Looks like Sampson (ssn) is doing everthing it can to stay alive. Just raised 2 million at .25 cents per share.
On that same subject Keith metioned during the Q&A that these wells will be producing 10% of their IP after 1 year. Am I reading this right ? They now have 1200 BPD and that will drop to 120 BPD in a year or two. That would be an annual income of only 3 million bucks. Looks like he has to keep drilling more wells just to keep the wolf away from the door. When the drilling money runs out then where does this baby go. They can't run this company on 3-4 million a year income. They have not being able to bring a plus figure to the last line with 1200 BPD which is going down to 120 BPD. Is this what this declining stock is all about? Maybe just maybe these sellers have known all along what this managment is facing in this oil patch.
Obviously the current 1200 bopd is mostly stabilized production with very low decline. With low participation of wells being added, it won't add much to that stabilized production, but there is NO risk of dropping to 120 bopd in a year or two. That is crazy and not based on clear understanding of the company. So it is totally unhelpful.
you have no idea what your talking about and no knowledge of the oilfield. You are just a basher that wants to buy shares for a penny. It is evident over the last several days that the sp is being held down until a larger size bid swoops in to grab the available shares. What happens when the flippers are done and all the weak hands are out. The large buyer is going to come in here and the price is going up. I can wait to see that happen. Keep mouthing nay-sayers. The sellers are the buyers and you know it! Should have put you on ignore a long time ago!!!! Just saying.
Okay guys maybe I heard Keith wrong. I though he said that the wells decline to 10% of their intial production. If I am not understanding please tell we what a well in those areas that has an IP of say 1800 bpd will be producing in 12 months.-- Thanks-- and no I am not a basher as bio suggest in fact I have been around USEG longer then some of you have been alive. Company will have been public for 42 years in a few more months so maybe bio U should back up just a bit.