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PRIMARY PETROLEUM Message Board

  • trademaker_va trademaker_va Feb 19, 2013 7:34 PM Flag

    Email from Mike Today

    Good Afternoon Mike,
    I have a few questions for you and maybe you can provide some insight as to the direction Primary is
    heading as a company. I am a little concerned about rumors regarding bankruptcy and dry wells.
    (1) The spring hill well has been on pump jack for a while. Any production to report?
    The well is currently standing awaiting further guidance based on a go forward plan. We continue to experience operational issues with the formation that does not provide us with a comfort level that we can overcome them at a reasonable cost. We have set aside doing any further work until we have ascertain a go forward plan for which further operational costs can be included in a larger budget.
    (2) The stock is trading well below the cash value on hand. Any Reason this happening?
    Not sure why the share price is falling to its current level as based on our last financial statement we are sitting with nearly 11 cent/share in cash. I think the market must be discounting our cash with the expense side of running a public company and no cash flow from operations.

    (3) In the PR you stated that data was being analyzed for future drilling plans and will that information be
    Included in any future shareholder updates or in the management discussions section of the company
    web site.
    I remain hopeful that we should be in a position to update our shareholders and the investment public on a strategy, based on the potential of the remaining acreage (80%), that we will be moving forward with based on all of the data that has been analyzed from the Phase I program along with the existing historical data by early April.
    (3) Do you have a time-frame for a Press release or update to the corporate presentation about 2013 plans.
    I would expect that we should have an update sometime in March and no later than early April.

    I think that these are very legitimate questions and now that OXY pulled out, I was hoping that we might see a little more information flowing to the shareholders. I think that a PR would help with the price slide and help calm some jittery nerves. I look forward to hearing from you.

    There is not a lot we can say at this time until we have completed our work on the Phase I program to further review the other hydrocarbon bearing formations over our lands. We are developing a strategy, where we remain hopeful in attracting an Industry Partner than understands both the risk and potential in the area on a go forward basis.

    Primary is fortunate with its strong balance sheet, no debt and minimal lease retention obligations until 2017.

    Regards

    Sentiment: Hold

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