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thanks for the insight.
yes, but if you look at their cash position, drilling program, etc. (the only thing I don't have is their proven reserves), then they appear significantly undervalued. In that context, I'm troubled by the pie-in-the-sky PPS that Genstock and others bandied about because DRLL's PPS might be a roadblock or ceiling in terms of HENC's valuation (if they ever strike). And especially troubling is the fact that DRLL is in the same slop hole as HENC. When you value similar companies, you look around and see who your neighbors are......
yeah, I was thinking about the rain dance part, as well. one of those crazy thoughts running through idle minds waiting for a spec of news....
here's another crazy thought....
Drillsearch - does anyone have any deeper knowledge about them? on the surface, they seem ok....they have revenues, decent amount of cash, etc. discounting the fact that oil is at around $50bbl, I'm wondering why their PPS is so low? Deservedly low? Does anyone have their proven reserves figures? Given that they have sizable tracts under lease, cash flow, revenue, substantial drilling program...market cap is 189MM, PPS about 41cents, o/s shares 461MM, cash 91MM - - does one assume that their leasehold value is extremely discounted? proven reserves might be low? what?
Which leads me to HENC....is Drillsearch the vision of our future? I'm not very sanguine about the HENC puppy at the moment if DRLL is at 41 cents with a real balance sheet and income statement.
Need to hear from voices of reason..thanks.
Eric Pimm's signature was Sept 16, 2015 - auto-date document?
starting to get interesting.....
another WAG conspiracy....
HENC stk price was pushed down for this purpose
Strongbow issuing shares to purchase HENC stock?
Well.....this is really not the way to go if you want to prove your reserves and sell the company, like Genstock says of Holloman's plan.
One well every few years is a great recipe for missing the boat. The likelihood of coming up with a duster is way higher than that of striking. So, the odds are against us and will forever be against us as long as they take this slow-boat-to-China method.
If there's one thing I can tell management it's that they should have a greater sense of urgency. You would find out sooner if you're in the poor house or in the White House. But at least you get to know what the heck is happening and move on!!!
the dreaded rainy season....
any well program that's more than ONE works for me!
Also, anyone with experience drilling please chime in. Is there a per-well cost difference if you drill only one well vs. a package deal of two or three wells? In other words, is it less costly to drill more than one well, and would the savings be worthwhile?
Given what's in front of us, insofar as PR's go and info disseminated, I think the opinions expressed are fair and not hiding any ulterior motives. I call a spade, a spade. Someone here feels that one well is ok and that financing future wells should come after we strike oil. That's all well and good if you want to place your eggs in one basket. What if we hit a duster? Will we then have to wait three more years??? or whatever the next OBLIGATION date is?? My opinion is that we need a multi-well program to kick this thing into gear. We bite the bullet and do the financing, but at least we have a chance to mitigate a catastrophic event such as a duster on a single well program.
yeah, I'm on the same page as you....
Hey Gump,
Someone mentioned earlier about the wording in the PR, particularly the phrase "obligation well". That stuck in my craw. Obligation has such a negative connotation. It's just gives me the sense that things might not be on the up-and-up. One and done ain't the way to go. Apparently HENC wants to take a wait and see approach as far as drilling programs go. I'm not on board with that. We really need multi-well drilling. A 3 well program exponentially raises the chances of striking oil. Something still smells in this oil patch.
Fundamentals don't necessarily translate well at this level. it's all about supply and demand; for now, TGC's demand has been impacted by a not-so-trustworthy mgmt. I'd be scared sh*tless of buying into a company that transfers my wealth to a non-public entity whose mgmt is cozy with TGC's.
yes, just thinking out loud.
Also, while I'm thinking out loud.....I'm not sure I buy this "short" story.
After all, the company will not fade away if they don't strike oil. The lease will still be there. And, if there are so many millions of shares short, at what price do they think they can cover?
if the company drills a dry hole, the stock tanks, but I guarantee you there will not be millions and millions of shares available at very favorable prices.
doesn't pass the stink test, for me at least.
anybody hear anything about the JOA meeting?
a question I always wanted to ask....
Is drilling off-structure a violation of management's fiduciary responsibility to safekeep company assets? do they have the right to flip a coin and drill anywhere they want, event though they hired a consultant to provide drilling probabilities? In other words, you have a toilet paper manufacturer, and management is concerned about their paper formula. They hire a consultant and he says that they need more sodium hydroxide to soften the paper. Management says it's too expensive and decides to inject sand into the process. The resulting toilet paper exfoliates your butt and the company goes bust. Is there recourse against obvious incompetence by mgmt?
yeah, I've been here waaaay longer than my created date indicates.
Been through the floods and all that stuff, and certainly appreciate Tchauncy for all he's done. i'm sure he has other ideas about how HENC's business ventures should have been handled....like striking when the iron is hot (i.e., have a greater sense of urgency when the price of oil was $100+). in the end, HENC's carefully measured steps were TOO cautious.
Do you play golf? Don't you hate it when you take out your hybrid to play it safe and still hit it in the rough?? That's HENC's mgmt style.
Yeah, I was wondering about tchauncy, trident and the real genstock. Curious why there's radio silence right now.
Probably a nice trick by GEM-stock....
He has some stock to sell, the bids were too low so he puts out some bogus info and the buyers raise their bids
Looking at the volume, i think GEM-stock influenced some buyers today
good time to either bury the hatchet, or sharpen it further.....
I opt for the burying.
whoever is to blame, it needs to get sorted out and put behind us so that we can drill and hopefully reap the rewards.
