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The first PR in the new era of transparency came out last Wednesday, April 11. I would like to see a follow-up PR released this week, no later than the 20th, to keep building momentum. Right now, there just isn't any.
Up. A little bit with each PR. The big news will be "production," and then we fly. IMO
lMy order for 65,912 shares filled at .006 to give me a nice rounded total in my portfolio. When it is announced that the first reworked well is in production, I believe we will be at five times the current market cap.
EXTO is now "the little engine that could," that no one has heard of. Getting the word out and building a reputation will take time. When they announce the first reworked well is in production, we should hit all-time highs. Hopefully, and perhaps, even before then.
Would like to see one new PR each week to keep Bayport in the news.
Thanks, Sterling. This is just the kind of discussion we need on this board to help everyone understand the potential of Bayport
Holdings and its Rio Riata affiliation.
The key issue for now is whether the three reworked wells can be brought back into production and begin to generate revenues.
I hope the Company continues to speak about its plan to expand its operations beyond those three wells. I'm glad they did not start making predictions about how much money is going to pour into the Bayport coffers once they become producers. They're taking their presentation one step at a time and not getting ahead of themselves, and that's fine with me. Hey, we waited six months for this first PR. I think I can wait two more months for oil! And if I had the powder, I'd be picking up more cheapies on this brief pullback.
All the best,
Lochan
The subtle message there is that because OXY is in such close proximity, the possibility of a buyout of Bayport's mining interest
somewhere down the road becomes somewhat likely.
Not a very strong close today, at .0058. Many expected a more positive response to the PR. Actually, I found the PR quite difficult to decipher. Also, I haven't heard anyone here explaining in depth or talking about the details mentioned in the PR. I think it went right over many people's heads, including my own.
Is Rio Riata becoming a subsidiary of Bayport, and is this the company that Bayport plans to distribute its dividend through?
The PR could have been much more clear in explaining what leases are currently held by Bayport and then explaining what additional leasehold interest Bayport hopes to acquire through Rio Riata.
I'm still trying to figure all this out:
"...three wells located within the Peck A lease covering the south 320 acres..."
"The Peck A and Peck B lease covers 20 acres."
Bayport and Rio Riata "own an additional 160 acres within the area."
Then there is mention of the south 20 acres under the SW/4 which appears to be what Bayport is after. And finally an area of
160 acres "under the Peck A and Peck B leases" which is held by OXY, all very confusing to the lay person.
I find this corporate update so convoluted that I am unable to imagine how someone unfamiliar with this type of offset production leasehold agreement could understand the value of what is taking place.
As a final thought, what is it that Rio Riata will get in exchange for its remaining controlling leasehold interest?
TIA,
Lochan
Sterling -- How ya' doin', buddy? I wanted to ask you about the role of CTL Oil and Gas Corp. The PR states CTL has an agreement to be the operators for the Peck A and Peck B leases. Who is their agreement with, and does that make them the exclusive operators in the area?
That Bayport/Rio Riata expect to start production out of the first reworked well during the current quarter is very promising. Revenues at last!
Do you think the other two wells in Peck A that will be reworked could also be producing in 2012?
It sounds like Rio Riata is in negotiations to JV with Occidental Petroleum. Is that what is to be understood by Rio Riata "enhancing its participation" in the SW Quarter of Section 372? What are your thoughts?
Gratefully,
Lochan
I was wondering why the names of individuals do not appear in this PR. Is it because of the new way of thinking, that a corporation is a person, so now we don't have to mention the name of the President or mention the IR guy at the bottom of the PR? There is, however, a link to the website, so there is a way to get more info if you want to do the research. Anyone else find this strange?
Today's PR showed the Company has a lot of potential. The problem is that the only eyes that have been on this stock belong to longs who have been accumulating shares while waiting for some new info from Bayport. With this "big" news we saw a 13% drop in pps on average volume.
It will take a while to attract new investors. It will also take more than an LOI to impress jaded shareholders and get this show on the road. The other divisions should also post their progress reports. It will all add up to quite a bit of excitement.
Yeah, right. And you know this how?
I think it is futile for anyone (including IR) to try to predict when the first PR will come out. I think if we get one or two PRs during the month of April, we will do just fine.
