Thanks armed... the more I have invested... the more you want to perform the DD. Now have 30,000 shares (couldn't let you have more than me).
But obviously there's still some risk here. But it looks like its starting to be mitigated.
Also Apple has done very nicely today.
Hope you're well.
I spoke to Sean today at investor relations at FNGC. I asked him specifically about the press release... where specifically they stated that "reached a depth of 6,500 feet and that the well had been "logged and evaluated"
I also wanted to specifically ask them what they meant by the following "Based on their analysis of available data, the partners expect that when fully developed the entire project area could potentially hold as much as 100 BCF(a) and 1 MMBO,(a) with a total estimated gross value of $700 million"
Specifically WHAT did they mean by "logged and evaluated" and "based on analysis of available data"... and WHAT data they were talking about... and here's what they had to say.
Basically what happens is that when they reached 6,500 feet they took a number of measurements of the well. And basically what happens when you hit gas... much like you open a shaken bottle of Pepsi... the well essentially starts to blow... and that's where they logged, evaluated and measured what was coming out immediately upon reaching the predescribed depth. And that based upon initial measurements... that $700 million number was approximated. However that said... that it takes approximately 2 weeks from the time that they take their initial measurements... to really determine the full extent of the find. Because much like when you first pop open a bottle... there's a lot more pressure and it's difficult to get a true and accurate reading. So what happens is... is that they continue to measure the find for at least 2 weeks to make sure that they get a true and accurate reading. They anticipate that more details will be available to us within 2 weeks.
Additionally... there are two other wells that are now being drilled on seperate properties... and that we should have preliminary findings from those wells by approx the beginning of Feb.
If you want to substantiate any of this... go to www.falcongas.com... and find investor relations and give them a call. They are readily accessible and available to answer any questions that you might have.
Hedge funds are greedy bastards to be sure. But half of nothing is still nothing. If you believe in your company... you do whatever you can at the early stages to get your company off the ground. You often have to beg, borrow and or steal. If they didn't raise the money... however they had to do it... they likely would not have partnered in this well... and we would not be having this conversation.
That said... when I come up for air... I will dig into the 10Q in more detail. Thanks for the head's up.
Stun... I don't have specific knowledge of their financing situation with Cornell. I certainly know that they raised that money with them... however I am not intimately familiar with the details.
All I can tell you... as an entreprenuer myself... is that when an early stage company needs capital... sometimes you might make a deal with the devil... in order to raise the necessary funds to grow your company. In FNGC's case... they might have been running out of venture firms who would fund their early stages... but I don't know. I do know that there was a lot of speculation as to whether these fields of theirs and that they share in... would truly hit. Lots of risk... in oil and gas... that most venture funds like cornell typically shy away from.
But no matter how it was structured... Falcon ultimately raised the necessary money with Cornell to accomplish their first objective. If you noticed yesterday's press release... all of the existing partners agreed to stay on in their involvement in this well. Which typically does not happen unless they get some verifiable good news out of their drilling.
On this well alone... it appears that Falcon's take could be in the area of $140 million or so... which equates to approx $2.31 a share. With that sort of money... they can do a number of things. One of which is to improve upon their terms with Cornell... or essentially pay that loan off... and essentially refinance if need be... or just go it alone because their cash situation has now significantly improved... or soon will.
Bottom line... I am not real concerned with how this initial stage of capital was raised... because... bottom line... if it was structured how you said (and I have yet to verify that)... they did what they had to do to find out if there was gas in the ground. And once they do that and start generating a bunch of cash... it winds up giving FNGC a bunch of options that they didn't have before... and dramatically improves the situation for their shareholders.
All that said... I will dig further into their financing situation to see if I can find out any more info.
Can you take a look at the note that StunJamie sent me and shed any additional insight into his specific question regarding how Cornell financed FNGC's deal???
If you are not aware... I will dig into this further. I could use your help on that this as I will be away from my computer most of the day.
Joeh... I accept your handshake. But just know that just because your 67... doesn't mean I am going to cut you any slack. In my family... 67 is still a spring chicken. And if you are anything like me... I get pissed off when younger people than me... go easy on me because they think I'm on old fart. If anything... your age in the investing world gives you a distinct advantage of experience over my humble years.
That said... I will always call a spade a spade. If I don't think something feels or smells quite right... I will say it. You say at the end of your note... that we are all here to make money. For me... it's more than just about making money. I have often left money on the table of business deals because something did not feel ethically right to me. I'd rather have a great reputation and make a good living vs having a so so reputation and make a killing.
Hence the only beef I have with you is that some of your posts come across like you are day trading. And that sometimes you attempt to slyly say that you are long... while in the same breath saying that support levels are 20% below a certain point. I just don't have respect for that style. And I understand that's what alot of daytraders do... and that's how they make their money... and they probably make alot more money daytrading and trading both sides of the fence than I do... but it just rubs me the wrong way.
That said... I appreciate the handshake... and hope that you truly make the most of the life that you have remaining on this planet. We are all going to die someday... and it's not the amount of money that is in our bank accounts that will matter most... but whether or not people respected, liked, loved and trusted us while we were here.
I wish you well. My comments weren't meant to be hurtful or scathing. Just honest.
Take care and Carpe Diem.
Just giving you
I am here for the next couple of days... then the mother of my kid and I are headed out to Arizona to see dad and spend a couple of days in a resort.
Be well my crazy friend!
You have a nick name that is "Oncy to da moon"... and you are asking US what key events are coming up????!!! With a nick name like that... you really should be a little more on top of things.
I'm really trying with you Joeh... I really am. Last week you said you were a holder at current prices... and a buyer at $3.50. So I really don't understand when you say you bought a ton of ONCY today. So are you going to come out tomorrow and say that new support for oncy is at $3.92. Just attempting to understand your posts. I'm attempting to give you the benefit of the doubt... but you're making it difficult for me. Perhaps I'm a little slow. Help me out. And if you bought today... what was the motivation???
Armed... You know it was joe sporty that was asking why it went from .60 to .30 and not me. I hope you know I'm a little more up to speed on this!
Just bought 5k more... up to 20,000 shares. News on the first well looks very good. And if this well is done... the other two that they just sunk are not far behind. Even if the other two wells are not good... price per share in this well alone should account for at least $2 a share.
Was that 1,800 or 18,000??? at .30 cents. If you can afford more... I would buy more. That said... it's funny... I remember years ago when I had very little money... how $560 in AOL turned into $10,000 very quickly. Good luck with this.
Is that if you talk to everyone that already owns a full on ipod... or a mini... almost all of them are saying that they will at the very least be adding a nano to the collection just for their workouts... because the regular ipod and the mini are both too big. All of this will still continue to exponentially increase sales.
It's also amazing as to how few apple stores are now in europe. That market will also see exponential sales as that market expands.
China and Japan also represent some huge upside. People over there are not wanting to settle for cheap imitations... they are wanting the real thing and waiting for it.
We are only in the second inning of a nine innning game folks.
Armed... if that's accurate... it would likely make FNGC's take of that field alone at $140 million... which is about 7 times the value that it is now. That should value the stock at about $2.31... or thereabouts. And that's without taking those other fields into account. Your thoughts?