Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
Thing that bothers me is that Devon puts out an AFE to the public of 3.7 million per well and all of the wells that I have known them to drill are between 4.2 and 4.6 million. They should be made to reflect actual drilling costs to the public. I don't think this is ethical business.
Getting those bills from Devon is irritating for the moment, but it will all be good in the end. We'll all be happier than Beavers in Birch trees!
I'm sure he has a plan. (wink,wink)
I will say this. Sometimes I don't always agree with SE,but he is the only one here, that I'm aware of, that has any "Big Time" energy company executive experience. His track record stands on it's own. So, if he say's this is what it is, believe it. The Gushers Club has no net worth. He was referring to the various individuals who make up the group. I have learned one thing about wealthy people. They are wealthy because they stack all the cards in their favor before they do a deal. They will also take you to the cleaners, if they know you need what they have.
You do bring up some very,very good points to consider!!
LOL!!!!
I think you are right. It just seems to be dragging on. What bunches up my shorts is, they just flat out stink at communication. They really need to communicate better. It relieves stress and anxiety of the investors.
Thanks SE!
I told him not to be drinking Prickly Pears Kool-Aid!! He done drank the whole picture!! LOL!!
I agree!!
I think the well investments will provide a good return.... That's not my point of my discontent. Prickly Pear has been almost zero assistance to us. Everything we found out about the process came from our own DD, direct communication's with Devon and the hiring of the Bass Law firm to advise us through the process.
IMO the management at Superior is made up of a bunch of long term buddy's, none with any real solid success to show for in the business world. These guys are rank amateurs who lack the capacity to capitalize on a great thing. SE provided Prickly Pear with all of the right people and it appears to me that he is blowing a golden opportunity to build a powerhouse oil company.
While SE is in Dallas this weekend with Boone Pickens, Cactus Schroeder, Harold Hamm and Rick Rule. Prickly Pear is at Disney Land with Mickey Mouse and Goofy . Whats wrong with this picture???
NO BUSINESS CAN SURVIVE UNLESS VALUE IS CREATED!!!
Tell me more, apparently you must know way more about what is going on here than me. Yes, please post our monthly production report for my wells. I would love to see it. Haven't seen one for months.
I wouldn't know anything nor would most of the Gushers if it weren't for JRT or SE. Prickly Pear has been zero help to any of us.
There is one guy who post's on this board that could run this company and build it into a monster, but he wants nothing to do with it. It's a darn shame.
He is doing everything except what he is supposed to be doing. That is building value for Superior.
Prickly Pear, June is almost here. Do you still have plans of re listing the stock? Do you foresee any new asset transfers away from Superior in the near future?
Prickly Pear! Wake up and give us some details about the wells we invested in? Come on now Prickly, you can do it!
You use submersible pumps. There is enough liquids generated in this area to use a submersible. They also give you better reservoir control. I was an engineer for Sidewinder Tools / Amoco and helped to develop the Ultra-Short Radius Horizontal Drilling techniques along with other specialized tools and equipment.
SE is spot on with his opinion.
AGREED!!!
I'm not getting to shook up until Devon issues checks from the first four wells. Then we stand a chance. At that point I hope Prickly Pear will get this trading again.
It will happen, but it sure isn't going to be this June... No Money... Need Devon checks.. The first well "might" pay on June 17th.. Sorry to burst everyone's bubble..
I don't see this being the case.
Prickly Pear can't update on operating costs for these wells. He has zero experience operating one. So how could he have an intelligent opinion? The only thing I see that Devon is doing that I don't agree with is using so much sand in their frac's. They really can get away with very little to none, just like Mid-States. Clogging of the pumps with sand is the issue, rather than cost of operation itself. They blow 900,000lbs of sand in the bore, then it flows back and clogs the pump. Doesn't make much sense to me.
Paying them until the checks are issued, then it goes into netting.
Osage Exploration
Prickly Pear needs more than a few pointers except for when it comes to transferring assets around.
Hey King! I hear your working for our buddy's old turn around company. They sure are a powerhouse now!
Just voicing my opinion. I don't know if anyone can predict what these guys will do. They say it's their intention. Nothing would surprise me.
