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While we all learn, enjoy and often profit from the PSLs, I am sure we all care more about your health. It seems you have not been well for some time now. We all wish you the best. Get well soon.
Terry, tmcal6
IAE.v/IACAF -- I and most analysts did not see it as bad, even though Q2 production and next Q3 production are at the low end of the expected range. But it was still at about 14,000 boepd and there was plenty of other positive news. But obviously, it was not good enough. There have been a few hints that there could be a prospective buyer trying to keep the stock price down, but I don't know what to make of that type of rumor. I know if I wished to buy a company, I would at least work to establish a 5% position before making an offer, and I can't see a good reason to short Ithaca, so I can only wait and see what news comes out next. I did buy some more today, adding to my already overloaded position, and was surprised to get filled fairly fast at the ASK, which was not generally the case in the past year. Maybe I need to start complaining like Wade. Just joking, Wade.
tmcal6
IAE.to/IACAF -- I think it was a little more of sale the news than a dislike of the report. Volume was somewhat high, but not excessive. Some folks probably decided IAE is "dead" money for 6 to 9 months and decided to exit. Frankly, I disagree. In general, the report was pretty good for the NS, and there are a number of catalysts going forward that could give IAE a boost in the short, intermediate and long-term. I have large positions in IAE, MMT, INA and a few others, but I have the most confidence that I might see a double in IAE in the next 12 months or so than in any of the others.
tmcal6
IAE, earnings and operations update coming in a.m. Positive expectations.
Tmcal6
IAE----Hank, as usual, your timing on the purchase of IAE appears to be excellent at probably the low for the month. With earnings and an operations update coming out on Tuesday (8/13), I see blue skies ahead for IAE even though it operates only in the turbulent NS. We will now start to see the value of the Valiant acquisition with strong comparable earnings and cashflows leading up to full development of Stella. IAE is currently at 12-14K bpd production from 5K, and expects to be at 25K with Stella in about 12 months. At that time, the free cash flow may be 1.2X the current share price. IAE is a huge position in my portfolio, so I am biased. Oh, I forgot, there is potential exploration upside and some fear that there could be another buyout effort before true value is realized. GLTA
tmcal6
IAE.to. Good summary, Bob. About the only major thing you left out was the more than $900 million of tax-loss carry-forwards that really leverage the cash-flow and pay-down of debt. The value of that benefit alone probably equals about 50%of the current market value of Ithaca.
Tmcal6
IAE.to is now my largest position in a concentrated portfolio with MMT.v now in 2nd place. 1Q earnings and a current production update should be out on Monday and we may begin to see the value of the Valiant acquisition. With decent execution, IAE could increase share price 50% in 6 months, a 100% in 12 months and 200% in 24 months if Brent oil prices can stay above $100. Disclosure: i am currently almost last in the Pick Six. GLTA
Tmcal6
SSK, how are you going to factor in positive or negative news?
ORT.to
Well I decided to try to put a bid in to join you guys when it opened, so I put a GTC order in for 10K at 2.30 and was surprised to get filled. Tried it again at lower prices and did not get filled. So I tried again at 2.30 and was filled again. Go figure.
tmcal6
Mmt.v. pipeline news is out.
IAE.v/IACAF
Ithaca Energy continues to execute according to plan and forecasts. Just out with Q2 with expected relatively low earnings based on only 2K boepd production, but just closed on the Hess acquisiton and is on its way to exiting 2011 at 10k boepd. That will be followed by Athena development throughout 2012 which should move them to 20k boepd. Great management and prospects and should be a double by early 2012.
tmcal6
MMT.v
Mart Announces Financial and Operating Results for the Three Months Ended March 31, 2011, Operations Update and Webcast Details for Annual General Meeting on 29th June 2011
tmcal6
AGM -- Wade, that program will have no impact on AGM, as it says in the article, because AGM is too small in comparison to the 30 or so large financial entities that the Fed is going to work with.
