Observations
This will be tough. I do not want to steal any of Tom’s thunder or presentation, yet, the I-hub group is like a pack of mangey hounds gnawing on a bone for any speck of meat. So, I know you want some stuff to chew on, yet I want for Tom to be the one to cast the vision and share the future. I encourage you all to watch the upcoming webcast multiple times, but until then, here is some stuff to chew on.
1. We don’t have one Mesa project, we have 3! The other 2 are probably just as big as the first! Tom will share some good info on the background of the Mesa project and info on a drill in 1946 at our site and the results. From all indications, it is a good report and puts air in our sails until the drilling results. Tom will also describe in good detail about the other 2 Mesa projects.
2. Sparkman drill in N. Texas. Tom describes this project and what else this project will lead us to in the surrounding area. Its really good stuff.
3. Palo Duro Basin. Tom gave a understandable presentation on this area and what we expect from it. He described our partnership with Jon Fullenkamp and Victory and our part and how we will reap from their drilling. Expectations are for the 1st Q in ’07. If they find what PIP shows, we will have a free ride earning 20% the whole way. This is also really good stuff.
4. Tom talked about the sharestructure of the company and his trading preferred for common shares. He talks about how and why. IMO, he talks frankly, with out trying to parse terms and cover his tracks. There is NO trying to define what “is” is. You will see none of this, just an honest answer of what he did and why.
In this part you will also hear Tom’s philosophy of dividends. (I talked with Tom privately about this area before the meeting as I wanted to know what his plans were about issuing dividends.) To summarize, Tom would like to sell a very small percentage of his shares to buy a house and keep the rest intact as he expects the to live well off the dividends. To quote him pretty close: “I get the $$ from the dividends and get to keep my shares! Why would I not want to do that?”
5. 3 Sisters / Glasscock drill. Tom explained the what and why the drill ended off a couple degrees. Hopefully this will be on the webcast. It is a testament to both his character, and the long term vision. Tom describes our going back and what we expect to do to make this a profitable site for EDEX.
There is more but this should give you a decent rundown to the bulk of the presentation. I’ve left our info on how EDEX works in conjunction with seismic, the PIP guys, how we find sites and lot and lots of other material which was covered. I also left out stuff Tom said he couldn’t mention about some other areas they are looking at that make the Mesa look small. The future, even if the Mesa does not pan out looks bright.
Gee, its really too bad you missed it! The info was worth the attendance. Hopefully you will hear like I heard: Info, not sales. Time will tell and I look forward to the perceptions of the webcast from the mangy pack.
I hope this proves helpful. Top Hat
All of the opinions expressed here, inclusive of all my past, present or future post, are mine, and mine alone. The opinions expressed are not a buy or a sell recommendation. Do your own Due Diligence.
AI
