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07-23-2008 CTFREE - 67712650 Jul 23 2008 11:24:58:273AM - $ 0.00
GASSETT, J. MICHAEL: CECIL DRUMMOND AND DAVID WIDDOES APPEAR FOR THE PLAINTIFF; PATRICK WADDEL APPEARS FOR DEFENDANT POWDER RIVER; RECEIVER BRUCE DAY ALSO PRESENT. PEGGY HADDOCK REPORTED. ONE WITNESS SWORN. WITHOUT OBJECTION OF DEFENDANT TEMPORARY INJUNCTION ENTERED. $100,000.00 BOND; ALL AS PER ORDER TO BE SUBMITTED BY PLAINTIFF'S COUNSEL. DEFENDANT DOES NOT OBJECT TO THE APPOINTMENT OF THE RECEIVER. HEARING ON REQUEST FOR TEMPORARY INJUNCTION AS TO DEFENDANT FOX SET FOR 8-20-08 AT 9:30 A.M. AS PER ORDER TO BE SUBMITTED BY PLAINTIFF'S COUNSEL.
From http://www.oscn.net/applications/oscn/GetCaseInformation.asp?viewtype=&submitted=true&casemasterID=2115405&db=Tulsa
For those who are interested, the interview can be found at:
http://wallst.net/audio/audio.asp?ticker=EGLF&id=3629
Dr. Hearn is very articulate, and it looks like some highly experienced sales and marketing people are aboard.
Anti-PRVB rant on Google:
http://finance.google.com/group/google.finance.12637596/browse_thread/thread/7c8294b828f6c7b2
I don't know how much effect on share price this kind of exposition would have, but the timing is interesting.
I agree completely with you on this point and Hillzman's, too. The CEO shouldn't be on these lightweight interview shows, and between the shallow questioning and the time-limited answers, it is a disaster. Besides that, who listens to this program? No one, that's who. Brian Fox could be an extremely charismatic speaker and he would still be wasting his time. The whole Mike King thing is a waste, and I wonder about the Weiss outfit (a notable exception being the recent informative interview by Greg Moses).
PRVB should just rely on a totally-redesigned killer website and the occasional posted Letter-from-the-CEO. Have some class, here, for crying out loud. One person in the office could run the website updates on a weekly basis and the info would be months more current. From my own past due-diligence on various companies, you can tell pretty quickly what companies are moving forward and which companies aren't. The former have a lot of current news, data, background info, and frequent company updates, while the latter are vague, full of snake-oil promises, and haven't been updated very recently.
If not a misprint, the release seems to be saying the proven reserves' PV 10% has tripled since last October?
Here's a link to the radio broadcast on Sunday:
http://www.businesstalkradio.net/weekend_host/cs.shtml
Click on 'Live Broadcast' at 6 PM PST, 9 PM EST Sunday.
No, I'm definitely not out of PRVB. I'm in for the next few years. These monthly fluctuations are to be expected and don't bother me all that much. It's a new company and is not on many radar screens. Although it should come up on many 'stock screens' (lol).
Haven't been posting much, like the rest of you: since PRVBWealth, with his constant commentaries, jumped over to the CYCR board (shades of Raging Bull) the discussion has definitely dried up!
Sounds good. Brian Fox is building something here where the results speak for themselves, slowly but surely. Even the hired PR firm is buying in. Amazing.
With all of this good news, I'm just waiting for the share price to tank.
Oil jumping:
http://www.bloomberg.com/apps/news?pid=20601087&sid=akED8L86IY6c&refer=home
Since PRVB share price seems stuck to the price of crude (not ng), this is significant news.
At last! Some good news! (tongue in cheek)
PRVBwealth: Good points. You mentioned Simmons & Co. International. What exactly could they do for PRVB at this point?
Thanks for the update, midwestoginvestor. I see the place to get the latest news is the oilpods website, not the PRVB company website; although to their credit, the Press page of the company site has been excellently upgraded with pdfs and transcripts of all the past press releases and interviews.
I think Wall Street (the herd) responds both to momentum and to a decent share price level, neither of which we have here yet. Once we get above $0.50-$1.00 this stock might start taking off. The next two-three quarters will probably see it up in that area.
Well, it certainly is an unusual business model, and it looks like a very successful one so far: properties obtained and wells reworked for nothing except a small percentage of the downstream profits. In your description, you said "acquiring neglected properties, tuning them up and spinning them off." I think it's more accurate to say 'acquiring neglected properties after a survey, spinning off a part of the future profits, then tuning them up." This takes time, and looks to the casual observer like the cart is before the horse: all this money coming in before the wells are producing. In this kind of model, reworking the wells successfully is absolutely essential. Fortunately Brian Fox seems to have a nose for viable wells.
One question: the outfits doing the survey work are the ones getting paid off in shares. Is that correct? Isn't that a possible conflict of interest?
