Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
Thank you all for the kind words. My reference to Tbird being the last to know was meant as just a dig because of our endless differences. However, the share count at the moment is in dispute and the accurate count is in question. Many shares have been cancelled and do not show on the transfer agents record until the cancel can be confirmed. This should be rectified soon.
Lou
Tbird, If I find out exactly how many shares are out their, I promiss that you will be the last to know.
Lou
charts,
Yes, we are very undervalued. And yes, we could be worth 4 times that if everything went perfect. But we are still not out of the woods yet.
Baby steps.
Lou
57tbird,
What is it that, "If only half of what Lou is saying is half true".
Please refresh my memory.
Lou
Local,
I only used that figure because it had been mentioned here before, probably by you. I said that I thought it was closer to 75%, but that I had no way of knowing what leases at what percentage contribute what oil. If they all ave 75%, but one is 100% and another is 50%.
Then if 90% of the oil comes from the 100% lease and only 10% from the 50% lease then the rate would be 95%. If reversed, it would only be 19%. So I used 65% figure for sake of understanding. It is not accurate.
Lou
In responce to a few other posts. I had estimated about 75% WI, would be an average. 65% has been mentioned before and may be the ave. concerning the volume of oil from different leases at different WI. But "as we all know", the reported figures are gross production. Multiply that by 65% to get our cut.
As far as oil production vs. cash flow pos...... My estimate at $75/bbl. is about 7700 barrels. All we have to do is get to deliver it.
Lou
I landed in LA midday on Wednesday and returned to Boston on Saturday. I spent a portion of each day except Saturday at Black Dragon and will do my best to give everyone my observations and impressions.
First things first, Joe Lanza. A big bear of a man that seemed to rule with strength and kindness. I was afforded the opportunity to sit in Joe’s office with him on Friday and meet many of the field employees as they came in and discussed the week’s progress. So in a small way I was seeing first hand the company Black Dragon and its operations at the most basic level. As a director of BDGR these luxuries of access are a necessity, but I cannot thank Joe enough for his hospitality and openness in allowing me to dine each evening with him and his family. I was treated both like royalty and one of the family.
To meet with Joe personally and see how he is loved by his family, gives one a far different opinion of him than has been portrayed in the past.
Rain, limited tank battery access and undelivered oil.
The entire north west state of LA is like a pool table with soil that is a mixture of fine sand, silt and clay. Water does not go thru this type of soil, it just sits there and turns to soup. Especially with an evaporation ratio of nearly zero because of the high humidity. Because of this we do have limited access to some of the tank batteries and though the money’s are certainly needed, we stored this oil at $60-70 and here we are now at $74. The dry season is at hand and I expect to deliver our stored oil as well as production, soon. For those who question how we can store all this oil, the answer is easily, as we have 10 s of thousands of barrel storage cap. The walls of Joe’s office are covered with erasable boards listing each lease, the number of wells on each lease and the amount that are open and pumping for that lease. Beside that is the depth of oil in the tank battery for that lease. Each day the tank is sticked to measure the oil depth. This also gives you the production, and if the tank needs to be picked up. Of all of the leases, I only noticed 3 tanks that were near the 7 foot depth. At aprox 1” per day, that gives us another 36 days before there would be a storage problem in those tanks only. And again, the dry season is upon us.
I did not count each lease or each well on each lease, nor the amount of those wells that are pumping. But all that info was available on the boards around the room. I did begin the task, but came to the conclusion that it would take a full day. So I did a quick estimate and came to the conclusion that there are 1200 or so wells and over 500 in production and that these wells produce in excess of 8000 barrels per month.
I was scheduled to be taken to see some of the problem road conditions at 2:30 on Thursday. So I met with Fred, who brought in his personnel tandem all wheel drive pick for the tour. I figured with my 22 years of road construction experience, I could take care of all their problems in short order. I quickly came to the conclusion that it would take me a year to come up to speed with what Fred already knew about dealing with these types of soils. He had already repaired some roads to our higher producing fields and was working his way to others as cost effectiveness permitted. I do have some ideas that may help them in this task and will offer them more info when I have completed it.
I am not sure of Fred’s title in the company, but he has owned and ran oil wells since he was 14 and now in his mid 20’s has a great deal of knowledge and a no nonsense straight approach to oil field management.
I met and spoke with Nick (I’m guessing he is operations manager for Petrol), Mario Lanza, Pres. of Petrol, Dave Taylor, office manager, and Gary, BDGR’s new CFO, the two young lady’s that keep it all together, Pam and Jessica, and some of the field personnel.
From what I saw, our personnel are not only top notch, but seem to be part of a family working towards the same goal. We have the backbone of a great company, great employees.
The Audit. I spoke with Gary concerning the audit and although in the past I believe I had received far too optimistic estimates concerning the audit from others. There it was, 6” deep on Gary’s desk. Correspondence labeled to and from Malone and Bailey. It is happening. Being a director, I have the ability to speak directly to partners at Malone and Bailey and have done so in the past week. They have confirmed that a retainer had been paid some time ago and that the audit is moving forward. I must please request that potential and existing shareholders refrain from calling the audit firm as they cannot give out info to anyone but officers or directors and any phone time can be charged back to BDGR at $250/hour.
