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Oh I got it....... and I am sincerely hoping that it comes to fruition.
I've done my time. Hoping to start seeing the fruits of my patience.
Wow. In my opinion, this is the single most important event, outside of accurate drilling results being relayed to us, in our near future.
I hope the timelines hold. We could really have an interesting 2010 ahead.
Thanks for your persistent and consistent relaying of valuable information to our board. This poster greatly appreciates it.
One of the definitions of revenue at Dictionary.com is "the return or yield from any kind of property, patent, service, etc.; income". So I will give my intended meaning of the use of the words revenue stream. I meant that we need to have a recurring and self sustaining form of income. My opinion is that the selling of an asset, if only for income purposes, should be an asset we don't intend to exploit as part of the long term growth of oil production. In other words, if we are going to deal the EEZ rights to the 100% blocks with another company like we did the JDZ blocks 2-4, then I wouldn't consider it as setting up a revenue stream ( or the probably better definition laid out above of recurring income), but rather an infusion of cash (since it would be a one-time income event).
I would prefer to see us sell the other JDZ rights of the currently unexplored blocks like Stocks2rise mentioned earlier, or the two 25% blocks in the EEZ for one time cash if the company chooses to do a sale. I would prefer to use the 100% blocks similarly to what was done in the JDZ for blocks 2-4, retaining a large percentage, gaining some cash, and getting free carries.
If we don't have enough cash now to create a recurring income event, then I would prefer we not borrow money, sell stock or setup sweetheart deals with anyone for that needed cash unless we know for certain we cannot or will not be able to survive without it.
Again, I would hope DRSTP has gotten its house in order and we can actually see blocks dealt with in the near term (6 months) and then we can get onto the business of partnering up for free carries and some cash, allowing us the opportunity to setup a recurring income stream. I think, if I have been reading correctly, that many of the articles posted by Homeport have been indicating that as a possiblilty - that DRSTP may actually be getting close to dealing with their EEZ in the very near future. I would like that the best.
My opinion.
With all the broken bones in our bodies from the previous plethora of falls (mostly self-inflicted), can you imagine what an emergency room would do after looking at our x-rays?
Call the police!!! We have a serial domestic violence victim here!!
I apologize if I sent the impression of being concerned about our financial status, because I am not. However, I think that a revenue stream is preferred to borrowing money or selling stock, or even selling assets. The sale of assets would be preferred to selling stock, but the same situation is in effect for the sale of an individual asset as for the entire company - we just can't have an accurate value placed on the asset, which makes it difficult to sell as the holder without appearing to be in a position of weakness.
I think it is a real challenge for the company to find a revenue producer without putting us close to cash poor, and that producer needs to produce quickly! I admit to being against the idea of a revenue stream initially because I just couldn't - and really still don't - see how we can find something that will supply cash without dangerously depleting our current cash. For me, that is the real challenge for our company.
If we are forced to sell assets, I would hope they are not in blocks 2-4 of the JDZ. My real hope is that DRSTP can actually get something done in their EEZ in the near future (6 months or so) and we can find partners for our blocks there, trading some rights for cash and free carry like we did in the JDZ. I think that is the most likely outcome here, and probably the best for us. At that point, we could look for more properties, start a decent revenue flow, and look for an uplisting.
In my opinion.
Exactly. A revenue stream is the essential element right now to our company, showing stability to potential investors and durability to potential suitors.
What I am sayig is that without a revenue stream, I don't see how moving to a more highly respected exchange can possibly help us.
As for the sale of the company, it would seem more likely that an appropriate and fairer price would be reached after it is determined exactly what we have for tangible assets, not for rights. Unfortunately, the time it takes to determine that fair value can influence our ability to survive, particularly without a revenue stream. The company appears to be addressing that issue, except most here are choosing to not believe it.
Most on this board want the instant payout of buyout, but they want it at the MAX value of POTENTIAL OIL. I can't imagine a buyer willing to pay for full expected barrels of oil when he can wait a few years and know EXACTLY how much oil is there, and pay an appropriate price. From a bargaining standpoint, we are not in the drivers seat, as we - as a company - have a limited shelf life right now, about $28 million in life. Our potential buyers are well aware of that. A deal in the very near term is dangerous for both sides, as it it possible one side would get hosed.
Which company NEEDS to do the deal? I think it is us, and that means we have to give in on terms, or we die as a company by running out of money.
Or, we start a revenue stream and can wait as long as it takes for a buyer to step up and pay us what will become a fair price for both parties, once that can be properly determined.
In my opinion.
The flaw would be that we have no revenue stream available to the company. Without one, a listing most anywhere is an attempt to convince investors we can survive without income.
That's a tough trick to pull off. See ERHE as proof.
