Future I believe that the rights offering closed yesterday and as per the release they should now move quickly to consolidate the shares and change then name. With that soon to occur I was wondering if anyone had any guesses or knowledge of what Yanko and companies plans are moving forwards. He bought 20 million shares in the placement at 0.065 so he`s in pretty deep now. We should have our credit line and like a million in cash so enough for a bit of activity. My guesses are as follows....
1) With only 30 millionish shares out I could see a quick acquistion to be made of some sort of productive asset. It would have to be done immediatly because generally post consolidation shares drift downwards. If First Energy and the other leaders of the placement were on board they could do another raise more funds buy a few hundred barrels per day and add cashflow and get a bump in our credit line. If not I don`t think we have enough cash to do much.
2) I listened to an old presentation from 2011 SEPAC again and was struck by how positively Mercier talks about the shallower Second White Specks and Middle Banff. Perhaps this would be the direction they would go as the wells would hopefully be cheaper and more in our current budget. Apparently they had sites surveyed for each target.
3) I don`t know if they ever actually did they 3D on the Blood lands but maybe they found something similiar to what Deethree is exploiting. One can hope. Haha. If this is the case they can use the incrediably expensive science from the first two wells and apply it to have success.
4) With Argosy also a GMP strategic alternatives client maybe a merger with them. I hope this doesn`t happen as I see no real reason to do so but who knows.
5) Maybe on the new land we got from Legacy there is some sort of conventional target they want to exploit to get cashflow.
6) Legacy plans on doing some sort of deal and Yanko is just setting up his next company in advance.
7) With the 160,000 we must pay Legacy monthly they can`t afford to do nothing as thats more then our cashflow is currently. So thats a positive, kind of.
8) It can`t go any worse then it did under the old management. Huge let down. If Legacy spun the assets out because they weren`t getting credit for them they must now do something to get credit for them. So Yanko and company must know something or else they wouldn`t have gone to the trouble and put their own money in. They could have just dropped the farmout as they had an out and washed their hands of the whole ordeal.
Concluding I will never get all my money back but if they have a plan going forward then I can get some of it back and be part of an exploration success story, which is what I wanted all along. Or else it will go under and I will have closure. Haha. I can live with either but prefer the former.
If anyone knows what they plan to do or has any ideas I`d love to hear them.
NLR2