Having trouble viewing the video, get a new window, all dark gray. Which is funny, since I can go to the Channel News Asia website and view all of their videos just fine; but their archives don't go back to 12 Nov, the date of the oilpods story.
Any suggestions? TIA.
PRVBwealth: Stop it, you're killin' me!!! I fell out of my chair, banged my head against the wall, and I'm still laughing!
"Bull Chips Show", indeed.
StormyMonday: You're right on target. Just what is the Princeton 'marketing plan' involving the Chippas show? Does it consist of hawking it to the elderly retirees (ex-New Yorkers all) along the South Florida "Treasure Coast"? Seems pretty limited.... but maybe that's the way to do it, via the underground golf-course gossip network (I knew there was a plan!)
I cringed when Chippas refered to Fox as 'Brian Cox'. With everyone on the show interrupting each other, it's amazing that Fox can manage to get a word in edgewise. How embarrassing.
Fox will be glad when these early days are behind him.
PRVBwealth: good points. The new operations or field manager is a great place to start for Fox in adding a new person to the company. It's all about assets and earnings. Fox has been carrying the whole load in running this company, and it is snowballing to the point where it is time to off-load some of the daily grind to a trusted and competent helper. The ops manager can manage the daily field details like well reworks (earnings), while Fox can oversee, while spending quality time going after more juicy properties (assets), which is a full-time job in itself.
Yes, the website needs upgrading big time. It's time to move it to the next level. I like your idea of finding out who did S&W's or IBM's or some other classy website and giving them the job. These days, the website is the public face of the company. Brian Fox and what he is building with PRVB are bigger and better than the present website reflects.
Just great! Once again PRVBwealth is proven correct as the latest news has to be pried out of the IR department by someone on a message board (many thanks, by the way, Dallastock & StormyMonday).
I can see Fox hoarding the news close to the corporate vest in one respect -- frequent news releases, unless money is attached to the news, could start sounding like pumping; constant fluff, no substance. Perhaps this dilemma could be handled on the website by separating the news features into categories, i.e., separate pages or news blocks: financial statements/explanations, production updates, property acquisitions, and rework progress. That way, the investors that are less familiar with the ground realities of the oilpatch would not be so easily misled into assuming that a well being reworked or a new property being acquired would instantly lead to higher production figures.
(Meanwhile you all are plank-owners, so sit back and enjoy your early positions. In the near-term, the 3-year chart shows up-ratchets in Feb. In another year, you will all be laughing.)
P.S.:
Brian Fox, it is imperative that you hire PRVBwealth immediately as chief company evangelist and website overseer for PRVB. It's sad that I would rather read his posts than go to your company website for info.
Get him (or her) on board immediately.
Very good ideas, PRVBwealth. I concur with all of them.
I might suggest a look at Smith & Wesson's investor page for another good one, a bit cleaner than IBM's:
http://ir.smith-wesson.com
I'm with you about the company name. The symbol has always irritated me, since somehow I want to type 'PVRB' instead of PRVB.
Also, re a website redesign: avoid the latest craze, an in-your-face Flash (or other video/slide) intro. These are cheesy and must be some kind of weird catering to video gamers, and just serve to impede the access to the site. It's surprising how many big corporations have these. The website designers must be getting paid by the pound.
A great Thanksgiving to all on this board, and to all those at Powder River Basin Gas Corporation.
Go to the 'Current Projects Update' page at the PRVB website. If the last date of updates is Sept 26, hit your browser refresh button, it should then show the projects as of Tuesday Nov 14.
jjgarcia: I'm not assuming anything; just agreeing with the possibility raised by PRVBwealth. And I certainly agree with you 100% about the need for more transparency, it can only benefit everyone. I'm a little puzzled as to who is running their website. As the primary initial point of contact with possible investors, it is lacking in timeliness and depth.
(They follow the RB board? That's not good. No wonder they are not releasing any info. Please point out to them that this board is where it's at.)
PRVBwealth: well said. Your explanation sounds good to me. With such extreme swings in gas prices, and a finite resource, why not time your sales? No sense in selling cheap: demand is not going to go away, especially with the cold season just starting.
I just don't think that production figures are the most important thing for PRVB right now. Perhaps acquiring proven reserves is. The gravy train will come soon enough.
Good points, Sangamon. Although what he's doing is not exactly flipping, but rather selling off a percentage of working interest at a massive profit. That money is more that will be put towards either acquiring more properties with good prospects or towards the development/rework/reactivation program. The latter takes significant time and money.
I think some impatient short-term investors got cold feet over smaller production numbers than they had anticipated, thus figuring that the company would be missing the fruits of the winter og rally. But this is basically a startup company, and it takes time for the production to ramp up. And 3D seismic and new wells/well rework are expensive and time-consuming operations.
Meanwhile, money in the bank, excellent properties, and proven reserves just keep on growing. What's not to like?
