Bridge Resources Corp V.BUK

Not Convinced BUK Can Make It

[lancer99]

I bought this one at a price over $1 last year when it appeared they were enroute to some major oil discoveries. I now consider it a pig, somewhat akin to Oilexco, but it has lost so much value that I will ride it out now.

Management is definitely inferior & has made many mistakes. They should be fired. BUK issues shares like candy to the point they are close to worthless. And that doesn't include warrants. Management & Directors give themselves generous share options regularily (see recent tranches - they received from 150,000 to over 300,000 options each at low prices).

With their two North Sea properties (Aspen & ??) currently for sale and a complete operational reversal to purchasing drill land in Idaho; they have admitted that the deep sea/NG drilling was an error. Current NG pricing is going nowhere but down for the next while (even if they get a better price in Europe) so even the "money in the bank" revenue they have coming in now will reduce monthly.

I can see no redeeming value for this one. As I say, it's a pig! Very sorry I hold it.

[Resilience]

Much info is in my post and some of it can be easily substantiated.They don't have immediate problems and their shares is price at banktruptcy. I think chances of that are small so revenues will be big.Lancer, you just seem ill informed. No-one expected the drop in NG prices and their hedge and back-out payments will hold them up for months without any depletion. Expect one of Aspen or

[lancer99]

Sorry Resilience but we will likely not concur anytime soon. This is a pig & I am not "ill-informed".The shares are priced at "bankruptcy" prices for a reason my friend. That's because it is so poorly managed that it IS close to bankruptcy. Can you spell "OILEXCO"? You seem to be excited about the possibility of doubling the price but double nothing is still

[Tinmann]

Resilience, I admire your resilience... Lancer, your words are cutting and I feel your pain.$0$0$0$0I too have been long from over $1 and the biggest "problem" with the story was the financial meltdown and collapse of UK nat gas prices... that's all beyond management's control.$0$0$0$0$0The warrants will not come into play... if they do, they'll bring in over $50mm in cash

[Resilience]

Tinman - welcome back.Looking forward to more regular posts from you again.Cheers,R.

[lancer99]

Ahhhhh Tinmann - nice to see you back on the boards again sport. You wrote a classic piece on BUK in Feb.08 as I recall - "Follow the Yellow Brick Road?" Like Resilience, you do have a way with numbers. We can all dazzle the crowd with a bunch of figures, but if the numbers are dead wrong - we live to eat crow, don't we.If your Feb.2008 blog, when BUK had less shares outstanding, a

[Resilience]

Much better read then many otther posts and you're definitely entitled to your view.Let's both agree we will cede gracefully when it turns one way or the other in 12 months.  Let's say 0.10 cent vs 0.40.Cheers,R.

[losvegas]

Yes, the tinman does spin a good tale.Too bad he's a clown.

[donna19]

I hate to say it Lancer but I think you hit the nail on the head. I e-mailed the company 3-4 weeks ago to get an explaination as to why the stock price is where it is.  I received a response from Ed Davies who thought everything was fine, what's the problem.This was before the financial statement and this was going to be good news, I get the feeling " I'm sad to say "