Yes, ChrisCat, I am confident that we are seeing Esso make a "BIG" well look uninteresting. By the way, do note that the "w/o condensate or oil" referenced in your post is NOT a possibility. This well produces some gas and lots of liquid hydrocarbons (Oil? Condensate?).
I do not believe that De Guzman can now be found working for Esso!! And, I don't know why Esso would deliberately spend money to try and make an unsuspecting fool like me think that they have something worthwhile if they don't. Unless..., maybe they are not interested in buying the land at the upcoming April 1, 1998 Crown Land Sale and they are trying to trick me into buying it all. Those sly dogs!!! Do you think they might be getting kick-backs from the Alberta Government??
I think that the BEA/STF rights issues are McLeod's way of telling you that both companies need some coin in the treasury. And yes, the March 31, 1998 expiry date, which is very tight, is McLeod's way of telling you that he needs it quick!! (It isn't just a coincidence that the Land Sale is April 1, 1998.) And, the strike prices on the warrants are McLeods way of saying "We've got something pretty big here people. I'm sorry that I had to sign a farm out agreement which prohibits me from telling you what enormous pay values we actually encountered in that Esso well and just how prolific that well really is, but the confidentiality/disclosure clauses in that agreement (which by the way are pretty standard provisions in all oil industry farm outs) are pretty constraining and our companies risk losing everything if I tell you something I shouldn't. Anyway, let me tell you that by May 29/98 I believe Bearcat will have a market cap of about $140 MM and by July 31/98 the market cap should be in the order of $300 MM. Now, help me out here and exercise your rights or I'll have to waste an hour or so on April 1, 1998 doing a couple of Private Placements." |
