Well, I don't think he will open up to anybody and I do not intend to sign anything like a non-disclosure agreement to find out things. I posted that I thought the successful well they reworked shook loose the 300 (up from 30). It impressed the seller that much. I also posted that I figured the heavy oil LOI is cut out by Lancaster to get some momentum going. My petroleum engineer kind of snorted when I covered the PR with him because he thought the price per barrel was around $35 to $40 (for 22 gravity stuff, that is.... he really was just guessing), but when wave posted that it was more like $53, it stopped being seen as a bad deal in and of itself. I also posted that I figured the new technology that was in place (computerized and all that) meant there was probably a good reserve in the ground. And, I also posted that I figured they would take the difference between 75 & 51 persent and use it as a land bank. If I were the seller, I wouldn't take stock. I'd take cash on the barrel head and a chunk of interest... maybe ORI cut out of the 75% WI, so my kids and I could have an ongoing future income stream, but your not going to get Lancaster to tell you anything close to this kind of detail, so I was not planning to inquire. No point, IMHO.
My read is that Lancaster isn't going to tell you anything unless you sign a non-disclosure, so whats the point of that? I figure that the Tyche operation is to try to get a foot into the door with the Dallas oil crowd, which implicitly tells you Lancaster is not close with Dallas oil money. Thats why they set up shop in the Crescent... to try to impress potential investors. Who knows... if they get lucky, maybe somebody will buy them lunch at the Petroleum Club (LOL).
I believe these guys are going to end up with a few pretty good successes in Oklahoma pretty soon. Looks to me, also, like WW is ready to come out with a good PR soon. As for Grimes, I always figured they would have water problems. And, I asked around about the plays mentioned in the last PR and those stringers may be below the old zones in East Texas. I'd have to go to the library and do some nosing around, but the folks I talked to were pretty sure the plays were good plays deeper than the old stuff thats so well known out there in Wood county and all. So, what they probably want to do is develop these known deeper zones, but, again, I've not researched it... just made a phone call or two to see if anybody we work with has anything out there. I figure they will get at the LOI done in East Texas and that, when they do, they won't just be looking at a bunch of depleted and depleting fields.... theyll more importantly have the minerals for some deeper stuff that will need to be punched but that will be pretty likely to be worth something. Remember that BIGN bought the 3D software and the injection stuff last year, so my guess is Lancaster is aiming at something that PE they are working with out there in Tyler (Smith??) knows about.
To sum it all up, if I were Lancaster and I'd had kidney cancer last July and looked death in the eye for a while, I wouldn't want to be contemplating meeting my maker with fraud being my last deal. So, I really doubt he's a crook. If he isn't going to be on the earth all that much longer, he's probably working darn hard to be sure he doesn't leave his kids and wife and his reputation in a mess. So, I say look for some darn good news before spring. All my opinion.... but thats the way I see it. I mean, at some point, you have to realize that there is a real human life sitting in that little office in Tyler... and if he only gets paid for a done deal, and if he almost died last summer, it would shock the heck out of me if he was spending what could be his last days engaged in fraud.... and since nobody has bothered to point this out yet and because I have always thought it was kind of obvious, I finally decided it really needs to be laid out there for comment.... but its always been a pretty deeply held opinion of mine as regards whether fraud was involved here. I just couldn't see it, but then I could just be wrong in this opinion... I readily admit that, so form your own.
GLTA
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