075? So if the bashers tell you there was nothing but selling into the close--not so! The MMs just like to paint it that way.
Some folks here may be unclear about what TNOG does. They spin the fact that TNOG is redrilling/opening up 'old capped' wells as a negative, when in fact TNOG's own business plan is predicated on this activity. Reopening and redrilling wells (using new drilling technology) in places where there was oil is cheaper than wildcatting--where the chance of finding oil is much more risky.
Peter Maupin:
HISTORY: Most of the wells which were drilled along the major fault over which these leases are located were drilled to test the Edwards Lime formation. This was always a prime target as locating the Edwards formation trapped against a fault has resulted in major production from many fields in South Texas. Several wells which were drilled to the Edwards along this fault showed oil in the cores, but also made a high percentage of water on drill stem tests. The initial re-entry well which I recommend to be used to evaluate this project, was originally permitted through the Edwards formation, but was only drilled to the top of that formation – the Edwards was never evaluated. The company seemed to intend to only test the Austin Chalk formation as they perforated that formation between 6127 and 6322 evidently getting no results. They then perforated the formation that produced in the well (5825 – 5860) without apparently setting a bridge plug to isolate the zones – they evidently had a “show” on the mud log in this zone and decided to test it before abandoning the well. This zone “came in” by blowing the perforating gun out of the tubing and beginning to flow immediately. The gas tested sour which leads me to believe that at least some of the gas was produced from the Austin Chalk. They tested the well on 2-25-84 at 123 bopd, 178 mcfpd and 0 bwpd on a 8/64” choke with FTP of 1237 psi. They then shut-in the well in order to permit and to lay a pipeline to sell the gas from the well which took several months. The well was then re-tested on 12-23-84 at 170 bopd, 84 mcfpd, and 15 bwpd on a 10/64” choke with FTP of 800 psi. They produced approx. 3,321 bo and an undetermined amount of gas at which time the well died. They ran a cement bond log on 4-22-85 evidently in preparation for perforating an upper zone. It was plugged on 9-1-85 after sitting dormant for a number of months.
The production zone from 5825 to 5860 shows to probably be tight (low permeability) on the log. This zone is similar to the Taylor Sand which produces a short distance down dip from this well and which will not produce commercially unless it is stimulated by hydraulic fracturing (“frac treatment”). This same company drilled three more wells to this zone along the fault in a northeasterly direction evidently trying to locate a “clean” sand. They set production strings on all of these wells. The first two logs looked similar to the initial well and they were “on strike” (within 2 ft. of subsea el.) , so I presume that the tight sand deterred them from producing from the zone in those wells.
EVALUATION:
Previous operations – Note that the evaluation of operations for the original operator may seem critical at times, but it must be remembered that the price of oil was at approx. $15/bbl (approx. $12/bbl for sour) at the time these operations were conducted. Decisions made would have been based upon the economics for conducting, or not conducting, certain operations and would have been dependant upon the pricing at that time. Many operators did not survive (evidently this one did not) those “hard times”. Therefore this evaluation is not meant to be “critical” of the original operator nor of any personnel.
Initial well - this well was permitted through the Edwards, but the target must have always been the Austin Chalk and Buda formations as the well stopped at the top of the Edwards Lime. They evidently not only had “shows” in the Austin Chalk, but also in a Taylor sand on top of the Pecan Gap showing on the log at 5820 to 5860 ft. They may have also had a “show” in a Taylor sand shown on the log at 4975 to 5000 ft. They set 5 ½” casing to total depth (6577’), but only cemented the bottom with only 165 sks. – they used a multistage tool to cement from 2650 to the surface. The well was initially completed in the Austin Chalk at 6127 to 6322 ft. There is no record of any stimulation, but it is probably safe to say that they would have at least done an acid job “balling out” the perfs in the chalk. There was evidently no commercial production obtained from this formation, so they perforated the zone from 5769 to 5882 which leads me to believe that they had shows through the complete area of perforations and not only in the sand as shown on the log at 5820 to 5860 ft. There is no record that they isolated this zone from the Austin Chalk as no plug back was shown on the RRC form W-2. This zone was perforated through tubing and the pressure “chased” the tool out of the hole. The well was then tested at 123 bo on a 8/64” ck.
