DPTR
copy of fuller report of annual meeting (2 Ratings) 17-Oct-06 07:18 pm it was brief bu tthere are a few details in this report that was posted on IV.
<<The meeting lasted 8 minutes., 2 items.
1) election of directors
2) appointment of KPMG as auditor.
However. after the meeting, Roger Parker met with the 3 stockholders that attended.
-The Paradox blowout was capped over the weekend. "We have had a very exciting week."
-No maps of their acreage in the CRB are available yet as they are still acquiring more. They have 460000 NET acres in the CRB. About 100,000 were acquired in the last year
-Probably no data will be forthcoming on the first well for 3-4 months, i.e., until the well is completed. The good news is "There is a lot to complete." There will be "some results prior to year end." He didn't elaborate.
- Information will be released in a timely manner. We can expect "updates" on all the projects on November 9 with their quarterly filing.
-Delta has 18 geologists and geophysicists. Many have come from longtime Denver companies, i.e., Tom Brown, Forest, etc. (Any questions should be addressed to David Donegan, VP Corporate Communications.)
-2007 production is 80% hedged with collars: oil $65 low, $80 high. gas $6 low $8-$9 high. These are averages because the hedges were not put on all at the same time.
Parker thinks that if and when the successes drive the stock price up, some institutions will have to sell to realize gains, but that is a good problem to have.
After talking to Parker, two of us stockholders were discussing the company and were joined by Donegan.
-Delta has 120 employees in Denver. Half are technical: geologists, geophysicists, engineers, and operations people. The other half are accountants, landmen and other non-technicals.
-On a broad basis, he said that institutions, including hedge funds owned 85% of the shares, insiders owned 10%, and the public owned 5%. (53,950,000 shared outstanding)
-Some hedge funds are the trading kind, but he thinks that the shorts are mostly responsible for the volatility.
-Of the 5 largest institutional holders, one is a hedge fund, but not of the in and out kind, too big.
This is all that I have in my notes. Some of this is probably in press releases and financial reports. If I think of anything else, I'll let you know. >>
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