Kolibri Global Energy Inc BNKPF

New well

[BrokerG]

According to their last news report, we should have started drilling Brock 9-2H by now. Has anyone heard of a delay?

The last quarterly report did NOT inspire any buyers. WHY? because it was already priced in. The market requires something [drilling, takover rumour, new asset purchases] to provide hope and drive future cash flow. Unfortunetaly, we are not seeing enough of this at BNK at this time. Putting it bluntly, there is not much too get excited about.

The main obstacle is MONEY. They do not have any. They desparately need that new Preferred issue to finance a sizable drilling operation. Until they receive it, I don't see much price movement.They hired Macquarie back in January to get this done. What is going on? I sincerely hope the financing was not shelved because of the disasterous results at WLC-14-1H [ yes rajm, WLC 14-H was a disaster]. 145 Boepd is a joke in that field. Most homeowners can get more oil drilling in their back yard than that well produced. 

C'mon BNK give us something positive.

[wittmann]

Lol Broker I wish I could get that in my backyard,but we do seem a few days overdo with an update.Middle of this month is when the drilling was to begin I think...but a week here or there isn't a big deal.Whats long is waiting for the flow back once the drilling is completed..could be mid to end of September..  Now that's a  longtime..still wonder who that other company is..and

[KellyBushing]

Just an interested follower of this bulletin board. I work in the oil business and am familiar with Oklahoma. I suspect that the partner you are wondering about is XTO (a sub of EXXON). As you know BNK sold Woodford rights to XTO several years ago. XTO has a huge acreage position offsetting BNK lands for Woodford but has drilled a couple of Caney wells west of BNK acreage. Chances are that XTO has

[BrokerG]

Thank you Kelly. That makes a lot of sense. Since your in the Oil business and familiar with Oklahoma, would you know if there is difficulty obtaining oil rigs for Caney? BNK was supposed to start drilling the Brock well 10 days ago and we have not heard if that has begun.

[KellyBushing]

There's over 150 rigs drilling in OK. Bulk of them are in the Scoop-Stack play. The southern Scoop area is not far from BNK acreage. Most rigs are probably on multi-well contracts so getting a rig for a one or two well program may experience a delay as you'll have to wait for a rig to come available when another operator needs a little time between wells in their drilling program.  

[BrokerG]

Thanks again Kelly. Very helpful. Just curious, do you own any BNK shares? If not, why?

[wittmann]

Interesting.Thanks for the insight Kelly.