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Gold/Mining/Energy : Big Dog's Boom Boom Room -- Ignore unavailable to you. Want to Upgrade?

To: pogohere who wrote (97748)	3/10/2008 6:55:42 AM
From: Ed Ajootian	Read Replies (2) \| Respond to of 206334

pogohere, Baseline Oil & Gas (BOGA) -- You're welcome. I haven't written them up yet because I'm waiting for 4Q to get out the way first (plus I'm too busy anyway). 4Q was not a quarter to write home about, they had a sharp dropoff in production from their Blessing field due to the fact that many of the wells had been completed open hole. They went in and set pipe on most of these and it looks like they were able to get most of the production back by last month. The stock is trading as if folks are anticipating either a big reserve writedown, a blown debt covenant, or both. Hopefully we'll shortly find out that neither of these things, nor any other similarly negative development(s), has occurred, at which point the stock price should start to come back up.

To: pogohere who wrote (97748)	4/28/2008 7:11:02 AM
From: Ed Ajootian	Read Replies (1) \| Respond to of 206334

pogohere, Baseline Oil & Gas (BOGA) -- Curious whether you pulled the trigger on this. I believe it is on the verge of greatness. This is far and away the most highly levered E&P out there, and with commodity prices going nutty they stand to benefit substantially therefrom. Only about half of their production is hedged. My previous concerns about them blowing debt covenants proved to be unfounded per the 10K, and now that production is ramping up we can put that concern to bed. Some folks may be spooked by the onerous terms of the convertible debt, but since it cannot possibly be convertible at less than $.44, as long as you pay less than that for your stock you can't possibly get diluted out. Every few weeks someone's been stepping up & buying several hundred thousand shares, and the stock runs up. Most recently it ran up to its 3 month high, $.40. Eventually all that cheap stock will be fully soaked up, it will be interesting to see what that guy does then.