I wonder what the numbers are including refundings.

tmcal6

My mistake. Seems like we have equal interest and ability to attend for both weekends in January. So maybe we let the response from other invitees from the Motherboard, etc. determine which weekend will be selected. Let's all have a good week. Bobwins, do you mind making the general invite?

tmcal6

To summarize, it looks like Denver is somewhat favored, January is definitely preferred, and we will have problems picking the weekend. Of the folks I contacted from the first M&G, it looks like MikeDDKIng and Cl001 will have problems attending. It looks like Bobwins, 10 bagger, Kipp, Just for Fun and I (tmcal6) can make it. Nsomniyak can't make it on January 15-17, and Timhyma and DigiTech can't on January 8-10. Pretty good interest from the original group. If I have made any mistakes in this post, let me know.

Anyway, I suggest we ask Bobwins to post on the Motherboard and Free for All board a general invite for a Meet & Greet II in Denver from January 15 - 17 sometime next week after a reasonable second thoughts/protest period. Frankly, I rather preferred Las Vegas with a little more to do and little chance of a weather problem, but Denver may entice Len to drive over from Kansas City, or wherever, and it is supposed to have 300 days of sunshine.

tmcal6

It seems there is general support among the initial group of past participants to meet in Denver in January as the preference. Looks like Cl and MikeS will not be able to attend. We have not made a post on the Motherboard or Free for all Board yet which would probably generate more interest. Bobwins and I thought we should pick a location and a time frame among this group initially and then announce a plan for a location and date on the Motherboard and get all VMCers interested from there. While January and Denver seem to be supported, the exact timing is a question mark. I would suggest either January 8-10 or 15-17. Is there a preference? Does anyone object to Denver, January and this Process? Just trying to be democratic, or transparent or what the hell, just get this show on the road. Unless there are objections, I will suggest when we pick a date, Bobwins make a post on the Motherboard.

tmcal6

IAE.v incresed volume today. Heard from company that there will be no announcements probably until the water injection drilling and testing are completed and earnings won't be out before mid November.

tmcal6

IAE

I don't know if they will have new reserve numbers, but their balance sheet, revenues and profits should be off the charts. I think it could move up 50% from current levels. I wish I had an idea when they may report, or if they will PR the September production.

tmcal6

IAE.v

Thanks for the article/response. I agree with your assessment. Companies like Ithaca don't often operate from new rigs, they take what is available at a reasonable price and make it work. In some respects, the inspection and subsequesnt maintenance program is a good result in relation to a bad incident. This won't stop me from buying more if the opportunity presents itself.

tmcal6

IAE.v

Any accountants out there? Does anyone know what the accounting treatment will be for the asset sale, that involved the extinguishment of debt and a large approx. $36 million cash payment? Will it only impact the balance sheet or will there be income that will make the 3Q numbers look even stronger than they are already expected to be? I also wonder if the company will have a press release near labor day on the production numbers similar to the press release on August 6. Thoughts?

tmcal6

IAE.v

Well I am still adding and picked up over 100K more today. The only comforting thought is that I am not averaging down into my large position, I am still averaging up, and I have confidence that this stock's value will be recognized. Am I beginning to sound like Wade? I hope so.

tmcal6

IAE.v

I agree, many investors expected slightly better numbers and did not understand the depreciation expense. They are selling and I am continuing to buy. I expect we will be closer to $1.50 after the next earnings announcement, and may start to head there sooner with some decent PR and monthly production numbers.

tmcal6

IAE.v is the symbol on the canadian exchange and is quoted in canadian coin, while the .pk version is U.S markets with U.S. coin and traded on the pink sheets.

tmcal6

IAE.to

I bought more also making it my second largest position. I believe traders had higher expectations and did not understand the strong cash flows and the large charge for depreciation of assets or reserves. I will buy more on any material weakness, even if the price of oil moves lower, because you never know when there may be news or a good analyst report out on it.

tmcal6

IAE.v Bought another 50K shares today under $.75 to move it into my Top 4 positions. I would not be surprised by a double over the next 4 months.

tmcal6

AGT -- Well, they at least turned a profit for the quarter (I am not sure that was expected) and let's hope it is only a startup issue. Another buying opportunity?

tmcal6

bbotc, most don't count the rollover of money market bills (and just count the $117 billion of notes and bonds), but at some point those treasury bills will have high interest rates also. Right now the feds are almost borrowing for free inside one year, but that will end and the interest costs on federal debt will double.

Tmcal6

IAE.v/IACAF.pk

This is a favorite of cl001 and me. Up today to $0.62 on good production numbers, but I think it will be over $1 within 3-6 months and still undervalued. Read the last 15-20 posts on the company on the VMC energy board.

tmcal6

OGC

Should no for sure in the morning since it is suggested that trading will not be halted/interrupted in Canada. You would think the pricing would already be known.

tmcal6

IAE.v/IACAF

Arnie, you are correct, the company should be a cash cow. I think they won't be up to full potential until next quarter, but this 2nd Q should be nicely profitable, and the potential after that is huge. They could conservatively produce 7,000 boepd at $60/barrel and produce $12.6 million cash flow per month, or $37.8MM/Quarter. If they only bring $20 million/quarter to the bottomline, that will be about $.12/quarter.