Perhaps those people on this board that actually believe management's comments about buying up land and opportunities of unworked oil finds can see the logic of creating the revenue stream through that manner, thus giving us an opportunity to move to another exchange and then surviving there, rather than being ignored on the exchange and beaten badly by sellers. Until we can create the income stream, the current price does not really matter as it pertains to allowing us movement to another exchange. Should we create a revenue stream, then the price can be adjusted - if necessary - to allow a new exchange listing, with a reverse split being an option.
My opinion.
i am very pleased with today's action and price recovery. it won't really matter with the buyout coming tomorrow though.
and with the shares i bought today i wil be even richer!!!
i assumed what? since you claimed to know why i bought shares today (and obviously was wrong with that claim), perhaps you can enlighten the rest of the board with what i assumed. and me too for that matter. i know you will be wrong again. but that's okay!!!
do you know wut time is the buyout announcement tomorrow? i do.
and you would know why I bought shares today how? i seriously doubt my wife called you and told you.
i bought because we are being bought out tomorrow. i heard it here on our message board many times. i believed you and many others when you said it.
i know i know why i bought and that you don't know.
Long time no hear from you!
Welcome back.
None of what you said here matters.
We are being bought out tomorrow, right? That's your greatest theme to date. I can't understand you beating up on the company when you are certain you will be rich tomorrow.
Seems a bit contradictory to me.
When I was actively trading stocks, earning season was the high point of the year. So many people waste their lives connecting dots that don't exist for the exclusive right to get their behind handed to them by the stock price at CC time!! It's almost sad for them, but can be quite lucrative for traders!!
History is destined to repeat itself if people refuse to learn from the past. If I were a betting man - which I am - I know which way I would bet for this conference call!!!
Time to start making money again.
Hey, let them dream their dreams about the conference call. Maybe they can get the price back to $.90 before it. I know I would sell a bunch up there and be quite happy to repurchase later.
Most are gonna whine until that day regardless, and probably for each day after it. I may as well get something good out of the whining!!
Count the billions of posts whining about no PRs, and then the billions of posts immediately after the PRs about the information not being exactly what they wanted. I'm sure glad I don't work in public relations for this company. Talk about your impossible situations......
Kobi has it right - the company has been consistent for years. Many here are just incapable of reading what has been written by the company and accepting it. The value of dot-connection pays huge dividends for them - frustration!!!!!!!! They are their own worst enemies.
Some brokers guarantee the highest available price to sellers and the best available price for buyers. I use Ameritrade and have frequently gotten shares purchased cheaper than I offered, and received sales at prices well above what the price I had on my sell order. I didn't consider either type of situation to be manipulation, only receiving what was promised to me by my broker. They kept their word in practice.
And no - that doesn't mean that manipulation is not taking place. It just means that it isn't ALWAYS manipulation. I personally find it hard to differentiate on what is manipulation. I have a close friend whose brother is well connected in the market, and they laugh at all the conspiracy theories thrown around on message boards of MM manipulation. I tend to side with them. MMs are not necessarily the best people in the world, but they aren't all criminals either.
IMO.
We are going down because nobody is willing to pay higher prices for the shares. If there were orders for 6,000,000 shares to be bought at $.70 , we wouldn't be going down.
No buyers equals lower price. Simple math.
Apparently no bm tonight.
Must have been confused by the bickering on our board and unable to type fast enough.
Oh well - maybe next week.
Thanks Homeport. Hopefully this can lead the way for ERHE to get the EEZ done.
We could use the lift in spirits here.
It's nice to see the price moving back up to a more respectible range. Hopefully we can get back into the mid $.60s next week, an area I feel far more comfortable with.
My response to your 3 questions are as follows:
I'm not really.
Yes, that is correct.
About 3/4 of that number.
Take care, and Happy Thanksgiving to you and everyone else who celebrates the tradition.
probably because most people weren't thinking yesterday. they got caught up in the we-are-being-sold-tomorrow scenario which has been jammed down their throats for 2 years and suddenly felt no hope for that sale to take place. they jumped ship. mission accomplished for some here.
sometimes things need to be taken at face value first. except here. everything always has deeper, more nefarious meaning.
imho. have a great day!!!!!!!!!!
And the biggest complainer of no company updates hasn't checked in yet. not yet - nope. maybe soon. today hopefuly. i wanna know. i wanna know now.
have a good day. my group and i are gonna debate selling this thing. need more updates.
ps buyout tomorrow.
MOUs are really insignificant at this point. but it sure appears to have scared the shares out of that gang holding trillions of shares for the imminent buyout. you know which group I mean. right? i'd be lying if i didn't say i find it incredibly satisfying. know what i mean?
. .
. .
. . . .
after being bullied for years, justice is served. yup. makes me happy. yuppers.
gotta love manipulators. especially fried ones. and bullies.
crow - the meal of many today.
