Yes, Psalm112, I am a shareholder of EEGC, entering as part of the Pacific Rim transaction, with subsequent share purchases at .15/share when I thought a well was to be drilled.
I believe in the geology I've read about, and I do believe that Mr. Bendall is doing what he can to make the company successful.
That said, I am frustrated with the net results of this effort:
- No well drilled to completion, despite $50M spent.
- Discussion of 'flare gas' technology, with no follow through. And, at the end of the day, EEGC is in the oil exploration business (read the 'trailer' to the PRs), why defocus on something else?
- Misleading PRs, for example the most recent release related to Sure Capital, which has certainly not issued any securities (read the EEGC headline on the PR, what do YOU think??).
- Inability to bring relationships to fruition, eg. SmartWin and Hunt Energy. Indeed, both of them have resulted in litigation. Sure Capital is still 'open,' but I have to tell you where I'd place my bets; they are focused on 'principal protected' investments, per their website, does anyone think EEGC falls in that category??
We have never heard why the SmartWin transaction fell apart. From publicly dislosed information, their proposed 50% participation would have valued the company at $45M (if I remember right, open to correction), and its market value is now in the $10M range. But they 'bailed' before spending their initial $5M commitment.
At the end of the day, for EEGC to be successful, it needs to drill oil wells; and so far, it has failed to do so.
Let's hope (pray?) for drilling activity before the Bellevue lease expires in 9 months. The geology suggests Bellevue is a fantastic opportunity -- but I keep asking myself, why does noone else believe in this prospect with sufficient commitment to fund a single wildcat well? $10M or less to drill, versus an expected value (even at 2% likelihood) of $37M. Or, is EEGC asking too much for that 'privilege'?
Fingers (etc.) crossed.
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