CTB, I agree with you. My bet is that good things will come, all IMO, of course. In my interpretation, CB has been controlling things, as has been said, to "get our duck in line." BS. Why would I say that?
Before I go there, let me also say, "he had better pull a rabbit out of his hat." If he doesn't, I intend to crawl down that hole and find out why. Follow the logic.
We need to frame this correctly and look at things through the proper lenses. Tell the truth, when in many cases, the truth may or may not be fully divulged. Once he knew he had a gold mine, 3D data, a little drilling exposure, he realized that he was caught with his pants down around his ankles. Did he do this? CB knew the train was about to leave the station and guess who was left back at the station. CB. He had no ownership to speak of, considering that he was the man. The question is, was that intended, or not?
Put yourself in CB's shoes. If you started the company, built the company, lived the company 7 days a week, loaned the company a lot of money, what should your ownership be? Is .4% enough? Is 2.5% enough? NO WAY. He had 2 million shares, then he crafted the loan, setting up the preferred 3X multiple on 3.5 million shares, which resulted in a total of 10.5 million shares. So we have a total of around 12.5 million shares, give or take, a few shares? So lets do the math. 12.5/500 million share issued and outstanding = what 2.5% Oh SXXX. Who was that guy left at the train station as we shareholders all left for the celebration run. CB!!!!!!! Again, the question is, was that intended or not?
Now some would say that was a mistake. CB is not that naive, IMO. This guy has 30 years in the patch, coupled with some ups and downs. Did he learn something? I can tell you one thing, I didn't. My BAD. Only I was stupid, in not seeing this, when I invested. I thought it was buried in the family. How stupid of me. All I heard was the integrity word.
This has been professionally done, intended or not, but CB has to be given credit for a polished execution, whether we believe it, considering the outcome. This is part of why I believe, there is more to come. The one thing we invested in was CB's O & G knowledge. You have to admit, he has pulled some stuff together. What he fails to remember is, that was done on our money.
Look at the events. He acquired the land and rigs, having fully issued 500 million shares, less a few. He brought on the polished Director, who was a CPA, who aided in cleaning up the books and reporting. Then things started. SEC investigation commenced to change the BDC structure. AENP got a clean bill of health, which was not easy. He followed this event with the RS bomb once the Shareholder vote settled the BDC. Then he quickly floated the Padgett release, only 3 days later, to try to easy the pain. The stock tanked, from that very point, going from $.06 to $.01, around where we sit at the moment.
CB held his only recent conference call to sway the vote, pre RS. We had the vote and it BARELY passed, by I think 3%. Then he went silent and deep. CB got back on the train and we are about to enter the next station.
The question is, where are we and what should we expect? CB had better understand a few things. That there are people/investors in this company besides CB. This is not his company to do as he pleases, without consideration for all the investors. He is the CEO. The #1 responsibility of the CEO is to maximize shareholders value. This is the burning question, is CB and has CB been mazimizing shareholder value the last 1-2 years with what he knows? Being stupid or poor judgement will only protect you so much.
The one question I have is, can you manipulate drilling activities and well productivity, which ultimately leads to altered revenues and cash flow, to benefit someone, good or bad? If we look at the events, pre and post RS, the severe scope of the RS, someone really gained from this event, and it wasn't everyone. We invested in the game under established rules and the rules changed. Is that fair? More importantly, is that legal?
The way the shareholders have been treated, especially in communications the last 2 years, it may be technically legal, but I think considering all the facts, I am not sure we have not crossed the line ethically.
We will watch things evolve. As I said, when I started, I believe good things will come. If they don't or if we see more RS kind of surprises, I can tell you this, I for one will not be happy. CB is clearly on the hook as are the two Directors who recently resigned. They know what happen last year under their watch.
The big upside value in this company is what is in the ground in our Barnett Shale holdings and CB knows what that is, and he has known for some time. You don't pay $65,000 for sophisticated 3D seismic information, in late 2005, and follow this up with a couple of expensive drillings, starting in early 2006, and know nothing. My bet is that this information is really, really good. Is it CB? Do you know that and how long have you known that, considering we are trading for $.01. Boy, that is an explosive question, isn't it CB? So, what is your answer, CB, Mr, Director(S)?
Here is another one. CB. is AENP really worth only $7 million dollars considering the resources, the equipment, the reserves, and the revenues we have? Wow, that's another explosive question CB? Seems like there a lot of those, don't you think? I would especially like to ask the CPA Director, who left, that question amongst many, many others.
Numbers and communications is all that matters, is all we want, and it better start soon.
CB and the last two Directors took this thing to $.01, no one else. Maybe I should say it's 95% AENP's responsibility, as a result of the RS, no communications, no information, no numbers, etc.. , with the remaining 5%, going to the bashers.
He has created an open season for the bashers, feeding them candy to fuel the negative overtone of the boards. What do you expect CB, for them to sing your praise? All I hear is they think you are a clown, that you are no oil man and AENP is a fraud? CB, I didn't invest in AENP knowing that to be the truth. Why are you perpetuating this overtone? Why have you chosen to hold down the price so long?. Who is to gain from this? Oh I know, I'm not concerned about the stock price or the short term you would respond, for I am looking to the future. The only person who has gained the past few years is you, you got gain while everyone else got pain and dispare.
CB, JC, I sure hope you are reading this because you can see the framework of my thinking. Do you realize that you built this thing with shareholder funds?
I still ask myself, did I have all the information fairly presented when I invested in late 2005, or was there something deliberately held back, which would have significantly altered my decision and judgment. That 2% ownership level just doesn't sit right with me. Come on CB, you know exactly what I mean?
If this thing blows and goes, as it should, and we see the rabbit, we will all be happy and all will be forgotten. I have said this before, the longer this is held down the bigger the ditch he is building himself. How can we be so screwed up with oil at $108 a barrel at this very moment? Oh, I know, no one is going to tell CB what to do. This is my company. CB, do you remember the movie, "A few good men?" Good movie. Remember the Cornell? Sort of like, don't tell me what to do kind of guy, wouldn't you say. What happen?
CB, I firmly believe, if thing go south, there is a lot of value here to distribute to the other shareholders, considering the price of oil and where the price of oil is going.
The value of this company is in the ground, not in people walking on the ground, who think they walk on water.
