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Well I'm not "in" either.
Even though $COOL looks good, I'm thinking it sees .90's again before eoy.
GL
Bummer. Looks like it might test 1.20 again today.
Could very well do that. I think everyone and their cousin knows the story with this co and its earnings and relatively low PE thanks to that @super_trades dude.
I sold out for a modest gain but I'm looking to get back in if it does something unexpectedly ugly before eoy.
Might miss the boat this way, but it wouldn't be the first time.
gL
Ya I'd be surprised if this didn't get past $1.25 sometime in January.
I'm looking to get back in when the price starts moving again. It's a company with cash and earnings...ynot
Ya, well it could also be that Montecito's waiting on WGAS who's waiting on the lenders who are waiting to shape the loan terms according to whatever tax structure/implications arise post cliff. Only guessing of course, but I do agree (with my money) that the loans will come either way, and I also think we'll drift back up into the 5-6 area when they fire up the MI money pump again.
Some months ago someone (not me) suggested these lenders might be waiting for clarity on the whole fiscal cliff situation. I'd sort of written off that possibility, but now I'm thinking there could be a grain of truth to that idea.
I do still believe we'll be getting some of these various loans, but I could also see someone wanting to "shape the terms" of, say, an $8.5 million loan around greater "economic clarity."
Now, who put that cookie jar up on the top shelf again? I only got 1 biscuit in the low 2's this morning.
Almost embarrassingly predictable the way the pps fluctuates off these lows. Once a month the convertible debt holders show us who rules the roost. Looking forward to getting them pesky barnacles scraped off.
I bailed same-day at a buck 9 for +16% but I'm looking to get back in.
Sum's it up nicely.
I don't know about "crazy." Stocks do crazy stuff all the time.
I do think there's a reasonable chance you'll be able to bail at .08 by the time the MI pipeline's fixed PR comes out. No doubt folks were worried about unrealized losses each of the previous times the pps cycled down like this over the past 6 months. Your $ to manage though. Come what may, I'm hanging in there for the next acquisition.
I'm expecting the OS to change quite a bit more than that between now and 2000 bopd, but that still leaves plenty of room for a "handsome reward" from my avg (let alone the current price).
Roller coaster? Been more like a bucking bronco. I agree though: this is the kind of "power move" I'd expect from debt holders prior to some important material event. Snagged a few in the low oh threes myself.
Maybe these are/were the days shareholders must persevere through in order to see that handsome reward. We'll see.
What ya think hyp? New product about to come out here?
Sounds like something xzx has been suggesting for months.
Nice to hear it straight from the horses mouth though.
Ya I called the office and there is someone there with that name or something that sounds like it.
Thx for the reply
Just to clarify: who's Sam Butera? Not seeing anything on Google and wenergyinc.com about the guy.
Well, the CEO did recently say he thought "the best is yet to come"
Maybe he knows something we don't.
I'm inclined to agree with you on that x. Whatever the #'s and %'s are, MI producing as it now does "translates" to revenue for $WGAS, and this fits in with managements plans to advance their business model. This is the most important thing; after selling the 2% ORR interest, MI production is still not only relevant to the company, but something to be very excited about.
I thought it was a great piece of PR btw.
This whole question of "how much of MI oil do we get now?" has been interesting to me since the news of the 2% override royalty interest being sold.
I emailed the company about about a week ago, asking "What (if any) portion of oil/revenue is the company now entitled to now that the 2% ORR interest has been sold?"
The little I know about "types of well interests" has led me to believe that a "carried interest" converts into a "working interest." And a "working interest" only represents the portion of expenses the company is responsible to pay. As far as I can tell the % of "working interest" doesn't represent the % of revenue interest at all, except to say that usually a "revenue interest" is somehow proportional to a "working interest."
Anyway, I didn't get a reply to my email. Didn't really expect one, but yesterdays news is a fair substitute for the time being. Whatever the case (per the PR) production from MI translates to revenue ("some" revenue) for Worthingtion, and (also per the PR) we'll soon find out just exactly how much that is and this whole question of "what % of MI do we now net" will be answered difinitively.
Nice find in the Q stayfocused. I missed that in my hasty read.
Yeah it looked like the case might have been "coming to a head" a couple weeks ago. Frustrating only seeing plea entries but I doubt it'd help us to see copies of the whole docs. Seems the full docs don't get to 'Records' for a few days once the plea's been entered in the system so ya we'll likely find out just as soon in a PR. As for when we'll get that PR, I'd like to think they're scrambling to reconcile this thing to coincide with our shares returning to regular trading, but both of these events could be relatively arbitrary, and besides I'd rather have it take longer if it means sticking to Mason's "recipe for success."
I do think there's some pent-up demand to buy some $WGAS. These small domestic oil's are starting to buzzzzz.
