Good Read, thanks for sharing. A bit surprised but certainly good news. There are still players in the game!! Merry Christmas to all.

That Tetris ref. cracked me up. Dates those that get it, still funny enough to steal and use on occasion.

Todays 10-Q, Under recent developments they mention evaluating 10 producing properties and bidding on 4, we were aware of that from past filing. Makes mention of one seller stating GSPE bid not competitive on one of the submissions. Question... last sentence. "The Company is currently engaged in seeking debt and equity financing for the remaining opportunities".
Do you read that as referencing the other three that were bid on, or the remaining 6 that were not?

I took note of that, Well done. So Mrs. Smith may want to reconsider the dessert! Pre mkt. looked like something might be brewing.

I try not to miss many posts, guessin was in the mountains and missed that one. SPOT ON!

Taken from Cenaq (CENQU) S 1 Registration Statement filed March 2021 w/ SEC.
Overview

We are a newly organized blank check company incorporated as a Delaware corporation and formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization, or similar business combination with one or more businesses, which we refer to throughout this prospectus as our initial business combination. We have not selected any potential business combination target and we have not, nor has anyone on our behalf, initiated any substantive discussions, directly or indirectly, with any potential business combination target. We intend to capitalize on the ability of our management team to identify, acquire, and operate a business in the energy industry in North America, though we reserve the right to pursue an acquisition opportunity in any business or industry.

Just sayin if the shoe fits......

This has to be a Cenaq play, if not, a pass by Connally doesn't bode well for the prospect. Time will tell, I believe the anticipated PR referenced by MktMvn is still forthcoming, timing was off by a cpl weeks.
Some facts to ponder..


"CENAQ Energy Corp., a blank check company led by industry veterans targeting the energy industry in North America, filed on Monday with the SEC to raise up to $150 million in an initial public offering.

The Houston, TX-based company plans to raise $150 million by offering 15 million units at $10. Each unit consists of one share of common stock and one-half of a warrant, exercisable at $11.50. At the proposed deal size, CENAQ Energy Corp. would command a market value of $188 million.

The company is led by Chairman John Connally III, who previously was a founding shareholder of Texas South Energy and GulfSlope Energy, and a founding director of Nuevo Energy, Endeavor International, Pure Energy Group, and Pure Gas Partners. He is joined by CEO and Director Russell Porter, who most recently served as the CEO of Freedom Oil & Gas. The company plans to target the energy industry in North America, with a focus on oil and gas companies, properties, and related assets with extensive production histories and limited geologic risk from sellers that may be distressed from being over leveraged and unable to operate within budgets.

CENAQ Energy Corp. was founded in 2020 and plans to list on the Nasdaq under the symbol CENQU. The company filed confidentially on January 26, 2021. Imperial Capital is the sole bookrunner on the deal."

Cenaq 150 million original deal fully subscribed as well as a 22.5 million over allocation 174+ raised. SPEC...Lets us know when the rig starts moving!

Spec,


Great insight as usual. I agree the Delek Participation Agreement would be a hurdle, a hurdle easily cleared with some want to on the part of all parties involved.
I get bored with no new news and start digging up old facts and trying to justify the apparent hold pattern. On the outside looking in it appears that the stars pretty well aligned for some news. Only those in the know, know.
There has to be something holding things back, and as you stated.. an investment firm or fund could do all that a SPAC could considering GSPE current position.
Just thinking there are a select few that know what lies beneath the surface, would have to assume Connally would be one of those few. Tick.................................Tock.

A SPAC raises capital through an initial public offering (IPO) for the purpose of acquiring an existing operating company. Subsequently, an operating company can merge with (or be acquired by) the publicly traded SPAC and become a listed company in lieu of executing its own IPO.

I recall this being kicked around abit months ago. With all the all the commonality I have to believe this would be a logical play, thoughts?

