Received my proxy today. I will withhold vote for every director and all the other items on agenda. Anyone here who is disgusted like I am should also make their vote count, for what its worth. These guys should be embarrassed to hold a public meeting.
Its disgraceful! Other than selecting Taylor-Dejongh to find a JV partner these new managers have done nothing of any significance for 5 months. They have $8 mil in net current assets left to run the business, aside from the restricted cash held in the event of non-performance on the drilling commitment. The history of this company for the past 5 years can be a business course study case on how to destroy shareholder value. I should have my head examined for holding on to this stock for so long as a chapter to include in the study.
Unlike SQO, Marquee actually is doing some E&P. The results of 6 wells drilled a few months ago will be announced shorty. Regarding SOQ, I am still holding for a miracle to happen. The recent insider purchases was positive news, but the small amounts don't indicate much conviction. At this point they should let shareholders know how its going with that "marketing blast" for JV's that we herd about in December.
Now that makes some sense of the trading pattern on Amex for the past couple of days. The market is then valuing Sonde NA at a little less than Cash per share. Do you know where ( what exchange / symbol) SOQ shares will be trading going forward.
Not many of us left but I'm staying to the bitter end. Looks like we will finally be able to assess what value we have left in 10 days, unless there is a further postponement in N.A. Does anyone have a guess as to what the 100,000 acres of exploration leases they hold might be worth?
Very strange trading today in SOQ, on the US exchanges. Lots of trades, small and large and most for tiny fractions of a cent. I don't know if this is just someone day trading for pennies or if they are buying all the shares they can up to a certain price before an offer is made for the Company. ( I wish)
deeprig1, you're right, this company has always been run by POS management. But it does have tangible and meaningful assets and despite the dumb decisions of the past, as well as some bad luck, there currently exists the potential of a nice turnaround. We are better off today than we were yesterday and we'll have a better understanding about where we are going with this POS stock by the end of the day tomorrow.
Interesting tug and pull in the last half hour with buyers winning out. News will have to be forthcoming now in regards to the Alberta assets sale. I am sure this will be addressed in tomorrows conference call.
Obviously there are still holes in this deal that the market wants to see resolved. There can be no contingencies. Traders got in and out when they saw the momentum did not follow thru. Management must nail down the details. Also the other part of this is what transpired with the properties offered for sale in the FE dataroom.
Yeah, I've been on the rollercoaster since early 2008. Its been mostly downhill and I have extreme nausea from the ride. Wish I could get off , but I am strapped in so tight that the only way that will happen is if Riddell or someone else buys them out.
I think we'll get a good indication of how "air tight" this deal is with how the stock trades in the first 1/2 hour tomorrow. I do remember that last time we thought we had a deal, the market was saying otherwise.and the stock never moved up more than a few pennies.
Tom, yes that phrase bothers me too and I think we should get that clarified to all of us during the conference call. But , other than that I am sure relieved from the stress of waiting for this news.
Inwestbanker, with $100+ oil, the debt leverage should be working in MPO's favor, yet the stock keeps falling. This weakness has to be signaling that something else is not quite right here. Maybe its a corporate issue - trying to consolidate several acquisitions in a short period of time. Lots of new people, lots of new properties, lots of "wheel spinning". I cant imagine that they are drilling one dry hole after another, so what else could it be? I disagree that the market is inefficient. Too many shares are traded daily in MPO stock for that kind of mis-pricing to occur.
Well I've been "buying till it hurts" this week .I believe that investors have been particularly scared away from leveraged oil companies on the fear that oil prices may fall in the near term due to weakness in the far eastern economies. Oil prices have been rising, not falling this week and hopefully MPO is using this opportunity to hedge a good portion of its production, including Panthers.
You many be right, but we really don't know since they do not indicate how many shares in total were voted. I am curious to know if any comments were made at the meeting concerning the status of the Viking JV. I guess no one here attended.