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Link to the SEC F.A.Q page for halts...
http://www.sec.gov/answers/tradingsuspension.htm
Flatsixer
RRGI trading has been halted effective this AM...
Code H10 = "H10 Trading Halt - SEC Trading Suspension .
The Securities and Exchange Commission has suspended trading in the security until further notice."
http://www.otcbb.com/dynamic/marketwatch/mwsubhome.stm
Flatsixer
No, I don't think so bman.
I think that the relentless seller, whoever it is/was, has stopped selling over the past few weeks and the price is slowly moving up. Sellers aren't knocking the price down anymore.
Looks to me to be normal buying pressure. Too bad that multiple brokers are maintaining their trade restriction on BESV.
Flatsixer
The AFJ technologies are proprietary and are so competitively unique that BESV is patenting the process to protect the increasing value. These paragraphs cited together are quite a statement!
"Competition
Blast is in the energy services sector which has many other firms offering a wide range of services to oil and gas producers. We are not aware of any major competitors to our specialized AFJ service.
In February 2009, we filed a provisional patent (application number 61/152,885) relating to the process and unique equipment related to our applied fluid jetting process. This filing preserves our exclusive use of this proprietary process. Later this year we expect to submit the final patent application.
We believe the applied fluid and abrasive jetting technologies and related trade secrets may be instrumental to our competitive edge in the oil and gas service industry. We are highly committed to protecting the technology."
Flatsixer
The AFJ stimulation's competitive value in their market niche...
"Conventional and directional drilling is slower and significantly more expensive than our service and only applies to high productivity wells as do the massive sand fracturing jobs common in the market today. Blast is not competing in this segment of the market place. The large energy service companies such as BJ Services, Halliburton or Schlumberger cater to the high price end of the market for the minority of wells that actually have high production potential. We believe that this leaves over a million wells, that are not being serviced by the larger companies in the industry. There are a few other small operators that offer a service they claim to be similar to Blast, but they are universally limited in both gaining access to the formation and having sufficient pressure and volume flow to laterally jet effectively."
Flatsixer
In the 10K...Blast confirms that the AFJ stimulation process is fully developed for commercial use...
"Management believes we have successfully commercialized the AFJ technology. We currently have several active customers for our AFJ rig, including Reliance Oil & Gas, Pantera Energy and Resource Energy Technologies. Thus far our customers are small private oil and gas companies with lease ownership interests in Texas and Kentucky. Our sales and marketing team is very active in prospecting for new customers, including a potential new client, which is a major public energy company with operations in Kern County, California. We are also actively pursuing joint ventures and alliances in this market niche.
The use of the AFJ process in the existing energy business is very small but has the potential for explosive growth. The vast majority of the approximate 2.5 million wells drilled in the U.S. since 1949 are either shut-in or are producing far below their productive capacity. "
Flatsixer
The Blast 10-K is out...
http://www.sec.gov/Archives/edgar/data/1141197/000114119709000005/form10-k.htm
Flatsixer
No, I called the price action intriguing.
A 100% price spread kills any volume until the b/a tightens. The fact that the ask remained the same while the bid advanced from the previous day's close is worth noting.
Pay attention...;^))
Flatsixer
Well, today was curious to say the least. No volume, but the bid/ask started the day at .11 X .22. As the day went on, the bid rose first to .12 and then to .13 where BESV closed .13 X .22.
Lotsa intrigue here...finally!
Next week should be verrrry interesting.
Flatsixer
I wish someone would hit that .22...;^))...em
LOL, yeah .11 X .22 it is...em
tdjohn...Not as far as I know. Anytime, perhaps. A stock that I know to be virtually insolvent was suddenly dropped from their buy trade restriction last week with no notice or reason given.
Prophylactic trade restrictions are getting more and more common with the pennies. The really odd thing to me is that they won't even tell the company attorney why it was done in the first place.
I think that all the brokerages have been seriously burned by ID theft scams and various manipulations over the past few years. Their computers flag based on certain models and they blindly follow it just to be safe.
