I am still not comfortable with everything. The audit is being done and I wonder if everything will be put in order when it is finished. In partial reply to a couple of other recent posts, my next letter to BDGR will be that in order to be a reporting company and have a potential listing on the BB or other, no convicted felon may be on the board. So I will request that the board remove any potential conflicts that it has in order to proceed with becoming a fully reporting company.
When I did my original investigation of this company and potential I discovered that this area was one of the most prolific areas for remaining oil in the ground in the on-shore lower 48. Since the time of Barry and deals and offers, now with the addition of Mike Ellis, I really wonder what gem JL stumbled upon. Personally, I think JL started with a scheme and oil prices, a real company, and a few shareholders got in his way. I believe the potential of deep oil and gas has created a great value along with a number of vultures circling the assets.
Short term, the company needs to be run properly and produce what should be a cash flow positive company at its present production. Without this do not worry about a longer term picture.
Longer term, my opinion only, with an audit and an updated PV10 they would be able to acquire some financing. I would partner that will another source of financing to do deep drilling. This would give BDGR a greater source of the potential along with diversifying some of the of the risk.
On buyouts or takeovers, when Barry was there, there were discussion with more than one entity. With the new speculation about deep oil, one can only assume that the potential has not diminished.
So, based on the above, potential 0-$5 stock price is possible.
And there's a full moon, lunar eclipse on Tuesday and human beings tend to be very wacky around these. Maybe a resolution, good or bad around that event.
Personally, I'd prefer a buyout because I worry about the economy going into next year. A recession, or even something more disruptive, could be a serious dent into the present rosy oil price scenario.
