From the TMY Raging Bull Board.
By: crucible401
10 May 2005, 01:05 AM EDT
Msg. 224 of 225
Damn! More excuses and delays. I am getting really tired of this. Time for the longs to start demanding results and accountability. Management has the gall to award options based on these ####-poor results???
Four months into '05 and we still don't have an increase in production since Q2 '04 and being promised 4000 bpd by exit '04? That production is down only slightly is about the only good news I saw. What happened to the workovers? If ANY of the wells produced 1000+ bpd (as we continually get promised), Q1 average should of been much higher than 834. Not a single mention of the workover results. I guess the decline in production says it all. The workovers were supposed to be done in Dec, now its May and we don't have one barrel of extra production to show for the last 6 months work??????
And why the hell do we have to wait for "long term testing" of the fraq for crying out loud? Fraq results are almost immediately apparent once the stimulation fluid is produced. This was completed over a month and a half ago and there should be good information to report by now, if there was any good info to report. Remember, TMY said that the SA14 was going to be fraq'd this Q if results were promising on SA17. Obviously, they weren't very good. As we know by now, no news is bad news when it comes to TMY management. The "long term testing" excuse is worn out. Time to put up or shut up...
Sorry guys, but things really stink now. Delay after delay. Excuse after excuse. Nothing is ever done on time or as planned. Now they are in a dispute with the Central Production Facility? This was supposed to be FINISHED last year. Now it's Q2 or Q3? Anyone make a bet that timeline "slips" as well?
"We have an approved budget of approximately $36.6 million for capital expenditures and an operating budget (lease operating expense and general and administrative expense) of approximately $12.0 million. We currently anticipate that this capital spending plan will result in a cash shortfall of approximately $10.0 - $15.0 million, before debt service. We are currently discussing new financing alternatives with several financial institutions, but cannot be assured that we will be successful"
And more dilution is coming and we haven't had one single additional barrel of production to show for the last $25MM they raised???? This is insanity.
Hmmm. Delays and lack of production. This seems to be par for these guys. Coming up on a year without any increase in production while spending $30+MM in the meantime?
Time to call a spade a spade. Regardless of big potential here, I am really considering taking profits and moving on. The opportunity cost is simply eating me alive. Guidance is getting vaguer and vaguer. TMY can't even commit to a Q anymore with tie-in to the pipeline. We were led to expect tie-in mid year this year (a month away) and now they say : "Additionally, when the treating facilities and pipeline pump station are operational, which is expected during 2005...". What happened to Q3 guidance that we were given earlier in the year? Perhaps "weather" is the problem? So they are going to put it into service in Q4 just so they can blame weather again like last Q4?
JHC, I am disgusted.
As much as I hate to say it, Geiko may be correct after all... |
