TSXV:VER.H - Post by User
Comment by
redwoodjoleon Mar 10, 2011 12:37pm
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Post# 18266206
RE: RE: The Mistake -S8
RE: RE: The Mistake -S8I don't see how you can call this a mistake. Remember, before the JV, VER had nothing. WI only in a few low impact parcels of land...no money on hand, in fact enough debt that bankruptcy was a real possibility. Now they have a 50/50 JV in 112 thousand acres of prime Bakken land and thats likely to rise to over 200 thousand acres by April...they'll have enough money to pay their debts, acquire and process sufficient seismic, drill 2 - 4 vertical wells within the next 4 to 8 weeks and complete a few horizontals by summer, and it's light oil not dry gas. Thats a complete turnaround from where they were and yes it comes at a cost, but thats yet to be determined. Why wouldn't speculation on VER's plan fuel a SP of $1 or better by the end of the month to reduce dillution on the financing close. Hell MVW just added 75M shares and they still don't anywhere near the land VER does, and MVW still needs to raise enough money to prepare and drill. I think VER is in a much better situation MVW. As for the news updates...they simply couldn't give any updates on JV news without VER's confirmation of financing. I've been told the entire executive is heading out on an extensive road trip to pump this big time over the next few weeks.
red