Equal Energy Ltd. Message Board
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I wonder what's up with that? 1/3 of normal means to me no sellers.
Opinions? -
Now that you mention this I remembered the statement on one of their press releases and here it is. 12/30/2012
Development Plan
Samson contracted for the use of this new build rig for an 18 month period at a contract cost of $14.2 million, although the drilling rig contract, as amended, caps the liability for cancellation during the term at $5 million. -
This is the 1st problem. First sentence "Subject to Financing"
Subject to financing, Samson intends to integrate the development of the Rainbow Project with its own ongoing infill development of the North Stockyard field, where Samson has a total 14 infill locations available to be drilled based on the current spacing order. Thus, Samson now expects to have a gross 30 well locations in the area, or approximately two and a half years drilling using a single rig.
2nd Problem. There going to do a "Merry go Round" drilling and casing 4 wells. After this it will be another round of dilution before final drilling and you can take that to the bank!
North Stockyard
Separately, Samson announced that the Frontier Rig 24 has been mobilized to the North Stockyard Field, where it has been rigged up on the Duckstein 1-13-14H TF location, and is expected to commence drilling operations today. This will involve drilling and setting the surface casing to 2,300 feet before skidding to the Billabong 2-13-14BK location, where subsequently the drilling sequence will be repeated across all four locations on this pad. -
SSN.AX -8.75%
Current bid is .4501
Current ask is under last
Market not buying latest #$%$ from management. -
Sounds like Deep is smoking better pipe than you fool!
Your original post up top wins the DA Muther Fauker of the year award! -
No it wasn't good news stock will never recover.
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One of the more intelligent posts I have seen in days!
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Yes the indication is SELL!
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And a little Preparation H for Sandy Maxwell
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Well Surprise Surprise. Fraud? Leaked Information? Heck they can't leak a drop of oil so why is this big news?
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Indeed we all know this is a POS!
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From the SSN web site 4/9/2013
2,095,649,046 Existing issued capital as at 21 March 2013
698,549,682 New Shares the subject of this Prospectus
2,794,198,728 Yes they went from 2Billion Shares to 2.8 Billion shares folks.
Keep printing those share TMB! $4,$3,$,2$1,$.50 LOL -
The offered it to the current shareholders because they couldn't find enough idiots to buy this money losing, share printing muther forking POS.
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And this is coming from someone who has no clue how to use the word "you're". Funny stuff. Are you still in grade school?
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Standing there alone,
the rig is waiting.
All systems are go.
"Are you sure?"
Investors are not convinced,
but the computer
has no evidence.
No need Time to abort.
The countdown starts.
Watching in a trance,
the crew is certain.
Nothing left to chance,
all is not working.
Trying to relax
up in the derrick
"Send me up a drink."
jokes Major TMB
The count goes on...
$4, $3, $2, $1
Earth below us
drifting, falling.
Floating weightless
calling, calling home...
Second stage is cut.
We're now making water.
Stabilizers up,
running dry.
Starting to collect
requested data.
"What will it affect
when all is done?"
thinks TMB
Back at ground control,
there is a problem.
"Go to pumps full."
Not responding.
"Hello Major TMB
Are you receiving?
Turn the pumps on.
We're standing by."
There's no reply.
$4, $3, $2, $1
Earth below us
drifting, falling.
Floating weightless
calling, calling home...
Across the stratosphere,
a final message:
"Kiss my investment goodby."
Then nothing more.
Far beneath the ship,
the investors are mourning.
They don't realize
he's alive.
No one understands,
but Major TMB sees.
"Now the light commands
this is my home,
I'm coming home."
Earth below us
drifting, falling.
Floating weightless
coming home...
Earth below us
drifting, falling.
Floating weightless
coming, coming
home...
home..... -
I have a gut feeling there will be a counter offer for around $4.25 give or take a few cents and buyout packages for the officers. Personally I feel it is worth much much more. The price action seems to be telling us something will be offered again, but it won't be what most investors would like to see. To add a little more the reason for the low offer I feel is because they don't have much over a five year drilling inventory unless of course they acquire some additional properties and that is where the questions remain. Do they acquire additional properties putting them back into a debt situation or dilute the common to pull it off? I still hold my 10K shares (3K @ $3.57 & 7K @ $3.00) and haven't given up yet.
Thoughts Ideas? -
"ANY 1 WITH BRAIN "
See that is the underlying problem here. Anyone that has a brain in functional order would not invest in this stock. -
You may be right on NOV. Also a five star S&P pick.
Thanks -
Trying to decide on purchasing 1K shares. Any reason from the longs why this is falling so fast? S&P lists it as a 5 star with a $116.00 target. Sure seems way oversold.
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When a normal O&G company sells leases it is based on flowing BOE/D. In the case of SSN and the 197BOE/D let's do some quick math.
43M market cap / 197BOE/D = roughly $218,000.00 per flowing barrel of oil per day. Now lets go back and see what some leases on average sold for.
Average purchase of O&G assets since Q1 2011 $70,000 per flowing barrel. (Evaluate Energy Web Site)
So where does that put SSN into the mix??? $218,000.00 / $70,000.00 = 3.1
.50 cents per share divide by 3.1 = Roughly .16 cents per share.
So there you have it this stock is currently worth .16 cents per share based on similar companies selling their leases / production at the flowing barrel per day method. Yes in my opinion .16c may be a little on the high side knowing that the infrastructure is built out on the other leases that sold and this one is just spudding in.
How about it Andy Maxwell? Got anything to say other then just sitting there itching your roids thinking about this one? At $4.00 it was too high, at $3.00 it was to high, $2.00, $1.00 and now .50c and it is still way over priced. Smart investors know this and that is why this is falling like a knife.Sentiment: Strong Sell