IMO it's time for McE to go. He has completely failed to negotiate FEEC into either a successful anything. Despite claims that individual wells are increasing in production we have seen months of stable but flat CBM production. no gains there. The stock price indicates a certain disbelief in any bright future for FEEC. New leadership might spark new optimism and improved results bot in production and in underlying stock performance. Potential lenders and partners might be reenergized by a new leadership direction. McE has continually isolated FEEC from shareholders. When was the last annual meeting or vote by shareholders? In the mast McE has blamed the Chinese for FEEC's apparent inability to contract anything in a timely manner. I wonder if that is really true or if it might reflect that he is simply the wrong person for this job.
Ruffusr, I just hope and hope is not to good a word to use for this penny stock. That they sell, what ever price it is. Been in this for seven years and been lied to so many times from Mike, he's full of it.
She is holding at like .08 to .09, let's see if the volume picks up after the discussions with various third parties and the blackout priod ends..
I mean why would they only extend two months if they wanted to keep this running on there own? Because they are in ongoing discussions with various third parties.. Why so they can either sell it or turn it over to some other party who has the money to run it? IMHO and it's just that.....
The maturity date of the bridge facility with SCB has been extended to September 15, 2014, from the previous maturity date of July 15, 2014
Commenting, CFO, Jennifer Whitley said, "We are pleased with the continuing support offered by SCB as management continues its ongoing discussions with various third parties."
Seems like everyone has opinion on whether the company should sold or involved in a farm out situation. Has anyone considered the deal could be a combination of both. Does anyone know if that type of scenario even possible??
Quoting me could hurt your credibility. Lol.
If it falls to a nickle i would double up too, but would also expect a long wait for a sale.
What is special about the 15th of this month?
What is so sickening to me is: Mike & Jennifer..Receiving Huge Salaries plus stock options plus extensions until 2017. For what?? They have never made any money and Mike has lied to us every CC. I just hope they do something by the 15th of this month and it's SOLD.
Please sell this thing out and let us off this ride to nowhere.....
Needs to be sold to someone who knows what they are doing. No doubt about that. Sounds like they have some financial advisors in the picture so hopefully we see soon.
Why a nickel? You think it won't sell for that? Or scared hands will bail. Seems like company should still sell for 20-25 cents in a fire sale... Which is basically where we are right now If drops to a nickel I would double or triple up
Horrible report for shareholders. The only thing that could have saved us would be if production had increased to over 5 mil. per day. Bottom line... shareholders are "screwed". Look for the price to drop below a nickle before the middle of next month. Al least "Mikey" has done right for himself and his own future. To quote "druggie" --- "f-ers" !! (jmho)
The Company continues in discussions with third parties and is working closely with its financial advisors to evaluate and negotiate an outcome, which could take the form of a farmout or an outright sale of the Company.
The Amendments extended the term of employment under each of the Employment Agreements to June 30, 2017, unless sooner terminated in accordance with the terms of the Employment Agreements.
The McElwrath Amendment amended the terms of the McElwrath Employment Agreement to provide that he shall receive an annual base salary of not less than $437,500.
The next reporting of production to come out soon will be a flow rate of about 3 MMcf/d. If they get paid $9 per Mcf then that equates to an income of $9.86 million per year. Taking into account their operating expenses that really isn't that much income. I'm curious where the break even point is.