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Choctaw,
Do you have any update on STTX progress in Utah?
In the meantime the oil prices have recovered.
Do you think they will restart previous planned activities?
Are they still pumping the Morani well?
Thanks!
Choctaw,
Thanks for your insight. I believe the cng export starts by the end of the year.
Southbird,
1) I understand there should be a complete transcript available of yesterday's session. Could you, or one of your associates, publish this transcript here?
2) You recommend to support the EC. How do you propose we shareholders support this? I can imagine substantial support (more than the current less than 1%) will make more impact on the judge. Do you require shareholders to sign a standard letter/vote to the judge? Are you going to publish (or has this been published already in the past) this or a link to such vote here?
3) You indicate the EC is 75% sure, except for the review by the judge of your proposed budget. So, if I understand correctly, the EC will be allowed IF the proposed budget is deemed reasonable by the judge. Are you confident your proposal is going to be conservative enough to be accepted or is there protocol what should be accepted as reasonable?
4) In order to gain support from the shareholders here, could you lay out your plan moving forward on how to protect the shareholder's interest so they can make a sensible choice to support this EC.
Thank you!
Choctaw,
Do you have any update on STTX progress in Utah? The share price has taken a plunge over the last months. What's your take on it? Buying opportunity?
Thanks!
Do you have any recent news on the Matthews well in the San Miguel formation and/or the joint-venture with Whiting in Utah?
The price p/s is down a lot, probably due to the low oil price.
Nothing showing up in the "decreased" and "sold out" category.
I remember that person "TF etc" was complaining about the sudden 10%+ holding of FMR with the judge and requesting a penalty from them for not timely filing and being a member of the creditor committee. Did anything come out of this, or at least confirmation from the judge whether they owned these shares?
Thanks as well for this and your previous useful info. Since STTX is still not disclosing anything yet, it would be hard to know otherwise about these promising developments.
Thanks again! It's good to have knowledgable like you and Choctaw regularly providing updates on STTX progress. So far it looks good.
Thank you Choctaw & PlatypusRx! This looks very promising.
So the oil would generate @ $40 a yearly revenue of:
230 bbl x $40 x 365 = $3.36M
The gas would generate (if it can be distributed) @ $3.81 a yearly revenue of:
450 mcf x $3.81 x 365 = $0.63M
Is this considered a good well (good revenue)?
What's the yearly cost for such a well?
How many years until it's dry?
How many more wells could be drilled in that area?
As you can see I've not much experience in oil & gas.
Is the other company applying for a permit a separate company from WLL/STTX? If so, does it have their own lease?
Thank you for explaining all this and what the equipment on the picture is being used for. Do I understand correctly that they (according to their license application) intend to build a $100M facility ... how much oil do they expect to be there to justify such an investments? I read somewhere on this board that the reserves could be bigger than the Bakken ...
Since STTX has a 3% WI in this, do you believe this could have a substantial impact on the pps? Or is it more STTX neighboring leases which would become very valuable?
Don't you be afraid WLL and STTX will wait until the oil price stabilizes before moving forward or making any announcements?
With all of this going on it's a bit odd that the current pps is that low.
I'm sorry for all my questions, hope you don't mind, looks like you have years of experience in this field.
I have trip scheduled to SLC in June, and intend to visit this location to see what is going on by then.
Your're welcome! Likewise your postings!
So might there be a chance, that not only the 262 kg boule technology was not ready yet, but also the LQMT infrastructure to hold the sapphire into place (which apparently is impossible with plastic/aluminum due to the difference in thermal expansion and stiffness) was not ready yet ...
Are the furnaces still there in AZ ?? It would be nice to know what's currently going on there. No one living there close by?
This German engineer, blog writer "Anax", has written some more very informative articles. Even Mr. Watts, a major investor in LQMT, who, understandable, blames current BOD and management for not moving forward fast enough, who also is very critical on posters who make unsubstantiated claims about LQMT, even he appreciated his articles.
Hi Larry,
This is the LQMT/APPL related to Sapphire glass I was referring to:
http://www.investorvillage.com/smbd.asp?mb=6772&mn=61&pt=msg&mid=13583895
A German engineer had put an article on his blog about a year ago explaining why liquidmetal was necessary to form a seamless bond with sapphire in order to create a waterproof indestructible mobile device. For some reason, despite the other articles are still there, this specific article has been removed from his blog:
http://www.techinsighter.com
There might be another company LQMT in the mix. They have had an agreement with APPL ($20M investment) since 2010, however apart from app 50 patents been filed in both their names (separate entity "Crucible") nothing major seems to be happening since then. Rumors are they are they are not allowed to reveal or do something major until APPL is ready. There was a patent where liquidmetal was necessary to hold/bond with sapphire glass on a mobile device.
Are these 2 pics taken from the opposite sides? It looks like the
snubbing unit in the 2nd pic was on the right side of the 4 blue storage tanks, and on the 1st pic the shroud is on the left side.
Does it appear WLL/STTX are waiting for oil prices to go up before they start pumping? You guys seem to be pretty experienced in this field.
Thanks!
Thanks for your due diligence! I looked at the new picture, but am unable to identify the heat signature. Probably I'm not looking good enough.
I understand you're pretty confident about this venture.
