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Thanks for finding that paragraph GS. I knew I'd seen something like that when I initially read the new Q, just a little tired when I made the post you've replied to.
Can't say with certainty that a verdict/settlement on the case with Montecito constitutes a "material event which must be reported." Maybe xzx can chime in on this since xzx has already had to remind me of this regulation a couple of times. If it IS a material event then it would of course already have been reported if the case had been settled.
I know that the Parish of Orleans Circut Court has records available online for anyone willing to pay $100 to access them. No idea what, if any additional clarity the records would provide.
I'll admit I'm cheap and don't want to spend the $ to see what's there, but my experience with online court records (in real estate foreclosure cases) coupled with the "pre-approval commitment of $8.5 mil for Vermillion development has me thinking I'd end up wishing I'd spent that $100 on a couple more shares WGAS.
As for an unfavorable settlement on VM179 being "cause for concern." Won't argue that would suck, however I'm of the opinion that the value of the Vermillion lease isn't really built into the current pps, so while the pps might take a hit if we "lose VM179," afterward non-dilutive financing for, say, D-Bar would easily cause the share price to correct and surpass the VML179-inclusive valuation.
my 2
It may very well be that Montecito wants out because they were compensated on 24 cent/share basis, but it looks to me like the default on this promissory note has something to with the legal basis of their grievance.
I see where you're coming from Blindman but I don't think that will work effectively.
So much has changed since the sale contract went into default.
New CEO.
A new acquisition (Mustang Island) with full production a month or so away.
More outstanding shares.
The possibility of super duper financing in the not too distant future...
If the VML deal survives litigation it will (IMO) be because the new pre-approved financing came through, and that will be different as well. See, whereas before we just had ownership of the lease, we'll get VML "back" and it will already be financed. Much better than simply having the lease.
That's my take. So I guess what I'm saying is, if the price per share is going to move based on keeping the VML asset, this time around it'll move on an already financed condition. I would think that's much more appealing in the eyes of investors vs simply owning the lease.
Well, if all we have to do is sit on our rumps and wait I suppose it could be worse.
The man's a champ, and I still say he can palm a medicine ball.
Hah, Fill is right.
Yeah Asher may be pushing the price down, but I reckon he won't object to it going up once he gets his stash.
Here Blindman.
As her can't convert till Sept. This weeks low prices determine the conversion price.
Looks like someone just "had" to unload 20,000 shares at .0069. Yah right.
Right on! Commence the flow of "hydrocarbons!"
Ya someone drop $8000 on that ask. We'll be yer best friends for life.
Tilt, updated, whatever. It ain't working right at moment.
Good to know TM's following the action closely, and though the website's on tilt, someone's trying to get some info out to us.
Ya the only links working for me are the ones that take you off site.
Could just be an overhaul of the layout.
Could be an overhaul and news.
Something going on in any case.
I hear that. Added a few more at 007 myself.
Wish I understood financing deals better.
To my understanding LaJolla is no longer obligated to purchase shares at 125% VWAP if the pps is under .02 5 days prior to oct 27.
It's a ways off, and who knows what other scenarios and positioning are taking place.
Guess I'm saying there's a heck of a lot of motivations to keep the price depressed while it's possible.
Hopefully we can clear up some of this mess with replacement financing soon.
Could be
Website's acting wonky now
I like to think TMason wants the next bit of news to be the announcement of initial production.
As for hitting the refresh key on wenergy.com all night, I bet the websites hit count is already through the roof, although Tony probably calls it the "retail investor desperation meter"
Red Bull and Hot Pockets. GL, and thanks for taking one for the team.
I don't think it's that.
It's a down day in the overall market, but mainly (if Im understanding correctly) this week we're right in the sweet spot where the low bid of the day factors into the calculation for how many shares one or two of our convertible debt holders receives.
xzx, am I off base with that?
Yah it would be nice to know that a prosperous future for WGAS was an "easy sell" to financiers.
It's one thing to get financing, and another to get financing on favorable terms.
Here's hoping.
Haha. Funny bit of dialogue there xzx.
Guess I figured TM knew what he had to work with from the get go, but who's to say really. Have to assume TM saw some good potential though before he penned the deal with Volk.
As for the CD "sticking in TM's craw"... With so many financing possibilities mentioned in the Q, I'm thinking TM might have known from the beginning that the companies CD situation would need some work.
Reflecting on all the financing TM's been busy busy pursuing (for the purposes mentioned in the Q).
Am I the only one thinking this hodgepodge of convertible's is stickin' in TM's craw somethin'' fierce?
Case records in da Parish of Orleans are available on-line for $100 :) but I'd be surprised if they added enough detail to make it worth the effort, and besides there's the "VM179 Pre-approval Theorem" to support a more optimistic outlook on that case.
Yes tomorrow's trading could be interesting.
While none of this new financing is guaranteed, that paragraph suggests there's been an awful lot of work taking place while us here have been honed in on MI updates and PR's. Four potential sources of financing in those amounts (two of which without common stock or warrants!) is nothing to shake a stick at.
Ok, well here goes. Feel free to skip to the end of this lengthy post if you'd rather not hear (or don't require) the disclaimers.
