To: grayhairs who wrote (470 ) 5/15/1998 1:30:00 PM From: Michael M. Cubrilo Read Replies (1) | Respond to of 1207
Grayhairs, your comment about waiting until 1999 for a production test news release is, as you know, bullshit. Have a look at a recent news release put out by Northstar Energy (NEN) re: one of their deep foothills gas wells. Just go the the Carlson News website and click NEN. Very technical, detailed, news release. That was also a very deep, foothills type well. It does not take that long to know what you do, or do not have. You know that and I know that. Quit trying to mislead those that do not have the benefit of knowing otherwise. As for selling 70% of a stock, I never indicated that anyone should sell. I am simply stating that it is prudent to obtain a position on a speculative play at a low price (that is what the insiders do with options), work up the play, then when it is promoted and the stock rises on anticipation and emotion (because everyone wants to own the stock that hit the big kahuna), sell enough shares into the stock price rise to recover your initial investment and let the free shares ride. This will consistently make you money. Do you disagree in a buy low philosophy? Let me put it this way. If every deep foothills well was drilled by a different company (ie: 100 wells, 100 companies) - this approach would make you money about 90% of the time, because realistically (not pessimistically), the other 90 holes will not be economic. Or, Grayhairs, is this analogy incorrect? Would these deep wells have a 100/100 success rate? How about 50/100? With your years of experience you should be able to state a number. Lets see one. The industry drilled what, about 16,000 wells last year? In a shallow gas program in Eastern Alberta it is a no brainer to drill 60, or 100 wells and have gas on all of them. Deep foothills drilling is a different cat. This is not meant to scare away anyone. Is is simply truthful, accurate information. You don't own a used car lot, do you? If not, with the suit that you own, you would be a perfect candidate. mike