Tim, you can buy some SFD data if you set yourself up as a major oil company with deep pockets and loads of experience. Then submit to Pinnacle that you would like to become a partner. Then, if they accept you (and they are getting offers from dozens of small, puny companies every month that Pinnacle has zero interest in dealing with) then you still do not get to buy the data. Instead, you negotiate for a territory, then that is divided into zones. PSFD flies an agreed upon territory, any SFD prospects are tendered after multiple passes. If you accept them for drilling, then under the contract you signed, you will owe Pinnacle a 8% gross override on the whole prospect, meaning no money up and no risk for Pinnacle and 8% comes off the top, or a 45% working interest meaning Pinnacle will pay 45% to get 45%. Oh yes, and you will also pay for all of Pinnacle survey time.
The point is, you are not going to be able to go out and purchase SFD data like seismic is purchased. You are either a partner of Pinnacle's or you are out of luck. The more partners PSFD has, the fear by existing partners is that their time is being "diluted." Can you see why the existing partners don't want to say much? Look at Cawardine's statements in my second to the last post on this thread. The deliberate deception, if you will, is hilarious.
This is not anything like magnetic. This is like nothing the industry has ever seen before. The SFD, according to what I can piece together from news articles, sec filings, talking with the partners, and talking with Pinnacle, is at a minimum, pretty darn close to being able to predict EXACT geological changes and structure just like seismic. Of course at 1/000th the cost, 1,000 times as fast, and in near real time. Magnetic surveys, satellite imaging, telemetrics, etal., don't give that kind of information. Again, from the Tuesday article in the Calgary Herald, the Herald sent some info to Larry Lines, chairman of exploration geophysics at the University of Calgary. I quote from the article:
'"I'm really quite skeptical about the validity of it," said Lines, who noted there isn't much information available on it. (Gee, some honesty for once from a skeptic.- My addition) "If it works, it's something that is really a mystery. IF IT'S AS GOOD AS THEY SAY, I SUPPOSE THEY WOULDN'T WANT ANYBODY ELSE TO KNOW."' (Again, I added the caps.)
The point is, neither do the partners want you or anyone else knowing what they have in the SFD. Peter Cawardine's (Encal) statements a few paragraphs later kill me it is so funny. I will repeat them again anyway:
'Cawardine won't talk about Encal's findings, but said, "We're still working with them after two years, if I can leave it at that."'
Gee, thanks Peter. That is all I need to know. If it was garbage, he would not hesitate to tell you. If is is good... well think "fear and greed." Call him up. Ask him if this is a replacement for reconnaissance seismic at a minimum and can save Encal tremendous amounts of time and money. Ask him if it is the Holy Grail and can detect hydrocarbons. To the first question I will predict he will say some round about, convoluted statement, that could have easily been said with one word: "yes." To the second question I predict he will give you another convoluted statement saying that, "Encal has run tests over known hydrocarbon deposits... blah, blah, blah... 85% accurate... blah, blah, blah... that Encal has not drilled anything the SFD has been excited about yet... Encal has drilled a lot of dry holes that the SFD predicted to be dry... blah, blah, blah... so that they can't tell you for certain yet." Trying to throw you off course. My third prediction is that he won't even take your phone call anymore (my guess is because he is afraid of saying too much) and will instead shunt you over to Jim Reimer, who is equally as good at equivocating. Try it, phone 403-750-3300. Nothing bugs these guys more than being asked to talk about Pinnacle so I would find it highly amusing.
I tell you, I have never had so much fun owning a stock like Pinnacle in my entire life. This is great. Still LMAO.
-Dilution
Disclaimer: this post was definitely for entertainment purposes only. Feel free to be entertained as much as I am. |