tmcal6
That is me, tmcal6, at the far left. Next to me is I believe MikeDDKIng, and next to him is Chen Lin, C001. I am not sure who is to the left of Bobwins. I think this is from the first night dinner on Friday and a couple of other attendees may be missing. Where is Kipp?
tmcal6
NEP
Earnings and conference call early a.m. tomorrow. Should be strong performance and hopefully the start of a long uptrend over the next few years.
tmcal6
IAE.v
I am not sure when the recent IAE presentation was posted on their website, link below, but it may have caused the strong move on Friday. 2010 financials and new reserve update will be released on Tuesday, 4/26.
http://www.ithacaenergy.com/presentations.asp
tmcal6
AUN
Well we down due to the news or general market. Does anyone think overall the cancellation and lawsuit are good or bad. I could interpret it as good. How about others?
tmcal6
NEP
I believe the hit piece only mentions the cash price of the drilling company. I thought NEP paid some cash but mostly shares which was a positive in the acquisition. I am not sure if the "author" addressed that as part of the purchase price.
tmcal6
CCME
Well it is April 2 and my little bit of CCME is backat 11.8799 at Scwhab.
tmcal6
CCME
Well it is April 2 and my little bit of CCME is backat 11.8799 at Scwhab.
tmcal6
NEP very optimistic Seeking Alpha article:
http://seekingalpha.com/article/259706-china-north-east-petroleum-forecasts-2013-as-year-for-big-production-and-profits?source=hp_latest_articles
tmcal6
NEP
If anyone gets on the call, maybe they should ask what the $1.16 million charge was for the penalty imposed by an investor on late filing of registration statement? Heck, that's another $.035/share of earnings.
tmcal6
NEP
If anyone gets on the call, maybe they should ask what the $1.16 million charge was for the penalty imposed by an investor on late filing of registration statement? Heck, that's another $.035/share of earnings.
tmcal6
NEP
It is probably mid-day in N/E China. Not too late on West Coast. No breakout of a relatively week Q4, but basic EPS for 2010 about $1.99 and diluted about $1.86 Change in fair value of warrants was a big one-time item of about $26 million of the over $60 million of net profits. Stockholder Equity is just under $4.00/share. Production and drilling are at normal levels so far in Q1 this year. Should be a good day tomorrow. GLTA
tmcal6
NEP
It is probably mid-day in N/E China. Not too late on West Coast. No breakout of a relatively week Q4, but basic EPS for 2010 about $1.99 and diluted about $1.86 Change in fair value of warrants was a big one-time item. Equity is just under $4.00/share. Should be a good day tomorrow. GLTA
tmcal6
NEP
Press Release Source: China North East Petroleum Holdings Ltd. On Tuesday March 15, 2011, 11:45 pm
HARBIN, China and NEW YORK, March 15, 2011 /PRNewswire-Asia-FirstCall/ -- China North East Petroleum Holdings Limited (the "Company") (NYSE Amex: NEP), a leading independent oil producing and oilfield services company in Northern China, today announced consolidated financial results for the fourth quarter and full year ended December 31, 2010.
Revenue for the fourth quarter of 2010 totaled $23.0 million from $20.0 million in the 2010 third quarter and $30.0 million in the prior year fourth quarter period. Fourth quarter revenue growth was impacted by the third quarter impact related to severe flooding that washed out roads disabling the passage of oil delivery trucks. Oil production was also slightly impacted by the natural depletion of production output among existing wells. Total oil production in the 2010 fourth quarter was 161,279 barrels, a 19% increase sequentially from 135,473 barrels in the 2010 third quarter. The total number of wells in production as of December 31, 2010 was 295 compared to 289 wells in production as of December 31, 2009. The average per barrel oil price for the fourth quarter was approximately US$77, an 11% increase from US$69 for the fourth quarter of 2009.