That's all administrative stuff, and I'm glad they got a lot of that taken care of. What many hope the PRs will reveal is the progress that has been made over the past several quarters in terms of revenues and production. Oil and gas output, especially. Maybe they have concluded deals to arrange for financng in other areas, as well. I, for one, am not interested in hearing about a contemplated dividend until the acquisition of the trading entity has been executed.
What I expect to see in a PR is a plethora of forward looking statements. It will then be for each of us to judge the value of what they have to say in terms of how the pps will be driven in the short, medium and long term.
That's really funny!
Glad to see this holding above the 50 day and 200 moving average. Bodes well for the rest of the week in anticipation of news.
Doog -- What information do you hope or expect to see in this PR?
Let's not read into what Briggs said any guarantee that wasn't there. The message was that he "believes" the maximum timeframe for the much awaited PR to be ten days. He doesn't sound very sure that what he "believes" can be guaranteeed with any certainty. It could very well take longer. Briggs has promised nothing definite, so let's not get people's hopes up in anticipation of an event that may or may not take longer that what Briggs wants to believe.
That is also my thinking, rubs1. I have been disappointed several times in the past by the IR department and its predictions in relation to the timing of announcements, PRs, and price appreciation. I will always take what I hear from IR with a grain of salt until this Company shows more reliability.
IMO, if they knew what they were doing, they could easily say "this week guaranteed" or "next week guaranteed". Personally, I think Briggs Smith has resorted to looking into a crystal ball and is guessing when a PR will come out, just as they have all of us guessing.
Why would they need to take ten more days to prepare a press release? Sounds to me like Briggs has started his own rumor today.
I believe the Company cannot really put the past behind itself without the name and symbol change going into effect. I would like to see a PR this week, too, but to say "within ten days" -- you might as well say "by the end of April," and have a good snooze while you wait.
If Briggs wants to be like the Babe and call his shot, he should say, "no later than this Friday." Then, we would have something concrete to look forward to. Otherwise, it is just so much word play, in other words, it is nothing more than EXTO (monkey) business as usual. All IMO. No disrespect meant.
I'm with you 100% on that.
Of course, I was speaking theoretically, that if they issued more and more outstanding shares to raise capital, eventually there could be so many shares in the float that there could be a takeover attempt. Do you think that possibility never entered their minds? Of course, it did. Not that I am a mind-reader, but the whole idea of the 2M pfds was to avoid such a takeover. Right? What I don't know but would like to have explained is why they reduced the A/S to 850M shares. If you can explain why they chose that particular number, I would be grateful. TIA
Their purpose in going public was to gain access to capital markets. That means they will be selling additional shares when the time comes, i.e., when the pps reaches a level that makes it worthwhile to do so. If someone doesn't agree with what we have to say, it doesn't mean they must be blind to not see things the way we do. There is more than one way to interpret the scant information this company has made available about its operations. For example, who was present at the "directors meeting" on August 26, 2011 where it was decided to reduce the no. of authorized shares? I can just picture Lou Porter, Jim Porter and Jim's wife sittting at their kitchen table discussing how to reduce the A/S. I would think one of them must have said, "Well, we can always increase the A/S again later on, if we want. After all, we have complete control with all of those pfd shares and 1000 to 1 voting rights." Meanwhile, shareholders are thinking how magnanimous the Porters must be to reduce the A/S to remove the illusion of dilution. The fact is, they had to reduce the A/S for fear that the company could be taken over. If more than two thirds of those 3B shares were acquired by some third party, they would have more control than the Porters with their measley 2M pfd shares with 1000 to 1 voting rights.
Everyone has the right to agree or disagree with someone else's opinion. Because the Company is not sharing any information at this time, no one can say they have indisputable evidence to support their view of things. Even if they were to publish a PR, without third party confirmation, their word is only as valuable as their perceived honesty and integrity. All in my own opinion.
Here is a fact you may have overlooked: without increasing the A/S, Porter can issue an additional 170 million shares at any time. With their controling interest, they can also apply to increase the number of authorized shares without the approval of other shareholders.
Let's not give them more credit than they deserve. Many here were expecting a PR this week but what we got from the company was not even an official peep. Some here had even predicted a PR by the end of the previous week based on a report of a conversation someone had with Briggs Smith. Actually, with regard to EXTO, there are very few facts available at this point upon which to base intelligent investment decisions.
