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Barry's audit was only for the purpose of a merger. And I don't believe it was ever intended to be seen by the stockholders.
Localoil,
My business keeps me working 80 hrs/wk. But that said, I'm thinking of asking BDGR for a seat on the board in order to represent the average shareholder.
I guess my big question is, would the shareholders of this board support that endevore. Please let me hear from all of you on this matter. Even those that rarely post.
Lou
The March net barrels has beaten the highest month of last year net barrels by 27% too! And yes the net dollars are 65% of the total production, the same as it was last year.
Likwit,
Localoil does have some knowledge, but maybe he is just a pessemist by nature. If he was looking for some good news to print..............How about the fact that March production has beaten the highest month of last year by 27%. And it looks like april will be much higher still.
likwit,
Snowcrow is just angry for the amount of time he has been in this stock and the losses to date. As are all of us. The most recent PR's do seem to be factual though. And I'm hoping for profitability to be attained late spring or summer. That is if we do not get bought out first.
Likwit,
Those 2006 PR's are as bad as those guys are saying. Anywhere from guilding the lily to outright lies. I would't argue about that, you would be dead wrong.
It does however appear (and this is not verified) that they are becoming a little more truthful. Localoils mention of the 6700 bbls not being real numbers are correct. Though 6700 are pumped, only 65% or so are retained buy BDGR. The rest goes to past and present owners of the leases.
Do I think we are headed to $1 or better. Yes. But the climb will not happen in earnest until we are cashflow pos., though I'm sure we are trending up from here.
Could a buyout happen in the mean timee. Yes, though it wouldn't be at $1/share. I would guess it would be in the area of .60 to .70. Of course if that comes rather quickly it is just as good as getting $1 a year from now.
Happy Easter to all.
Lou
LGL8054,
Are you somehow connected to the group that is trying to steal BDGR from us with the losy takeover attempt? If you want to talk to the fbi, that may be the group you want to look into. The words blackmail and extorsion come to mind.
Lou
Don't you people have any new news.
We all know about the past. So let it lay.
I spoke to Joe Lanza today. He finally returned my call. Everytime I called this past week, he was in a meeting. (And I doubt the girl answering the phone is lying about that) When I asked what the meetings were about and with who. He said that it was with two interested companies. One from the Nasdaq, and one from the Amex. I also asked about the cash position. And he said again that the cashflow run rate would be pos. in 60 days or less, but that the moneys don't show up for an additional 30. This also had a ring of truth and sounded rational.
The audit.........Joe sayed there should be news out this week that it has gone to the auditor. I'm guessing that the 2006 unaudited numbers will be out this week as well. I would expect them to be around 2.2 mil gross for the year. (that is my guess, not Joe's.)
Something is very different from before. Up until Barry had gotten to black dragon, the news releases were fantasys. When barry got there they stopped. And now, they appear to be on the mark. So what is different? Was it RM?, Did Lanza find the error of his ways? It doesn't matter what the reasoning, as long as we have transparency.
Lou
What happened to delieveries in confidence. And, "I don't think I'll post for a while".
Lou
Markets are closed today.
I haven't a neg. post, but a pos. one. That responce to the suit should end the law suit in a hurry. With Barnets Lawyers quitting, this thing is over. That in itself should add .20 to the stock.
57, you can't believe anyone. You have to make your best guess. But you are sounding more and more like a basher. Hope it isn't because you feel you may have missed the bottom. We all wish eveyone here the best. Hopefully, you feel the same.
No badrguy, I mean 57tbird. Barry's figures if correct were based on BDGR without the Gemini field, the 10,000 were when they had the gemini field. Look at the financials that barry put out.
Remember that BDGR gets probably $4 less than what oil is trading at from the refinery and only 65% of that. They came into 2006 producing 1000 bbls/mo. , but ave. over 5,000/mo. for the first 9 mos. IF they only did 5200 max., how could they ave. 5000 when starting at 1000. And remember, those financial were Barry's.
Lou
The real good news behind this is that mext months production will have the new wells in it and should be 3000 bbls higher. Even if that pumping rate is temporary, we will be cash flow positive.
Remember, since we sold the Gemini lease, we have alomost no dept as well.
Lou
57Tbird, This is a little different. This says they did, not that they expect to.
What I got was the typical form letter saying they are investigating it. No surprise there, but they now have to look into it finally.
57Tbird, It is from the '06 to sept financials that Barry did. It is posted on pinksheets.
Mars,
I think he is back under the name 57tbird.
Fishingfund,
Let it lay. Or do you want Lanza to take a shitty deal just so he doesn't have to deal with it all.
Lou
Localoil,
That is not the value of BDGR. One company that is interested has a stock price of 2.60, and an asset value of 7 mil. With 29 mil outstanding. BDGR has over 13 mil in assets. If you subtract pref. shares, you even come up with over 6 mil. At the ratio of the other company, we would be worth .86.
And its not what the lease is pumping. It is what can be pumped minus the cost of pumping it. So if a field has one well pumping 1 bbl/day, but could have 500 wells on that field pumping 1 bbl/day, then the value is 501 wells pumping 1 bbl/day minus the amatorized cost of building 500 wells.
These are the reasons BDGR has a value.
Lou
Dragonman,
That money is about gone. With drilling the wells, opening new wells, and paying back corp. taxes, etc. But the short term high pump rate on the new wells will bring in some good cash in 30 days or so.
Lou
snowcrow,
Yes, I was a critic of Lanza, but things seemed to have changed in his attitude. As far as Barry is concerned, he is no longer there and thus I cannot rely on his insight.
Again, I can only go on what I believe to be true. It seems that Lanza has be truthful with me.
