The rumor you heard is true. But after leaving OKC the Saudi's flew to Ohio and stopped by bigbulousehead''s trailer. He put them in his pick up and gave them a tour of the Uttica region, talking non stop about the farm land leases his neighbors signed. So, the Saudi's called OKC straight away and told them they had no interest in the junk CHK management were trying to sell,but instead were now interested in the Utica stuff that bigbulousehad told them about.. CHK management told them the Uttica stuff was not for sale and that bigbulsousehead had no business telling them about it. After that conversation the Saudi's were ticked off, got in their jet, and flew home to one of the the Saudi Royal Palaces.
I am certain that bigbulbous exaggerated a bit, last year, when he claimed to own 63,000 shares. The $20 price per share was accurate, yes, but he only bought 500 shares. That buy was with $10,.000 he had inherited and it was everything he was allowed to spend. Since that time he has told anyone who would listen; the CHK hard hat workers he sees at his local town rural Ohio coffee shop , or the CHK main switchboard receptionist he has been bothering in OKC for the past 18 months , his farm land neighbors in Ohio who all bought a few hundred CHK shares once they saw the workers putting up wells etc....that he is a big shot Wall Street investor standing next to Carl Icahn.
But now that the reality has set in all bigulhoushead has left to do is come on the Yahoo message boards and post some tall tales, including an inflation of his actual share ownership. It;s a sad story, yes. But Yahoo message boards are free to anyone who pays their cable bill, or has access to the computer at the local library. Truly, bigbul's lying is not harmful, except to his own conscience.
bigbulshoushead has been on this forum for more than a year. He lives in Ohio and saw CHK workers putting up some wells near his house so he bought 63,000 shares of CHK at $17 per share. Now that he has lost more than $500K he is on here every day calling other people stupid, idiot, flamer, and other derogatory names. This is a guy who has lost just his savings because he was trying to be a big shot stock investor. The only thing he knows about gas is what he produces after each meal, and that some guys wearing CHK logo hard hats were putting up wells near his farm land. Please have compassion for him and do not take his insults personally.
Anyone experienced in stock market activity understands that company management has no business holding the hands of amateur stock holders fretting every move down of their stock.
Right now there are dozens of publicly held oil and gas companies with stock prices recently down 50%, and none of their respective management is commenting about their stock prices. What should they say ? That they're sorry about the supply and demand factors of the oil and gas industry ?? That would be silly. But CHK stock has attracted an inordinate amount of ignorant, amateurish stock buyers. Guys who post here about Carl Icahn , the influence of shorts , hedge fund activity, takeovers, private equity and other irrelevant rhetoric.
Sorry guys, CHK management is not going to issue a press release promising you that "everything will be alright". It doesn't work that way.
The reason you find it "strange that CHK has been soooo quiet" because you know little about public company business management and, or, CHK's business operations.
As oil and NG prices decline Chesapeake management is trying to find a way to keep the company doors open , not hold the hands of whining amateur stock holders. Press releases reaffirming that business is bad is not on the agenda, sorry.
Every point on your list of "false assumptions" is closer to true than it is false. For example:
1) with declining prices potential buyers will continue to wait before buying any "assets". So, as a seller, CHK is stuck here.
2) not sure what you are referring to by the term "joint venture", but no other industry company wants to assume CHK's debt and other liabilities.
3) with declining oil and gas prices lenders have stopped lending to that industry, especially to already highly leveraged borrowers.
4) $50 is not the "long-term price of oil", In fact the market price of crude oil could easily drop to $30 per barrel, or less. Over the past 50 years oil has averaged about $30 per barrel.
metalman, sorry to pick on you, but some people visit this board for helpful information and your misguided postings are not that.
I am just pointing out that you have a history here of misguided posts.
Perhaps you should consider less writing and more reading? This might help you learn something useful.