Morning Grayhairs
<<Well that was a painfully slow round of golf today ... took 3-1/2 hrs just for the 19th hole !!>>
3:22 AM posting? I think you'll do just fine at the ELH golf tournament. I've been known to take my share of championships, at the 19th hole (I'm allowed to bend my elbow **gg** ).
<<(Btw, thanks for recommending the thread. It looks like the fumigators did a pretty good job cleaning that place up !!)>>
Shhhhh!.... No!.... Make that pssssstt! Just in case a few are still lurking **gg**
<<But, may I also be so bold as to advise you to reconsider your assumption that it was "sent out as a press release".>>
Actually, at the time I received it, I thought it was part of a press release that would be going out/had just gone out. I think it was my "fishing story" that caused the misunderstanding. But it was a WHOPPER. You should have seen the one that "got away"! **gg**
<<But dad, we DO agree on the lofty "principle" stated above (Bet you're surprised by my morals ?? <gg>).>>
Not surprized at all. I never thought you were in the brokerage business. **gg**
<<But, has the summary passed VSE scrutiny ?? Does the information in it meet VSE disclosure guidelines ????>>
Surely, you jest?
<<Dad, you lost me. I don't understand your point. Can you please rephrase\elaborate ?? I suspect that you are eluding to some perceived need for promotion following a discovery but I'm unsure.>>
Share values have dropped 50% since we received "good news". Why? In my opinion it is because, outside the "bubble"(the threads and insiders) nobody is aware there actually is good news. People are STILL REPORTING that BKP#1 "watered out" or "experienced water problems". Where is the credible explanation, from BKP, explaining the importance of high pressures in allowing water, gas and condensate (high grade oil NOT WATER, as some reporters think "condensate means". Perhaps "promotion" is the wrong terminology.
How about "timely", detailed news releases and updates. We are, after all, now in the INFORMATION AGE. Investors, sitting on their thumbs "waiting" for their brokers to call and tell them what to invest in...is history! Internet, has seen to that. Berkley and the Oil and Gas Sector, in general, are lagging far behind in properly utilizing this incredible median. IMHO, business as usual no longer cuts it. The share values somewhat support that theory. Or am I missing? Please don't say "no production yet" because that would explain WHY the stocks are not rising. I'm interested in WHY the stocks have LOST 50% of their value, since the "GREAT NEWS" in May and June? Information highway not being used perhaps?
<<I see. A lot of companies didn't even survive the last ~5 year period whilst these guys built a ~$B company !! And do recall the significant stretch of low commodity prices they tolerated during that period. Yep, just a bunch of bums.>>
Geez, if that's the impression I'm giving everyone, please let me set the record straight. I'm an idiot!
Mr. Rose and company have done a FANTASTIC JOB of building Berkley to the level they are today (perhaps 18 months ago).
But their reputation, at least here in Calgary, is that they run a pretty loose ship. Like any other company that has short term, tremendous growth they have reached a point where some major decisions need to be made, as to the direction the company is headed. The market is making it clear, at the moment, that it is concerned.
<<We probably should get us a broker in there to shake things up if we want to see $15/share in the next year.>>
Not "in there" but perhaps "on side"!
<<You are of course right. Exploration people do not automatically make good management. But, neither do BComms, Lawyers, Doctors, Pharmacists, Plumbers, Electricians. So your point is ??>>
My point is simple. Do what you do best (in Berkleys case exploration) and hire / contract out, those areas you don't.
No, I'm not looking for work. Golfing and "fishing" keep me pretty busy. **gg**
<<Maybe you'd like to ask Busby what reservoir temperature was implicitly assumed in the hokey Petrel estimate ?? And, while you're at it, why not also ask him what Z factor Petrel estimated for initial reservoir conditions.>>
Geez, if I got his answers, to the above, I'd have to buy MORE HTP. I think I have enough (still waiting for the NASDAQ listing and $4.00 share value :o( ) Now I'm getting nervous.
<<I asked you, <<Dad, does the investment community really deserve this kind of information ??>> and you responded, <<Yes...>>
Sorry, I very much disagree.>>
We agree to disagree.
