Well the first news release by Anvil is out today after the market close.HHappy has posted his impression on SH and while he might be a tad to strong in his opinion ,we find it hard to disagree with him.We can only hope their subsequent releases will confirm our last postings direction for the company
"Mr. James Lenec reports
Production for the month of August,
1999, was 1,602,000 cubic feet of gas
with a BTU content of 1,054/thousand
cubic feet. The well produced for 724
hours (30.16 days) during the month.
At present the well continues to produce
from the first (lowest) sand in
the well.
At the request of Anvil Resources,
Cordele Development Corporation of San
Antonio, Tex., has resigned as
operator of the Webb county project.
Anvil
has appointed a petroleum engineering
firm based in Laredo, Tex., as the
new operator of the Webb county project."
"Boy is that ever informative and full of promise.Must have taken days to draft such a stimulating and
informative news release.{sarcasm}
Forget the flow rate from the first well.That's a necessary write off.
But the big news is obviously the new engineering firm that Anvil has hired to replace Cordele in their
attempt to recover the huge reserves that are supposedly [and I believe they are]in this field.
No history or background on these new operators.I suppose subsequent news releases will give us
what their plans are for the property[if they have any].When do they plan to start drilling?Where and
to what depth?How are they going to finance this new plan?
But, to me, the most obvious omission was no mention of the supposed independent geologist's report
which was given to the ASE at their request.Surely this is a most important, material factor in evaluating the fundamental worth of this company.It should be made available to all shareholders in order to make an educated evaluation of Anvil. I don't know if this was deliberately
omitted by Anvil or if the ASE would not let them post this information. But ,if the former ,than the ASE should make them release this report to the shareholders and if it was the ASE who would not let Anvil release the report than shareholders should be writing the ASE to protest that this vital information should be published.How can we as shareholders make judgements about the Company
without such information ,if it exists.
We know that the PR of the Company is weak[Just read today's press release].We know they [or the previous operators ] bungled the first well.We don't know the background of the new operators.And ,most important, we don't know for sure what the last evaluation of reserves and
potential of the field contains. Surely the ASE ,if they are to be following their mandate to protect the
shareholders ,should allow or insist that such information be made public.
Lets hope that subsequent news releases are more illuminating and that Anvil will finally achieve its
potential. "HHAPPY |
