As I read the 8-K, it seems we got an additional 60 days (until May 11) to pay off the note. In return we had to pay the legal fees of the lender incurred in connection with the extension and we extended the exercise period of the 1 million warrants that were issued when the loan was first made. Seems like a pretty good deal to me.
I hope he is not looking at a PIPE. That is the most destructive type of financing there is. If he needs to sell shares, I would greatly prefer a straight-forward secondary. No PIPE please.
After the last cc, I am pretty certain that Stan has learned not to hold a CC until there is actually some news to discuss. We will hear something when there is something to hear. My guess - guess - is the second week of March.
To anyone reading this thread, and I know that there are not going to be many as long as the message board link is broken, the guy making the post above is just a long time basher. Just look at his board name. Stan is the name of IFNY's CEO. He has no insight or understanding, he just bashes. I am certain he is just a major short. Pay him no mind. There are plenty of other posters that are far more objective and have far better insight.
Look at the third column on page 9 of the "Initial Listing Guide" of Nasdaq OMX and the footnote at the very bottom of the page. A company can get onto the Nasdaq with a $2 closing price if
A. it meets all other requirements in that column:
- Stockholders’ Equity of $4m;
- Market Value of Publicly Held Shares of $15m;
- Market Value of Listed Securities of $50m (this includes both debt and equity securities);
-1 million publicly held shares;
- 300 shareholders;
- 3 market makers
- (and a partridge in a pear tree)
B. the company has:
- average annual revenues of $6 million for three years, OR
- net tangible assets of $5 million, OR
- net tangible assets of $2 million and a 3 year operating history.
Noble drilled a hole on their concession, which is adjacent to IFNY's. I think it is obvious that many people were betting that Noble would hit and that would have a big positive impact oon IFNY's pps. So IFNY stock rose from August through mid-November. Noble stopped drilling in mid-November, plugged the hole, and claimed that it was a non-productive well. That killed IFNY's pps. Noble still estimates that it has a potential 3.3 billion barrels on its concession (it actually increased that estimate after plugging that well). But - IMO - the momentum traders are not going to wait around until another well is drilled, they left and will be back only when a well is actually being drilled, probably in 2015.
I think the question is answered by the January 2 PR:
“Despite having to deal with extremely difficult weather conditions, water depth issues,
and scheduling conflicts, we are pleased to report that the 2-D seismic survey was
completed prior to the deadline incorporated into our exploration contract with the
Government of Nicaragua,” stated Stanton E. Ross, Chief Executive Officer of Infinity
Energy Resources, Inc. “Our Company has thus complied with its requirements for 2-D
seismic mapping on both the Tyra and Perlas blocks that comprise its Concessions, and
we will work with CGG to schedule a 3-D seismic survey in the second quarter of 2014.
CGG, a fully integrated Geoscience company that provides geological, geophysical and
reservoir services to the global oil and gas industry, conducted the water depth
analyses and the 2-D seismic mapping ‘shoot’ over the past several weeks.”
You did not listen very closely to the CC. The target for the first well is Q1 of 2015, not 2016. All seismic will be done an interpreted by Q2 of this year. So we are looking at having a drilling partner deal no later than Q3. And there will likely be some sort of financial deal yet this quarter.
And why do you always bring up that Barnet Shale business? Apparently you must have lost your shirt on that, and it made you a Stan-hater, which obviously has made you incapable of objectively assessing the prospects for the Nicaragua concession.
I think you should find something else to occupy your time. You cannot make a living bashing Stan, and it is therapeutic to put the past behind you. Really, I think you should find a new hobby.
Manny: What, in your opinion, do the words "initial processing" mean. Asked another way: Precisely what must be completed by the deadline in the exploration contract?
I thought the data interpretation would have been done by now.
I think this call should have been held after the data interpretation was is hand.
Nevertheless, it was good to learn that some 3D was done, that Stan seems to be confident that he will be able to take out the payday loan in time, and that they are still looking at the first well being started in early 2015.
But Stan seemed to me to be unprepared for this call; either that, or he was just nervous because he knew had nothing truly substantive to add to what we already knew.
First, doing a 3D shoot would be much much more expensive than a 2D shoot. So one purpose of the 2D is to identify a much more limited area where a 3D shoot might be done. However, a strong 2D shoot might be sufficient to get a deal done with a financial/drilling partner. IFNY has to weigh what it would have to give up to pay for a 3D shoot versus - in the absence of a 3D shoot - how much more it will have to give up to get a deal done on the basis of a 2D shoot .
I think this is why we are waiting to Q2 to do a 3D shoot. We want first to see if we can bag a partner using only the 2D results.
Obtaining "the ammo" IMO means acquiring the seismic info needed to have a truly serious discussion with a potential drilling partner. Obtaining that "ammo" was the entire point of the 2d shoot.
"What ever happened to are 3 potential big named partners that Stan had a calling."
Go back and listen to the July 24 CC. In that call Stan is clear that the 3 prospective partners at that time were for a seismic deal that would get the seismic shoot done before the end of 2013. He did not specify 2d or 3d. or both. IFNY ultimately did a deal with CGG, and the 2d seismic shoot was in fact done by the end of 2013.
I went back and listened to the July 24 CC. If you listen closely, you will learn that the 3 deals that were under consideration were deals to do the seismic before the end of 2013, so that IFNY could have the data it would need to do a deal with a "final partner." IFNY ultimately did a seismic deal with CGG that resulted in the 2d shoot in fact being done before the end of 2013.
I suggest you go back and listen to it yourself, because it answers your first question.