Gary believes a realistic estimate on audit completion is the end of August or early September.
BB listing for those of you that may be unaware, it is in the works as well. We have contracted with a securities lawyer to handle our listing application and SEC filings. I expect that we will apply for listing as soon as the audit is completed.
The big wild card here is Mike Ellis. I have not had the opportunity to speak at length with him as of yet, but expect to this week. His credentials and abilities are without question and a huge asset to BDGR. And if his predictions of increased well production are even close, we will be a major player in LA oil production soon.
I have done my best in what little time I’ve had to understand the people and workings of our company. The statements I have made are to the best of my knowledge accurate and honest. My belief that we are extremely undervalued has been reaffirmed by this visit.
Louis Chighisola, Jr., Director
Barry,
I'm not sure if you saw my last post or if maybe you did not take it seriously. It was not a dig and I wasn't kidding.
"As a Director, am I entitled to the audit in Ohio? How much would he settle for. I might pay it out of my own pocket."
Lou
Maverick,
Yes, I have been officially a member for about a month.
Lou
Barry,
As a Director, am entitled to the audit in Ohio? How much would he settle for. I might pay it out of my own pocket.
Lou
Mav,
TXHG does not produce any oil, and look at it's evaluation.
Lucus eng. is about 2.30 and would value us about 15 times what we are now in comparison.
Lou
Spunky,
Everyone sees things differently in hind sight.
"Are you saying that you had gotten all the audit material together and Joe simply did not pay for it?"
That was a non SEC audit. It was sent to a freind of Barry's in OHIO and it was only for the purpose of thier buyout. With that down the tubes, why should BDGR pay for it?
"The 'prime movers' are all big boys, I did not hold any guns to their head ... the choice to wait and see was theirs to make"
If he is talking about Joe and the board, Yes, he did hold a gun to their head. And I'm still wondering if charges will be filed.
"When I first arrived on the scene there were already 58 mil shares outstanding ... before I was able to get a handle on what was going on the total had grown to 68 mil. What I did was pulled the plug on the printing press and held dilution in check. Since I've gone, someone has turned the press back on."
Barry came to bdgr when the stock was about .60 and left when it was below .20. And that was with rumors of a buyout.
I have no idea what the total shares are at the moment, though I know that they are not still 68 mil. And they cannot be. While Barry was there we somehow went through the 1.2 mil in cash that could have carried us to cash flow pos.
We should be CFP very soon and this is what will be buying back shares.
Lou
spunky,
From both the action in the stock and the actions of some people, I beleive they are alive an well.
Lou
Mil,
TX holding is Mark Newhouse's company. It is so thinly traded that I think they trade it amongst themselves to create a price.
That is why Joe stopped the deal. They have nothing and were only going to give us shares in his company that is worth nothing. And to boot, 17% was coming right off the top.
Lou
Barry,
I was told by Joe that the board had decided that they could not afford you any longer. That that desicion came weeks before you had resigned. He had also said that they had not desided when to let you go. I did not try to validate those statements, they are not very important compared to other issues.
You did however tell me that you found out that you could not file an 8k as you had wanted. And in speaking with the SEC on the matter at the time, I was told that only directors and officers or acting directors or acting officers may file an 8k. Since you resigned, you held none of those positions.
Once you found that you could not file the 8k, you sent the resignation to 57Tbird.
Please believe me, I would not try to use you as a pawn in any situation. It would be extremely hard for anyone to use you as a pawn in any situation if you stayed uninvolved.
Lou
Snowcrow,
You have my number, give me a call. Maybe I can explain it better orally than I can in type.
Lou
57, Are you giving me permission to post the emails?
Lou
Snowcrow,
Not confronting someone when they lie about you is almost a confirmation of the lie.
And as far as Lanza goes, I have not caught him in a lie. Others at BDGR yes, but not Joe. And that does not mean that he is always truthful with me, it just means that to this date, I do not know he has lied to me. I cannot say that about 57tbird.
He told me shortly after our meeting with barry that he had sold all but a few hundred shares, before the meeting. Now he is saying it was after and because of the meeting. He sent me a copy of Barry's email with the resignation and barry saying, ". if you do post ... do me a favor and leave out my contact info."
That was barry's way of asking him to post it.
Now think about it, why would barry want his resignation to be posted. Oh and BTW, the board had fired Barry 3 weeks before he resigned.
Believe me I have been been working hard for BDGR, I have a lot at stake too. I cannot tell you of what we are doing, but I can assure you that I am doing my best. And that just doesn't show in the stock price immediately.
Please be aware that it has been brought to my attension by an educated stock market insider that we are under some sort of manipulation. Either by a hostile suiter or large scale shorts. Both of those situations are being addressed by the board.
