They've lost their standing with the RRC in Texas... so are unable to act as bonafide operators of any properties. That pretty dramatically limits the range in the potential... at least up until the ACLY and PGPM principles are no longer owners.
The following tells us there is one way to skin the cat...possibly, don't really know for sure...on this one! Which relates to one of your statements of being in the play as a subortinate....If they are not the majority and holder, they are the minority taking a percentage....it would fit with the senerio....????
Pilgrim will retain approximately 30% ownership and will act as the Managing Venturer for the project. Finally, work over developments have been ongoing to include lease due diligence and engineering studies as well as business development with our nitrogen injection technology.
This is one of the held leases PGPM had in possession and they either sold 70% of the lease to a well operator, or gave it to a well operator for a 70% write down and still be able to profit 30% of the earnings! The operative words being "retain approximately 30%".
That doesn't sound like delusion to me by any stretch of the imagination. That being said, and my statement above likened to a start up company, I would expect a certain amount of delusion for either capital (hard dollars) for new land purchase, equipment, research and development, refurbishment of old wells, etc. Each item just noted can add value to this company, and share holder value as well if it can be related to the bottom line! We will see when they post the 2nd and 3rd quarterly reports. Would even mind some convertibles for a working arm of the company, as long as it produced some bottom line value!
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