GLFE PHONE CONVERSATION with Ernie Miller . (713) 523 6336 .
On Wednesday, May 01, 2014, around 2:00 e.s.t.
First of all, I have been in the business world for four decades. I think I am a pretty good judge of character, most of the time.
Ernie Miller is a good guy, and was honest and thoughtful, and generous with his time, on the phone yesterday.
He did not know me, but accepted that I have 3M shares. He told me right off that "there is no news being reported, because there is no news to report."
I asked him about existing leases, and plans to explore and drill. He said that the South Korean operator was not successful in its drilling efforts. "Dry hole" is one of the things he said.
We chatted for a while regarding the future. He said that, "there were plans to restructure and re-capitalize" the Company.
I said, "since GLFE has no assets, and no capital, the only way to do that is debt or equity." He agreed. My take on this part of the conversation was that the only way to do this ( since GLFE has no access to debt financing, not having assets ) is to issue new shares. Which means R/S, or a Reverse Merger, or dilution, . . . standard stuff. My words, not his.
Again, during the first half of our 20 minute plus conversation, he made it abundantly clear that GLFE has no leases, no assets, no current plans, no paid employees.
At one point he did say "shell" as we wound down the "what has happened" part of the conversation.
He did not venture an opinion as to whether I should sell, or hold.
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Next, we discussed GLFE plans, and closed with some personal chit-chat.
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GLFE, while it has no revenue or leases, or paid staff, does have Directors and Officers who are looking for, or working on, a plan. "What ?", I asked. He made it clear, multiple times, that he could not — and would not — discuss plans in the making. Again, since they have no capital or equity, such plans are ephemeral, without any way to pay for them.
EVEN an R/S, or a massive dilution, is of limited use, since the shares only have ( minimal ) value as a shell. Which seems clear. Even the reputation of GLFE has little value ( my opinion ) since they have no past successes to which the Directors can point.
The personal chit-chat is of no consequence . . . I always take the opportunity to push my hard-money philosophy to unwilling listeners. The fact that only Gold and Silver is Constitutional money. I told him I had no real energy ( meaning oil ) expertise, but that I know that Uranium is the energy of the future, not oil.
That's it. This is the conversation we had.
ONE FINAL NOTE : He said that the South Korean Operator had drilled an expensive dry hole, ( a failure ) and completed their relationship. MY TAKEAWAY IS THIS : The drilling failed, the Operator left the relationship, and NO GLFE DIRECTOR OR GLFE EXECUTIVE felt any responsibility to inform shareholders of any Operational Status.
While that is not criminal behavior, it is despicable behavior, in my experienced opinion.
Until2017
