Does any one have any questions ? I plan to mainly listen and observe.. Last year's meeting was interesting. I have been adding to a large position, but it's time for them to execute and help share price.
Hi. Could you ask whether the committee to increase shareholder value is still in existence, and did the committee ever really investigate any alternatives like selling off some assets or selling the whole company? Bogey says no, for whatever that's worth. Thanks.
Thanks for everyone's input. These are all good questions. I know Tom realizes how bad delisting would be and have communicated to him that I am against a reverse split unless necessary. He could waive a wand over this with a reverse split and immediately fix the delisting problem, but it should be fixed organically because as you all have indicated and as he has indicated, below $1 is ridiculous. But delisting is not a real threat. The bigger problem is building trust and continuing to execute, and executing is the best way to build trust. I will see what I can do to learn the answers to your questions. Thanks.
Pages 78 & 79 of the Annual Report calculate the 10% annually discounted Present Value of just the PROVED Reserves to be $130 million ($2.41 for each of the 54 million shares).
Note page 78 states $85/BOE as the long term basis for the figure versus $92 /BOE today. ($2.41 becomes $2.61) Also note that the Australia future cash inflow (page 79) is only $53 million versus the "$100 million with Price Upside" shown on chart10 of the November 2012 Company Overview Presentation. ( Add $47 million ?--$2.61 becomes $3.48 ?)
If at the meeting I would mention all this and then ask------ In light of these facts, the current share price, the threat of delisting's bad publicity, the currently undesignated cash on hand, and the many added POTENTIAL Reserves WHY doesn't the Board start an aggresive Buyback of more than the authorized $2 million ? This might counter the Lifshitz Law Firm's Investigation into a possible breach of Fiduciary Duty and the substantial Dilutive Effect and further convince Sidoti and their clients that MPET is a Buy.
Good point about the valuations, however bad point about the lawyers. These sleazy law firms don't "investigate" anything. What, do you think they have Columbo working on it? These "investigations" are just feelers pushed out there to try to reel in suckers for bogus class action lawsuits that reward the lawyers millions and shareholders near squat.
It would be nice to know how many shares they have bought with the $2 million authorized. Hopefully they will update on all the old news in the shareholder letter sent with the proxy Thanks for going. Did the Sidoti presentation have anything new ?
If they have not announced the Poplar drillings (both Magellan and Vaalco) by then, please ask and also ask about nat gas contracts in Australia. In addition, what is going on with seismic in the Gulf of Carpenteria north of Darwin? They may well address these issues but, if not, thank you for bringing them up. Others may beat you to the effort though ;-)