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I don't think that's going to happen (.003's) as long as we get a PR this week and more frequent follow-ups.
The news better be good, and the Company must do more to get the word out than they did with the April 11th PR. What EXTO needs is new investors who see its potential.
Briggs also hinted that thanks to increased cash inflows we could expect to see more frequent PRs in the coming weeks and months.
According to my last conversation with Briggs, the probability of us getting a follow-up to the April 11th PR in the next few days is quite high.
Just got off the phone with Briggs. He repeated that Bayport wants to get a firm footing in terms of its administrative obligations in order to have a strong foundation from which to move forward in its oil and gas operations as well as its mining division.
We spoke about the wells that are going to be reworked. He said they were not previously closed down because they were dry but because of a disagreement between the owners of the land and the holder of the lease. They are moving ahead with the expectation that the three wells will become fully operational.
The good news is that Briggs believes the Company is in the process of preparing another press release that we should see within the next ten days, if all goes as planned.
Briggs always sounds optimistic. He believes EXTO wants to build itself up as a legitimate going concern. He thinks Clay Franks is going to bring Bayport and Rio Riata together, and that they will develop those reworked oil wells and then expand further. I'm sure he has no idea when the next PR will come out, but I will ask him about it this afternoon.
I think others may be speaking to him but they are not posting here what Briggs has had to say.
This downward trend over the past four weeks looks rather ominous. The PR did not help much at all. A flow of information is what was called for after such a long blackout period.
The April 11th PR stated the Company was ready to submit the bond to begin the mining operation. I think the next PR will announce that the bond has been submitted. They will also probably give us a glimpse of what the immediate plan is to get the ball rolling in the mining division.
Yep, I agree. Lawyer doing what he was hired to do. It's required for EXTO to remain current on OTC Markets.
The lawyer is giving his opinion in stating that the Dec. 31, 2011 Financial Statements and March 23, 2012 updated Disclosure Statement are to be deemed "adequate current public information."
He affirms that the Financials are unaudited and are the representation of the officer of the Company, James Porter.
Besides that, the letter sounds like a disclaimer, insofar as the lawyer is trying to protect himself in the event that any of the information presented in those documents contains elements of misrepresentation, material mistakes and so on.
I suggest we keep bugging the IR guy for more information. He will hound the man sleeping under the overpass (Jim Porter) to release more news, if there is any.
If there is oil in the ground, EXTO has to be worth a lot more than this.
I believe the chances of a signed contract with Rio, a producing reworked well and the FINRA name/symbol change are all excellent. Just not yet. So my hope is a pps around .015 - .02 after these three developments materialize.
The man behind the curtain spoke to the public on April 11th, but with no follow-up and now we are headed into the .004's. The very patient will be picking up shares down there, I am sure, and I'll probably be one of them.
I think a good number of shareholders expect the same and have or very soon will move on. They can always jump back in when news is announced, but for now, they will want to put their money to work where there is greater momentum. There was no follow-up to the April 11 PR and so no momentum developed. For now, we will probably continue to move sideways until the Company actually achieves something tangible. IMO
I expect it to take them two more months to deliver something concrete in oil and gas. By that time, there should be a contract between Bayport and Rio, a producing reworked well (if we're very lucky) and perhaps a symbol change approved by FINRA. I think it will be worth the wait if the Company puts some effort into getting the word out.
EXTO could be trading sideways for some time to come. The combined news of a symbol change, a completed contract with Rio Riata and production from the first reworked well should move this up nicely. Some will leave and come back in on the news. Others will drift away and miss the boat completely.
Many thanks for your lucid and edifying explanation. Some of the details you mentioned are touched upon in the April 11 PR, some previous production numbers as well as a statement that the reason why the wells were given up earlier wasn't because they were not operational.
I hope you have a chance to look into this further. Any positive findings will lift Bayporter morale.
I spoke to Briggs Smith yesterday. He sounded optimistic. He believes we have an excellent chance to be removed from the civil case that is holding everything up and that we will get the symbol change sooner rather than later from FINRA. He believes EXTO is nearing the signing of a contract with Rio Riata thanks to Clay Franks. The first of three wells is expected to become productive this Quarter, so there are a number of developments that should drive the pps higher as they are announced. No word though on when the next PR will actually come out.
Ham -- Could you tell me what you think is the likelihood the three reworked wells will become productive?
They're waiting for us to shut up so they can hear themselves think.
Of course, I remember that meeting and your penetrating questions
that really put "Two Toes Taillefer" on the spot. As far as age goes, I think you are somewhat younger than me, now probably in your mid to late forties.
