No news before near end of Sept. due to the fact it will take that long before the two new well's production will be known; at the soonest. That is crucial for the deal to be consumated IMHO -- see my earlier post below at the end.
Come on some of you guys who have claimed to know things in the past, what progress is being made on the wells? When can a determination on their production be made? THAT IS THE KEY TO GETTING OUT THAT PR! I don't think Smith will put out a PR on BDGR's holdings or other info. until that date (determination). How could he, if the deal may fall through; Joe would not allow that PR IMHO and they have probably agreed to that.
Maybe we will have a monthly production report coming soon, but it likely won't be good considering the unusual rainy weather over the last several weeks, but then again; good ol' Joe said he got back involved to boost it, so I am sure it will be much higher anyway! For you slow guys, that was a facetious remark!
THIS IS MY LAST POST IN CASE YOU DID NOT SEE IT:
I still believe the likely scenario is that Smith is putting money into the two new wells and funding the near term shortfalls because he has agreed to complete the deal and have substantial ownership in BDGR (Joe's shares, plus maybe more) if one or both wells have a significant "hit". If neither well hits it big, then Smith will consider walking away with a lesser amount of ownership (for his investments on the wells and shortfalls) or stay and try again. The wells are likely on properties in which JL has substantial or complete royalty rights, so the production will be his payoff, plus whatever other agreement they have made. The PR states that JL will step down from the board when the deal is complete. SO, DOES ANYONE KNOW HOW THE WELL'S PROGRESS IS GOING AND WHEN THEY MIGHT BE COMPLETE?
THIS IS ALL MY PERSONAL OPINION BASED ON NOTHING OTHER THAN THE PR AND PERSONAL LIFE EXPERIENCES OF AN OLD MAN(62), PLUS DECADES OF HAVING TO READ AND UNDERSTAND EVERY DETAIL OF TECHNICAL DOCUMENTS!
PR WORDING:
"but agreed to complete the two new wells in progress and to fund any of the Company's future short falls, as needed. Mr. Lanza will remain a Director until Mr. Smith's commitments are fulfilled, but has resigned as President."
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