It is punitive and casts a shadow on the stock. They should be required to disclose the reason after investigation. John O'Keefe says that BESV has sent a lot of documentation about the company through proper channels to no avail.
Blueprint for a class action suit if you ask me.
Flatsixer
None to share...;^))...How 'bout you?...em
Simple chart...
Flatsixer
Today's volume 49,773 listed as ALL buys...em
Oh, don't mistake, I'm here!
Keeping daily tabs on all the rumors and prospects for Blast day by day.
All good news coming for BESV IMO...
Flatsixer
Hmmm...Now THAT is a nicely put sentiment...
"Hope life is teating you well."
Flatsixer...;^))
Scotch's word is good enough for me...
Gabe didn't task Scotch to convince shareholders of anything IMO. All I ever read here are his carefully written posts trying to do exactly the opposite of misleading anyone about the RRGI situation.
I have no opinion on Gabe because I haven't seen him do anything.
I hope that something, ANYTHING, good happens to the long suffering shareholders of this stock. It's at least cool to see that the excitement still smolders and, who knows? Mebbe the proactive efforts of a few will get things moving again.
JMOs,
Flatsixer
Read this part closely...
Hmmmm...
"{BESV}...stock does not represent its true value and long-term prospects, based on recent positive results relating to the company’s applied fluid jetting
technology and “the traction we are seeing in the marketplace to contract our service.”
Flatsixer
Good find bman! Here is the link...
http://houston.bizjournals.com/houston/stories/2009/03/02/daily50.html
Flatsixer
That's funny, Orion. And I understand your compulsion...;^)).
The good thing is that if Laurus is indeed selling then Blast mgmt will help to gobble up those shares. Plus, by officially putting out that PR, one might interpret it as having been done to be proactive inre SEC compliance for insider purchase/sale.
JMOs.
Flatsixer
Yes, I've mentioned that possibility for months, now. There are multiple initiatives to buy the Laurus shares. Both on the open market AND privately IMO.
Nothing but good news.
Flatsixer
Today's PR as posted on the BESV company website...
http://www.blastenergyservices.com/news/Blast%20Mgmt%20to%20Buy%20Shares.pdf
Flatsixer
Yes, the wheels are turning...;^))...em
THX snowcloud!...Here is the Yahoo link...
http://finance.yahoo.com/news/Blast-Energy-Services-prnews-14567555.html
"Press Release Source: Blast Energy Services, Inc.
Blast Energy Services' Management May Purchase Common Stock in the Open Market
Friday March 6, 2009, 12:59 pm EST
HOUSTON, March 6 /PRNewswire-FirstCall/ -- Blast Energy Services, Inc. (OTC Bulletin Board: BESV - News) announced today that its management believes that the current trading price of its common stock does not represent the true value of the common stock, based on the recent positive results relating to the company's applied fluid jetting ("AFJ") technology and the traction we are seeing in the marketplace to contract our service. Therefore, the company's management may purchase shares of the company's common stock from time to time in the open market or in private transactions, reflecting management's confidence in the company's long-term prospects."
Flatsixer
Verdiking...That lawsuit regarding RET has nothing to do with Blast. It was filed by some failed promoters doing biz with RET who were spurned on a business deal.
The suit was for interim injunction to audit RET’s books (thrown out by Court) and to remove RET as Operator (there is no basis for removal).
Doesn't affect Blast at all.
Flatsixer
Why don't you provide a link? Or, better yet...why don't you sign up for PACER yourself and post the details here on the board?
It is free for quite a number of pages before PACER charges.
Flatsixer
Hmmmm...
"Any economic recovery results in higher energy prices -- it's elementary. That means $300 crude oil could be one year away or three years away, but certainly not much more.
There's been almost no progress on the march to alternatives. The global investment engine has ground to a halt. With oil prices at these levels and the market in tatters, the last place investors want to put their money is in the alternative energy space.
But OPEC has cut production across the board. We already are seeing supplies start to taper off. Eventually, demand will catch up with supply and we'll be right back in the same boat we were in a year ago.
