I do not have a lot of time for the board. But as it is Saturday, I offer a few closing thoughts.
Over the past several months, since the Fourth Quarter 2022 when Gulfslope Energy paid $70,000 for the most recent Tau lease ‘rental payment’, the company does not appear to be in the process of abandoning the pursuit of the Tau prospect. By the way, this payment was a 100% increase from the prior annual amounts.
This goes to the point NorOilGuy1 was making and supports his conclusion regarding “why would he do this?”.
These activities contradict the point of view that the company management intends to cease conducting their normal operations. And recall that during this same period of time, Gulfslope was working on evaluations for purchasing producing properties.
Speaking of producing properties, Cox Operating, LLC, a mid-size independent, filed Chapter 7 during May 2023 so they could liquidate assets to pay creditors. Many of these are GOM oil assets. Prior to this, it was reported in January that Cox Operating sold a few of their GOM oil assets to Arena Energy, another GOM operator. The remaining Cox assets likely face a similar fate.
This is in alignment with the Gulfslope management strategy to purchase producing assets. Perhaps this is another reason for the motivation of why he is doing this….
And it is my belief at this time that the Gulfslope management team has way more to gain by continuing this strategy, than they would by accepting “dirt bids” on company assets sold in a public auction.
Could it be that a considerable number of the shares traded these last few months are the same ones constantly being recycled over and over? Is anyone suspicious that there could be parties wishing to ‘gut’ the GSPE shares to bring them to this point? Would this not require a certain level of coordination?
There may only be circumstantial evidence, but nothing seems to be able to cause these parties to deviate from the plan, so what other conclusion might there be?
The signs were obvious. Everyone should have been able to see the current situation in GSPE shares as it developed.
And I wish to mention my total agreement with the comments by Tb7 on July 6th. I will not feel any distress if those shorting the GSPE shares were punished by good news.
I am planning to set aside time to review the pending 10-Q. So there is the potential for future comments.
In the meantime, we should all be celebrating $80 oil….
Mrs. Smith