I agree entirely with your statement of "How they finance these deals, if they get to that point, should reveal a lot. "
We obviously do not have a vault full of shares to be used for the purchase, and if that had been the intention when a property purchase was originally considered, we would have seen a much stronger attempt to increase the value of our common stock. That is actually one reason for a company to want a greater price per share.
We have preferred shares that could be used as a purchase method, either through a third party (like EO or another person/company), or we could trade the preferred directly for the property.
We also have many options with the JDZ rights we currently have, especially if the blocks being arbitrated are pretty much decided in our favor.
And we have the prospect of cash for property in the EEZ, if/when that ever happens. Maybe the company has a lot on the burners for that part of the future already, even trading away the rights in this deal.
Cleary, at least in my mind, we won't be bought out ANY DAY NOW as touted here for many many months. It may happen eventually, but this is a pretty clear indication that it isn't imminent.
In my opinion.
This is by FAR the funniest post EVER on this board!!!!!
Man, is there EVER egg on the face of the brightest minds in the stock market!!!
Lots of crow being served up today. Enjoy it folks.
Looks like the company gets the last laugh - At the expense of the greatest prognosticators in the history of message boards!!
Let the excuse making begin.
If you read the story in his post, you can guess how old that story might be.
There are only 2 groups of bad people dealing with this stock - traders and market makers. Everyone else is a God!!!
Paranoia runs rampant here.
We've certainly EVOLVED as a group, haven't we?
I miss the good old days of real conversation about real things involving our real company.
Make sure you keep one extra sign. I'm not allowed to buy one until we cross a buck.
I hear what you are saying, and I understand the desire to see shareholder value. I just don't see how it happens without oil.
We started with roughly $45 million or so and spent a bunch on lawyers and other expenses. We considered - according to the company - trying to find a revenue producing opportunity. How much were we going to spend? $10 million? $15 million? We couldn't spend it all and leave ourselves broke if the investment didn't work out. Last thing we need is more dilution! Debt free is nice - don't need a big brother looking over our shoulders either.
Personally, I didn't like the idea of property hunting from the beginning, and was happy it didn't happen. I just didn't see how we could find our way to an opportunity that would fit our needs and budget that would have been overlooked by much larger and smarter companies that us, unless of course some influence was to be used in obtaining that opportunity. Gee - we REALLLLLLLLY didn't need to go down that path. I took it as an overzealous attempt by management to appease a lot of background noise from impatient investors, and I still believe that is exactly what it was. We (the company in this case) were our own worst enemies, in my opinion, setting ourselves up for a failure that was almost certain to happen. To the company, the failure was probably a good thing, but for over-anxious and impatient investors - it was a blow to our hopes for shareholder value to increase.
So where does that leave us now? We have a limited amount of cash remaining, and frankly we best find a way to get smarter with it or we will run out before we can afford to - no pun intended. Assuming we indeed have found hydrocarbons that will be harvested in blocks 2-4, we are probably looking 2 or 3, maybe as much as 5 years out before we will see that get going from a production standpoint and we have the opportunity to create a revenue stream from it. Meanwhile, if STP can find a way to actually get their EEZ blocks bid and closed, perhaps we can get around to striking a deal on some blocks to get us more cash and get back into a safe place fiscally, and even perhaps renew the desire (even if it was half-hearted originally) to find a way to get another revenue producing stream. Until then, I just don't see how we sustain any real value increase to our share price. That's the cold, hard facts as I see them, and I agree that isn't exactly the way I was hoping it would turn out.
My biggest mistake with this company was not fully understand African timelines and the multiplier of that by the oil industry. I bought in too deep too early and stopped trading when I shouldn't have, but that's my problem.
The best scenario for immediate shareholder value, in my opinion, is some type of asset selling, either part or whole company, but I just don't see us getting a potential max value before a lot more drilling is done. The GAP - in my opinion - is a myth right now, though it gets closer to a reality with each hole created in our blocks.
So yeah - I feel your pain, but I've made the decision to grin and suck it up. For now anyway.
Good luck with that. However.............
Retep - Nick is the guy who says that nobody knows nuttin.
This board and others like it take what management writes (or doesn't write) and interprets the information (or lack of) to fit the needs of the poster, sometimes to get people on the board upset, sometimes to get them giddy. We indeed are our own worst enemies more times than not.
Gee - I can't wait for the next shareholder meeting when a dot connector can start warning us AGAIN about management secretly planning to strip the company from shareholders while hosing us badly. Don'tcha remember that promise being made to us for months last year?
We have all kinds of crud run across this board. We have a predictor who hasn't hit 1% of his predictions, a dot-connector batting about the same, and numerous other projectors and informers who don't average much better!!!
