ED.....saw what looked like a SONRIS report on a MCF well . There is a well of substantial importance ( 245356 ) being completed now to GULTU & BLMC . If there is any completion information , would you please post it on either of those message Board's ? thanks
So , NOG must need fewer employees to become profitable with 10x the daily BOE profile . Means USEG should even fewer . Points 1, 2, 3, & 4 do nothing to refute the argument that USEG has a bloated staffing level .
As to 5 ,thanks !!!
He is not & I have been active on this Board probably as long as anyone .I think he is concerned , as I am , as to whether management really wants to monetize Mt. Emmons or use it as protective for their lack of financial performance .
NOG is a 10x larger non operator with only 2x the number of employees as USEG .Why is that ?
Who , what , when has to happen to get approval for 160 acre spacing & a PV10 value of $ 280 million ?
decides to start using Reggie to 'tell' the story rather than Keith . Much more energy & apparent concern for the individual shareholder . It is my strong belief that Keith simply does not care about the stock price or his individual investors - it is his company .
Here is another Company where the stock price would jump with a top management change .
A successful flow test starts commercial production by year end . GULTU & BLMC would start receiving their orri share as soon as sales occur - could be a month delay for accounting ,etc.
Public info....6/5 presentation by FCX estimates that lease could contain 2.5 Billion BOE . EXXI has 10 to 15% of Highlander . GULTU has a 3.6 % orri & BLMC has a 1.125 % orri . Highlander is being completed now with a flow test late Sept. to early Oct .
Just calculate what it would mean to BLMC - only 2.5 million shares outstanding .
Little doubt that an increased production profile is in the cards for at least the next 2 quarters. And Reggie looked forward with some positive expectations - something Keith has never been able to do . I still believe G&A should be much lower given USEG operates nothing . I would like for the next presentation ( who knows when !! ) to have an IRR chart using the $ 2.6 million drilling cost.
My belief , excluding Mt . Emmons , USEG is worth at least $ 7 to $ 8 per share . Perhaps having Reggie as the face of USEG , he can counter all the negative feedback from Keith's style .
Maybe he could even ask Uncle Keith if he could take calls from me again !!!
in his presentation than Keith has ever had. A good job imho . Interesting that Buda production should exceed Bakken production by the end of September . I would estimate a 1,600 BOE / day run rate by then .
" you are going to like our story " followed by "Mt. Emmons is our World Class moly mine" . I'm giddy already !!!My guess is there will be nothing new from the Q2 CC . To update the info would be just to much effort for our staff of 16 that operates nothing .
I have 7 or more years of voicing my concern : by letters to the Board & Head of the Compensation Committee ( I received a letter that said " thank you for your concern ." , many times by phone - then IR was instructed not to talk to me & Keith will not take a call . He asks that I submit my questions to him in writing :I have....no answer.
So , yeah I think management should be replaced but better would be to just sell the Company.
This management team has been generously paid even though a flaw in the original sale of Mt. Emmons forced them to take it back . The flaw is costing $ 2 million a year while the brothers Larsen's ( Keith , Mark & Richard ) continue to get paid $ 350,000 to $ 550,000 every year.
And the Board of Directors do nothing ......for their $ 60,000 a year Director fee .
Look at the report - they would have expired 3 days later .
Why have the Board of Directors kept a management team that has lost $ 31 million of stockholder's equity since 2007 ? Why have the Board continued to let management employ for over $ 300,000 / year a pilot even though the Company has not plane ? An Investor Relations effort that is rarely timely or informative .
There should be many questions as to why this management team deserves any more time . Management HAS NEVER EVER purchased stock in the open market - EVER !!! Guess that is just for the commoners .
An F . Stockholder's equity December 31 , 2007 - almost 7 years ago - $ 115 million . June 30 , 2014 stockholder's equity - $ 109 million . So how does a mediocre management team stay employed ? By appointing mediocre members to its Board of Directors . Let's see : each non executive Board member makes $ 60,000 a year - more than the 2nd quarter net income that Keith is so proud of .
USEG operates nothing ( thankfully !! ) Management has lost $ 6 million over the last 7 years and remains employed . WOW . The common shareholders need a management team that is willing to be a partner in generating returns for everyone - not just the Larsen clan imho . Fire them all !!
Keith would be giddy to make $ 56,000 for the quarter. Or maybe it is the stock options . Born on third - thinks he hit a triple .
Barry , seems to me that Crested Butte would take USEG more seriously if they sold the Bakken & had the money in the bank . Right now , where would USEG get the money ?