The Company's oil drilling and service subsidiary, Tiancheng contributed $10.1 million of the revenue in the fourth quarter 2010 compared to $10.1 million in the 2010 third quarter and $13.6 million in the fourth quarter 2009. Tiancheng completed drilling contracts for 35 wells with total drilling depth of 61,935 meters (203,199 feet) in the fourth quarter of 2010. Tiancheng performed standard rig and equipment repair and maintenance work at year end that impacted drilling performance in the fourth quarter. Drilling activity was also lower in the fourth quarter as Tiancheng's customers continued to be impacted by previously reported flooding in the third quarter and therefore focused more on repairing and restoring oil production in the fourth quarter period. Tiancheng has experienced a resumption of regular drilling activity in the 2011 first quarter.
As of December 31, 2010, the Company had $61.0 million in cash and cash equivalents, compared to $28.7 million as of December 31, 2009. Total assets were $150.5 million and total liabilities were $28.0 million and stockholders' equity was $122.5 million as of December 31, 2010.
Full Year 2010 Results
Net sales for full year 2010 were $99.5 million compared to $64.7 million for 2009. In the twelve-month period, the Company drilled 6 new oil wells in the four oilfields which are owned by the Company. The Company's crude oil production for the full year 2010 totaled 723,154 barrels, a 20% decrease from 908,126 barrels in 2009. Oil prices averaged approximately $75.49 per barrel, which represents a 35% increase over prior year period levels of approximately $55.97 per barrel.
Gross profit for FY2010 was $60.8 million, a 43.1% increase from $42.5 million last year. Gross margin was 61.0% compared to 65.7% in FY2009.
Operating expenses for FY2010 were $7.8 million compared to $17.7 million in the prior year period. This 56% decrease was primarily due to a $13.8 million decrease in impairment of oil properties offset by higher consulting fees and overhead expenses associated with new drilling operations when compared to the prior year period.
NEP
China North East Petroleum Reports Full Year 2010 Financial ResultsPR Newswire(Tue 11:45PM EDT)
Press Release Source: China North East Petroleum Holdings Ltd. On Tuesday March 15, 2011, 11:45 pm
HARBIN, China and NEW YORK, March 15, 2011 /PRNewswire-Asia-FirstCall/ -- China North East Petroleum Holdings Limited (the "Company") (NYSE Amex: NEP), a leading independent oil producing and oilfield services company in Northern China, today announced consolidated financial results for the fourth quarter and full year ended December 31, 2010.
Revenue for the fourth quarter of 2010 totaled $23.0 million from $20.0 million in the 2010 third quarter and $30.0 million in the prior year fourth quarter period. Fourth quarter revenue growth was impacted by the third quarter impact related to severe flooding that washed out roads disabling the passage of oil delivery trucks. Oil production was also slightly impacted by the natural depletion of production output among existing wells. Total oil production in the 2010 fourth quarter was 161,279 barrels, a 19% increase sequentially from 135,473 barrels in the 2010 third quarter. The total number of wells in production as of December 31, 2010 was 295 compared to 289 wells in production as of December 31, 2009. The average per barrel oil price for the fourth quarter was approximately US$77, an 11% increase from US$69 for the fourth quarter of 2009.
The Company's oil drilling and service subsidiary, Tiancheng contributed $10.1 million of the revenue in the fourth quarter 2010 compared to $10.1 million in the 2010 third quarter and $13.6 million in the fourth quarter 2009. Tiancheng completed drilling contracts for 35 wells with total drilling depth of 61,935 meters (203,199 feet) in the fourth quarter of 2010. Tiancheng performed standard rig and equipment repair and maintenance work at year end that impacted drilling performance in the fourth quarter. Drilling activity was also lower in the fourth quarter as Tiancheng's customers continued to be impacted by previously reported flooding in the third quarter and therefore focused more on repairing and restoring oil production in the fourth quarter period. Tiancheng has experienced a resumption of regular drilling activity in the 2011 first quarter.