<<What date was "the height of excitement">>
That would be late May/early June when the now infamous FLARE at BKP#1 was confirmation that gas had been found and the week after when rumors began to circulate. Proper and timely news releases would .....let's not go back to the importance of getting information out.....we clearly disagree on it's importance. In the LONG TERM, it won't be important. But will Berkley Petroleum still be Berkley Petroleum?
<<If you consider Cal Canal and Bellevue "fiascos", then I conclude that either you do not understand "wildcat exploration", or I need a new dictionary !!!>>
Your dictionary is fine. **gg**
<<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 rumour which HAD to be responded to promptly. JMHOBWDIK.>>
I strongly disagree with you, on this point. BKP have taken the position,from the very beginning, that they would not respond publicly to rumors. That rumor had no "material" value. Their half assed responce did!! They "confirmed" water, BEFORE they could report their real findings. A HUGE blunder, IMO. They then compounded the problem by NOT DEMANDING RETRACTIONS, both from the brokerage firm involved and the media that carried the erroneous "watered out story". Lack of expertise in dealing with the world spotlight. You bet. See comments above. Exploration is their strenght. Bring in professionals to handle other areas..media relations (not a job for IR...a different function entirely) blah, blah, blah.
Geez, I wish I could type faster (and think slower) **gg**
<<Releasing the Adams Pearson and\or Fall Line analyses on June 2 was not an option available to BKP. It didn't yet exist !!>>
But when it did exist, did they release it? It was an option they missed.
<<Dad, tell me please, has this "summary information" changed YOUR impression of what's in BKP#1 ?If so, how ??>>
No, but I'm in "the bubble". I follow it daily. How many "potential" investors even know BKP#1 still exists, that BKP#2 is drilling, that BKP#3 is drilling, that their is a very large drilling program ongoing? Where are the prepared press releases that should be going to the national media services in Canada and the US? NONE! Shouldn't be that way, but management does not know the difference between reporting "material changes" for the purpose of securities regulations AND press releases to keep the world interested in their company (and their partners). The more people that know what's happening, the more calls to brokerage houses for information. Berkley must get the wheel moving or, IMO, there may not be a Berkley Petroleum much longer. At their present stock value, and the inside knowledge that companies like AEC and Chevron (and others) have of their current drilling status, are they not ripe for a take over? When you've GOT IT....PROMOTE IT (not Mr. Busby's way....The proper and professional way......press releases).....end of sermon **gg**
<<Well, you can lead a horse to _____, but you can't make him drink !!>>
Make that DONKEY!! **gg** OR
Two "rights" don't make a "Long" :o)
<<No, that's not at all what I was suggesting but you're right, things are not as I saw them a year ago. The ELH target remains huge, almost twice the size I expected a year ago (that's just ELH and excludes the WF !!). Exploitation has been slower than I had expected. There's still risk at ELH, but there's sure a lot less risk today than there was a year ago. The JV have proven reserves in ELH today and those reserves will be generating cash flow in just 3 months. A year ago they weren't nearly that close. The sales gas stream will be roughly 20% richer than I expected a year ago and the NGL content is much higher. And, of course, commodity prices have shot up dramatically in the last year.>>
One this we TOTALLY AGREE!! YAHOOOOOOOOOOOOOO!!
<<Finally, share prices are about 1/2 what they were back then !!! I'm sure this all makes perfect sense to brokers !!>>
Marketing, marketing, marketing!!!!!!! End of sermon...again **gg**
<<P.S. -- No passion (or other emotion), criticism, sarcasm, ill-will, etc. intended !!! I have very poor communication skills and I'm simply too tired to edit this damn thing any further. (You should have seen the first pass !!! <gg>) >>
None taken...............DING!!!........Round three :o)
Everything written is my OPINION only!! :p)
As always,
Good fortune to ALL ELH INVESTORS!
Good health to ALL ELH DRILLING RIG CREWS!
PS- Check, you may want to revoke my membership :o) .
PSS- MOM is calling (in a threatening tone) so no time to proof this. Sorry for any errors (misspelling only **gg**) |
