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  • sframe1 sframe1 Jul 14, 2011 10:36 AM Flag

    Crown Land Sales

    Could be the reason for the increased interest. A release sent out yesterday from PIE.V says that:

    On 23,260 acre Crown lease sale, $24 million was paid. Maximum bonus paid was $3,326/acre. Average bonus paid was $812/acre.


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    • got a nice bid/ask now

    • How much do you think our 53,000+ acres in Tiber is worth?

      Yes, we might have to dilute further if we need the cash but let's try to raise the funds after the stock has risen above $1. The company can always do a stock buyback after it starts making money for awhile.

      Hopefully, our joint venture partner is coming soon.

    • 3-4 years and a price of 20+ is fine by me!

      Only way I would like a sell out of 2-3 is if its done by end of 2011. Either way let it roll!

    • All depends on what the seismic finds, and what Rosetta finally states. That could open up a big leverage opportunity.

      I would like to see development, too, and would rather take a long term 20 bagger than have to seek a bunch of short term 3 baggers. Are our executives land men or developers, though?

      As far as holding onto the buying company's stock when it happens, that all depends upon how much a developing story in the AB will move the stock. Obviously, if you held HES after the AEZ buyout, you're not doing too badly with it (though I did sell out). If a very sizeable company comes in, success in the AB might not necessarily correlate with share price appreciation.

      I just saw that BEXP last reported $487 million in cash and short term investments, and is always looking to expand their Bakken holdings. Hmmm...

    • keep in mind though we will need to dilute as well...our cash will be at risk. That is my only future concern.

    • S. Frame, Have you ever thought of what the share price would be for Primary if a buyout were to occur similar to the price you quoted here. Or the deal Marathon paid at Eagle Ford per acre and flowing barrel. The later is what our ceo said he wanted for Primary. On this particular stock I want to hold more shares for the long term than normal. When I look at the price of ROSE and I think that could be Primary in 2 to 3 years or the price of this stock but ticker might be different by then. What say you?

      • 1 Reply to bargnhillbilly
      • bargn, I am but one lone owner of PETEF. I didn't sleep at a Holiday Inn last night, so take what I say with a grain of salt!

        That said, I can't imagine that we would ever see $10, let alone $50. Before the announcement yesterday, I have priced this with total land and cash value at something like $1.50 to $1.70/share. Of course, Marrandino has said that he is looking to sell out in the $2-$3 range (am I right on that?). I am going on that, because I think it is plausible.

        I think it's hard to compare EFS to AB (at least the US side) because they are very different from what I have gathered. EFS is in the heart of the energy industry, and while Alberta is ideally located, northwestern Montana just isn't yet. That will change in time. Right now, though, there's no equipment or manpower available because it's all wrapped up in the Williston Basin (from what I've heard). Only members of tribes can work on both sides of the border, as far as I understand, which adds to the lack of manpower on the US side. So, it's a lot different than the EFS, imo.

        That said, though, the macroeconomics point to something happening at some point long term. The majors have been divesting themselves of their downstream ops to focus more on E&P (recent examples include MRO and today's news on COP). With all signs pointing to oil at least staying around $90, if not blowing through the roof, they will continue to pick up here and there.

        Now, you could be right about seeing a price spike. Whenever the picture begins to really materialize about the SAB, we could see a major spike similar to what SSN experienced in March, greatly amplified. That might justify a MAJOR jump of which you speak (especially intraday).

        I really think if stockholders are still in at that point, we will own shares of another company, because the board will sell out before SAB hits major radars.

        That's just what I see. And that's just off the top of my head. I'd like to hear some different opinions.

        What do you think? How about winallin99 and others?

        GL, and GO PIE.V/PETEF!

    • yes saw that last night, and was thinking the same.