They then shut-in the well while they laid a pipeline in order to sell the gas – the gas tested sour which would lead one to believe that at least a portion of it was producing from the Austin Chalk confirming that no bridge plug was set between the zones.
Once the pipeline was finished, the well was retested almost 10 months later at 170 bo on a 10/64” ck. The well then produced approx. 3321 bo and an undetermined amount of gas at which time the well “died”. They did not pump the well or stimulate it.
The primary zone for recompletion in this well is the Taylor Sand on top of the Pecan Gap at 5820 to 5860 ft. It is the author’s belief, in this highly fractured environment so close to a major fault, that hydrocarbons migrated up from the Austin Chalk and probably even as deep as the Edwards Lime into this zone which would “trap” them against the overlying Taylor shales. This would in turn be “trapped” against the major up-to-the-coast fault up-dip from this well causing the reservoir for this field. They tested the Austin Chalk and did not produce it, therefore it is the author’s belief that this zone is not productive in this area as there is no Austin Chalk production along this fault. The Edwards Lime was not evaluated in this well.
Second well – The second well was drilled one month after the initial well was put into production and will be evaluated for re-entry once the first well is fully evaluated.
RECOMMENDATION: This recommendation only covers the primary zone of interest in the initial well
Initial well - Re-enter the well, isolate the zone of primary interest, perforate, swab test, and frac with at least 30,000 lbs. of sand. Evaluate well and complete if warranted.
EXPECTED RESULTS:
Initial well - Author expects initial flow rates in excess of 100 bopd. It also is expected that production from this well would compare with wells in the Serbin (Taylor Sand) Field regarding total production which would equal over 20,000 bsto of production remaining from this zone. At today’s prices, this well would gross over one million dollars if the well actually produced those amounts.
Peter Maupin is associated with Pegasus and TNOG for one thing. Kent Jacobson, formerly of TNOG is the CEO. Both companies are intertwined with DKGR and Novak Capital. Both Pegasus and Titan are located in San Antonio and concentrate on the south Texas area. These synergies will have a positive effect on the growth of TNOG. JMHO.
PEGASUS:
Peter R. Maupin (Chairman) age 65 holds a B. S. in Petroleum Engineering and has over thirty years experience in all facets of the oil business including operations, drilling, oil reclamation, and production. Mr. Maupin lives in the San Antonio area and is familiar with related operations in the South Texas area. As President and CEO of Bar M Petroleum Co., Inc., Mr. Maupin agreed in 1977 to a stop order by the SEC against the selling of oil and gas interests owned by L & S Petroleum which had warranted to Mr. Maupin that said interests were exempt from registration. Mr. Maupin sued L & S Petroleum and obtained a judgment against them in this regard. No allegations of fraud were made against Mr. Maupin. This information is presented here in the interest of full disclosure only as this action is in no way related to the ability of Mr. Maupin to serve on the Board of Directors of this company.
Thomas M. Gouger IV (President) age 27 is presently the president of the company and is in charge of all operations including supervision of all crews. He is familiar with all of the equipment used in the conduct of the business. He lives in the San Antonio area and is familiar with cementing services and related operations in the South Texas area.
Kent N. Jacobson, age 47 (CEO) is an accredited financial planner with over 17 years experience. He has served as an officer and director of professional associations within the industry, at both regional and national levels. His extensive knowledge of financial markets will be a valuable asset.
TITAN:
John Haylock
John Haylock, President and CEO, and Director. Mr. Haylock has an accounting background and has worked extensively in the public markets. In so doing, he has assisted companies in obtaining funding, defining and achieving financial and operational targets, and establishing financial controls.
Peter Maupin
Advisor to the Board of Directors
Peter Maupin obtained a Bachelor of Science degree in Petroleum Engineering from Century University in 1985. He is a member of the Society of Petroleum Engineers. He has been active for over 30 years in the petroleum industry of South Texas, being involved in many aspects of the industry since 1971. He has been the president of 4 operating companies and has been directly responsible for the operation and drilling of over 100 wells, including 6 horizontal drilling projects. Titan Oil and Gas is pleased to have someone of Mr. Maupin’s ability in charge of its drilling operations.