Shares of many key oil stocks took a plunge, and now they're offering some great entry points...Many others are attractive."
http://www.marketwatch.com/news/story/position-yourself-now-300-barrel/story.aspx?guid=%7B9C42CE1C%2DB7C8%2D4C22%2D8907%2D3A8D60BE1F0B%7D&dist=TNMostRead
Flatsixer
Here is the link to the E&P March09 issue...
http://www.epmag.com/Magazine/2009/3/
Flatsixer
Fresh!...Here is the March 2009 E&P article link...
http://www.epmag.com/Magazine/2009/3/item31503.php
Flatsixer
E&P March issue has still not been published. Here is the link for the online version of the magazine:
http://www.epmag.com/Magazine/2009/
Should be up any moment according to them. ?!?
Flatsixer
MapQuest link for North Wilkesboro, NC...
http://www.mapquest.com/maps?city=North+Wilkesboro&state=NC
Flatsixer
More info on NWS in Wilkesboro, North Carolina...
http://en.wikipedia.org/wiki/North_Wilkesboro_Speedway
Save the speedway effort...
http://www.savethespeedway.net/
A YouTube on the speedway from September 2007...
Reminder...The E&P article on Blast comes out in a week.
Flatsixer
Some thoughts about BESV "day rate" AFJ revenues...
Assume 5 days/week 40 weeks a year to cover weather, breakdowns, & to be generally conservative for a relatively new product in the market place.
This equates to approximately 200 working days per year.
A modest day rate of $20k per day net to Blast generates revenue of $4mm annually.
A more optimistic day rate of $30k per day net to Blast generates revenue of $6mm annually.
Think about those figures. That is just the revenue on one AFJ rig in operation.
Flatsixer
Tivo...I believe that employees of the company have bought shares here and there on the open market.
Flatsixer
I dunno...it was all sold or all bought at the bid today so someone had to suck up those shares. Hopefully, Laurus sold a bunch more today...every bit helps wipe them out.
Flatsixer
Verdiking, I believe that I remember being told that the AFJ rig can stimulate somewhere around 4 wells per week on a multiwell project. I'll check up on it because I KNOW that they can do faaaar more than 4 wells a month.
I'll get back with the info...
Flatsixer
Verdiking...
Under your heading "The Bad" I think there are 2 errors...
1) The repositioning of the rig has been quoted to me as less than one day's work time.
2) Most of these wells are already drilled but have low production rates. The AFJ stimulation has a "force multiplier" affect that increases production at a low cost.
The AFJ rig is completely redesigned and is radically improved from the old Verdysis days.
Flatsixer.
Just got this email broadcast (2:21EST) from Blast...
"Dear Blast Shareholders and Investors,
In case you missed it, I wanted to provide you with a copy of the 8-K we filed on Tuesday relating to the equity portion of the Hallwood Energy litigation settlement. As you may know, up until this amended agreement, the form of the $2.75 million equity settlement had not been determined. We believe that this is a positive result for the Company. In summary it provides:
· 7% interest in a company with natural gas reserve value upside – benefited by acquiring asset at a low in the natural gas market. Further the units are a real investment asset – not a promise to pay.
· The partnership interest is preferred with a 16% nominal coupon. There is no ability for Hallwood to cash call Blast for drilling expenditures.
· The $7.65 million book value of the units is well above the settlement value of $2.75 million - the discount significantly mitigates business risks associated with a typical E&P company:
o Lack of liquidity for a private entity
o Uncertainty of future drilling success
o Volatility of natural gas prices.
· Hallwood is incentivized to sell our interests for a minimum of $2.75 million cash should the opportunity avail itself.
In the end, it’s a play on natural gas prices and their drilling program.
This agreement eliminates the need for the equity valuation hearing originally scheduled for Friday, February 20th.
Note: the values represented above are gross settlement proceeds. The net benefit to Blast will be approximately $1.8 million after contingency legal fees.
Blast Energy Services, Inc.
14550 Torrey Chase Blvd.
Suite 330
Houston, TX 77014
281.453.2888
281.453.2899 Fax
www.blastenergyservices.com"
Flatsixer