At the very least I am thinking it is past the time to contact the board of directors to demand McE's dismissal. I posted a message to this point last June and nothing has changed since then. It is unacceptable what McE is doing. Nothing really as come of the drilling program other to confirm that gas is there and some of it is managing to get into the pipeline. We have had no guidance about this since last year. McE also was touting that FEEC was in discussions with partners or the possible sale of FEEC....last June I believe. Northing has come of any of these purported discussions where I suspect more was made about discussing their golf swings than about coal bed methane. Suffice it say that nothing has been stated to indicate any substance to these discussions. Then McE disappears as a face to FEEC and has nothing to say at all. It appears elsewhere that the drilling has stopped some time ago and who knows where the money is going. The only reason it seems to me that the lenders are letting FEEC keep kicking the can down the road is that it gives them the illusion that they might be repaid some time later. Doesn't FEEC have a Chinese partner? One would think that this partner would want FEEC to remain in SEC compliance and I doubt that a lot of money is required to file the necessary forms. It seems ridiculous to me that FEEC cannot file because they cannot find the money. I think McE needs to be ousted and who knows...maybe ask the former head of CHK if he wants to take on a charity case? 9 times FEEC has kicked the financial can down the road. What is all of this about if now FEEC cannot even get its SEC filings in order?
Looks like Feec is done. No 10K and no in-put from Silent Mike, he handed us PENNY stockholders down the tube. Hard lessoned learned the hard way, BK. 7 years of bull. No more comments from me, I'm out of here.
Thank you again....I am somewhat optimistic. It did seem to me that FEEC was close to becoming profitable from an operational point of view. That won't pay down any of the debt IF what I thought I saw is correct but it could be reassuring to lenders that something might come of this. Perhaps what I thought I saw isn't there at all and are more old man delusions. It would mean that there are is no partner to be had and that FEEC does it alone if they can generate the revenue which may be a gap that is too large to bridge. Tuesday.....thank you....certrainly no hint of a conference call. I wonder if there will even be a PR?
I don't think anyone has ever totally trusted that CUCBM had our back even though management has continually said they were a good partner IMO. Green Dragon had issues with them in the past. Yes the last we have seen from management is Q3 but we should see the 10k filed by Tuesday unless an extension is filed. Probably not much of an update, but an update nonetheless.
Thanks for the reply, Runn. I think the point I was trying to make is what appeared to me to be a doublestandard in that McE stated he would love to own more shares of FEEC but was prevented from doing so by quet periods and possible insider issues. But he does buy some shares and seems to have had no difficulty in unloading them where the same disclosure issues would seem to me to apply. Rather than being a large sum of money in
FEEC it was more symbolic that the CEO owned some shares which is something McE does not seem worthy of his investment activity. On another issue there is a Chinese partner of FEEC which for the life of me seems to be next to useless. I would think it is in their interest to see FEEC succeed and they certainly have the financial means to make it happen. But they never do or am I missing the support from the Chinese partner for FEEC? I really do not understand why they do not fund FEEC, pay off the debt, help FEEC drill to get the pilot area going and get the pipelines and utility creating or moving energy as they should. I would have thought it is in China's interest to see FEEC succeed rather than drag this out for years which is what has happened. By way when was the last QTR report we got? third quarter of last year. That would make almost 6 months of operational silence but FEEC has never shown any concern about timely updates other than empty promises of such
Last time anyone in management bought shares was after the Ashmore agreement was signed 2 years ago. McE did buy some shares then and Bruce did as well. Probably couldn't buy any in the last year since they've claimed to been in discussions nearly the whole time. Nothing left to do but put money elsewhere or to hold what you have and pray for a miracle. I put most my money elsewhere a long ways back. When they had no money to start back drilling last spring it was time to look elsewhere IMO.
I here ya Sam..!. I couldn't agree more, about being disappointed in MM.. I just can't believe that he doesn't seem to be doing anything, I mean-- anything--to get this gig up and going. Think about it. How long does it take to get a deal done? They "have been in talks with " various 3rd parties" now for about a year? Really? How long does it take to type up a press release on recent production? By now, those wells that were drilled over the past couple years should be already putting out a significant kick!! The production ran up over 100-200% in just 2-3 months, and that was over a year and 3 months ago... They've bound to have reached CDP, and the ramp up should be "well" under way! Why no updates? Are they being prohibited from releasing anything that could cause the stock to take off like a rocket?!!... because they could cause someone " in negotiations" to have to pay more due to a run up? Why no promotions of the stock with companies that can offer good coverage on FEEC, be it here in America or elsewhere ? Why no CNBC USA interviews? Why no promotions in the Hong Kong area? Why no buyback of their own stock( as a company, not as individuals), at .03..? Cheap as it's ever been.... Why no cut in their salaries to help preserve capital? Why no common sense being applied here? Why no updates about the power plant completed across the road? Why no buying in one of ( if not the) finest CBM discoveries on the planet? Shoud I keep on going with my why no's..?
Thanks Angle. I did take a look and only found Bruce Huff listed there. plugging in 4 years only came back with two and Bruce. But my point is more that McE presented himself as someone eager to buy but couldn't but had no problem selling the pathetic little he did have at one time.
Or does anyone remember what it was like to see this stock actually move..... another day, another week, another month, another year.....
Runn are you our there? I recall some time ago that McE stated that he would like to own more shares of FEEC but that he could not because of insider trading rules or some such nonsense. At one point he did own some shares some of which were given to him and some of which I believe he actually purchased. But if Yahoo's insider holdings are correct the King Rat jumped ship some time ago. I would have thought that the same rules that made it so difficult for him to buy FEEC shares would also apply to selling those shares. The only insider holders are Bruce and Jennifer as listed by Yahoo. So what happened to the CEO? and thefaithful board of directors? And where IS McE? He has completely disappeared from any PR pertaining to FEEC. Actually, the PRs have disappeared as well.
another day, another week, another month, another year,.... another day, another week, another month, another year,.... another day, another week, another month, another year..... I just can't get that song outta my head..