Keith Kohl of Energy & Capital is now touting the Mississippi Lime Play.
He's the guy that said:
No leases....
No money for drilling...
The wells will never be drilled...
There is no partnership with Devon...
etc,etc,etc....
Been wrong on all of those counts...
I'm in!!!!!!
Unlike public corporations, private corporations (closely held corporations) do have to tip toe a bit on how they treat their shareholders. The majority shareholders have to treat minority holders "fairly", "honestly", and "openly". It is called the "fiduciary" duty. Officers, board of directors, are even more liable -- legally -- to treat minority holders fairly.
The courts have ruled already on what happens to private corporations who violate these rules. The relief has included:
· Dissolution of the corporation;
· Ordering a buy-out of the minority shares;
· Appointment of a provisional director, custodian or receiver;
· Rescinding corporate acts unfair to the minority;
· Awarding damages to minority shareholders.
Many private corporations have discovered that they cannot just walk over minority holders. Having 51% control of a company, for instance, doesn't give you the ability to go hog-wild. As distasteful as it often is for majority shareholders, major corporate decisions have to be documented, minutes included from meetings, with minority share holders. I couldn't, for instance, simply terminate a significant shareholder of the company without a formalized vote and ample documentation
The best route to take with shareholders is to just set your company up with a formalized ethical business practices. Individual actions, even ones that the officers feel are perfectly just and right, can be interpreted to be unethical and judged illegal. That is why openness with shareholders is key. Document. Document. Document. And openness between shareholders.
I do know the answer..
Thanks for your two cent's. We as a group have been in contact with a high powered SEC law firm. They are not and have not advised us in that manner.
I'd rather have a meeting at McAfee & Taft and then let them sort it out from there. Time to take the nuclear option in my mind.
This is a very ignorant and arrogant CEO and Board. They need bitch slapped into next week. I hate lawyers and lawsuits, but it's time to take a stand. We do have rights here.
Doesn't this sound very familiar to what Prickly Pear is doing with Superiors assets? I think it's time to take a stand. The tail don't wag the dog.
Courts will find a breach of the fiduciary duty when a director engages in self-dealing or negligence. Self-dealing occurs when the director makes a decision on behalf of the corporation that simultaneously benefits the director’s personal interests. For example, assume a director for a wholesale foods corporation also owns separately a grocery store. At a corporate board meeting, the director votes to reduce by fifty percent the cost of wholesale apples sold by the corporation to independent grocery stores. Such an act would likely benefit the director’s grocery store and could hurt the corporation’s profitability. A court would likely determine such an act to be a breach of the director’s fiduciary duty toward the corporation.
http://corporations.uslegal.com/basics-of-corporations/shareholders-directors-and-officers/#sthash.DQIID6vM.dpuf
This is something that Prickly Pear and his vaunted management team should be very concerned about. They have failed the shareholders and have failed in their fiduciary responsibility to shareholders.
The fiduciary duty held by directors requires them to act with due care, which means that the director must act reasonably to protect the corporation’s best interests. Courts will find a breach of the fiduciary duty when a director engages in self-dealing or negligence. Self-dealing occurs when the director makes a decision on behalf of the corporation that simultaneously benefits the director’s personal interests - See more at:
http://corporations.uslegal.com/basics-of-corporations/shareholders-directors-and-officers/#sthash.DQIID6vM.dpuf
Ask a question, get no answer and a long story told to you that doesn't pertain to anything.
Ask a hard question and you'll get blown up on, yelled and screamed at. If it's a real hard question, he will even hang the phone up on you. LMAO!! That is not a qualified CEO.
He is proving it every day to others as well! Can you imagine what we could have here with a real qualified management team, CEO and Board of Directors? These guys don't care about anyone but themselves. They think they have the world BS'ed.
Prickly Pear has a heck of a lot to prove to me.
You hit the nail on the head with this statement:
Few trust them now. Their history in management and loyalty to their shareholders is slim to none.
I for one do not. I think they are amateurs and due to their past history, should not be trusted. Prickly Pear has a violent temper and resents being ask any question. He does not possess and leadership skills or ability's.