A Bit More From our Visit.
Ok, the MTEI folks are a classy group of folks. They welcomed us and were willing to spend as much time as we wanted. They know what they are doing and are known in the industry. They are being presented with several potential acquisitions each day, on average! As I stated earlier, it is a buyers market due to low oil prices and the fact that may of the major oil companies are divesting domestic properties and spending their money offshore and overseas searching for "elephants", oil talk for huge fields.
These prospects are in numerous states, some of which are currently producing, some are proven reserves, and some are pure exploration plays. When you couple evalating all these prospects on top of the WV acreage already purchased, these 8 people are BUSY! Jack receives on average 10 to 50 calls per day from investors. He has always taken my calls or returned the call, but you can see that would take up a lot of his day. At some point we do need to let him spend his time building the company. I'm not saying don't call, but maybe call once, and forget about calling concerning the latest Internet rumor. They will build shareholder value by carefully evaluating and purchasing undervalued properties - This takes time!
As for the Stagg reports, don't try to trade this stock based on when these reports come out. There are 62 separate properties to evaluate in the WV acreage. Much of the survey data is very old. Reserve studies require gathering and analyzing massive amounts of data of varying quality form nearby properties. Again, their best guess is the first report of many will be out in several weeks but this is not a deadline, and if it takes several months I'm fine with that. I'd prefer that the report be accurate and a little later, but that's just my opinion. Some of these properties probably won't be completed for a number of months. Again, as Bob pointed out, the weather also can hamper their efforts.
Time to work some more. People, I encourage you to be patient and be INVESTORS with this stock. All of us who visited believe that they will succeed in building this company and the accompanying shareholder value, but it will take a while (have I said this before, Yes!)
Sincerely,
Tom C. |
