I have been critical of this deal, but I for one would rather see CB stay, run the company, under a new BODs, and focus on O & G business/drilling, with a ton of shares. He would become very, very rich out of this deal and he deserves too.
We do not want to throw the baby out with the bath water. CB gets his chance to do his end run. If he loses, then we the shareholders get our chance to make changes. It is all in the vote.
Are you happy with the value of your investment? Hell, I have lost a ton the last two years, and I am down a ton more now. I am supposed to be happy with the execution the last 2 years and now the prospects of this major dilution. Enough is enough.
Let us realize that everyone is expendable and no one is invincible. The value in AMEP today is in the 7000 acres of Barnett Shale properties, and specifically, the Padgett and Murphy-Nash leases, at least what we know of today. The revenue/reserves from these two leases are huge. They are AMEP's and no one can take them away.
Do you not think, worst case, that we could not sell them off for multiple of our current stock price, knowing what we know now. Initially Padgett # 11 production numbers $1.2 million annually. Padgett #12, being turned on, 3-5 X multiples of #11. What about the effects of the Mississippi high formation under Murphy-Nash #1? If you put that acreage up for bid, you would have many, many takers. Huge O & G find, already producing with complete 3D seismic report, reserve reports to follow. If no takers, we continue to drill out these areas for the near future.
AMEP needs help in marketing, communications and maybe finance. They need to build out the infrastructure, at some point, with other resources. This is a thin bench.
CB has the most to lose, but also the most to gain.
