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Hmmmm
I assume these are the 16 Tokio wells in the Haynesville field. About 3000 foot holes in Claiborne Parish. Also assuming flowing means water driven. Typically Tokio doesn't yeild high gravity oil but has a water challenge.
Knock you lights out
http://sonris-www.dnr.state.la.us/sonlite.htm
The problem was reported earlier. "It rained in Louisiana" Couldn't get the oil hauled.
Hostile takeover
Could be the good money is in the service business?
hmmmm where are my ruby slippers?
Ummmm someone that received stock in exchange for a pump? I dunno
Certainly the REAL share value is.90 per isn't it?
(Dont pay attention to the man behind the curtain)
Certainly Dragon should pay REAL value when it puchases 10% of OS from management and retires them for our benifit.
(Come along Dorothy. You don't want any of those apples.)
This can be a GREAT benifit to us all. I expect a 10% surge in current share prices. Optimistically we could go to .07
(What about the heart that you promised Tin Man? Or the courage you promised Lion? Or the audit you promised the shareholders)
Coincidentally this approximates the number of shares to be retired on a future date. Thanks for clearing up managements stategy. It makes sense for an extremely long term business plan if sufficient cash flow can be generated from operations to grow the company and increase share value. Nothing wrong with that.... BUT some of these exchanges smell of "I'm gonna get mine first" Too bad we are not a fully reporting company. In light of this info we are all small fish and merely a nuisance to the guy at the top of the food chain. No wonder you were unable to introduce new blood through any kind of merger. No wonder any type of massing of shares by any other entity is resisted. This is Joes company, like it or not.
JMHO
Another concern I have is the vability of the leases. Has the propper forms been filed with the state? Dragon still isn't listed with the DNR which makes our ability to check lease and well status difficult.
REF:
"Are YOU and LOU saying that the O/S is more than 68 Mill"
Yes ... approx 85 mil ... and note ... of the difference between 68 mil and 85 mil, approx 8 mil shrs were legitimately owed to JL by my estimate
If you had the debt figures you could back into to the valuation you seek. most of the other numbers have been released or can be estimated.
Sad that cash flow has to be used to decrease shares per earnings rather than to increase earnings per share. This hints the state of growth don't you think?
Question-
Just who do you think is trading mega numbers of shares at .057 ???
Where is the source of the cheap shares in such voulume as today?
It has rained a bunch the past week or so and more is on the way. I suspect the impact on world oil supplies will be negligible. I hope the field doesn't get shut in due to tanks running over. Ha!
Do the math from the recent PR-
The recent $.05 share price has the Company valued in the mid $4 million range. Management considers this to be a ridiculously low figure, when one takes into account Black Dragon's current production.
$4,500,000 / $0.05 = 90,000,000 shares OS
Nobody ever said Black Dragon was buying back stock.
"Black Dragon management has started to buy shares in the open market..."
I take it for what it says.
Let's get out the ole rainfall charts. What do ya say?
Grrrr.... maybe another month before we'll have production sales numbers. The sky is grey down here in NW Louisiana.
--gh
Quit with the "If's". Why don't you trade your shares then buy something less entertaining. (Watching this board is better than HBO.)
You missed my point- If you are paying more for services than others your bottom lines will not be comparitive on parity production. The three men and a one ton truck was an inside joke at Crystal. You may not remember the field office that had many invoices for the same ...... to sweep the office.
How much do you figure equipping a well costs?
Pumping unit
Rods
Pump
Tubing
Flow line
valves & fittings
soap rope and dope
Cost to install the above-
I can't do it for $7700 - Show me
Nevermind location work and overhead.
"I don't want to start a conversation here that I can't finish but I can't understand why it would take Dragon 9K bo/month to be cash flow positive when other operators in the area are CFP at 1/9th that amount."
Two possibilities-
Payout of the workover or completion costs have yet to be recovered.
Non-armslength deals where someone else is making more than they should. PLEASE somebody check if the expeses are all at prevailing rates. Check the cost of three men and a one ton truck.
Maybe you should have bought ENRON.
Oh no! It's raining in NW LA. Maybe next month...
How did I make your short list? I have no axe to grind and as a shareholder would love to see this stock rise in value.
Why does everyone assume this an E &P oil company? BDGR is an investment fund set up to support the production and development operations of Four Star and others. Once you realize this you can find your happy place and understand your investment. BDGR has never permitted a well in Louisiana and is not recognized as a petroleum producer in the state.
Which company receives the disbursements for sales?
Which company does joint interest billing?
How much business is non-arms length? (Purchasing, contracting, lease purchase/sale, etc)
I have only looked and asked for answers but cant get past the smoke and mirrors.
AMEN - WI does't even give you a clue to what NRI is in a lease. Plus there are many other factors such a penalties, bonuses, payouts do to nonconsent. NRI can change at the drop of a hat and new division orders will be filed.
Call Schlumberger- I have been in oil & gas accounting for over 20 years and I am certain of my example. I dealt with WI, RI, DOA every minute for 8 hours per day for many years.
Not true " 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."
You definately need schooling on this subject:
Here is a simple picture of what a division order looks like-
EXAMPLE_____WI______NRI
---------_____-----_____-----
E&P,_Inc_____60%______51%
Me2_Oil_Co.__40%______34%
Mr_Geologist__0%_______2.5% (ORRI)
Lessor________0%______12.5% (royalty, RI)
____________-----____------
____________100%_____100%
I have the GPS on my blackberry :) and the coords
Thx
New wells in the area are have potentialed 3 bopd - i will be up that way on Wednesday and will take a peek.
Without an audit I am trying to figure out the business model of this company so please help me understand.
From what I have gathered so far I came up with...
Four Star owned leases that are expensive to operate
Created investment company to buy the leases (BDGR)
Four Star sells leases to BDGR and retains an overriding royalty interest in the sale
BDGR hires Four Star to operate the wells (Including permitting)
Four Star's services are billed back to BDRG at whatever rate was agreed upon :)
Four Star enjoys an income stream from it's operations until BDGR's bank account is dry. (Doesn't mean they can't be profitable)
The bottom line is it looks like FS shifted the risk to the risk seekers- the investors
*** Chronicles of the above may be fictional and similarities to actual events are purely coincidental.
And of course salt water disposal gets expensive too.
I assume the locations are prepped for a photo spread and video. Could you tell if pumping units have been set then removed?
I worked for Crystal for over 20 years and remember well. It was hard to get pipe equiptment fast enough. The Arkana field was drilled by Crystal.
Working interest owners pay all the bills in proportion to their interest. I have seen wells where the operator has 90% working interest and a 2% revenue interest.
Black Dragon Releases Un-Audited Financials to Pink Sheets -
http://www.marketwatch.com/news/story/black-dragon-releases-un-audited-financials/story.aspx?guid=%7...
Are these the most current finanials? I believe stock is recorded at par value isn't it?
Is BDR just a money source for Four Star Oil Company? BLack Dragon isn't even listed with the Louisiana DNR and has never permitted a well. BDR never produced a well.
Look for yourself-
http://sonris-www.dnr.state.la.us/sonlite.htm