Guy Posella
Guy Posella, Secretary and Treasurer, Director, and Chairman of the Board. Mr. Posella has many years of managerial and organizational experience and will be a valued asset to the company as it takes on new projects.
The move today may have something to do with this since TNOG and DKGR are related:
Press Release Source: Drake Gold Resources, Inc.
Drake Gold Resources Inc. Announces Completion of the 100%
Acquisition of Pegasus Oil Well Services with Projected Revenue of
$2.3 Million for 2006
Monday July 10, 12:01 pm ET
CENTURY CITY, CALIFORNIA--(MARKET WIRE)--Jul 10, 2006 -- Drake Gold
Resources, Inc. (Other OTC:DKGR.PK - News) is pleased to announce the
100% acquisition of Pegasus Cementers Inc. D.B.A. Pegasus Oil Well
Services which is projected to do up to $2,300,000 USD of revenues
for 2006.
The projections are based on the current contracts and the expansion
model with Drake Gold over the next 6 months and will increase as new
contracts are signed for Pegasus Oil Well Services (POWS). Drake Gold
plans to purchase and develop 4 cementers, 1-2 fracturing units and
one coiled tubing unit to fulfill existing contracts and new
business. Drake also has plans to manufacture or purchase drilling
rigs as Drake Oil starts to expand into the purchase of new leases
and the development of those leases.
Pegasus is a San Antonio based company that services all of South
Texas with a growing list of services. Most up to date information
will be on the website. (http://www.pegasusoilwellservices.com) Drake
Gold plans to expand both to Midland Texas and North Texas with the
oil well services. The known petroleum deposits of Texas--about 8
billion barrels--make up approximately one-third of the known U. S.
supply. The size of the market for oil well services is massive to
say the least and Drake Gold plans to capitalize on it to the fullest.
The acquisition is for all restricted stock which is restricted for
over 2 years. The purchase price for Pegasus Oil Well Services is
$1.8 M and will be paid in 4 restricted stock payments between now
and the end of the year.
Thomas Gouger IV, Drake Gold's subsidiaries president and operator
commented on the acquisition, "This is a great day for Pegasus Oil
Well Services to be allied with an emerging company like Drake Gold,
we are very excited about our new parent company and our plans to
further grow together!"
As previously mentioned,
"The company plans to expand operations to include complete well
services for wells above 10,000 ft. in depth including acidization
treatments, cementing, and drilling operations. Pegasus is a growing
service provider specializing in cementing for shallow oil, gas, and
water wells in the South Texas area.
The company began operations in November of 2001 with the first
several months being devoted to training personnel, acquiring, and
modifying needed equipment. The company became more active over the
first 3 years solidifying its foundation in 2004. Operating with only
one cementing unit, its sales for 2005 exceeded $600,000 over a
shortened year due to a mechanical rebuild of its main unit.
The company plans on adding additional cementing units, hydraulic
fracturing units, drilling rigs, and other needed services, with the
intent of becoming a one-stop shop for the oil business. With the
growing demand for oil and gas operations in the Texas arena revenues
are expected to continue to rise.
For Drake, the addition of a full service oil well company will make
the advancements into oil and gas development hastened and is
lowering capital needed to begin operations. The market today makes
it very difficult to schedule equipment needed to perform these
services so having them in-house gives Drake the ability to move
consistently from project to project without any delays while
minimizing risk.
Furthermore, Drake has already made a series of advancements into
acquiring oil and gas leases, projects and potential joint ventures
to build its portfolio of petroleum operations. The current
acquisition and connections already within the industry have located
prime targets in South Texas, the Barnett Shale in Texas, California
and Louisiana. With the new service division it makes it very easy to
obtain projects for low costs and entice current operators to
entertain joint ventures.
The Drake team believes acquiring Pegasus Well Services is a step in
the right direction -- it minimizes the risk of oil and gas
exploration while building solid well-margined cash flows."
Current and future shareholders are encouraged to sign up for email
updates. The new Company website provides current news releases,
reports, interviews, industry news and market related information. To
sign up, click on the link located under the main menu at
www.drakegold.com.