BHI Rig Count: U.S. +10 to 431 rigs
U.S. Rig Count is up 10 rigs from last week to 431, with oil rigs up 11 to 341, gas rigs down 1 to 89, and miscellaneous rigs unchanged at 1.
U.S. Rig Count is down 431 rigs from last year's count of 862, with oil rigs down 299, gas rigs down 130, and miscellaneous rigs down 2.
The U.S. Offshore Rig Count is 19, down 2 from last week, and down 10 rigs year over year.
BHI Rig Count: Canada unchanged at 76 rigs
Canadian Rig Count is unchanged from last week at 76, with oil rigs down 1 to 35, gas rigs up 1 to 40, and miscellaneous rigs unchanged at 1.
Canadian Rig Count is down 63 rigs from last year's count of 139, with oil rigs down 37, gas rigs down 27, and miscellaneous rigs up 1.
HK has informed the exchange of their structured bk and the exchange is allowing them the time needed to complete the process.
BHI Rig Count: U.S. +10 to 424 rigs
U.S. Rig Count is up 10 rigs from last week to 424, with oil rigs up 9 to 337, gas rigs up 1 to 86, and miscellaneous rigs unchanged at 1.
U.S. Rig Count is down 433 rigs from last year at 857, with oil rigs down 294, gas rigs down 137, and miscellaneous rigs down 2.
The U.S. Offshore Rig Count is 21, unchanged from last week, and down 6 rigs year over year.
BHI Rig Count: Canada +4 to 69 rigs
Canadian Rig Count is up 4 rigs from last week to 69, with oil rigs down 1 to 28, gas rigs up 4 to 40, and miscellaneous rigs up 1 to 1.
Canadian Rig Count is down 67 rigs from last year at 136, with oil rigs down 46, gas rigs down 22, and miscellaneous rigs up 1.
I think Hession is such an arrogant POS he doesn't care. His only concern is his bonus and as several people on SHU and here have mentioned A7 probably won't be drilled.
A Fund Manager Told Me
In reponse to my question as to whether his Fund that holds IOC will vote BLUE, this Manager said the following. I hope that all FUND MANAGERS feel this way!
I'm no longer with the fund that held IOC Shares.
I do still hold IOC personally, and intend to vote with Phil.
To understand what's going on, simply follow the money.
Hession gets paid if he sells the company.
He does not get paid nearly as much of the stock price rises to $100, or even to $200.
Hession is forcing a deal to go through before Phil attempts (and possibly succeeds) to push Hession out and fire him with cause, resulting in his compensation going to $0.
It's that simple.
Hession has robbed us all.
I imagine the physical security, including metal detectors, will be tight at the June 14th meeting.
Drivel Maven with Personality
InterOil had Exxon offer before Oil Search bid
As InterOil’s management continues to persuade its mainly US-based investors of the merits of a $US2.2bn ($2.9bn) merger with Oil Search, details have emerged of Exxon’s far cheaper cash offer for the Papua New Guinea-focused explorer.
It is understood the Texas-based behemoth ventured the equivalent of $US35 a share for InterOil after the company’s chief executive, and former Woodside executive, Michael Hession, opened a data room for potential suitors earlier this year.
While Hession, who stands to gain close to $US40m from the conclusion of the Oil Search deal, spurned the Exxon bid, it underscores the difficulties faced by the New York-based company in securing a competitive valuation.
As with many exploration companies InterOil was burning through cash at a rate of knots. After landing $US401m from Total in 2014 in exchange for a 40.1 per cent stake and an operator role of PRL15, the joint venture that holds the Elk-Antelope gas fields, it tapped ANZ for a fresh $US400m senior secured loan facility to finance costly drilling in PNG.
So far however the prospecting has failed to unlock a flow of cash and Elk and Antelope — the fields that may provide the base for a second LNG project in PNG — have yet to reach certification stage.
Against such a backdrop it comes as little surprise that many of InterOil’s investors, aside from dissidents led by former CEO and founder Phil Mulacek, have already indicated their support for the deal. As revealed by this column, Capital Research Global Investors holds the highest number of shares with an 11.3 per cent stake. It is followed by Wells Capital, with a 5.2 per cent stake, while Point72 Asset Management, the hedge fund founded by Steve Cohen, controls 5.14 per cent.
Additional reporting: Andrew White
Is this reference to the conversations before the "transformational deal"...
BHI Rig Count: U.S. +4 to 408 rigs
U.S. Rig Count is up 4 rigs from last week to 408, with oil rigs up 9 at 325, gas rigs down 5 to 82, and miscellaneous rigs unchanged at 1.
U.S. Rig Count is down 460 rigs from last year at 868, with oil rigs down 317, gas rigs down 140, and miscellaneous rigs down 3.
The U.S. Offshore Rig Count is 21, down 3 rigs from last week, and down 6 rigs year over year.
BHI Rig Count: Canada -2 to 41 rigs
Canadian Rig Count is down 2 rigs from last week to 41, with oil rigs down 1 to 13, gas rigs unchanged at 28, and miscellaneous rigs down 1 at 0.
Canadian Rig Count is down 75 rigs from last year at 116, with oil rigs down 46, and gas rigs down 29.
I don't understand how any shareholder, retail or institutional can vote w/ management. This is theft.
How do shareholders throw out Hession immediately?
InterOil commences proceedings to postpone annual and special meeting
The founding shareholder, former chairman and CEO of InterOil (IOC), Phil Mulacek, and Petroleum Independent & Exploration, announced that Mulacek has commenced a proceeding in the Supreme Court of Yukon to postpone the annual and special meeting of InterOil shareholders, currently scheduled for June 14, until InterOil shareholders have had an opportunity to consider and vote on the proposed bid by Oil Search (OISHY) supported by a back-in from TOTAL (TOT) for all of the outstanding shares of InterOil. :theflyonthewall.com
I have heard the same thing regarding deaths. I believe it was while drilling A4 Hession became emphatic about safety on the conference call. We now know why.
And it looks as if you will be free to attend. Do make Hession uncomfortable and hopefully
by then his bonus will be out of reach as that is all he has been interested in from the beginning. I suppose the moral of the story is beware of "transformational deals".
I can't imagine Phil not being there and if he was to be banned from the meeting I believe he would hold his own. I agree it needs to be Phil to file the suit but I think the best one can hope for is a sweetened deal and of course Hession not to collect his undeserved bonus. If it is a situation of pre issued tickets I believe Phil is
resourceful enough to obtain one.
O.G. I envision Hession having been used for OSH & TOT strategic positioning of our assets and hopefully Hession and his band of thieves find themselves in a big pot of trouble and Hession doesn't collect his double salary and 36 million USD bonus. And no where to go although I wonder if we could have his stock and CVR's striped for deception and more.
I somehow don't think Botten would want Hession running anything at OSH, Hession was a tool and look at what a horrific job he did at drilling our prospects. If true and I have no reason not to believe A4 from 20MillionUSD to 200Million USD. That is enough to show he doesn't know what he is doing.