Lou
Snowcrow,
"Lou, if there are questions about our cash position, and whether or not we can make it untill May, why didn't BD take the deal on the table???"
The deal wasn't in our best interest or Lanza's. The .50 or so that was offered, was in a company that's stock price was pretty much set between the few people that hold the stock. A portion of that was in warrents that were not fully disclosed to me and likely were not exercisable for some time, or in other words valueless. The people putting the deal together would get a large possition, thus diluting us further. None of this was known to me until the deal was shelved. If I have known it, I would have gone for the shareholders dirivative suit long ago.
"I don't know of anyone that has been able to get verifiable information from BD. Which has been a long standing issue. So, I wouldn't count on being able to do any DD in any normal sense of the word."
Lanza has been very honest and forthright with me, at least as far as I can verify. He told me of the cash flow issue and that they are entertaining better offers. The company seems far more transparent than in the past.
As far as my pessimism, I'm not. Just stating the facts. We are only 4-5 weeks from cash flow pos., that is good news. And I don't see that we can't make that. And if we do, we are worth .70 -$1.
Lou
Bdgr in Louisiana is 318.995.0404
More than a few companies are looking at BDGR for a possible buyout. That is the good news. The bad news is that we are not yet cash flow pos. Estimates are that we will be by May, if we can last that long. More good news. Comparable stocks with our capacity and equity are trading well over $1 a share.
Big question, will we get a good buy out, or can we make it to a cash flow possitive situation.
Lou
Dragonman,
Lighten up. That is the truth. The 25 bbls/day are the new wells. They will draw down over time to much less.
"Do you know the difference between Neville Chamberlain and Winston Chruchill."
Was he the guy who did nothing, and made deals with Hitler everytime Hitler went into another country. He tried to isolate England.
So. What does have to do with anything? I'm confused.
Lou
Jmap, I believe in your theory, but it doesn't work in real life.
WWII 1938-1945
Korea 1950-1953 ?
Vietnam 1967-1974
Stabilization doen't last long, and the wars run for years. What will be the price of oil if a mideast war last for 5 years?
Lou
Wrong Badrguy, oops, I mean accurate!
The group wanting to low ball our shares threatened the board members to leave and sign an agreement to sell and Lanza was the only one with balls enough to step up. He is old enough to be retired, he doesn't want to run the day to business.
Get your fax straight.
I think it is more than embargo that is coming. Iran came right out and said they would nuke Israel as soon as they had the bomb.
They tested a missle a short time ago and sent it to outer space.
Israel won't wait. They have already said, "when they think Iran is close, they are going in."
"No don't make me do all the work for you."
That was meant jokingly, I put all the info in the message.
Let's face it. If they were lying, these would not be the figures they would be using.
Localoil,
There were 35 wels put on that added 26 bbls, that is only 3/4 of a bbl/day. I don't think it was overstate. Here read it yourself, it tells the lease track for each well.
With the existing wells coming back on, Black Dragon estimates that previous output will increase by another 26.29 BLS a day, and factoring in the additional 100 Bls a day from newly drilled wells, revenues are expected to increase significantly.
-- Goodwin B 13 wells on pump -- Davies 1 well back on pump -- Fuller 5 wells back on pump (not counting the newly drilled wells) -- Burke 8 wells back on pump -- Robinson 8 wells back on pump.
No don't make me do all the work for you.
Lou
57Tbird,
I was talking about the buyout rumors. Actually the new buyout rumors. I've heard Lanza is meeting with some Nasdaq Company today on merger/buyout. Since we think we know that the other buyout offer was about .50, this must be better than that.
My take is that this company being cash flow positive shortly and the price of oil at $66, should have this stock worth .70.
As far as the oil production, I'm pretty sure it stated it clearly that it was the combined wells pumping 100 bbls/day.
How long that lasts, I don't know. But the influx of cash will be helpful. The news that all the other wells reworked would add 20 something more bbls/day helps greatly too.
The recent PR's are far different from before in that there is no exagerated expectations thrown in.
Derekz, Thanks for your help in cleaning up this board.
Lou
Pinksheets bid/ask is .18 to .19 with 4 times as many bids as offers. Looks like it could be another good day.
57Tbird,
Have you been hanging around with badrguy (amicus) and trooper on the weekends?
Let a dead hourse lay, this is new and good news. Lanza has the perf shares that can out vote us. But a lawyer could override those share in an instant if he isn't dealing in our best interest. So, lets see how the buyout unfolds.
Lou
"A fair deal of by and for shareholders will get you what you want!"
Yes, that is what we want. But what has happened behind the scenes is presuring and blackmailing Lanza to sell at the prices they want to buy. So far Lanza has not broken down, be it because he isn't getting enough personaly or the shareholders aren't getting enough as a whole. I was told by a lawyer that it would be easy to get rid of the super voting perf. I was also told by one of the people involved in the blackmail sceme that it would, "take two hours in a court room". So why are they not doing that.
So they can steal the company from us. They know that if they did away with the voting perf., they would have to put it to a vote of the shareholders and thus give us a fare deal.
Lou
Dragonman,
He is just taunting you. He is one of the bashers with a different name. The company that they work for have many of them. And switches them around when the heat is on. Today was nothing. Wait till we find out the new deal. These guys will be out of a job (that is if the SEC dosn't do it first). Joe meets with a company tomorrow, from the nasdaq!
The deal that was shelved was for .50 in stock and warrents, and this one must be much sweeter.
Lou
Spunk,
He knows it's a dead issue, because he is one of the bashers.
All you have to do is look at OMOG's stock at 0.0012.