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To all,
As you can see by my previous posts. My intentions were and are to do my best for the shareholders of this company of which I am one.
Some people spend all their time searching through emails to try an find something they can use to discredit people because of their continued anger for their own inadequacies.
I spend as much time as I can to try to help this company and its stock. You must make your own decisions and hopefully someday exercise them through a shareholders vote.
Lou
LGL8054,
I assume you meant Lou, so I will answer the question.
An audit is a huge task for this company. If all I am being told is true, it will be complete soon and then it will be up to the auditor. That is all I know on the subject.
As far as a shareholder derivative suit. $25,000 plus was the estimate. I would have done that at my cost, but I was talked out of it by Barry and now I realize that Joe not the ogre you think. I think he is going to turn this company profitable soon.
Lou
Likwit,
The past PR's were put out by the then president Rick Michael. Was Joe behind them, aware of the lies, we will never know. The other idiots on this board can speculate to thier hearts content.
One thing we do know, Joe is no idiot. He is President and Chairman. He is resposible for all the PR's since Rick's departure. I would assume that all PR's since Joe took over would be the truth.
Lou
57tbird,
Please stop using my name in your posts. I do not want to be associated with you.
Lou
National Weather service shows betwee 3" and 8" of rain in the month of may for northwest LA. Ya, that'll keep the dust down Local. And turn that farmland into mush. Maybe you don't get out much.
http://www.srh.noaa.gov/rfcshare/precip_analysis.php?location=LA&duration=no&archive=200705X...
Fishingfund,
I don't understand. Did you mean you did a lot of selling?
On a brighter note, have you got that boat yet. I am still looking for a steering cable for mine, or maybe new hydraulic steering.
Lou
57tbird,
Besides being a possible felon for wiretapping, you are also a liar. You told me you sold your stock (except for 500 shares) at the urging of red chip and that it was before our meeting. You also said that you sold them at .38. BDGR has not been at .38 since our meeting. I'll just let the AG sort it out. Bdcause if you sold after our meeting, you sold on insider info.
Lou
Local (Mr. Allen),
""It's a two step process. First you get a lease from the mineral owner that will cover whatever acreage you agree on.""
So then what as I had said is correct. For someone to attain a vast amount of wells, they would have get the leases to all those wells. That would be a huge and expensive undertaking and thus has a great value.
Are you going to meet me at least half way on that?
Lou
TBird,
YOU ARE A LIAR. Our meeting was on 2/8/07. The stock price never has been above .28 since that date. You stated that you sold at .38. The last time it was at .38 was in Nov. as Marsinvest had stated.
That just ruined the last of your credibility.
See you in court.
Lou
LGL, You are right. My time, as well as everyone else's could be better spent elsewhere. But it was time for all to know what had transpired with the failed buyout and the motives behind Barry's recent attemt to panic our shareholders. And also the obvious motives of many others on this board. This board is for shareholders to meet and discuss thier company.
Lou
Mil,
BDGR is unaudited (at the moment) And our projected gross is well over thiers. That would put our shr price at $1+.
Think we are undervalued, just a tad.
Lou
Mil,
Here is Lucus Energy. I cannot find where they have pumped anything yet. They have 29 mil outsanding.
That works out to a value of 64 milion dollars.
Last Sale: 2.24
Change: +0.04
Percent Change: +1.8182
Tick: Up
Daily High: 2.25 Daily Low: 2.24
Opening Price: 2.24 Volume: 1,500
Annual High: 3.75
Annual Low: 1.75
Dividend: 0.00 Earnings/Share: -0.004160
Previous Close: 2.20 P/E ratio: N/A
Yield: 0.00
Tbird,
Do you lie often, or only when it suits you?
"The luncheon, btw that caused me to sell most of my BD stock (at $.38). "
You told me that you sold your stock before the meeting and it was at the urgings of Red Chip.
So which time were you lying?
Mr. Allen,
I could set up 100 questions and you get all of them right.
That would only make you seem more credible.
Take Barry for instance. It was not until I actually understood what the deal was, did I understand what he had done to us. And yes, I talked with him and met him as did others, and still we could not see what he was up to.
Even talking to someone isn't foolproof, but it is the best we can do, short of a lie detector test.
Lou
Accurate,
Your new name has also been give to the SEC. Some things are obvious.
Local,
Then no it is. Then nothing you say can be believed. Yes you could tell us the seriel number of a well. You could be in LA or you could know someone there. You could answer 10 questions right, and one important one wrong. One that makes all the difference.
