Looked for new filings from COGC today and nothing yet...
In looking I noted it happens to be the COGC annual report rather than a quarterly report that is due from them next. Last year they filed the NT 10K on Feb 29th, and the 10KSB on March 12th. It doesn't seem likely they will be in any more of a hurry to file this than they have any of their other filings this year, with each one having an NT filing prior to posting.
They may still need to file an 8K before any others have a need to file if there are any changes that effect only them...
so it should still be worth checking on from time to time...
Hopefully, with summary judgment now in hand, DBRM and COGC can still resolve this amicably and move ahead cooperatively together "soon"... but, the ticking of the clock seems to be growing much louder for COGC... and it is looking more and more to me like they have crafted a financial Chinese finger trap for themselves that they are caught in... with the ongoing resistance proving a source of difficulties more than anything else. If there are rabbits waiting to be pulled out of hats... now would be the time for them to appear.
Pending any change in situation, my expectations for 2009 are that I'll want to see the JV investment expectations be met, with DBRM and COGC each coming up with the expected $2 million for their part of planned East Slopes development. Hopefully 2009 will see us getting the work done in a more timely fashion than happened in 2008 with COGC having financial difficulties. Success in the first four holes might help COGC in meeting those future funding requirements, which DBRM has already met. I'm expecting success enough in the 2009 effort to have the first dozen wells pay for themselves fairly quickly and make the effort cash flow positive, the company profitable, this year.
For 2010 I hope to see the effort in East Slopes pay its own way on expansion costs, while the company effort shifts focus to investment in the northern AMI... to drill targets that 3-D done this year will help to identify.
Otherwise... as expected, the lack of typical news releases on the project developments imposed by the JV structure requiring all partners to agree, makes not knowing about any progress here feel that this is about like watching paint dry... the only reason we have any recent news being the timely SEC filing requirements for the DBRM quarterly.
We are still waiting on any news about completion and production potentials on the first hole... which they should have pretty well in hand by now. Still waiting on anything more about the API, what the geology encountered in the first three holes being drilled is telling them about the value of other targets in the same field prospects, etc. Still waiting on any news that hole #3 is drilling again, or that they are making any kind of progress in that effort... or that hole #4 is on track to be done with the last couple of hurdles in permitting before hole #3 is done. I don't expect there is a problem with rig availability any more by now... so that would be more of a concern as a possible cost issue than as a scheduling issue now.
Next, if we ever get news on the first four holes, we will be wanting news on the evaluation of that effort and what it means for the timing in follow up efforts in 2009...
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