Claren Energy Corp (CNENF)

[Hamilcar54]

I have no idea wat you are talking about ?
Since each party will need to pay their share everybody wins if they hit oil, and everybody loses if they hit dry.

-> It's only the current BOD caring for maximum returns for TGC shareholders. All they need is funding from HENC.

What a ridiculous statement, they care so much for us that they cancelled the farmin leaving us with no option to gain more WI. They also deceived us by secretly funding Perseville which is a major conflict of interest.
If they really cared for us they would have used the 3 million from Perseville to buy out Chelsea and Sakhai. That would have been a great deal for us but they used it to enrich themselves - not us !

-> But the reality is if the current BOD wins, it's going to be hard time for HENC shareholders, where as TGC folks will be amply rewarded (if oil is hit).

Now why would that be ? I have no idea what you are talking about

-> TGC shareholders.. Beware of HENC group.. Who doesn't want to pump in cash but get all the results...

We are all shareholders here, most of the people here are invested in both, TGC is my largest holding. HENC is not even half of my TGC holding. If you are betting on HENC not putting in any money then you are "hoping" and "dreaming". Who in their right mind will give up now just before hitting it big when they drill, they have a lot of their own money at stake:

http://www.nasdaq.com/symbol/henc/insider-trades

-> Let HENC pay for their share rather than trying to ride on TGC cash...

Haven't you read any latest filings: EACH PAYS HIS SHARE OF THE WELLS ! Nobody rides on somebody else's treasury

-> TGC has the money and operational plan right now.. Let's drill under the current management

Drilling is to be done by a contractor: current or new management will let the contractor execute so that isn't relevant. The money remains in the company's treasure so old or new management doesn't change that.

A theory of mine:
A fear I have is that with current management remaining in place and with bad blood with Holloman (and potentially more lawsuits) the money will diminish significantly. With the current burn rate and the proxy fight the company's money will drop to 2 million at the end of the year (it will drop even more if lawsuits will follow). Cash in the treasury was 2.9 million at the end of april according to the filings.
If current management will remain then I don't expect them to drill before the end of the year (they were never very fast in the past remember and only move when they have to).
I then expect them to say: hey we don't have enough money to drill 5 wells, let's sell some more to Perseville ! That's when we get screwed again.

How anyone can trust current management after all what happened lately is beyond me.