Syncrude, When the #3 guy from Renaissance Energy jumps ship to a "black box" I would think that is of major interest to those who follow the Canadian oil and gas industry. Black boxes are usually frauds. What does the number three guy at Renaissance, the largest domestic oil company in Canada, know that no one else knows? You don't give up a career like that lightly. Jim Erhets, was the number 2 or 3 guy at CamWest. He too is jumping ship. Why? CamWest, 80% owned by Stephens Group, which in turn is the 3rd largest producer of natural gas in the U.S., did not give up their man lightly.
If CIMA's rumor on Shoal Point is correct, then combine that with these new hires who are so well qualified either they are stark raving lunatics or confidently stepping into what could be the biggest thing we will ever see in the oil and gas business. I have talked to both of these guys and they did not seem crazy to me. In that case they are confident the SFD works and that means Pinnacle has the Holy Grail. Put the pieces together. I predict we will never see another company like Pinnacle again in a long, long time. Just read the part that Dan Topolinski put in the press release:
In addressing his and Mr. Ehrets' employment, Mr. Topolinsky noted ''During the course of the past two years in which Pinnacle has operated the technology over Renaissance's and CamWest's exploration areas, the coincidence of SFD features with known seismically-identifiable subsurface structures and proven oil and gas pools has been extraordinary. Pinnacle's capabilities to acquire, process and interpret data have improved significantly, with the time between survey and prospect delivery having been significantly reduced. Both Jim and I believe that these capabilities will posture Pinnacle to attain its goal of becoming a leading exploration company over the next several years, and we are both excited as professional geologists in becoming part of the Pinnacle team.''
IMO, understatement of the year. All the evidence is there to see.
-Dilution |