Don't know. Index sub expired. Haven't been able to check in over a week. You gotta call in a favor from your pal in Nawlins. :)
Correcto.
That's where the $ went.
Well, they're still working at it.
I was glad to see the various credit facilities still "in play" (including the $8.5m pre-approval for VM and conv debt payoff). Also glad they alluded to exploring the possibly renegotiating terms with Montecito for VM.
Noticed they sold the MI 2% override royalty for $.5M
Not sure where that $ might be going/have gone but at least it's 1/2 a'mill coming IN, and it confirms that MI flow is officially worth something. Bit of a bummer we still need to pay for our working interest in MI (feels like we've already paid thru the nose for that one) but as stated in so many words in the Q, MI gives the company a fighting chance. Per the Q, MI revenues put us in the range of sustainability and can be used as leverage. Something I dare say we wouldn't have had without Mason on board and MI production.
On balance, I'd say the Q's slightly more positive than the last. No big surprises. Things are still moving forward. I wouldn't expect to hear first news of new financing in a Q anyway.
Could be the recent O/S increase is tied in with the conversion of our carried interest in MI. 8-10% of $8m seems right in the ballpark. 10M x .1 Whatever the case we'll find out in due time.
As for this, the same thought has crossed my mind once or twice.
Another good read dda. Thanks.
Thought to ask you something after the fact on you post last night and if this is beyond the scope of you experience I hope you'll say so, but are you able to provide a ballpark figure on construction of one of these shallow water platforms like VM and MI?
Also...You gotta source for this on the case with Montecito or is this more of an impression you get? I always figured we'd hear right away if a settlement/dismissal occurred since it'd be a 'material event'
Well, x what do you suppose?
Just a coincidence that we're basically "unsellable" the day after the election? Which is to suggest it would behoove the company to "skip over" the post-election volatility, by making the stock (more or less) untradable.
Nice write up dda. Enjoyed the read. <eom>
Seems to me (Comma) it'll take MI + DBar and WTx initial 24-hr production to achieve 500 bopd, but I also think that's what'll be happening by mid 2013.
As for "not needing obscene amounts of profit;" Keep in mind that diminishing your aspirations doesn't improve the odds of achieving your goal. It just set's the limit on how high you may climb.
Be the ball Danny. Be the ball.
Ha, between you, x, and me I think we've got 95% of the range covered for 500 bopd, and it also looks like (by and large) we agree 500 bopd is as close to a certainty as it gets in this game.
Add in VM, and x, you said it best a couple days ago: "terrifying amounts of $$$"
Sure.
It'd be one amazing feat to have VM, D-Bar and W.Tx all underway without additional O/S. I figure btw MI, D-Bar and W.Tx we'll see close to 500 boepd net achieved by mid year. Revenue from 500 boepd more than makes up for one heck of a big increase in 0/S.
Low-side looks like .40-.50 by mid 2013 to me. Non-dilutive financing of VM and payoff of conv. debt in Q1 brackets that whole equasion in an all together different range.
Who's got two thumbs and likes looking at a +400% bottom range in 6 months? This guy.
Ya I'm comfortable with that.
Factor in the odd "unexpected good news," episodes of irrational exhuberance and panic along the road creating volatility opportunities, sounds like a nice money maker for traders, long-term holders and everyone in-between.
Seems to me "the buzz" about WGAS is about to break an all-time high and it's just not showing up in the volume because of the D.
Half expect "shortly" to end up meaning "the day the D's gone."
Status of VM? Wet, and obstructed by 7000 ft of ocean floor and Judge Ito of the Parish of Orleans. Tony's got a suitcase full of cash ready to buy a Get Out of Jail Free card, then it's a quick stop at the pub and a trip to the hardware store for some hi-flow money pumps.
Good question. Somehow I have a hard time believing it'll be as simple as turning on the tap and voila! 2500 bopd. Especially since it'll be a new well.
Maybe someone in the industry can shed more light. 500 bopd initial? 2000 after a year on line?
Probably a bit premature, but I'm already beginning to wonder about some details on the project. I'm already wondering how much pipeline needs to be run to the nearest existing stuff? Mile? Two miles? Hah.
Ya. I really don't know anything about that blog. Just seen it once before with respect to another stock that got some interest because it was a low float momo with catalysts on the horizon. I was really surprised to see wgas as part of their "featured entertainment." The thought that lil WGAS would ever show up on there never even crossed my mind. Didn't seem to fit the bloggers MO due to our zany low market cap and pps. Guess I was wrong. Sandy bottoms. Seems we're beginning to show on the radar.
I think it's our float that makes I1's pending classification as an oil well relevant in the present context.
Ya that is interesting. Didn't think whoever runs the Sierra site messed with little stocks like this. Could be more eyes on us than I'd led myself to believe. Can't tell if I'm excited or frightened.
Well if anyone's scanning for a 16000% gainer, they see us now.