You're right, the 3D seismic isn't public information. However, I don't need 3D seismic to formulate a quick estimate on what leases are worth. Give a landman production history (which is public information) and a few days at the county courthouse, and he can tell you a rough estimate of what the lease is worth, without the 3D seismic.
Additionally, 3D seismic data is only as good as the company engineer and geologist that analyzes it. It's not something some guy can just look at and say "OK, so I should put the drill bit here."
You are correct though, that the 3D seismic is qualified by the drilling.
I agree with you that "if it turns, you better be ready to get in", however "if it turns" is very subjective.
We've been told that we'd have improved communication from the company. Can't say that I've seen any communication from the company lately, much less improved communication.
You say "the note is the note", as though you're trying to downplay it. Face it, a two million dollar "note" equates to 20,000 net barrels to CB at $100 per barrel.
This guy has a repution, which is not all bad, as you might want people to think.
Perhaps, but it's not all good either, as you might want people to think!
You leave out the fact that CB only owns 35% of the company if he converts his preferred shares, which, oh by the way didn't get rolled into the reverse split. So effectively, he grabs a healthy chunk of the company with very little up front capital.
The only way this "turns" the corner is if we see solid production numbers, actual net cash flow from production and operations, and follow up on drilling. OR a buyout offer.
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