From now on we must assume your last name is Allen.
One thing I will say. You have great grammer and a wonderful vocabulary. I am afraid that does not help us here.
Lou
Yes accurate tell him to keep up the fight against becoming a legitamate help to the board and the company. That will suit your needs only.
Localoil,
It apprears you have an axe to grind with BDGR, that is pretty obvious. But you still may have important information to shead light on some issues. Your main problem is that you are hiding in the shadows. You may realy be in the oil business or you may be in Rhode Island, wishing you were in the oil business. Or you may be the receptionist of an a small oil comapany with enough knowledge to be dangerous. Or maybe you are an ex BDGR employee trying to get even. Or you may still work for BDGR and are feeding info to the Barry group in an effort ot screw Joe. There is no way to be sure, and thus no way anyone can take you serious.
There are many of use here that have become friends and talk to each other on the phone often. From that we get a pretty good feel for each others motives and ambitions.
If you realy are here because you want to help people with knowledge you may have of the oil industry in that area, you need to come out of the shadows. Give me a call 781.585.7400.
If you are leery of me because of our past spats, try milliomairdreamer, or Yankee7, or Spunkyknight. I have referenced those because I talk to them often and feel comfortable with their motives. There may be others too, I just can't be sure of everyone. Here is a chance to change everyone's opinion.
Lou
Please think it out for yourself people.
He said,
""That's not how valuations are done. It's not "possible" or "proven" BBLS that prevail in that market. It is actual production only.""
Think,
You have 2 wells pumping 1 barrel/day on a piece of property that can have no more wells.
Another piece has 2 wells pumping 1 barrels/day but also has 50 other wells yet to be opened and room to drill 50 more.
Which piece of property would you want? And how much more would you pay for the second piece? 10x 20x 50x as much?
He said,
""Wrong and wrong. Doubly wrong because their operations are so spread out geographically.""
Think,
I do not know how spread out the operations are. But picture how often a lease comes up for sale. So you want to expand your oil business. Send someone out day after day to aquire leases if he can find them, hire attorneys to pass and record every deed/lease. Or go and buy 1200 wells on property with expansion capabilities in one purchace.
He said,
""If you believe this is true then I believe that they will never see an offer which you would consider to be "reasonable".""
Think,
We are in the oil business, not the realestate business. Yes, if an offer came to the table that was a great deal, we would have to take it into concideration. When I say we, I mean the shareholders. Not me, not Joe, but a shareholder vote.
Remember, bashers come in all types. Some are there to lull you into beleiving them. Others try to panic you.
Lou
Local,
You obviouly have an axe to grind with BDGR. You and I and most others know that it is the possible barrels pumped minus the cost to get them. Not the barrels that it is pumping at the moment. Also, all the leases together have a greater value as a whole because of the cost of putting it all together.
If a reasonable offer does come to the front for BDGR, it will be bacause of the volume of wells and leases that can be gotten at one time and the presumed profits the new comapny believes it can make from the fields. It has nothing to do with what we can do with the fields.
But lets not get too far away from the picture of 57tbird and fastb as cell mates. Can you say, "don't drop the soap",?
Lou
Steve,
That tape could not be used. Here is a headline I found concerning Linda Tripp, the lady that taped Monica.
A trip-wire is a concealed trigger that when crossed sets in motion some disaster. Linda Tripp was indicted on Maryland state charges of wire-tapping.
Lou
Local, I am still wrestling with it. The actual definition is as I had presented. Again, in Barry's spreadsheet WI and NRI are in the same column, using the same percentage.
So as defined, it appears that I am correct. And Barry's spreadsheet confirms that. However as in many fields, many terms take on different meanings. Meanings that a person would only be aware of from working experience. I had worked in the road construction industry as an engineer for many years. There were many terms that we used, that were directly against the learnings of kids directly out of college and with no practical experience. They were correct, but had to relearn a lot in order to work in the industry.
Lou
To all,
It is always hard to be sure of peoples motives. Mine are simple as are most of yours. I purchased a large amount of stock in BDGR because of inflated PRs, Red chip, and my own greed. Admittedly, I made some bad decisions. However, I am angry at no one for thosse decisions. If the stock had done well, I would have most likely sold and moved on. Needless to say that did not happen. My mission now is not to be a hero for all the stockholders, but to make make my company more valuable and more profitable. Yes, I believe the stock is extremely undervalued and that it is hurting our ability to finance and recieve reasonable offers from suitors. Barry knows this and for some reason has done his best to keep it down.