SPAC CENAQ Energy Corp. files for a $150 million IPO, targeting energy in North America
March 1, 2021
CENQU
CENAQ Energy Corp., a blank check company led by industry veterans targeting the energy industry in North America, filed on Monday with the SEC to raise up to $150 million in an initial public offering.

The Houston, TX-based company plans to raise $150 million by offering 15 million units at $10. Each unit consists of one share of common stock and one-half of a warrant, exercisable at $11.50. At the proposed deal size, CENAQ Energy Corp. would command a market value of $188 million.

The company is led by Chairman John Connally III, who previously was a founding shareholder of Texas South Energy and GulfSlope Energy, and a founding director of Nuevo Energy, Endeavor International, Pure Energy Group, and Pure Gas Partners. He is joined by CEO and Director Russell Porter, who most recently served as the CEO of Freedom Oil & Gas. The company plans to target the energy industry in North America, with a focus on oil and gas companies, properties, and related assets with extensive production histories and limited geologic risk from sellers that may be distressed from being over leveraged and unable to operate within budgets.

CENAQ Energy Corp. was founded in 2020 and plans to list on the Nasdaq under the symbol CENQU. The company filed confidentially on January 26, 2021. Imperial Capital is the sole bookrunner on the deal.

Is odd would white wash all that experience. Would appear on surface to be an intentional effort distancing from. If turns out to be same Bain, quoting the old Nissan commercial I'd say " Sumpins Up"

Don't think is same guy..... "Bain, who has over 25 years of oil industry experience, previously led the financial integration planning for Baker Hughes Co. on the GE Oil & Gas merger. He also held a variety of regional accounting directorship roles within Baker’s flagship enterprise finance organization and controller positions for both Baker Hughes and BJ Services over a 19-year period." HartEnergy 06/21

Don't want to get too far off of GSPE specific info. BUTTT being that Citadel routinely sits on GSPE price movement I found this interesting and relevant. FWIW
C owns Melvin Cap. Mgmt
Mel is a GME short seller
C owns a significant piece of RH
RH bans purchase of GME..

Just Sayin

Hearing some whispering that Citadel/RH are wrkg together in some way? Rumbles ranging from part owner in RH, to arrangement to get heads up on RH action, to pays for RH subscriber data. If any is true cld. be an explanation for this weeks action. Anyone else aware of?

Traveling today, will dig around and try to find when get a chance, if successful will share.

I got in GSPE in the " friends and family" that was @.25. I creeped on the board for a cpl. years before posting. Have enjoyed/ learned from all the great shared info. I ran a pretty exhaustive financial model years ago based on TAU report and overlayed with the Cobalt story. I may have posted it here cant recall. To summarize we have ALONG way to go! GSPE was pitched at inception as a boom or bust prospect.

That being the case imagine the run that positive Slope specific news will create.

I'll under analyze...... chart says what the chart says. Yes we will soon see.

Spec,
Thoughts on a price uptick based on some whispering, followed by real news popping price to a predetermined number that triggers a r/s, up listing?

LOL, " top tier of the pink sheets" I'm gonna get some mileage out of that one. Like first place in an ugly contest.

RE. Poll, got to believe if were gonna R/S before Jan 1 they would have opted to pr that in lieu of the "news" they shared. I'll go B.

Yes you will still be able to find brokers to trade, not sure if E Trade does pink. But you can absolutely bank on that is where this is headed. This entire PR was nothing more than puffery to get out in front of that fact.

I read it three times, the third time really sloowwww looking for "news" found NONE. I'm long on GSPE, perhaps my expectations were too high for the news.

Take any of the previous and insert the word COVID in any paragraph and there you have it.

For what it is worth (about 1 share @ todays price) heres my take on this investment. I limit my investments to business that I understand, not investments in which I am an "expert" just that I can understand. I am long on GSPE have been for many years. Put aside the business of GOM exploration and the complexities in that endeavor, put on a pure business hat for a moment.