Thank you! Are you living near that location?
You are very right on this, believe the write down is very crucial (NOL + increased results 2015 vs 2014 which may also benefit their bonuses)
Please note my Post# 24299
The furnaces are still there, so when the time is ready, another contractor could step in to do the production.
The iCar:
http://www.autoblog.com/2015/02/14/apple-car-project-titan-electric-minivan/
http://www.digitaltrends.com/cars/apple-building-electric-vehicle-hundreds-employees-dedicated-secret-project/
Scratch resistant sapphire lenses for the multiple cameras ??
Solar powered battery (PV in windows / sunroof) ??
It's a wild guess
Project "Moose" related to project "Titan" ??
More info on this in here: http://www.paulhastings.com/assets/publications/1827.pdf
It looks like the INITIAL 13g form needs to be filed within 45 days after the end of the year, which is Feb 14.
After filing the initial 13g form, exceeding 5% or 10% needs to be filed within 10 days of the next month.
If they bought early October, why is it filed today, 4 months later?
Does it have anything to do with yesterday's Court decision?
Amended Statement of Ownership (sc 13g/a)
What does today's FMR LLC filing mean?
From the most recent Form 8-K:
• During the period ending December 31, 2014, the Debtors have not yet completed their analysis regarding the fair value of goodwill, and certain intangibles and fixed assets. Certain intangibles, relating to previous acquisitions, have been written down to zero. Additionally certain fixed assets located primarily in the Mesa and Salem facilities and other minor product lines located in other facilities, have been written down to their estimated liquidation value. The write down of these assets was included in restructuring charges and asset impairments in the income statement.
A) PP&E from $617.0 to $58.4 = -$558.6
Intangible assets from $90.2 to $25.2 = -$65.0
Other assets from $154.4 to $71.1 = -$83.3
• During the period ending December 31, 2014, reflected in the financial statements is the transfer of Advanced Sapphire Furnaces from fixed assets to inventory, including a write off of previously capitalized amounts related to the setup and installation of the equipment and write off for any material related to products the Debtors expect to discontinue.
B) Inventories from $133.9 to $463.0 = +$329.1
Total NET WRITE DOWN = $329.1 (B) - $706.9 (A) = -377.8 !!!
Instead of $136.4 equity now -$241.4 equity
If the inventory of app 2,000 furnaces sells for app $400,000 = $800M then equity would be $470.9M more -> $229.5M + value of IP + other now heavily depreciated assets
Why the huge write down in 2014?
Maybe more news about the value of the furnaces ($200,000 or $400,000+) until the bonus plans have been approved?
They should hire you as a consultant!
The oil price seems to stabilize a bit. Hopefully the strengthening of the US economy will help.
Do you think Alan Gaines has a plan to somehow benefit from the current low oil price by making new deals? He has been around a long time and has experienced these downturns before.
What the other person mentioned, the JV's in Utah, sounds promising.
Wat do you make of the news release on the merger last week? Seems they have plenty of opportunities on the horizon. No word on the low oil price though...
Would it make sense to buy more shares for these low prices? A few months from now the oil price might be going up again ...
Any idea how the company is currently doing?
If everything goes as planned I guess we should see increased revenue and proven property in the next quarters. Hopefully more emphasis on that and less on salaries and litigation.
As the global economy is growing again you would expect more demand for oil as well. Probably the dispute over the Ukraine and the unrest in the Middle East (Syria) will take a while until or if ever resolved.
Do you know if Alan Gaines is currently involved in more companies than Stratex/Richfield/Eagleford ? Or is he completely focused on this ?
Do you feel positive about the merger with Richfield and today's 10-Q ?
It's good you're here to provide some professional insight in future developments when more information becomes available!
Est Reserve 50 Million BO -> 200 wells -> 250,000 BO per well
How long does it take to empty a well? 5 years?
250,000 / 5 years x 365 days -> 137 BOPD
So @ $60,000 per BOPD -> valuation of $8.2M per well
200 x $8.2M = $1.64B
STTX: 25% x $1.64B / 47.5M shares = $8.63 / share
Is this in line with reality?
Considering the (approximate) $60,000 per BOPD valuation
I agree. It takes patience to see how STTX efforts materialize. How long do you expect them to find out their first wells to be profitable?
Any idea what - if anything - is going on?
I was wondering the same, a sell off because of bad news or because of impatience.
Do you know when news should become available? Especially about progress with drilling and subsequent revenues.
That seems to be the most logic explanation in an often confusing market.
Yesterday and today was difficult to assess to buy at the lowest price. I agree with good common sense the price should be trending upwards for the long-term.
Any thoughts why it went down today?
Thanks for the clarification!
I like this simple math, makes a lot of sense and agree the upside potential of $9.50 is huge.
Some questions about your math:
"STTX (conservative AT value): $450MM ($45MM BO * $10/BO)"
What do you mean with AT value?
Each barrel of oil is valued at $10?
I thought it was much higher like $75/BO?
According to the Agreement STTX gets 25% of the revenue (25% + 50% to the other 2 partners), so STTX will get 1/4 x $450MM = $112.5MM?
Do the other of STTX leases have similar potential as this one?
My apologies for asking so many (probably dumb) questions!
Thanks!