Yes, this is my company and many of yours, and you should take offence as do I to people trying to hurt it for their own selfish reasons. Be it anger for their bad decisions, or some other motive driven by profit.
Make no mistake, there is no honest motive for bashing a stock.
None, nada.
Whether 57tbird and Barry knew each other prior to our meeting, I cannot be sure. What I am sure of is that they entered the restaurant together. Was one standing out front and the other walked up and asked if he was part of the lunchen, it is unprobable, but possible. What I am sure of is that I offered to take Barry to lunch since he lived nearby and he appeared to be very helpful on the phone. (little did I know what was realy transpiring). What I do know is that when I told 57tbird that I was meeting barry for lunch, he said he was to meet him too and we could all do it together. I then called Barry and asked if that was okay with him, and if a good friend Marsinvest, could jion us too. Did I hope I could glean some info, of course. Did I act on that info, no. Did 57tbird notify us that he was taping the conversation, No. Did he make a joking remark after someone said something about the company,"the taperecorder is running". We all laughed. From that laughter, he know he had not told us that he was taping the conversation. He later told me that he did. I don't believe he has anything of substance against Barry on that tape, although it would have him talking me out of the dirivative suit. Which as Marsinvest can attest, that was the reason I had for the meeting. To enlist Barry's help in the dirivative suit.
He said for us not to do it as he had a buyout coming. At the date of the meeting, the stock was far above the value of that failed takeover.
Remember that 57tbird said that the only ones that Lanza cares about are people with last name of Lanza? If that is true, then Joe has gained more respect from me than I can say I have for 57tbird, as family always comes first.
My motives are aligned with all the stockholders here. To build wealth in this company. I am not trying to do it because of all of you. But because BDGR is part mine and thus part of my families. I am not anyone's hero. But you can be sure that I am not the villan. I am no saint, but I highly value my honor and integrity.
Lou
Local,
It may be that way where you live. But most states vigorisly prosecute. Massachusetts is one.
Lou
Plese remember that you tape recorded conversations without permission. I believe that is a felony in this state.
Lou
We all wondered why you and Barry walked into that meeting together that day.
I guess we now know.
Lou
It is only fair that people know the facts. Or at least the facts as you expressed them to me and others.
Yes, there was a 3rd compnay, one that you said more than once had 2/3 the assets of BDGR. Which time are you lying.
So the new company would have had 1 and 2/3 rds the assets of BDGR, but we would have 1/3 our shares. If we ended up with 50% equity,(1.66 x .50 =.83) we would loose 17% of our asset value on day one. There is that number again, 17%.
DON'T ANYONE BE FOOLED.
If Barry thought that this would have passed a shareholder vote once the info was out, he would have easily gotten the super voting perf. stock extinguished and put it to the shareholders. But they knew that the only way to push it pass us was to try to force Joe into using the Super Voting pref. to get the deal around us. Early on I had planned to eliminate the SVP at my own cost. But Barry talked me out of it, saying that he had a buyout coming. The stock was over .50 at that time. Yes, I was taken in by all this. I thought that I was doing the right thing by waiting.
Or to try an put things into another perspective as to what the deal was worth to us. The owner of the BB company tried to buy our shares off the market so as not to drive the price up.
He offered .20 in stock of his shell. That should tell you what we would have realy gotten. Remember that .20 was what he felt was a premium as he needed the shares without driving the price up. He told me he could get the SVP extinguished in 2 hours in a court room (the same thing my attorny had told me).
I also find it amusing that Barry didn't deny spreading the rumors on Wed. but downplayed what affect it might have.
Lou
Barry,
I believe he got that from my post. When I said you violated attorney client privilage. I was refering to you taking info from the attorny and then putting your spin on it to spread fear. Sorry that I wasn't clear.
Lou
Barry,
I would not have given your real name on this board, that is a desicion that you and you alone must make. I am glad though that you did.
You might also add that you made all the calls on Wednesday with news of a legal crisis and drove the stock to .09 on heavy volume. A legal crisis that did not exist and what little info you did gain was by you violating attorney client priv. What your motives are I am not sure. What I do know is that you are angry that you didn't make millions in the merger deal. That the merger was not going to be .50. It was going to be some stock and some warrents that were to be pretty much worthless, in a company that pretty much existed on paper. Had 9 wells, but didn't pump them. No money was going to change hands. The stock was trading at .60 and was held by a few people that most likely trade it back and forth to create a price. What I also know is that you and your group would get 17% of the new company. That would mostly come from BDGR shareholders.
