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I like PP, but I think he is highly incapable as a leader of a company.
I just received notice that Devon has deposited money from Section 14 into my account. The well returned 62% not counting my tax benefits for the first year. I'm a happy boy.
This comes down to what can be settled between the party's. I hope SE can figure something out.
Not possible.
This is why I hope and pray that SE can work some magic here.
These debt holders are from back in the 2006 and 2007 time frame with the old management. The won judgments against Superior back then. Some of these judgments had 10 to 12% interest attached to them. These have accumulated to very large sums of money (millions). The creditors have the right in this circumstance to come after Superior at their time of choosing. Now they want assets or cold hard cash. Because they see the assets being developed.
Superior is in another battle to retain assets. The debt holders want the assets. If the debt holders get the assets, we are done as a company.
It's not all theirs and payments to Superior have not started from most of the wells. This is the problem. The debt holders are jumping the gun here and playing somewhat unfair.
I'm not an oil and gas tycoon. I'm a retired petroleum engineer. I have done well for myself, but by no means am I a tycoon. If you are referring to SE, now that is a different story. He is the real deal.
Why don't you step up to the plate and offer some assistance?? You seem to be full of advice.
Please stick to the facts. Three of the wells have produced over 6 million dollars a piece in oil and gas sales. Section 23 the dud of them all has produced close to 4 million dollars in total oil and gas sales. I do not know what the other wells have done to this point.
I'm sorry, but I haven't been screwed here.
Yes, Superior owns several hundred acres in this section. It was a very good well.
I worked my entire life in the oil patch for Chevron, Texaco and later Gulfport and consulted for many more. NOTHING ever is on schedule in the E&P world. There are too many government agency's, state, federal, etc. to be able to hang to any timetable. I know firsthand of the mess that we all walked into and the only ones complaining are the ones who have not offered any type of assistance to the company in any way, shape or form. NONE! ZERO! ZIPPO! NOTHING!
I for one am very excited and proud of the progress that was made here by just a few people. I think is awful that people come here that haven't contributed to the cause, but want to criticize SE for what he has done to this time. I see post's here that basically say..Hey SE, you need to just reach into your pocket and pay for everything, so we can all make money off of your efforts! And could you please hurry up about it! Oh and by the way can you give me a timeline on when you are going to do it as well! Makes me really sad and sick!
It is my understanding that there were judgments issued against Superior. I sure do not know the whole story. These judgments totaled somewhere around 2 million dollars. Superior does not have the cash flow yet to pay these judgments at this time. The judgment holders turned hostile and are pushing for the company's assets. I was told that the Lott and Gingrich families are working hard on a plan to save Superior. This is all second and third hand information that I am passing along to you here. I did not get any of this from firsthand sources and some of this might not be 100% correct.
No, in fact, he did not! That is 100% false! Dan contributed his leases to Superior. That statement is false propaganda!
This is true. If the stock purchase terms would be favorable, I would buy more. I do have some extra coin laying around. I will contact Dan on Monday morning about the possibility of purchasing some shares.
I agree,but I don't know the legal ramifications or if there are any of doing so. Also, do you think there is a large investor market for buying shares in a company that isn't trading? I honestly don't know. I did see a few peoples heads explode three weeks ago when someone posted about Superior possibly selling some shares to pay down debt. That got real ugly here real quick like.
I do know we are playing hardball to the highest extent here. If Superior makes it, we are gold. If they don't, we are done.
Please share with me what you know about the new management team that makes you question their ethics? We all would love to know what you have to share.
I think/hope SE will pull another rabbit out of his hat.
I Just hope that bankruptcy can be avoided. That will dictate everything here!
Lol! I know what you mean. There is a lot that I could share. I just choose not to anymore after the last outburst. My feelings might change, but for now, it is what it is.
I for one believe there are going to be a lot of people make a lot of money here when the smoke clears. Some who have added nothing, but moaning and groaning and Bi-polar attitudes are going to make a haul, courtesy of the guys busting their buts and spending their money to make this happen. For Gods sake we all bought a penny stock in a non-reporting company that hadn't filed financials in years. People need to take some responsibility for their own actions and stop feeling so intitled. I put my money up, so did quite a few others. Did anyone notice the guys who are moving this ahead and stand the most to loose aren't the ones crying every day. We are too busy making it happen. End of rant.
Well, here is what I will say. We are all darn lucky that SE came to the party, because if he would not have...We would be done!!! People would not be here crying about it maybe taking a little longer. Superior would have been done! I think JRT would back me up on that statement! No doubt about it! Nothing here of any magnitude would have happened. I for one am counting my lucky stars! Now Dan and him can start to make some stuff happen.
It would seem to me he is trying to bring Superior into Rex Energy's operating areas to leverage a position in proven plays with a proven operator. Just my guess from watching the action of late.
I really don't know. This was somewhat a surprise to me. I know from SE's past that he loves the Illinois basin. I heard he referred to it as the baby Bakken. I think he may have plans of doing something with his old company Rex Energy. That's just a guess.
I was away for a couple of days and I see nothing here that should have made some people have the negative reaction that they have had here. I read what SE has posted and I get excited about the future. I think Superior has gotten a lot accomplished over the last 6 months.
Yes, you are so right! In states where there is forced pooling the operator can and will try some pretty shady stuff. The law says its ok, but morally it's wrong. Superior had 4 original sections of land with 7 separate pay zones. Each zone should hold approximately 1.2 million barrels recoverable or 8.4 million barrels recoverable per section. So lets take the 8.4 million barrels X 4 sections = 33.6 million barrels of oil recoverable and 224 Bcf of nat gas. Now do you understand why Devon made a run at it? Why not make a run at it? They had everything to gain and nothing to loose!
SUPERIOR!!! I'm in!!!
2,600,000 shares for 1.55 million in debt settlement is how I understand it. That would be .59 per share.
LOL! WELL SAID!! There is a lot of truth to what you just posted!
He loves the circus music! He can't help himself! He's like a mad scientist of some kind! LOL! I'm glad we have him!
Bravo! Well done SE! Thanks for explaining!
A average well with normal oil prices will return 3 to 5 times your money in 10 to 12 years.
I remember the strategy being, buy up the stock. Ride it higher, sell a portion of it and reinvest in the wells as a tax shelter and a long time income producer. The plan got twisted up along the way with the de-listing, but everything is going to work out here in the end!
I'm excited about Superior as long as SE is a part of it. He knows how to get it done and he knows people who can get it done.
SE has always said the money was in the stock. Thats why he bought so much of it. These wells are like an annuity with a big tax shelter.
I'm in the dud too... At least I'm in a couple of good ones to. That takes the sting off..
No, he picked a dud! lol!!
I wish I could buy more shares right now.
Looks like the new website is getting ready to be launched!
Since he is one of the guy's who is paying for it out of his own pocket. I think it is safe to say that he feels good about it. As he has said here before, there is always more than one way to skin a cat!