GSPE team could have stabilized or even increased the stock price with a simple PR of any nature that was factual. They made a business decision NOT to do so, so in a pure business sense they either don't care and have thrown in the towel or they know what is on the horizon and realize a bump of a cpl. cents is insignificant in the grand scheme of things.

I don't believe this team has much quit in em. I get they are cash strapped and these are tough times. I just know the impact of news any news when things look bleak, and for some reason that didn't happen here. Time will tell, short time, if they dragged up or just didn't have time or desire to chase pennies knowing what was on the horizon.
For all the fellow longs, hoping is the latter!!!

At this point have to believe they are sitting on a PR that causes big uptick, or its time to call the dogs and $%&* on the fire.

Grin, would get stung on the shorts. that strategy best for the sports book. I can generally make sense of bad news and temper good news to keep from over reacting to either. It's NO news that drives me mad!!

I Think just saying all in and will ride ii into the ground. Pretty good approach if investing in the deafening silence that is a GSPE play. I'm in & long and feel the same way, plan on seeing it all the way to the end or riding to the top! Prefer the latter, but understand and willing to accept the risk involved.

Spec,
Thanks for the time you put in as moderator. I do hope you stick around and post on occasion, always thought provoking and some good insight.

Would love to see the policy language re. reimbursement. Wondering if the insured had option to take the reimbursement of expenses incurred as settlement and walk or was tied to a redrill.
If option was there and they are going back in.... that has to be a good sign. They are the only ones that understand the risk/reward, going back in the hole is a confident move.

Ya gotta laugh or at least smile BIG!

On thed heels of that housekeeping item, should be time for news!

The "buildup" to big news is wearing thin.Anyone that is long on this stock and followed GSPE for any period of time has seen this movie...BIG buildup to BIG news....then pfftt!! Popped a hole in Canoe on way out was a hit or was it? Still analyzing that was years ago...no news! Tau big hit de risked proven reserves, is it isn't it?? blah blah blau, no news. Seitz speaking at conferences, blah. blah, blah! New partner going to generate revenue in exchange for some of th GSPE magic, more news to come..blah,blah,blau. Contract to drill Corvette Oct. 19, come and gone. More news to come..blah, blah, blah. Then in the end they leak out some insignificant "press" release that supports absolutely none of the previous years buildup. Time to put up or.....you know. I say this as one that is long just tired of the BS that only OTC stocks can get away with.

Delek as we all know has plenty of GSPE stock, 22%+. Their willingness to take more based on their knowledge of the prospects has to be viewed as positive. On the flip side GSPE giving up more stock in lieu of paying the 1.2 shines a light on the cash crunch they face.

Interesting recent SEC filing, see note 2 under explanation of responseshttps://s3.amazonaws.com/content.stockpr.com/sec/0001567619-19-019970/0001567619-19-019970.pdf

Based on the structure/disclosures in the presentation, I think they are in search of a deal of some sort. I'm hoping for good news post conference.

My bad was an equity raise, posted by Smith cpl weeks ago. TXSO “Had a $626,667.00 Equity Amount Offered/Sold to 12 Investors”. “The proceeds will not be used for payments to any Executives or Directors”.

Source:. Texas South Energy (TXSO) 8/30/19 SEC Form D, “Notice of Exempted Offering of Securities”. Excerpts # 9, 13, 14, & 16 from SEC Form D.

I believe they did, I recall reading a group of investors purchased for 600k and change. It might have been a post on the board, not sure. Will try to locate source.

Interesting terminology, 2nd paragraph..." the drill has been sealed and abandoned"... Then in the Q/A..."about to complete Tau wells?? plural. Sealed and abandoned or about to complete? Which is it? Spec did RC move on?

GSPE MAY 13 PR..."The Application for the Permit to Drill for this well is in progress and will be filed with BOEM in May 2019. The Company anticipates executing a rig contract for the drilling of the Corvette Prospect in May 2019" Anyone hear an update on this claim??