Lou
57, so can I post your lies, or would you like to keep them hidden? I will have to assume that if you do not reply or deny my right to post them, it means that I have your permission.
LOu
57, I hate to call anyone a liar without proof, so I will have to say to. There is new meds out there for your memory problems. If you would like me to show you the errors, I can post your emails.
Lou
Local,
You are probably right. That is why I am not trying to change him, but to help at his goals in a way that will help us all.
Lou
Snowcrow,
I don't remember asking you to stay off the board? I might have said that I don't think the harsh comments are helping us, or something to that effect. I can't be totally sure, but I hope I did not request that. However, no good comes from venting here, but I find myself doing it as well.
About an audit. There is nothing in an audit that cannot be fixed. If something was done wrong, restitution will have to made within the audit. So to say that something wrong was done that is keeping them from doing an audit doesn't make sense. Joe is owed 8 mil. shares by Barry's admission. If joe took to many shares, it could just be charged against that and he would be clean. So I cannot believe that he held it back because of fear. In any event, should the material be sent in as proposed, I have been given the ability and the obligation by Joe to confirm it.
I believe things are about to change at black dragon and Joe is not only aligned with, it is mostly his idea.
It is believed, but not proven that our stock is under manipulation by either a large short position, a hostile takeover candadate, or both. I believe, but mostly hope that those who got out at these levels will soon regret it.
Lou
LGL8054,
I ask that question myself everytime we speak. I am assured that most info will be at the auditors very soon. However, I cannot confirm that. Until I can confirm that the auditor has all neccessary paperwork, I will not say that it is in. And I have already set in motion that it will be confirmable. Joe has already agreed to that.
Lou
Valu_trader,
You have to do what you have to do when it comes to selling or buying. That usually depends on the amount of stress that one can take in this business. But don't blame your bad decisions on anyone else. If you sold your stock and it goes to zero, you did well despite your loss. If however it goes much higher, that is also your fault.
I have lost far more than you have. 5 or 6 times that. Though I have not sold, so my loss at the moment is on paper.
I have an opportunity to help the compnay that I am invested in and that is one reason I am hanging on to my shares. I am hoping that I can make a difference in the value of my shares and thus everyone elses.
I will look in the mirror each morning and see my integrity still intact, as I always have. I value that more than money.
Someone once said that every man has his price. That may be so, but if I did have a price, it would be one that I cannot fathom.
Lou
Lou
Local,
Your post appears to be the part of BDGR's business plan that is missing from the success equation.
Lou
valu_idiot,
You are either totally lost or have some other motive. If you would like to vent in person or on the phone, I am available.
Lou 781.585.7400
accurate (badrguy),
I was never given Barry's resignation to post. 57tbird was. However, it was sent to me by 57 and I did read it. And immediatly realized it was the ramblings of an angry person who didn't make a million dollars at our expense. Barry's intent with that was only to hurt the company as an act vengence. I was not going to help him.
Lou
57,
What took you so long to post that? Barry tried to get you to post it months ago. And Barry tried to issue an 8K on it, but he didn't realize only company officers can do that. Isn't his attempts on revenge a little childish?
When the cat is away, the mice will play.
Lou
Local,
I like just skipping over dragonmans's posts and reading your answers. LOL.
Lou
I had heard that there was a proposal for a mine under the lake. I didn't hear that it was a salt mine. Somewhere I heard that it was for oil recovery.
Lou
Local,
You are correct, they only had like 1600', I think. With the tunnels under them, the liability was too high to drill even shallow wells.
Lou
Skip,
Yes, I remember talking to you. There is also another stockholder from Minn. And I have talked with Dragonman on the phone a few times too. He is a good guy, I just like to rib him about his destruction of the english language.
Lou
Local,
Wouldn't that be fourstar's books. Doesn't the operator recieve the funds and disperce them.
I am not a member of the fourstar board.
Lou
""450 wells producing ( 5000 by 450 = 11.12 bo day )average per well.""
This should read (5000 by 450 = 11.12 bo MONTH)
Another guy that is calculator illiterate.
""450 wells producing ( 5000 by 450 = 11.12 bo day )average per well.""
That would be 11.12 b/month ave.
But it is actually, 7000 (produced) /30/450 =.52 bbls/day.
57, You waisted a lot time with your story because this is how it would go.
Scenario # 1
The Director is met by an attractive redhead as he enters BD's not so sprawling digs:
"Hi. You must be L. I'm Lilah, but my friends call me Lie."
Dir: Would you like to see my motel room?
.....Lou leaves for airport two days later after never leaving the motel.
....................the end................
Dragonman,
Sorry, you never usually write clear enough for me to know you asked a question. I'm not degrading your writing talents, maybe I just don't read so well.
Anyway, 9000/month is the target for cash flow pos.
In answer to your other question, I do not know. Maybe what a well prev. pumped and pumps now is different. Or maybe we have a larger position in the lesser producing well that makes it a better choice. Just guessing.
Lou
Accurate, That was a subliminal message for you.
Suicide is always an option.
Looks like Tbird has more than one handle on this board.