IMO, CB is playing with fire in abdicating his responsibilities as CEO and as its sole director. Two directors resigned at the same time late last year, leaving only CB, which to me is suspicious. Nice form letters are not enough reason for me. Was CB not listening to their recommendations?
Is CB keeping the price suppressed for a reason? The company has been under steady accumulation the past 6 months based on CMF data. CB, do you know who is buying and why?
And of course the RS speaks for itself.
About a month ago, I was in Dallas. I called JC and I wrote a e-mail to AENP requesting a visit. Not one response. Is this the way you treat investors? Just look at the website.
With the price of oil today, and especially considering its trend with the dollar, peak oil issues and worldwide explosive demand, the value of AENP's O & G reserves could be staggering. CB knows this with his 3D seismic information and drillings on the Barnett properties. We are currently valued at $6.5 million, for the whole enchilada, and that is ridiculous. Heck, someone just bought 2000 shares this morning at $.22, which lowers the company value to less than $4.5 million. The rigs are worth more than that alone, forget about the 68 million barrels of reserve on PRI and the unknown reserves and production on the Barnett Shale properties.
CB is not the only investor in this company. CB, where are all his promises from the pre-RS shareholders conference call?
Just last night, I saw a piece on how EXXON has a war chest of $120 billion in cash that could be used for purchase of reserves and companies. All the BIG boys are accumulating a lot of cash and so are the second tier oil companies. With real O & G finds/supplies diminishing, demand increasing, and prices exploding, there will be a mad dash for proven production and reserves. Just watch. Many predict that the price of oil this year could hit $150. Heck, I will take $110. We are only $2.63 away from that target at this very moment.
CB, contrary to your thoughts, not all investors in AENP are stupid traders. No, my friend, you are dangerously close to the edge, if not already over, in crossing the line of integrity and abdication of your fiduciary responsibilities. Your silence and performance the last 2 1/2 years is deafening, especially the last 6-9 months. Some suggest the BDC as the recent, obvious reason for silence. That is another excuse IMO!! Since September of 2005, when I entered the premises, people have lost millions, both on paper and in real money.
In 20 days the PRI arrangement expires. It will be interesting to see what CB does with JB's properties. Of course, that is a transaction that is all in the family.