As of December 31, 2010, the Company had $61.0 million in cash and cash equivalents, compared to $28.7 million as of December 31, 2009. Total assets were $150.5 million and total liabilities were $28.0 million and stockholders' equity was $122.5 million as of December 31, 2010.
Full Year 2010 Results
Net sales for full year 2010 were $99.5 million compared to $64.7 million for 2009. In the twelve-month period, the Company drilled 6 new oil wells in the four oilfields which are owned by the Company. The Company's crude oil production for the full year 2010 totaled 723,154 barrels, a 20% decrease from 908,126 barrels in 2009. Oil prices averaged approximately $75.49 per barrel, which represents a 35% increase over prior year period levels of approximately $55.97 per barrel.
Gross profit for FY2010 was $60.8 million, a 43.1% increase from $42.5 million last year. Gross margin was 61.0% compared to 65.7% in FY2009.
Operating expenses for FY2010 were $7.8 million compared to $17.7 million in the prior year period. This 56% decrease was primarily due to a $13.8 million decrease in impairment of oil properties offset by higher consulting fees and overhead expenses associated with new drilling operations when compared to the prior year period.
CCME
I would not be surprised to see an NEP type extended delay (suspension) with an announcement that is less "optimistic" than the reasons announced by NEP. CCME may not trade again for a few months. I hope that is not the case. I am long, but not near as much as I was in NEP last year.
tmcal6
The next two months or so will be interesting starting with earnings next week. I expect the sequential quarter comparison to be mixed with higher production revenues from slightly higher prices, no new wells, but higher production from existing wells. Drilling revenues are likely to be flat to down slightly due to the continued focus of producers in the region working to restore production from existing wells from the flooding, and not concentrating on new drilling, just like NEP. That said, the Q4 over Q3 improvement should be positive. The problem is that the year over year Q comparison will be anemic due to the strong Q4 last year. Due to restatements fo earnings in 2009, the financial year over year comparison will be great. That said, I don't expect much from the earnings announcement unless the forecast/outlook is positive, which I definitely expect.
Hopefully, within two weeks, we will hear about the close on the Schengyuan acquisition. Within a few weeks after that, we will have Q1 of 2010 production followed within a few weeks by Q1/2011 financials. NEP will be busy increasing production somewhat from existing fields and exploring/developing the new fields. With luck, NEP will become a growing cash cow throughout the rest of 2011, into 2012 and beyond. GLTA
tmcal6
NEP - New presentation from the R&R conference:
http://www.sec.gov/Archives/edgar/data/787251/000121465911000757/ex99_1.htm
Looks like earnings and conference call on March 15.
tmcal6
NEP, dropping again today, but with presentation next Monday a.m. at China R&R conference, and with earnings out soon, I finally expect this POS to move toward double digits over the next 12 months.
tmcal6
SVLF - This being a resort commercial real estate deal, I am holding for at least 2 weeks to see if a better offer surfaces. Based on book, earnings and a recovering market, this is looks like a bit of a sweetheart deal.
tmcal6
NEP big news:
HARBIN, China and NEW YORK, Jan. 20, 2011 -- /PRNewswire-Asia-FirstCall/ -- China North East Petroleum Holdings Ltd. (the "Company" or "NEP") (NYSE Amex: NEP), a leading independent oil producing and oilfield services company in Northern China, today announced it entered into a binding agreement to acquire Sunite Right Banner Shengyuan Oil and Gas Technology Development Co., Ltd. ("Shengyuan"), an operator with exclusive oilfield exploration and drilling rights to the Durimu oilfield in Inner Mongolia.
