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You mean 100% + gain...Not everyone who bought, bought at the wrong time.
It does seem to have volks style written all over it. Tame the wild stallion then hand the reins off too someone else. It's not like this would be the first time he's set a company up for success.
Everything does seem to line up too perfectly.
Maybe this was Volks plan all along... he doesn't want wgas to fail and tarnish all his future endeavors. He also has other projects on his plate, so what better way than to set this up and just sit back relax and open up the flood gates of cash?
Hey all we need is a wink and a high five! No words lol...except virbillions.
And yes the buying/selling today was interesting. I was expecting another 10-20% drop with no news but instead we got +18%....calm before the storm?
At this point seems to be any ones guess. You would think things would start to clear up as the days go on but the doesn't seem to be the case.
Does any one live in SF and want to drop by WGAS?
Everything seems to be hidden from us. No update pr no 8k no court judgment released. Makes me want to believe something big is in the works...hope you have a 6 point harness for this rocket ship... we might be on the launch pad.
Its also mentioned under 3 others... do they also have have deals in vm or Is It the same deal? Vm is huge so it's possible. ..I'd do the dd but I'm on my phone : /
VM 179 is mentioned as an unsecured claim on pg 46
I'm no lawyer so I'm not exactly sure what its saying.
Welcome to penny land my friend... where ligit company's can trade way under their value and fake ones can sky rocket. I'm sure J.T. Can give you a much more in depth logical reason, but that's the short and sweet!
55,000 acres
Exactly! there is a huge difference between a 4m float and 20m float. Until we know the exact # there is no need to use this as an argument.
J.T. has a great point on the convertible note issue. I personally dont understand how either side works atm BUT have had family members on both sides of stocks like this. They have lost money due to decreasing PPS and made what they we're supposed too due to contracts*(via the company increasing PPS, SNSS for example)
I personally will watch this to see what happens but there is no reason to attack one side because of a vague PR/8k. I want everyone to make money just like J.T. he does great DD and usually(85%+ of the time, correct me if im wrong) has great picks.
55,000 acres
Well we call TA Monday and find out what it really is...until then who cares. Maybe all the numbers are correct at the time but thats not what matters.
Exactly, and they are planning to build up to 4(?) total wells all within a few thousand feet of our plot. That in it's self should tell you something, we are sitting on liquid gold, lots of it.
As the report says there is a possible 2,129.7 Mbbl Oil under VM 179 all together. What is that at $80 a barrel? $170 BILLION. Plus oil doesn't just sit in one huge pool, there is multiple layers of shale, sand, salt that can separate the different areas of oil so for all we care EXXI could have 10 wells and not a single one could hit our plot of oil. EXXI's pendragon well is going to be at 20,400ft and out first well is supposed to be at 7,400...so yeah what does that tell you right there.
If you own the top you own all the underlying oil, minerals, ect. unless specified in the contract. So no, but if the Oil field is all connected then yes they could be pumping out our oil.
The word on the street it's USRC but its anyone's guess.
Anyone tried on of these? They look pretty damn good but im in socal so it would be a bit hard for me to get one.
I got 400k@.0054 sold and rebought 608k...even at the current price im up 4g's ; ) WGAS all the way!
Love it!
Yes with every new stage we should see a PPS increase. Funding, drilling, lithology. But once the first well is complete and we get a flow rate it should send it to the moon. imo
You are correct sir...we own 547...the best 547 out of the entire thing!
Yes I know, but you acting like xtog has to go over .28 and that's just not true. The facts are the facts so you should have put that they can be converted at any price. Imo
There is no reason for them to try to get it back to .28 if you read it they can convert at a lower share price IF the shares go below .28 and it has. So that point is mute
Yeah seriously...Seems like everything with these guys is fizzling out. Lots of their wells are dead or getting re-worked and god knows whats going on with the salt trucks.
They did get a new Investment Banker and Capital Markets Advisor to "enhance shareholder value and liquidity" LOL we will see...IF they actually pull their heads out of the ground it could be a great buy.
It means that in the PR they only told the partial truth. They can convert at a lower price than $.28 because the stock is lower atm...they left that key point out
haha! true, would love to see that happen. If flow rates are accurate there's no doubt in my mind we will see 250mm-550mm market cap. Or $2-$5.50p/share when this blows up. gets me all giddy inside.
