My response to the last few posts...
Just a few points/thoughts I guess I'll jump in here and make. Sorry for the long rant.
1) MGM will not drill this winter. That time has come and gone, even if they had suddenly wanted to, they would not have enough time to get all the necessary equipment in place in time.
2) MGM probably won't drill again, simply based upon the fact that drilling should be left to the big boys. Their opportunity to really run the show passed once the SLWB pushed their application to Environment Assessment last year.
3) The other big players continue to progress up there. Conoco is drilling and fraccing horizontals starting this season without having to go through an EA - this is HUGE. Now the big players can finally get moving and see what the canol has to offer. Husky also is working through consultations on doing the same. Furthermore, Husky gambled and constructed a large portion of their all-season access road, meaning they won't have to sit around 9 of every 12 months in the year to wait for the winter drilling season.
4) The bids for the available land parcels are due the 17th of September and hopefully the results come within a few weeks after. I've heard that some don't expect any major interest, but only because all the "good" pieces of land have already been taken by MGM/Husky/COP/Shell etc .
5) There was talk a few weeks back from some government official (I dont remember who) that there would be an announcement in the near future regarding some other major players jumping into the game. BP, Exxon, Talisman, who knows? But that certainly would be a very positive sign for a small company like MGM sitting on lands that their mouths are watering over.
6) Jumping back to what I said in 1 & 2 - keep in mind the endgame for this investment. You will never see MGM pump billions of barrels of oil out of the ground and into a pipeline. Simply too big of an undertaking for this small company. The true goal for all of us investors should be to continue waiting and allow the big oil companies to prove the play. As soon as they all confirm what they expect is in the canol shale, the value of MGM's lands increases exponentially. That is when we let the (highly industry experienced) leaders at the company negotiate some sort of joint venture or long term royalty deal. If this happens, MGM shareholders could make out like bandits. However, as we all know, there's no guarantee that the canol will prove to be commercial. Luckily for us, the big players will continue to sink hundreds of millions of dollars into proving the lands while we sit back and wait for the perfect opportunity to come along.
7) Obviously everything I've stated here includes a lot of sitting around. Which, at this point, is what we need to continue doing. I know we're all impatient, but MGM has money to last quite a while so we can wait until the appropriate value of our land is recognized. With the surrender of those licenses a few months back (which were meaningless to the canol play), MGM has "much more money than they expected to have at this point in time" - that is a very, very good position for us to be in.
8) Finally, which will hopefully ease some of your frustrations and impatience (trust me, we all know the feeling) - MGM will be presenting at an Oil and Gas conference at the end of next week. I've been advised that the presentation will be available on the company website very soon after it is delivered.
Good luck to all - I know there are some roadblocks, but I'm hopeful that the wait will be well worth it. These big oil companies are sinking hundreds of millions in equipment and resources into the canol play for the fun of it...