takeover...BESV traded for $1.50+ in August2006 before an acquisition of a company called Eagle Drilling. Within weeks 5 or 6 drill rig contracts were reneged on by big players who thought that Blast/BESV would just let them walk away from $18K per day per rig revenue without a fight.
The drilling biz got soft and they took their chance...BUT...BESV went after every one of them and filed suit. Including the biggest against KWK (Quicksilver) which is an NYSE listed firm with a $4.26Billion market cap.
The management team, BOD, and CEO comprise a group of highly experienced heavy hitters in the field...they're not guys who are interested in collecting only salary.
The CEO, John O'Keefe, is the former CFO for Ivanhoe Energy; from his bio:
"John is a highly seasoned senior level executive with primary experience in all facets of the energy business. He is an accomplished veteran of public companies operating in the US , Canada and the UK . He has significant experience in capital markets and has worked in many countries around the world.
John's most recent experience was as CFO of Ivanhoe Energy, a Canadian based oil and gas company where he was Executive VP & CFO. Previously he was VP of Investor Relations & Corporate Communications with Santa Fe Snyder and Oryx Energy Companies, both Texas based New York Stock Exchange companies. John had a 22 year career with Sun Oil, which spun off Oryx Energy in 1988, and for five years was CFO of Puerto Rico Sun Oil – a $1B per year refining and marketing company. John originally started his career with British Petroleum (BP) in London , where he earned a business degree with honors from Portsmouth University and a chartered accounting designation (FCCA)."
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