Ooops! Forgot to include this, in my last post, regarding what I feel is the general perception surrounding ELH.
My comment that Mr. Rose responded to rumor of BKP#1 watering out and my feeling that they handled it very poorly. I believe the investment community, and the media for sure, are very confused because there has not been a proper explanation printed TO THIS DAY!!!
grayhairs, you replied:
<<Well first, I disagree that his response on June 2 was "pathetic". IMHO, it was perfectly appropriate given the information "then" known and the then circulating rumor which HAD to be responded to promptly. JMHOBWDIK.>>
Here is the impression, that still continues, through out the investment community. This is taken from a September 18th article published on Stockhouse financial news:
stockhouse.ca
This paragraph, taken from the above article, clearly shows, in my opinion, the "damage" done by Berkley's response to the watered out rumor. By not fully explaining that the amount of water should not pose a significant problem due to extreme down hole pressures, which are more than capable of forcing the gas, water and oil to the surface, they left the following impression. Please note; no mention of oil..the way Berkley's release read, many thought condensate meant more water).
Here is the most telling paragraph:
''Berkley's first well (Berkley No. 1) came in as a gas well, but controversy continued when the company announced that water was coming up with the gas. That problem provides engineering problems and raises concerns about the commercial value of the well's reserves. Cautions analyst Steve Calderwood of Salman Partners, "The production test was problematic. The question now is how to get the gas out and keep the water production at a reasonable level."
A hurried and incomplete release to a rumor,results in the wrong interpretation. Not my words. The words of the media and investment community as to how they understood it and how they still understand it to be today. I'm still confused (what else is new) why they have never attempted to publicly clear this misconception up.
I'm feeling a little ''cranky'' today. No golf and no "fishing". Think I'll watch a movie with Mrs. d tonight. I think WALL STREET would be appropriate! **ggg**
As always,
Good fortune to ALL ELH INVESTORS!
Good health to ALL ELH DRILLING RIG CREWS!
PS- Perhaps I'm not a long term investor after all. I want action soon, dammit! Is 18 months long term? **gg** |