I am very patient but can also be very outspoken. I've been in EXTO for more than a year. I hope they make some headway in 2012 in their proposed mining operation. If they can move as much dirt as they have shoveled BS since taking over this company, we should be alright.
Just to let you know, I also discussed mining with an EXTO spokesperson about four or five months ago. Because April is the month when mining gets going, he told me he thought our share price could be at .10 by this time (about twenty times today's low) based on the company's growing potential. He told me we could expect a string of PRs that would put us back on track, but so far all I have seen is one PR with many forward-looking statements and few historical facts. I'm really looking forward to seeing how this one plays out.
Would be nice to know what is going on with the seafood business in Tennessee, the Maine resort and condominiums, the special auto paint business, water desalinization operation, skin care line, etc., etc., and whatever other ventures they are involved in.
The last PR came out two weeks ago and said they were ready to submit a bond to mine in Utah (or somewhere nearby), so, have they submitted it? If not, why the delay?
When was the LOI with Rio signed and when does it expire? Can the deadline to go to contract be extended? When do they expect to sign a contract in pursuance of the LOI?
There is so much info they could share with us, but it seems they do not feel obligated or even willing to do so.
This is just my perception of the situation here. I'm sure others feel differently.
I really thought we would be getting more news from the company than a single PR this month. Today we are down 15% (so far) as shareholders begin to bail. It could get even worse if Jim Porter has nothing else of substance to report.
Thanks for that clarification, Mat. I would assume, then, it could be a while before we see another PR.
Mat -- How can you verify that Bayport is ready to submit a bond to the Utah BLM? We are taking the Company at its word on so many points brought out in this first PR. I'm not saying Bayport is misleading the public, but this PR was more about what they hope to accomplish than it was about historical facts related to what has already been achieved.
I'm a shareholder and I hope FINRA soon approves the symbol change, that the bond is actually submitted to the Utah BLM, that the LOI leads to a contract with Rio Riata, that the reworked wells become productive, and so on. The fact is, none of these things have taken place and the pps is where it is because of that. The day these developments become historical fact will be the day we find new support levels well above. 01. All IMO.
You're kidding, right? Look at the April 11, 2012 PR, and try to pick out the historical facts. Basically, what you will have is that the name of the Company was changed with the Nevada SOS and that Bayport and Rio have signed an LOI. It is also a fact that a new trading symbol has been applied for. Whatever "plans" are mentioned are considered forward-looking statements. Because no contract has been signed with Rio, whatever Bayport hopes to accomplish in this regard is forward-looking and not historical fact.
If you find any other historical facts in this PR that relate to Bayport, please let us know.
Info about other companies like OXY doesn't count. The PR doesn't even say the operator CTL has an agreement with Bayport, nor is OXY negotiating with Bayport. The PR says the details of Bayport's agreement with Rio will be explained at a later date, and that is just another forward-looking statement.
If I am wrong, please enlighten me.
Management saw very little positive effect from releasing the last PR and may be thinking they should go back to waiting for news from FINRA. They might be thinking the new symbol could come any day now.
There are no guarantees we will see another PR before the end of April. We could also be moving sideways for another month or two. There is still plenty of time to buy around .006 - .0065 and perhaps even lower.
Let's not forget that this is basically a one-man show: Jim Porter.
If he had a staff of competent people around him, he could delegate some of his responsibilities and see to it that company news is being released in a timely fashion. That doesn't seem to be happening, though, so we will just have to be patient while the pps further erodes.
Ask at .0055. Not a great way to start the week, and we could see some shareholders exiting, especially if we don't get a PR by Friday.
I also like that they are focusing on the division where they have experience and connections.
What is it going to take to move EXTO over .01? What is the news the market is waiting to hear?
Without further updates, could be quite a while before we can say good-bye to the .006's once and for all.
Yes, it does look like it could take a couple of months to get to .02, unless news of production reaches us sooner than that. IMO
Sounds like a good way to stay ahead of inflation. How did you become so divinely inspired?
Feisty -- What's the time frame on your prediction? (We won't hold you to it.)
No follow-up PR means momentum has been lost. Briggs should have advised them to keep the news coming.
The share price has gone nowhere fast since last week's press release. The Company promised it has more news coming, but they shouldn't wait too long or we will lose the benefit of momentum.
Would be nice to see two more PRs before the end of April.
Yeah, right. There was no IR contact info included in the last PR.
Anyway, Briggs reads this board, so he knows what shareholders are looking for.