I don't need to pretend to be a novice to picking apart these filings, but fueled (excuse please) by genuine curiosity I managed to burn a couple hours and a bunch of brain cells on this 10-Q. What I've concluded from this exercise is little more than a general impression of "the essential state of Worthington E."
I'm not claiming to know the ultimate (condensed) truth of "our" financial condition and forward outlook. What I have come up with is a viewpoint that I can honestly say I feel comfortable in believing for myself as a shareholder in this company.
Briefly, I'd like to add that I'm glad to see this board evolving from the typical ihub content. It's one thing for a board to have dedicated shareholders, and quite another to have dedicated shareholders commited to thorough DD, the good bad n' uglee (if you will). xzx easily deserves the accolades he's received over the past months, and it's been due largely to his posts that I've viewed this board as atypical (which is to say, relevant as an information tool in forming my own approach to investing in WGAS.) I've said it before, but thank you again xzx for your posts and moderation.
That being said; enough qualifying. I offer this "laypersons synopsis" for the purpose of discussion and if anyone disagrees with my impression, I'd genuinely welcome clarification/additions/counterpoints etc.
Here are my points. You'll find some of them simple reiterations of the message boards general opinion, others will differ. As always this is all "IMO"
1) I agree Mustang Island is crucial to the companies survival, but prior to spending this time reading the current Q I viewed production from MI as an easy ticket to safety. Now though, I think for the company to exit "the danger zone" we'll need that and more.
2) This will likely raise a few hairs here (mod's I hope you'll bear with me), but it's my opinion that we're in relevant jeopardy of losing the VM179 lease. We're in court over that deal. I don't know the likelihood of a favorable judgement under the circumstances, but we are, and have been in since December (I believe) in default of the purchase terms, and (again, per the Q etc) Montecitio is entitled to release from the sale. That's why we're in court with them, to retain the sale. Now, we may very well complete that sale. It remains to be seen, but I think the current pps doesn't really reflect VM179's inclusion as an asset. This is also to suggest that a favorable judgement coupled with (or hinging upon) Tony Mason securing the "new financing" will do wonders for our pps prior to production.
3) And lastly, with regard to the possible "new financing." I believe it's highly important (if not mandatory) that we succede in procuring those monies. I don't think Mr Mason would be bothering to pursue this financing if he didn't think it was of the utmost importance. I'm comfortable assuming Mr Mason believes in a resonable chance of "saving" the VM179 deal with this financing, or at the very least essentially guaranteeing production from D-Bar and the W.Texas lease via this financing.
*
Ok. That's my take. Probably too much yappin' for most, but I hope anyone who bothers to read it registers the sincerity of my commitment to understanding "the state of WGAS."
Comments, corrections and criticisims are certainly welcome.
Thanks for reading.
Well I somehow doubt a link would have saved my post from eh...scrutiny. Nevertheless, it's good to see some courageous discussion here and I tend to agree that due to the relatively low $ ammt of the debts maturing (end of month) the short term pps action doesnt have much bearing on the overall outlook for us longs, especially in light of us being so close to production.
Anyway, enough for me today. There are other financing details I'd like to discuss, but maybe some other time.
Strange no one's mentioned this here lately
but then maybe those posts have been "edited out"
Might be a bit off-topic, but I've been searching for other publicly traded companies (penny or otherwise) with CEO's that post updates on relevant corporate progress and personally written replies to all variety of stockholder questions on a freaking Saturday.
Google isn't returning any useful search results. Any help would be appreciated.
TIA
Who the son of a gun what just bid jumped me by .0001 ?
Got my catchers mit ready.
Looks like Ernesto's going to cooperate with our plans, and since they started laying pipe this past Monday...and it takes 2-3 days...Next week "news city?"
Y'all ready?
Haha! No doubt! It would be nice to have reliable "odds" on projected flow rates. Can't imagine they exist, but if they do I can't imagine Silvermere didn't factor them in before going to the trouble.
I'd say "Welcome to shallow water re-worked well wildcatting" but that would be rather innacurate.
wild·cat·ter (w ld k t r). n. 1. One who is engaged in speculative mining or well drilling in areas not known to be productive.
Take heart my fine feathered friend. Somewhere a "top of the range" number of 200 bopd was publicized too, and not just on a message board. Can't recall where but I ain't looking it up, but yes, I believe those numbers approximate the consensus.
This is from the 4/12 10-K
Fureal hope ya don't feel like I'm pickin' on ya, but are you looking for some other expected output figures other than the ones which have been published multiple times between both WGAS and Silvermere?
Or are you just wanting TM to respond to you personally with his own idea/impression of what MI will yield, even if it's just to confirm that he agrees with the evaluation both companies have been publishing?
Ya NP.
I just figure since he wrote "looking into" developing VM179 in Q1 2013, actuall drilling would most likely take place no sooner than mid 2013.
I reckon it depends on what happens between now and then, and even then TM can only guess to some degree too.
That'd be Q4 2013 right?
I dig these high quality pics.
Looking forward to the $ shot though.
Give an inch...
Gift horse...
Etc..
I'm ok now.