Replies to post #2382 on GulfSlope Energy Inc (GSPE)

[smith199]

Opinion: Gulfslope Energy’s Team Has “GRIT”, and I am thinking collectively including Partners way over several hundred years experience in the “Industry”.

Note: I caught the reference to “Partners” Plural in Gulfslope’s 8/1/19 Press Release.
Also, reference to “the Tau Lease Extension on SS 336 provides additional time for planning to “Test” original objectives of the “Significant” Tau Prospect.”



BSmith

[CashCowMoo]

This company used to have ship shoal block 351.

https://www.rigzone.com/news/oil_gas/a/39928/atp_acquires_acreage_in_gulf_of_mexico_north_sea/

[smith199]

Gulfslope Energy Successfully Bid on Lease G36121Ship Shoal Block 351 In 2017. It has an Expected Lease Expiration Date of October 31, 2022. The other Tau Prospect, Ship Shoal Block 336 Lease G35244 has an Expected Expiration of June 30, 2022. Both Tau Leases will not expire until 2022.

Originally, Bankrupt ATP Oil and Gas in an Agreement with the BOEM Assigned their Lease G26078 to Bennu Oil & Gas LLC. Bennu Oil & Gas LLC Relinquished Lease G26078 to the BOEM, because of bankruptcy too.

I mentioned this once before, but after some research, I saw where a lot of Oil & Gas Companies and Oil & Gas Service Companies did not even Survive 2016.

Gulfslope Energy not only “Survived 2016”, but Drilled two Test Wells, Entered into Another Rig Contract with Valaris (Ensco Rowan), Has a LOI For a new Joint Venture, Has a 7/9/2019 BOEM Approved Exploration for the “Corvette Prospect “, and “Along with the Partners is reviewing and finalizing options for additional drilling to include a replacement well” on the Tau Prospect.

Gulfslope Energy has “GRIT”, in my opinion.


BSmith

[smith199]

R/S often Catalyst to Enter Major Exchange (i.e. NYSE), and fulfill its minimum price per share requirements.

Often the previous value prior to the split is assigned to the reverse shares. This is common for delisted companies trying to leave the OTC pink and get back on a major exchange. (i.e. Completing a Bankruptcy Restructuring)

Example 100 share Reverse Split:
Prior Split - 100 shares @ $0.25/share = $25.00
Post Split - 1 share now equals $25.00

In my opinion.

BSmith

[smith199]

A Proposed $11,240,000 for “Continued Operations through July2020 from YA II PN, Ltd., “A Qualified Institutional Investor”.
Source: 8/5/19 Gulfslope Energy Press Release SEC Filing Alert S-1, and their 6/21/19 Security Purchase Agreement (SPA) with a “Qualified Institutional Investor”.

Summary of Proposed $11,240,000:
$3,000,000 Convertible Debentures @ 8%, maturity 6/21/2020.
$2,000,000 Warrants - 50mm shares of C/S @ $0.04.
$6,240,000 Registration of Rights - 156mm shares of C /S @ $0.04.
“Buyer Has an Accredited Investor Status”
Buyer/Selling Shareholder:. YA II PN, Ltd.

Excerpt 8/5/19 Gulfslope SEC Filing Alert S-1:
Page 20, 1st Paragraph, line 1-2:
“Each Selling Shareholder (YA II PN, Ltd.) has informed us that he, she is not a registered Broker-Dealer, and does not have any written or oral agreement or understanding directly or indirectly with any person to distribute the securities.”

Page 7, “Risks Related to Our Business and Financial Condition”, 2nd Paragraph, lines 1-3:
“We have planned operating expenditures through June 2020, of approximately $10.0 million, which includes $6.0 million for drilling related capital expenditures, $1.5 million of other related expenditures to include but not limited to bonus payments for new leases and lease rentals to the BOEM and seismic reprocessing costs, and $2.5 million in general and administrative expenses.”

Opinion:
Delighted to witness a Qualified Institutional Investorseeing “Value” in Gulfslope Energy, so much so, they Proposed $11,240,000 into this “Emerging Growth Organization “



BSmith

[smith199]

Interesting Excerpts from Gulfslope’s 8/5 & 8/1 PR’s.

Excerpts from 8/5/19 Press Release on Page 24 of the “Prospectus Summary”:
2nd Paragraph, Lines 2-3
“BOEM’s Regulatory Framework Provides multiple options for leaseholders to apply to receive extensions of lease terms under specified conditions.. Gulfslope is exploring all options contained in BOEM’s regulatory framework.”

2nd Paragraph, Lines 1-2
“We currently hold seven leases that comprise five prospects, and we will evaluate additional potential sources for growth opportunities with companies that hold active leases in our core areas.”

4th Paragraph, Lines 9-10
“We will also evaluate and seek to acquire producing properties that have a strategic relationship to our core area.”

4th Paragraph, Lines 6-7
“Early Monetization of a discovered asset or a portion of a discovered asset is an option for the Company as a means to fund Development or additional Exploration Projects as an alternative to potential equity or debt offerings.”

Excerpts from 8/1/19 Press Release Titled “GS announces Key Lease Extensions”
4th Paragraph, Lines 3-5
“Gulfslope has contracted the Ensco 102 Jackup Rig to drill a Subsalt test well at Vermillion 375 (Corvette Prospect) later this year, with an option for additional work. That Rig is also suitable for drilling a Second Well at Tau.”

2nd Paragraph, Lines 4-9
“Gulfslope and Partners are reviewing and finalizing options for ”additional drilling” To include drilling a Tau replacement well. Work currently underway includes detailed engineering of the wellbore path and casing design.”

BSmith