I'm sure most the people already know this but its been pretty obvious that CDEL(CITADEL SECURITIES CORP.) is the AX, so its a good idea to watch what they are doing.
Worthington's I1 well was tied into Exxon's Driscoll truck line so yes, I believe they will tie into someones infrastructure. and yes it is very common for smaller energy companies to tie into the larger
So what do we know…Becides that Volk and Pinkman have both been apart of some very successful companies…
If you look at EXXI's Pendragon well in VM 179 we see that its in 105' of water, current drill depth of 11,577’ (as of 31Jan?) and has a target depth of 20,400'. EXXI started drilling sometime after 31OCT12, can’t find an exact date.
EXXI estimates up to 375 MMBOE for the Pendragon prospect in VM179. Obviously this doesn’t mean too much to us because wells 100’ apart can be totally different, but this does prove there are other oil reserves in VM179 and companies willing to spend money to go after them.
EXXI’s expects to have flow rates and Net pay numbers from Pendragon by 2013 YE, and maybe as early as Q2 2013. And they will be tying it into their infrastructure at VM164.
VM 179 is 55,000 acres and Worthington has a small 546.875acre area of it. VM 179 has a depth between 35’-150’
From the PR
“The 2012 Reserve and Economic Evaluation on Vermilion Block 179, issued by James F Hubbard Petroleum Consultant (JFH) of New Orleans, LA, shows Gross Proved Reserves of 784.3 Thousand Barrels (Mbbl) of Oil and 2,215.4 Million Standard Cubic Feet (MMSCF) of Gas, and Net Proved Reserves of 407.6 Mbbl Oil and 1,151.5 MMSCF Gas with a Projected Future Net Revenue of $36.7 million and a Discounted Future Net Income of $20.3 million (PV-10). The report also shows Combined Gross Total Reserves for VM 179, both Proved and Probable, of 2,129.7 Mbbl Oil and 4,237.9 MMSCF Gas, and Net Total for all reserves of 1,106.9 Mbbl Oil and 2,202.7 MMSCF Gas with a Projected Future Net Revenue of $97.7 million and a Discounted Future Net Income of $55.1 million (PV-10). The Gross Reserves referenced above are to 100% working interest in the lease. The Net Reserves and all income data are to the net interests owned by Worthington. Appropriate deductions have been made for royalties and overriding royalties.”
According to Worthington… “The Company currently owns VM -179, offshore shallow Gulf of Mexico”
So here we go...some more speculation...
If Worthington can start drilling in Q2/Q3 2013 they might hit their depth within a month or 2. If we hit black gold then its off to the races...Look for a 200m-400m market cap. imo
They also have to tie in some kind of infrastructure, and at this point the thing to do would be hit up EXXI since they are already in the area. And now own all of Exxons ol’ 1,100BOED 164 stuff, and lets not forget Exxon and EXXI are set to drill 2 wells to Farm the 9 adjacent blocks(45,000 acres) so there is lots of interests in the area.
If I’d have to take a guess it will most likely be a few months after they break ground before we see real flow numbers. But I'm sure the company with keeps us informed of their progress. And with each step completion the stock will rise to reflect the lessening amount of risk and greater amount of return we should see.
Everything is IMHO take it with a grain of salt. EXXI is 1,000x the size of Worthington and XOM is 200x the size of EXXI.
It's hard to say at this point with the information that's out their, any time frame would just be speculation. But that's what everything has been so far anyways is just speculation.
Let me gather some info on the area and maybe I can come up with a theoretical time frame.
"Typical" is a broad statement when your talking about drilling for oil.
There are a ton of variables, 2 major one's are what kind of rig are they going to be using and how far do they have to go? Different rigs can drill anywhere from 500'-1500' per day.
I tried to find some info on the surrounding area or a seismic survey of VM 179 but couldn't...Maybe WGAS would give us one?....doubt it ha!
Anyways who knows how far along they are but the basic steps are...Seismic survey, Exploration well, mud logging/lithology, Core testing/lithology, well logging, well testing and evaluation of all that...THEN then can get appraisal info for a well based on what they found and Drill development wells.
Sounds like a lot but they can get it done pretty quickly since the crews work 24/7.
I have faith in Volk.