I've seen this mentality before, where the CEO thinks he has no duty to protect the interest of the shareholders because our money did nothing to help them build the company. We have just bought shares as speculators but the Porters are doing all the hard work.
Right, TBE, thus far there has been no dilution, but the reason is the depressed share price, not the generosity of management. When buying pressure pushes the pps to higher levels, don't think we won't see Jim Porter selling new shares into the market. He will say he is raising funds for acquisitions and working capital, but that won't be his only motive. A CEO who completely ignores the shareholders of his company for as long as he has cannot be putting our interest before his own. This is just how I evaluate human behavior. I have no dislike for the man, but I'm not about to bring out the pompoms until Jim does something concrete to show he is a real business leader with a big heart.
Last week, Briggs said it was official -- the Company was not going to wait any longer for FINRA to announce news. More than a week has passed since that announcement, but no word from Jim Porter and Co., so what are they waiting for now?
Based on what Briggs said, many here were expecting to see a PR last week. Now another week has passed, and "Nada!" Many empty promises coming from EXTO with Briggs fronting for the Porters. Again, I say it's time for Jim Porter to "man up" and address his shareholders. If he wanted this company to serve as his private piggy bank, he shouldn't have taken it public.
Without news, we cannot even maintain the .006's. Time for Jim Porter to step up to the plate and tell the world what he has been doing during all these months of silence.
Hope you're right, Mr. D. I can't wait to see some long term capital gains on my 2012 tax return.
I thought you were going to mention they only showed $400 in cash on their balance sheet and can therefore not afford a PR.
I believe Jim Porter is busy with other revenue producing business ventures they chose not to include under the corporate unbrella, most notably, the seafood business. If this is not true, let Jim Porter defend himself and explain what he thinks is his fiduciary responsibility as CEO of a publicly held company.
Jim Porter needs to "man up" and stop hiding behind Briggs Smith, his IR guy. He avoids dealing with shareholders directly and offers no explanation as to where the Company is headed. He apparently does not like being the head of a publicly held company, having so far failed to rise to the occasion.
Dropping below the 50 day MA, the EXTO chart is not a pretty picture. C'mon, team Porter. Put the pedal to the metal and get this thing moving again. What are you waiting for this time? Still need the lawyer's approval to do number one?
No. Next week has come and gone.
Maybe someone can call Briggs to find out when we can expect the first of these "meaty" PRs. I would call him, but I'm busy preparing tax returns this week. This is my last post for the day.
TIA
Since I've been accumulating shares since 3/31/11 my capital gains, if I were to sell from this point forward, would be long term. The tax system always favors those who wait at least one year to sell, if there has been capital appreciation. My average pps is right around the current price, and I was hoping for a multi-bagger by now as I am sure every other shareholder also was. EXTO has tried our patience and put us to the test. I'm still hoping for a major reward here because I believe the Porters want this to be a winner for all of us, not just for themselves.
The only thing I know for sure is that they may or may not release a PR by Friday.
Personally, I think they will give FINRA until the end of this week to make a move.
Please don't get me wrong. I'm very bullish on Bayport and still holding lots of shares.
My hope, though, is that the Company will no longer be making wild claims that never fructify, as we saw in the past. I think that if they can make even one division produce nice results, be it gas and oil, REE's, gold, seafood, resorts or whatever, we will do just fine. But if they deal exclusively in promises of future operations without posting any tangible results, we will stay right where we are, IMO. I'm a long here, so I hope you are 100% correct in your outlook.
Now that the First Quarter has ended, it would be nice to hear whether the Company has had any revenues in 2012. Another pps driver would be more information about this dividend they are contemplating. The market won't settle for pie in the sky anymore from Bayport. Give us the facts. That's all we ask.
They were taken by surprise by their own decision not to wait any longer for FINRA to approve their name and symbol change. I expect the Company will take several more business days to put together a PR that will explain all of the operational progress they have made in the last six months besides the setting up of a home office.
Someone at EXTO headquarters must have read my post #42222. Nice work, Doog, getting the Company to make an official statement.
Now, after all these months of waiting, let's see this thing fly!
The updated report mentioned one staff employee. Is that a person who comes in to clean the home office, or is it the lady of the house who does the bookkeeping?