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  • joechentva joechentva Mar 18, 2010 9:17 PM Flag


    what was said in last week qtr rpt, we can find the following indications.

    (1) The qtr rpt said Vega will be worked and reworked to boost productions. The new PR said the same thing but with a JV, and still under DPTR operation.
    Indication: There are suitors willing to invest in Vega and get a steady income in the future. This can also be applied to other DPTR leases.

    (2) The qtr rpt said no news until the recalculation of borrowing base is completed. The new PR said the $175 M front cash will be used for general balance sheet obligations and working capitals. The remaining $225M will be used as 3 years capital for Vega.
    Indication: The recalculated borrowing base is much favorable to DPTR. It only needs some of the fresh cash for the obligations, NOT FORCED TO PAY THE WHOLE THING off. The lenders realized a steady income to pay the mortgages is much better than killing the goose which lays golden eggs, they have confidence in DPTR.

    (3) The qtr rpt did not mention a single word about the other big leases, 1P thru 3P. During CC, the CEO mentioned there are interests in some DPTR leases.
    Indication: We all know DPTR is very secretive and not staight with words, some other major dealings are still being cooked, may not be in the final stages yet. The Vega deal was purposely placed up front to draw attentions and calm the crowds down. Most importantly, it shows there are some entities who have already invested in DPTR.

    (4) The new PR did not say the sales proceeds will be distributed to the common shares, but the pps gone up 30% on the news.
    Indication: There are many ways to prop up pps, enhance share holder values, without a direct distribution of any proceeds from the present and future deals. When the company stablized, get more finance and grows, the pps goes up too.

    (5) What the qtr rpt and the new PR did NOT say was there will be more SIMILAR deals coming.
    Indication: Evercore and MS really can put things together. The other deals may be all of different types, but not fire sales.

    (6) Neither of the qtr rpt and the new PR said any thing about re-organization or personnel changes.
    Indication: There will be some major personnel changes/addition company re-org
    coming with the deals.

    What they have hinted, or what we expected but they did NOT say, would give us some indications.
    Hmmmmmm, Dear Laura and all my friends, I smelled fried fish again in the directions of Denver and NYC.

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