China North East Petroleum is expected to pay a total consideration of $43.4 million consisting of RMB 70 million (approximately USD$10.6 million) in cash upon closing of the acquisition and 5.8 million shares of NEP restricted common stock in exchange for 100% ownership of Shengyuan. The Company's Board of Directors approved the purchase price. Shengyuan's primary assets include three exploration wells and 24 years of exclusive drilling and exploration rights to a 175 square kilometer oilfield, called Durimu, located in Sunite Right Banner, Inner Mongolia. The Company expects to finance the cash portion of the purchase price agreements from cash on hand. Ralph E. Davis, an independent worldwide petroleum consultant based in Houston, Texas conducted a study of the Durimu oilfield in accordance with generally accepted petroleum engineering and evaluation principles in conformity with SEC definitions and guidelines. The Company expects to close the intended acquisition by the end of its 2011 first quarter.
In 2010, Shengyuan signed a 25 year exclusive exploration agreement with Sunite Right Banner Jiangyuan Mining Co. Ltd. ("Jiangyuan"), a state-owned enterprise of the local government to drill in the Durimu oilfield in Inner Mongolia. According to Ralph E. Davis, the proven oil reserve within this oilfield is approximately 1.54MM barrels. According to a geologist study that PetroChina conducted, the Durimu oilfield has a geological reserve of approximately 77.5MM tons (approximately 573.5MM barrels); the recoverable reserve is approximately 25%, or 19.4MM tons (approximately 143.4MM barrels). This same survey estimated that the number of wells drilled in this oilfield could exceed 2,000. Shengyuan has drilled three exploration drills since 2010.
Mr. Jingfu Li, CEO of China North East Petroleum commented, "This intended acquisition represents an exciting new phase for our company that will better position NEP for accelerated oil production growth and long-term success. We have been evaluating opportunities to expand our operations, secure additional oil reserves and seek better returns on our investment over the past year and believe Shengyuan represents a fantastic opportunity to develop NEP into a much larger independent, regional oil producer and oilfield services company in the coming years. The size of the Durimu oilfield is nearly three times larger than the four oilfields we currently lease in PetroChina's Jilin oilfield and it contains much larger oil extraction and drilling opportunities. For example, Shengyuan achieves greater production yields from its three current exploration wells (approximately 30 barrels each per day during the initial testing period) than the 6-7 average barrels per day for each of our existing wells within our four current oilfields.
Next Page
Read more: http://www.sunherald.com/2011/01/20/2791793/china-north-east-petroleum-signs.html#ixzz1BaFKVmft
MMT.v news was actually slightly better than what I expected and the door is open for ongoing positive developments throughout 2011. Did anyone see any surprises in the announcement, good or bad? It would be another buying opportunity if I did not own a ton.
tmcal6
NEP
I had not seen this positive SA article, maybe others have not either. Explains move up of late.
http://seekingalpha.com/article/245811-china-north-east-petroleum-an-opportunity-for-short-term-traders-and-long-term-investors?source=yahoo
tmcal6
NEP
I had not seen this positive SA article, maybe others have not either. Explains move up of late.
http://seekingalpha.com/article/245811-china-north-east-petroleum-an-opportunity-for-short-term-traders-and-long-term-investors?source=yahoo
tmcal6
cl, I hope you hit the nail on the head for the lack of news and less than positive price action. MMT is probably my fourth largest positon but by far the largest number of shares position. To make matters worse, I had just bought some shares for my son's IRA this a.m. Wish I had waited about 4 hours to catch the low of the day. GLTA
Tmcal6
I suggested to Mr Bobwins a month or two ago that we should possibly suggest another since the past two years have been pretty good years for most on I-hub. I am open for something like we did 3 years ago or any other ideas. I believe 10 bagger also suggested he was interested in another Meet and Greet in one of his last posts of the year.
tmcal6
NEP
While the postponement is disappointing and a distraction, there is a positive. Some small cap companies, whether or not in China, would have just had the meeting. This is another reflection of NEP playing by the rules. How many posters and holders of NEP on this board did not respond to proxy information they received. I admit guilt myself and I hold over 100k, so part of the blame is mine and I am sure others on this board.
tmcal6
ATPG
I assumed atpg was eastern gulf. Any others?