"I want to see an AUDIT with all the side notes,
that will tell me more about the health of the company
than the production numbers and give me something to hing my hat on !"
...wouldn't we all.
I think it is beyond obvious that the people "running" this company don't have any idea what they are doing.
Lanza needs to step down but his ego, selfishness and his stubborness won't let him. Us longs are at his mercy.
The guy doesn't know how to do a thing "by the book".
I have come to believe that even with the allegations of wrong doing, a more pervasive incompetence floats to the top.
For example, having possible oil companies coming in to buy his company; I'm sure the first thing he said was:
I want $1/share! He probably thinks he's doing us a favor with that. Protecting our interests as it were.
The first thing THEY would want to know is; What exactly do we have here? What's the breakdown?
Without an internal audit at the very least, this is impossible to answer.
The sheer magnitude of properties owned/leased with theories abounding about deeper, untapped oil in these crazy pricing times keeps the dream alive and the suitors coming.
All I know is, there are more outstanding shares now than last summer. I don't know when they were issued or to whom. But dilution of shares doth not $1/share beget, GENIUS LANZA! Someone needs to go to business accounting school 101.
Barry was in it for himself. But even as such, he was getting an audit together (for his own interests).
One gets the impression that they thought they were going to throw the numbers together and magically produce an audit. And the fact that Lanza could be so easily manipulated and open himself up to bashing by selectively ignoring many pertinent facts, boggles my mind.
And the deeper the audit goes, the more uncomfortable the information. I don't even want to think about what the audit has turned up.
The reality is, even by local oil's completely suspect input, everyone agrees that there is great potential in the properties. At least profitable potential and possibly GREAT potential with a buyout or partner that could throw in some millions to dig deeper or horizontally or use any of the newer extraction technologies.
THIS COULD WORK.
That is what the other companies see. That is why the bashers are here. And we could make money. But not with this guy free wheeling at the helm.
If TXHG would pay $3.8 million for fields that could recover $30 million barrels, then BDGR should be worth $100 million based on their PV-10
Yes, I know it comes down to rate of recovery, but with that much potential, it is almost a no brainer to shoot some $2 million dollar deep wells. Of course, things are so tight with the Dragon now, that this will never be an option.
Lanza is right that he has something worth value, but he is devaluing it as he routinely breaks his word to the shareholders.
I'd like to see him drop his super preferred voting shares and tell Lou just what the frak is going on. That would be a start.
