TNOG current situation from IR. [From RB]
By: montanore
21 Nov 2005, 03:25 PM EST
Msg. 110752 of 110754
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From the chat room--FWIW.
Novak: One bad well isn't going to stop us one bit, we have twice the drillaible acreage as before and twice the shareholder base so we have
every intent to fully exploit the 3 leases we have, 30-50 wells We are beginning right away, it was recently shut in because we did not have good sources to get rid of the water mix but we have already tested in the past of significant oil.
We are planning our next few steps around the contingency plans we have, Bastrop is going to be a major target. Once we get it online we will be able to determine, that is something we are already set up to do, so not too long.
Oil is never guaranteed but we are in a sense rebuilding with more value then before, and only restricted stock issued this year so we can see continued growth with positive action. There are a lot of options on the table, negotiations have already been on going.
TNOG has capital reserves from early production on K1 and S1A and current production on S1B, as well as several restricted placements that done. We have the operators agreement in place and Valor has already locked in several fields, further information will be under way.
TNOG is being very pro active and eager to get involved with additional companies and leases as well as continue on
our current 3 leases.
We all know Pete Maupin owns parcels of land in Texas - that can be pr'd as acquisitions.
(Voluntary Disclosure: Position- Long)
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