RE: To The Newbies on FO Board!I'd like to respond to a few of your items. I will stick with only facts and no opinions. I only want to respond to areas where your assertations are clearly misleading, and again, sticking with only facts
1) You said most of FO's past directors have quit. You are only somewhat correct. The only high-impact departure at FO was Allan Laird. He left for personal reasons. More importantly, he left some 18 months ago, well before we had meaningful well data and well before the initial run to $7/share and the Scotia Report and the Production License, etc. The second departure was Paul Moase, but he was there as a representative for the Underwriting Group. Once FO established itself more he came-off. The third departure I am less knowledgeable about. But this year, FO elected 4 new members. The most important addition is Darryl Gilbert. I am not directly familiar with this guy, but some people that know him well say he is one of the most well-known and respected oil and gas guys in Calgary - founder of GLJ (a highly-regarded independent oil and gas engineering firm in Canada). About 25% of all Canadian oil and companies use GLJ to calculate their reserves. Why would a person that by all accounts knows more about oil and gas than just about everybody on this board decide to stake his reputation (with legal liability to go with it) if he didn't think a major recovery was possible. Possible doesn't mean "for sure" and clearly anybody should see real risks that exists today, but at least apparantly smart people believe a major turnaround is possible and willing to stake their name on it.
2) You are right about the casing. That's been big factor in FO's setback and collapse in share price. But if field is "real" (again, I'll take Darryl's viewpoint rather than yours or mine or anybody elses) than we are talking about many many wells to be drilled. Of course, future wells would have H2S compliant casing.
3) Either JV or more share issues will be dilutive, maybe even substantially so. But if field is as large as FO is saying the numbers are potentially staggering. Even a "smaller" piece of this prize (assuming its real, of course) could be worth many times its current share price.
4) You are right. GAX, PHUN, GSX have proved to be disastrous so far. But Bruner founded UPN. Yes, UPN's share price exploded after Bruner left, but that isn't necessarily related. And it doesn't change the fact that: 1) He came up with play concept (when nobody believed you could get gas out economically from the Pinedale anticline) and 2) He assembled the team and JVs to make it happen. These are quite simple, and undisputable facts. The new CEO from what I hear is a great operator and maybe deserves the credit he gets. But he inherented the play - he didn't come-up with it. He made be good operator, but wasn't the visionary.
On a personal note...
I know you were bashing FO at the $3.00 level. You have proven to be correct. Also, some of your arguments are logical and valid. That is why I wanted to respond as I generally don't post on this board as there is too much "garble and nonsense". I focus more on other Canadian junior oil and gas plays where I can make a post and know it'll be around on a board for more than 12 hours. The FO board has become less active and so thought worthwhile to make a post. Plus you are "worthy" of a response (as both a compliment and an insult). I am only highlighting those issues that appear to be factually incorrect by your assertations.
But it seems logical that you were short the stock at $3.00 as you were posting incessantly for days back then. That's fine, anybody short has the right, just as longs have the opposite right. But if you are short it is dishonest not to disclose this fact (though few people really do). Are you telling me you are posting merely for altruistic reasons? If you are then there is no need to post "beyond the facts" as then you would be doing a dis-service to others by spreading some aspects of information that may be misleading or biased. Only those that have real economic incentive would go above and beyond (i.e., bashing or at least stretching the truth). And if you are merely doing it for fun, given the amount of effort you expend on this board, then you need to get out more.