I look forward to the next report. Thanks for posting the current report.

tmcal6

AGT

I agree with your comments except that I think Q2, even with only one full month of 1500 tpd, will be a nice indicator of potential expectations for Q3. But even that earnings announcement, which may be lucky to breakeven, is a ways off. I will add on more weakness until then, even though I own a fair amount. I guess cl001 has me convinced.

tmcal6

NEP

I believe that quarter information is a new update for Yahoo, but has been available since about May 15 as a filing.

tmcal6

NEP

There appears to be some confusion between NEP (old Cneh.ob) and another company named Nephros Inc. Yahoo is showing a bad quarter for NEP, but is it for the right company. Big selloff. Is it a buying opportunity?

tmcal6

NEP

I think there is confusion between the old CNEH.ob, new NEP and another company, Nephros, Inc. on Yahoo. Posting of financials shows bad numbers for quarter ending 3/31/09 but reference to a different company.

tmcal6

Silver

Silver marks biggest monthly gain in 22 years
2:06 pm ET 05/29/2009 - MarketWatch Pulse News Bullet
NEW YORK (MarketWatch) -- Silver futures gained 3% Friday, ending the month with their biggest monthly gain in 22 years as inflation worries and hopes for an economic recovery boosted the metal. Gold rose to three-month highs as the dollar slipped. Silver for July delivery, the most active contract, gained 45 cents to end at $15.61 an ounce on the Comex division of the New York Mercantile Exchange. The front-month June contract closed at $15.60 an ounce. Meanwhile, gold for June delivery rose $17.30, or 1.8%, to close at $978.80 an ounce, the highest settlement since Feb. 23. Silver has gained 26.6% this month, the biggest since April 1987. Gold has gained 9.8% in the month, the biggest monthly gain since November

Tmcal6

AGT

Those Spouse share purchases were decent size and timely. Is the date the report date or purchase date. If purchase date, one spouse and I made about half the purchases that day.

tmcal6

Cramer's mortgage solution--

Two problems with the idea. Will the owner maintain the property or make improvements to maintain or increase value over time if they have no upside. Secondly, what if they sell the property six months later. What happens to the IOU? Is the new buyer responsible for it or the old buyer? The old buyer won't take it and the new buyer won't want to buy into it. So I guess the bank writes the full IOU value off after 6 months. The same issues apply after any time period, one, five, or ten years. Still a problem.

tmcal6

ZAGG - Yes, something may be up. About 10:30 this a.m. I offered 7,000 at the bid and they were snapped up.

tmcal6

Skillz, my internet went down as I submitted my post. Did you get mine?

MVCO

I think over 100,000 shares traded right after the close at the closing price.

tmcal6

Dow 7900, Oil $53, Gold $1290

Seems like the interest in the Meet and Greet get together is down with the market. A small group makes decisions easier, and maybe if we pick a weekend and location for in the new year, the interest may grow as we near event approaches. Then again, maybe we need another invite post on the two main boards, Mother and FFA.

Tmcal6

Bob and Hank,

Well those were a couple of fast and similar responses. I don't know if we will get this planned for this year (2008), it may have to slip into 09, January or February. It will be interesting to see what interest there ends up being. I only posted the "invite" on the Motherboard and Free for ALL, you would think those two would get a message to everyone. Well let's see what happens. I will probably only be able to check this board once a day. Let's have another decent market day tomorrow.

Tmcal

VMC Meet & Greet

While the market has not been as kind to many of us on VMC this year, some folks want to talk about another Meet & Greet. Last year we had 8 or 10 folks meet in Las Vegas and I think all had a great time. Come to the VMC Meet & Greet Board and express your interest and ideas, including possible locations and timing.

Tmcal6

VMC Meet & Greet

While the market has not been as kind to many of us on VMC this year, some folks want to talk about another Meet & Greet. Last year we had 8 or 10 folks meet in Las Vegas and I think all had a great time. Come to the VMC Meet & Greet Board and express your interest and ideas, including possible locations and timing.

Tmcal6

Len and others: I think you need to go back and look at historical U.S. Treasury interest rates. I believe they were 1% most of the time up until WWII.

tmcal6

R59, the Yahoo financce article I read expressed Goldman's forecast slightly differently, or focused on different numbers. It says they forecast a year end target of $70 and an average price for 2009 of $86, down from $115.

tmcal

DUG - Big move down, -27.20 to -47.20. I didn't think oil or gas prices strengthened that much. Is DUG a buy here for a short-term trade?

tmcal

Len, I agree with the EIA tables on roughly 85 million barrels per day of production. Your demand numbers, at least the first column, appear to be in thousands of barrels/day, not millions. Correct? In either case, other than trends, they are difficult to correlate.

tmcal

FNM and FRE

Normally I have a clue as to what is going on with a stock like FNM or FRE the last few days. Not here. Is it naked shorts from the past trying to cover their tracks at any cost?

Tmcal6

INRB

I only own a few thousand shares but I will vote no. I think the price is low and the escrow being used to pay certain potential obligations and acquisition costs is a non-starter for me. I doubt shareholders would see much of the $0.89/share.

tmcal6

Bob, if we get around to it, count me in and I will help to coordinate unless I have a conflict I can't get out of. When is the Trader Expo in Las Vegas this year, in November? I would vote for Las Vegas, Denver, Seattle or where ever.

Maybe we need to throw the idea out there again on the Main and Free for All boards to generate and refer discussion to the Meet and Greet Board. I can do it, but it would likely get more interest from you.

Tmcal6