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That is a nice looking chart today.
It was a genuine question about determining the reason for OS increases not another poke at the dilution topic. What are the rules governing what must be reported and when in terms of OS increases? Does every increase need to be reported in detail i.e. day, amount and recipient? This is post no.15 so I won't be responding further today.
Your statement implied that you knew what the recent OS increase was related to (debt incurred 6 months ago or longer). Are you saying that it is not possible for the recent OS increase to be related to other more recent causes e.g. paying wages/bonuses?
How can you say for sure what the cause of the OS increase is without details from SEC reports?
The point I find disturbing is that a company with no real revenue has leaders that accept relatively large salaries. New business owners normally need to forgo salaries until they have a steady cash flow. Works like an incentive to generate revenue.
Point three is your opinion. I doubt anyone would disagree that as an investment this is on the high end of risky.
Thanks - I think that is a good comparison of what schedule we can expect. Q1 2014 seems reasonable.
About the infrastructure is there generally an independent distribution line operator that companies tie into or do new companies need to tie into a growing network owned by (potentially) many different companies?
There appears to be a royalty of 18.75% on the VM-179 lease that will be paid to the Louisiana Mineral Board. Does anyone know if that comes out of Montecito's share of the production as the original purchaser of the lease?
That would be great if you have time. I know there are a lot of variables and I'm just trying to get an idea of how short or long that period might be.
So if they drill a test well in Q2/Q3 are we talking 6 months, a year or longer before they could get to production? And what about connecting into a distribution line?
Anyone know how long it typically takes to get from test drilling to production?
Good summary of VM-179 lease sale information:
http://www.boem.gov/Oil-and-Gas-Energy-Program/Leasing/Regional-Leasing/Gulf-of-Mexico-Region/Lease-Sales/213/index.aspx
Is Monday a trading holiday?
I'm considering all possibilities and I thought this was a discussion board.
Well I made at least two people laugh tonight and have used up my post allowances so I'll stop bothering everyone until tomorrow. Night all.
A fact is that WGAS and its former hasn't been very good at generating revenue.
I admit that I have no knowledge of loan regulations but I assume if I have some money and want to lend it to you I can and it is up to me if I think I will get it back.
Let's see this company drill something, anything, and I'll forget the thought ever crossed my mind.
I'm not saying this is the case here but it is not a stretch of the imagination to think that someone may purchase a lease (with real value in it), then obtain financing and never intend to develop the asset because it is easier to repeat than actually drill a well which might turn out to be a dud.
OK. Anyway I have to put more wood on the fire (the real one in my house).
A real asset is not necessary if there is a perceived asset in the eyes of those buying the stock and for some lenders I'm sure that is all that is needed.
My point is that they know they can get their money back even if a company was never viable because people will buy hope and not reality.
Or consider that lenders know the world is full of suckers.
Why did Exxon bid less than half the price for VM-179 ($125,140)?
Did Montecito really only pay $275,500 for VM-179?
Depending on who it is and their intentions I think it is preferable to paying cash when there isn't any.
So it seems like someone is being paid wages in stock instead of cash.
On the loan conditions my speculation is that $WGAS needs to churn through the non-VM debt before it will fund. I wouldn't want to hand out a loan if there was other baggage remaining on the carousel. If true, question is how long before that joyous moment occurs?
Let's hope so.
So which tree isn't producing - Volk or Mason?
I would love to know - "The reasons for my decision are many and varied."
EX-99.03 5 worthington8kexh9903.htm LETTER OF RESIGNATION FROM ANTHONY J. MASON, DATED JANUARY 30, 2013.
Exhibit 99.03
Subject: Letter of Resignation, Board of Directors and CEO / Presidents
role, Worthington Energy, Inc. Wednesday 30 January 2013.
From: "A.J. Mason" <mason4762@gmail.com>
Date: Wed, January 30, 2013 6:06 pm
To: Charles <chasv@paxenergyinc.com>, Cliff Henry
<chenry@cwhassociates.com>, Paul Jordan <paul@np3llc.com>, Warren
Rothouse wrothouse@suretyfingroup.com
Dear Charles,
I feel that is in the interests of all parties that I resign from my Directorship and current role as CEO / President of Worthington Energy forthwith.
The reasons for my decision are many and varied. Suffice to say, I wish to return to a more active role in the upstream oil & gas industry.
I wish the Company the best of luck in the future.
Regards,
A.J. Mason.
Maybe this time you are right but it is a risk I am willing to take. Not until this company drills a well or buys producing wells at a price that makes sense will I reinvest.
My opinion is that debt holders will bring this down. .005 will come again with or without my opinions. I could be wrong but based on past patterns I doubt we'll see a PR this week or next.
X, it's the only way to play while the current situation remains.
I'm surprised the new blood kept it green this long. It was running out of steam today and with no PR tomorrow we'll see some juicy red. All IMO.
On Dec 12th yes. Tomorrow no.
Buying at 3 all day long feeding the pockets of the debt holders. No PR - I'll wait for 1s and under shortly.
"The main purpose of the commitment letter is to inform the borrower that the loan has been approved, as long as certain conditions are met."
2 and under coming fast