On Abraxas' website there is a copy of the Purchase and Sale Agreement for all of you overly paranoid individuals. On the signature page, F-250 LLC is listed as the buyer. All LLC's have managing members. In this case the managing member is another LLC - Redman Management Company, LLC. The manager of Redman Management, LLC is J. Jeffery Voncannon. A quick Google search on Mr. Voncannon will lead you to Redman Resources, LLC which is headquartered in Houston, TX. Boom, bang, booyah...ba ba ba boom! Totally legit. Now, leave me alone and go chase your black helicopters on some other message board. IT IS VERY COMMON to set up LLC to own individual properties for liability protection. The fact that the F-250 LLC was just formed IS NO BIG DEAL!!!
Thanks themacs..for finding the link to Redman Energy. I'd take exception to "overly paranoid"....I said quite clearly it very well could be just what it turns out to be. I have also said that I think the sale is a good deal and met the strategy AXAS has laid out. But I will always question any deal or facts that has holes or missing pieces. The reason Tom Ward and Aubrey McClendon got away with "financial murder" of investors was in part no one looking deep enough to see what they were doing. I like AXAS....I've invested a sizable chunk.....and I'll pose questions in regard to anything I consider to be questionable. Had I not posed my questions...would you have posted the Redman information ? Again thanks...sincerely....from an inquiring mind. JMHO GLTA
excellent post....My reaction to the sale was positive, solid price, debt a non issue now. The wycross was going non op and they did not want to give up control. AXAS has plenty of high working areas to explore and the Bakken/Three forks pad drilling has been both efficient and reduced expenses.
The initial reaction to the news was positive the stock went to 3.70 pre-open. The stock action is very sector driven. The volume the last two months is very telling. Volume precedes price and we are getting a big surge in volume