This is ENTIRELY laughable.
So, according to Trident's logic and extrapolating further, TGC snookered their own kind (Persville) into buying-in and shifted a portion of their ownership to them. Boy! That ought to fix 'em!!!
If Perseville was a COMPLETELY unrelated party, I'd buy the fact that the 3D might not be sweet enough. But to pull the percentage ownership in the PELs from unsuspecting TGC shareholders and shift it to RELATED parties....hope the courts can sort this out.
if there's any legal action, as has been claimed, I believe that will grind things to a halt. Nico & Co. probably can't move forward until the litigation has been lifted. why would anyone with a litigation hanging over them proceed as if nothing happened?
just my 2cents
Sunshine....
You get the opportunity to participate in a drilling program; a FIA is presented to you, you read it, your lawyers read and you happily sign on the dotted line. You knew going in what was expected and YOU SIGNED!
Now, you claim the FIA to be unfavorable, is if you were hoodwinked. The damned terms were laid out in front of you and then when push came to shove you back-door out of it like a slithering snake.
It wasn't up to HENC to help ANY partner in finding financing. That's the price you pay if you want entry into a program. Quite simple. And, on the flip side, YES, HENC expected you to come up with the money and carry them!!!! Those were the terms!!!
"Yes, your honor, I signed the agreement, but it is not a very favorable one, that's why we are begging out and want to give the shaft to our erstwhile partner"
By loopholing your way out, you've now muddied the waters and who knows if the ship will right itself or if it continues down.
Unreal....
ha! I'm trying to do more FINance and GOLF...hence the moniker. But this troublesome stock is in the way of a better handicap.
Hi matt,
I, too, am trying to figure out what's going on here.
Is Trident using this as a public court in the hope that he may curry favor somehow and try to come up with some mystical result that leaves a warm and fuzzy feeling?
Mudslinging, crap-slinging, etc, is getting very tiresome. Maybe TGC and HENC can patch things up, I don't know. But one thing I do know is that working with people you don't like with a goal toward profiting from the venture, is one of the most distasteful scenarios out there. How can you partner with someone and loathe them at the same time? That's what I see -from both sides.
Trident - you're a TGC owner, how do you reconcile the fact that mgmt has taken salaries? Are they short on $$$ ? I thought they cashed-in handsomely elsewhere. Any TGC holder should be PO'd about that. How many hours (or minutes) do they spend on TGC work during a week? Need to file that under: "Get real"
Smooth - I read one of your old posts fawning and praising TC. MY how things have changed! When did the kid gloves come off? Two-faced is a word that comes to mind.
HENC comes out with a PR and it's not good enough!?!?! What the heck do you want, for them to tell you "everything is great, but due to pending litigation we have to hold back information on advice of counsel"? Isn't that the subtext?
Other than that, things are peachy.
Gen -
I'm happy about the news. No problem whatsoever. It tells me that mgmt cares about their shareholders. period.
Cougar....no offense, but you're totally a glass half full guy/gal. I'm not sure if anything can make you look at it in a more positive light.
Back to Gen - reason for not buying: too many of us have already filled our drawers with stock certs and waiting years for a drop of oil to come out of the ground. Need new investor money to push it up quicker before spudding.
yes, somehow they have to find a way to bury the hatchet (and not in someone's back) and go according to the agreements that are in place and drill for the good of ALL shareholders.
Which brings us to the next question, which is:
Would any unscrupulous "partner/operator" intentionally drill a duster in order to gain equity, and then drill the obvious location after their ownership percentage is maxxed out, thus eliminating, to as large extent as possible, any sniveling shareholders?
I could use some Alka Seltzer right about now.....
read tchauncy's post on TGC....
now there's going to be a s/h derivative suit against TGC.
this will never end.
of course, you, me, my money and everyone else is caught in this darned mess!
a victory, is a victory...no matter what the vote count.
hope the silence is broken by HENC soon
I'm quite PO'd that i see trident chirping and plainly being antagonistic towards HENC. This is our partner????
Is this what it's come down to? TGC ruling the roost?
I didn't put my money into a company that is now 2nd fiddle to obnoxious idiots, did I?
NEED TO FIX THIS, post haste!!!!
but, then again Pers is privately held....so it goes back to the seismic being the catalyst for Pers' land-grab
Bingo! that's the reason.
Unless.....maybe they wanted to manipulate the stock price? not beyond the realm considering the utter BS that's been foisted upon us.
my 2 cents....
I think there was a recoup clause, but everyone seems to overlook that aspect of the contract.
At first, the mudslinging and all the BS was somewhat entertaining. Now, the reality of this cr@p is that my money is on the line.
HENC, Perc, and TGC better get together, or I might be visiting a class- action law firm.
the question remains, to what extent is each side willing to go? is there a middle ground? can a compromise be reached? the shenanigans should be punished, but at what cost to the HENC and TGC shareholders?
it's also very telling and illuminating that TGC's mngmt tried to siphon off equity from TGC to Perceville AFTER, as you say, seeing the 3D. very interesting.
but meanwhile, we're all here sitting on our thumbs.......
very interesting, TC.
maybe......civelli is behind the shorting of HENC? what better way to get your partner's assets than to screw him at every turn?
what a mess this thing is turning into.
Kreskin.....
you suddenly appeared out of nowhere (created a new alias today) and now you're the voice of reason (and valuations).
Let's see your disappearing act! Poof!
Zzzzz.....you obviously know nothing about valuations. Have good day!