I also know that you came to this company when the stock was about .60 and left when it was .17. I also know that you could have done an audit in that time, but chose to send the financials to a friend in ohio for a non SEC audit only for the mearger. Any one else would have done an SEC audit just in case the deal fell through, that way the company would be left with something for all the money they paid you. But instead you tried to blackmail Joe into making your deal. Why he has not gone to the FBI I will not know (or maybe he has!).
Motive? I know you said Joe will still sell it to you for a price, maybe you are trying to lower it.
Don't worry though, if you do snag this company, I will resign as director.
Lou
FastB,
Why not take that up with Barry Mcfarland. On his spread sheet I found where it says.
net rev int
Wkg. int
BD
That is the heading at the top of the column, under it there are percentages.
Give me a call and I will give you Barry's number.
Lou
Crude,
Maybe you should take it up with Schlumberger. Or just make up some charts where you just type in numbers to confuse people again. I did think this up all by myself, here it is again.
"After royalties are paid, the working interest also entitles its owner to share in production revenues with other working interest owners, based on the percentage of working interest owned"
"revenues with other working interest owners, based on the percentage of working interest owned"
"revenues with other working interest owners, based on the percentage of working interest owned"
For those of you who don't want to stay confused by FastB and Localoil, or even myself. Here it is from Schlumberger Oilfeild.
working interest
1. n. [Oil and Gas Business] ID: 11468
A percentage of ownership in an oil and gas lease granting its owner the right to explore, drill and produce oil and gas from a tract of property. Working interest owners are obligated to pay a corresponding percentage of the cost of leasing, drilling, producing and operating a well or unit. After royalties are paid, the working interest also entitles its owner to share in production revenues with other working interest owners, based on the percentage of working interest owned.
net revenue interest
1. n. [Oil and Gas Business] ID: 11429
A share of production after all burdens, such as royalty and overriding royalty, have been deducted from the working interest. It is the percentage of production that each party actually receives.
Look at the last sentence of each description.
Net revenue interest is the percentage of the revenue that one recieves. Working interest is the percentage. If you have a WI of 50%, then you have an NRI of 50%. If you have a 2% WI, then you have a 2% NRI. The important thing is not the percentage of the NRI or WI, but what percentage of the total output is the working interest which again will match exactly the percentage of the NRI.
Lou
BTW - the pool was great!
Local, Yes, your right. And.............as long as the total working interest (or the NRI) is 75% of the total oil and gas.
If there is some spec. aggreeement non typical of this industry it is possible that the NRI and WI would not be the same. But I believe that is rare.
That will have to be enough for now. It's 90 and I'm laying in the pool for a while.
Lou
FastB,
You and I have had this discussion on the phone before. And you aggreed that it is the total WI that matters.
Please stop confussing people.
Lou
Local,
You are either not taking the time to read what I said, or you have another motive.
It is not the WI that one has, it is the total WI that adds up to the NRI.
GOT IT.
Lou
fastb,
The percentage was not what we were talking about. It was if we were talking about the same thing.
And yes, I do have the numbers. And my estimate was that it was much higher than 61%. If I ever have the 20 hours to add every field and the percentages together and divide by the number of fields to get the ave. percentage of BDGR, I will. But it doesn't matter (and I know you know this), it is the total working interest that matters. If BDGR has 5% working interest and the total working interest is 75% or beter, then it is likely profitable.
Lou
Local,
They are the same, as I expected. The important part is in the parenthesis.
WI.......
A percentage of ownership in an oil and gas lease granting its owner the right to explore, drill and produce oil and gas from a tract of property. (((Working interest owners are obligated to pay a corresponding percentage of the cost of leasing, drilling, producing and operating a well or unit. After royalties are paid, the working interest also entitles its owner to share in production revenues with other working interest owners, based on the percentage of working interest owned.)))
NRI.........
A share of production after all burdens, such as royalty and overriding royalty, have been deducted from the working interest. It is the percentage of production that each party actually receives.
As I said, the total WI = NRI.
Lou
Localoil, I think the problem here is my lack of your terminology, or my lack of ability to explain it.
See if this is correct.
NRI = That portion of the income minus royalties.
WI = That portion of the NRI that a leaseholder owns(not including royalties).
So, NRI= All of the WI added together.
Lou
57tbird,
That is right, just keep dazzeling them with stupidity.
Local,
You seem like an intelegent person, why is it you refuse to see that I have said the same thing?
Lou