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Sentiment: Strong Buy
Cow pasture is cow pasture until proven otherwise. Also, take a look at their June 25 8-K. Mr. Williams and his good ol' boys are taking 10% of those acres and putting them in their back pocket.
And you have well results from those 175,000 acres? I would appreciate seeing them. But assuming you were correct, 180,000 acres is 25 percent of PXD acreage and if comparable that would put implied value on CWEI of 7.5 billion. And that assumes none of PXD acreage is cow pasture.
85,000 acres in Delaware + 95,000 Eagle Ford acres (Burleson County) = 180,000 acres. Rest (175,000 acres) is cow pasture.
Not from what I read. One analyst estimates their eagle ford acreage is worth 202 dollars a share or 13,000 dollars an acre. Another analyst lists their Permian acreage as equal to or better than there peers, Fang, PE, ATHL, RSPP. Where do you get your cow pasture info from?
PXD has about 600,000 net acres in the Permian and 120,000 in the eagle ford. CWEI has 170,000 acres in the Permian and 185,000 in the eagle ford.. PXD has a market cap of 31.8 billion. CWEI has a market cap of 1.36 billion. FYI, CWEI acreage is considered quite good.
Not great news. They say it was due to inferior completion techniques. Hope the market doesn't react poorly tomorrow.
Giving away 10% of all future cash flows from the Permian Basin sounds like a con job to me.
I found it in a company 8-K SEC filing dated June 25, 2014. I referred the matter to a law firm, the same one that handled the Chesapeake Well Participation Program case that was resolved in shareholder's favor. We'll see if they take it up.
Joelm_shapiro I would like to know the answer to that. If you find out anything please post. I think of this company as a strong well managed energy producer and would like to see the next few years play out, could be a great investment. ??
So, under the Reward Plan, mgmt is now entitled to 7-10% of the after payout cash flow from our best properties? Is that normal industry practice?
Thank you for the information on rewards plan. Incentives are nice, but profit is what drives the shareholders participation. Not sure what caused this sell off, I would like to know. Best to all
The company adopted this plan only a month ago. Look at the stock price since then.
(e) The Compensation Committee of the Board of Directors of Clayton Williams Energy, Inc. (the "Company") has authorized the Company to establish the CWEI Andrews Properties I Reward Plan, CWEI Eagle Ford II Reward Plan and CWEI Delaware Basin II Reward Plan (collectively, the "Plans") to reward eligible officers, employees and other service providers for continued quality service to the Company, and to encourage retention of those officers, employees and service providers by providing them the opportunity to receive bonus payments that are based on profits derived from a portion of the Company's working interest in wells (the "Wells") drilled by the Company in the areas covered by the Plans on or after the Effective Date of each Plan, or in the case of CWEI Andrews Properties I Reward Plan, the Company's general partner interest in a related oil and gas limited partnership. Concurrently, the Compensation Committee also authorized awards to certain officers, key employees and consultants of the Company under the Plans. The Plans were established and awards were granted under the Plans on June 23, 2014. The Effective Dates for the Plans are as follows: CWEI Andrews Properties I Reward Plan - April 18, 2013, CWEI Eagle Ford II Reward Plan - June 11, 2014 and CWEI Delaware Basin II Reward Plan - June 11, 2014. Each of the Plans provides for quarterly cash bonuses to the Participants, as a group, equal to the after-payout cash flow from 10% of the Company's working interest in the Wells. The quarterly cash bonuses are allocated among the Participants based on each Participant's bonus percentage. To continue as a Participant in the Plans, Participants must remain in the employment or service of the Company through June 23, 2016 (the "Full Vesting Date").
I would like to hear more from posters about this company. I hold shares and have for several months including the last two earnings. Basically sounds like a solid energy play but this sell off is really severe.
I can't find any really bad news. If someone reads this post and has any closer connection than me, please let us know. Thanks all
Nice to see that they had a nice increase in compensation paid to highly compensated employees in the company. It was twice the amount of earnings reported for the quarter. I guess they are operating the company for their own benefit rather than the other shareholders. Reminds me of Chesapeake.