I agree, PRVBwealth. I, and many others here, have significant dollars invested in PRVB, and although I am very impressed with Brian Fox and his company results, it would be nice for him to 'get to know us' a bit more and vice-versa.
Also, the PRVB company website needs to be updated more often than it is. I think we all realize that the og business PRVB is in is by nature a slow-moving one, nonetheless the project status reports tend to lag events rather severely.
Verrrrrrry nice graphs (ng & crude)!!!!
Then what's this company?:
http://www.transcontinentalmineral.com/
No 6-month ('weekly') chart for the ng? That oil chart is perfect...
Incessantly whining,
bobo
Gateway, StormyMonday, for your consideration:
How about changing the oil and ng graphs to a 6-month time period, rather than the one-day period that is currently displayed? Then they would match all of the 6-month StockCharts. IMHO, the longer-term trends would be more interesting than the day-to-day fluctuations.
re costs of extracting crude from oil sands in Canada:
"... most of the energy needed to make the stuff currently comes from natural gas, an energy-rich, clean fossil fuel.
"It's like using caviar to make fake crab meat," said Marlo Raynolds"
I love it.
from:
http://money.cnn.com/2006/10/04/news/economy/oil_sands/index.htm
Sure, but why would he sell out? My take on Brian Fox is that he probably enjoys this game of building a company, as opposed to taking the money and running. Holding on to the company, and doing what he is doing, will probably put him a lot further ahead in 5 years than selling out early.
Plus, it's an American company. Can he sell out to a Canadian oil trust?
It may take a while; but as was pointed out, the bargain buyers are flocking in.
Also, the future looks bright; until a new well is producing, it is not Proven Developed Producing (PDP), a big plus in terms of credibility, not to mention revenue. Company is moving forward towards its 2007 program very well (pun intended)
The share price is up nearly 6% over the last 4 days; that's pretty good.
Has anyone seen the newsletter that Brain Fox talks about?
Brian Fox : "I believe the numerous interviews, seminars and talk radio programs have helped to increase our visibility. We have also initiated a mail-out newsletter to existing shareholders as well as potential investors. The response to the newsletter has been extremely positive."
Yes, there is probably no stopping that China juggernaut (of increasing oil consumption), at least in the near-term. Smaller-scale spikes & dips from political events aside, the consumption curve (and thus price) is heading up.
(as an aside, an interesting quote from Wikipedia, under 'Petroleum', regarding "peak oil"):
"For various reasons (perhaps most importantly the lack of transparency in accounting of global oil reserves), it is difficult to predict the oil peak in any given region. Based on available production data, proponents have previously (and incorrectly) predicted the peak for the world to be in years 1989, 1995, or 1995-2000. However these predictions date from before the recession of the early 1980s, and the consequent reduction in global consumption, the effect of which was to delay the date of any peak by several years. A new prediction by Goldman Sachs picks 2007 for oil and some time later for natural gas. Just as the 1971 U.S. peak in oil production was only clearly recognized after the fact, a peak in world production will be difficult to discern until production clearly drops off.
One signal is that 2005 saw a dramatic fall in announced new oil projects coming to production from 2008 onwards. Since it takes on average four to six years for a new project to start producing oil, in order to avoid the peak, these new projects would have to not only make up for the depletion of current fields, but increase total production annually to meet increasing demand. 2005 also saw substantial increases in oil prices due to temporary circumstances, which then failed to be controlled by increasing production. The inability to increase production in the short term, indicating a general lack of spare capacity, and the corresponding uncontrolled price fluctuations, can be interpreted as a sign that peak oil has occurred or is presently in the process of occurring."
PRVBwealth: Good answer & well-stated summary. I also have confidence that we'll get to the bigger revenue streams. Brian Fox is doing it right. It's a joy to watch. It's going to be a fun ride in the next few years.
The Asian business community is sure getting in. Nobody ever accused your average Chinese businessman of being stupid. Can you imagine what a billion Chinese could do if they were living under a real free-enterprise system, with a decent legal system and less corruption? Probably eat our freaking lunch!
PRVBwealth and all:
I don't understand why investors aren't jumping all over this company. Because it's too new? Because they're waiting for the price to bottom out with the price of oil? Because it's share price is < $1? Because of Amaranth and the recent precipitous drop in oil/ng? Maybe oil's going to drop some more, but I don't see it dropping a whole lot. Must be the market is totally dominated by speculators and not value investors (like me); they're all waiting for the big magic upturn to let them know it is OK to get in.
It seems to me that the shallowest due diligence reveals PRVB to be a solidly-run, rapidly-growing business with great potential. Brian Fox is running it like a revenue-producing, asset-accumulating business and not a debt-ridden, speculative resource scam. It's a sweet turn-around story, too.
And the time to get in is now.
And PRVB is so cheap compared to its reserves value it's practically free.