But hey, it's only a message board and for entertainment purposes only. Keeping that perspective makes life here a lot more simple. Nick remains my hero with the most accure information ever put out here.
As for management and their lack of useful communication - It's been that way for the 8 years or so I have been here. I've heard them called a trillion different not-so-kind names, and believe it or not - it's better now than it was years ago!!!! So I guess that screamin must of helped!!!!
Me - I just sit back and chuckle at it all. As long as EO hasn't sold, not much for me to get worried about.
It's still about the oil. Has always been - and will always be. Until EO wants out.
So good luck to those screamers wishin for 200 PRs tomorrow.
A 1 for 10 reverse split would take care of your $4 per share hangup, wouldn't it?
The bigger issue is the lack of a revenue stream. We go to no higher/better/more respected exchange without it. There will be NO MOVE TO ANOTHER EXCHANGE without a revenue stream.
Except maybe Pinkies.
I doubt we have the spirit to close green today, but I do agree that board voices don't have impact of any strength on the shareprice here. Short term, possibly at times, but not long term.
Anyone who has worked in corporate America should be aware of the ridiculous injustice being served by board member compensation and executive pay. BODs are typically not aware of a company problem until they have it pointed out to them in a lawsuit or investigation. Most BOD members are (in my experience with MAJOR American corporations) friends of executives or CEO/BOD members from other companies that the President or CEO of that company also sits on. It's a big circle jerk for the most part. How good are BODs at monitoring company activity? See Enron, Dynegy, most any insurance company or bank in the last 5 years, Qwest, WorldCom ....... for proof.
BODs are not the balance they should be. Unfortunately.
For ERHE - it still comes down to the oil. Yes, OIL. The rest is just noise.
Please pass the cheese-flavored popcorn.
Based on the shareprice since your revealing post, the student has been punished.
Though, anyone who has been here as long as most of us have shouldn't have been shocked by your dot connections. There probably was a period of 12-18 months where no PR was released by the company about its status when I was first here. No release or meaningless release - it's still my option to leave or stay.
And by this point in time, I have long come to terms with how much good whining about it does!!!!!!!
I do admit it is entertaining though to hear all of the flip-floppers whine. You know, the WE ARE GONNA GET BOUGHT OUT PEOPLE, who then whine about how they don't like the company info sharing (or lack there of). If you KNOW we are getting bought out, why not just relax and enjoy the theater!
Anyone got some cheeeeeeezzzzzzzzzzze?
Here are a few websites that can help in understanding the OTCBB and other exchanges.
http://www.otcbb.com/AboutOTCBB/rulesindex.stm
http://www.allstocks.com/markets/Market_Makers/market_makers.html
http://www.nasdaq.com/
http://www.nyse.com/attachment/amex_landing.htm
http://www.pinksheets.com/pink/otcguide/brokers_nasdrules.jsp
Hope this helps someone.
Because the OTCBB regulations do not require a MM to disclose the exact amount of shares being offered for purchase or sale. The OTCBB is not for most real companies to be listed on because their rules and regulations are very lax and prone to possible abusive behavior. That is why it is not the preferred exchange for public companies, but it also has some benefits over the other major exchanges - cheaper listing costs, easier listing rules and requirements......
If you don't like the way this exchange works, make sure to not go to any company listed on the pink sheets!!! Now there's a place where serious games get played regularly.
Perhaps a few minutes spent looking into the OTCBB rules and regulations could help clear some of your questions and give you some insights.
Come on now, don't go wreckin a board's main conspiracy with simple facts the nominal investor should know.......
Where's the fun in that?
Cool! Thanks for the information.
Just wondering though: Which are the M&Ms that are working the stock, and can you please EXPLAIN how you know they are doing it? I would really appreciate information as to how you can tell which trades made during the day are manipulation trades by an M&M compared to a trade being made by a client of one of the M&Ms. And if they are only trading with each other, how does anyone really make any money on the trades? Are all of their trades commission free? Seems like trades back and forth between parties would offset each other without a 3rd party being involved, but I admit my ignorance in this whole M&M scam thing you are talking about.
I do know that if I was certain something like what you describe is/was taking place in my equity, I would be a fool if I didn't report it to the SEC and get those guys promoted or fired for messing with my stock.
Thanks again for the information.
Hmm.... and wut motivation would the market makers have to have it "under their thumbs"?
Has the SEC responded to your complaint about the "under the thumb" treatment we have been getting?
Thanks in advance for the information.
Who is it you feel is controlling the shareprice, and what has the SEC said to you about your complaint?
Thanks for the information.
Hopefully tomorrow finds a rebound for us. Like others are saying, volume isn't really high on this minor selldown. I'm keeping my focus on the oil.
A box of special chocolates for you Umbra. Kids - you gotta love them. Mainly because they are worth it.