VIRGINIA HILLS OIL CORP VFGGF

The "Nothing is New" news is out

[GREAT]

and nothing really much is new.

No new drilling
Team is optimistic....
Production flat
wait another quarter for the next news I guess

[tallpall]

NOTHING warms my heart about this release. https://www.stockhouse.com/news/press-releases/2014/08/27/pinecrest-energy-inc-announces-its-second-quarter-2014-results Glad I didn't get a fill....

[sellthefarm]

It could have been worse ie) bank line called, production down, etc.  But, this non-news will send the stock down further IMO.  Investors don't want to buy something with this high of a risk profile with little chance of reward in the near to mid-term.  Extending the credit review until the end of Sept just keeps the debt overhang on the stock for another month.  I hold a

[eagle35]

I could be wrong but I smell a buy out soon,before end of September actually.Ask yourself why would the bank extend the credit review for couple of months if there is nothing going on.This company is worth a lot of tax write off money to e big company. Few months ago an analyst predicted that PRY will be bought out for tax write off purposes in the next 4-6 months.

[ofirme]

you could very well be right, but in order for the price to reflect the value you need more time. if you establish that the production gains are not accidental, the land value and production   value will go up. I was wrong before (too optimistic), but this is the right way of establishing   a track record. penn west is waiting on their initial wells to show the production does

[bargnhillbilly]

ofirme, What is your take on the no news nonevent? Pinecrest really missed the boat here in my opinion. 1. Have they talked to creditors to keep their line of credit intact? If our credit line gets cut we are really screwed. 2. How low does the debt have to go before drilling is resumed? 3. Is any J/V drilling or partnering being considered during this reevaluation time? 4. Pinecrest could have

[stockwrestler]

y'all hillbilly; whaddaya talkin' about... they said 2nd 1/4 production would be impeded by spring break-up, and they did just fine. y'all become a basher now? what's that smell? LOL

[bargnhillbilly]

They are NOT drilling. They are not giving us any vision or news. The price is not going to hold up either. They have sat on that drill bit long enough. If that drill bit aint turnin we aint makin money! Best thing in the news was a slight gain in boed on water flood wells but not enough to make much difference. A good well will produce enough for the company to get its money back in about 14

[ofirme]

The no news event is good news. you need to establish the fact that the production is resilient. The value of the flowing bbl/day and of the land is a direvative of the stability of the production. If the penn west slave point wells continue to exceed their expectations and the production of   pinecrest continues to hold up (through waterflooding - which was not done yet to 54 horizontal

[bargnhillbilly]

ofirme, Between what I mention and what you mention. Maybe investors will have a fighting chance. I have been averaging down also. I worry most about our line of credit being cut. It would leave Pinecrest dead in the water. .08 to .10 area is critical mass. That's why I was hoping for a hint of good news. Not more wait and see. Thanks again for a well thought out reply and GLTA.

[ofirme]

As long as the company does not need a recapitalization, the share price is a psychological  issue mainly (as long as you do not sell...).  If I were the company, as soon as the production is proven to be resilient enough (should not   be more than one or two more quarters), I would try to offer to large fund managers to basically  get in for a fee per battery and by doing

[sellthefarm]

They've already cut the line of credit at quarter end to $115m.  It was already reduced from $165 at the end of 2013 and now reduced further.  They keep getting an extension so that they can prove a stable production profile and thus the bank will be more willing to keep the line at current levels.   Read below for comments from notes to statements. From note 7 to Q2

[ofirme]

I did miss it. so the damage was done... they are now at about $113M. it seems like they are on  the banks' list of loans to pay attention to. I would not be surprised if a consultant would be   put in the company as well, in order to make sure everything gets their approval.  It is not the end of the world. I work at a company that went through that. they will be probably&

[bargnhillbilly]

As our price decreases an our options become fewer. It goes to the heart of some of my posts. Is management actively looking for a J/V? Is current management capable of running Pinecrest? Apparently the bank doesn't think so. A little shake up at the top might actually be a good thing for us. I just feel this management has become lax contributing to our financial mess and could use some

[Catalac]

Management as we all know have a lot of skin in the game, I still think their egos are getting the better of them, but they have no choice but to straighten this mess out or they are one the. Young millionaires if you remember the magazine front page from a few years ago the middle aged broke guys if they fail. No surprise we are a dime interesting to see if we can hold. 

[ofirme]

you could very well be right, but in order for the price to reflect the value you need more time. if you establish that the production gains are not accidental, the land value and production@ @value will go up. I was wrong before (too optimistic), but this is the right way of establishing@ @a track record. penn west is waiting on their initial wells to show the production does not fall @off the

[bargnhillbilly]

Eagle, I did wonder this same question. I hope you are right on a buyout. The news itself is much a do about nothing. I thought I was reading and old newspaper! This news is not going to do anything to hold up the pps. The market recognizes stalling when it sees it. With a .10 stock price this non event may not make much difference. If we see buying, there might be something to your buyout theory.

[bargnhillbilly]

We shareholders have been more than patient the last 2 qtr.'s. and they said nothing. Do these guys ever have meetings? Discuss how low debt has to go before they drill again? I thought that was what we were waiting for. Run some ideas up the flag pole! Throw some ideas up against the wall and see what sticks! Or we can do nothing till all is lost! If we are going down "Let's go down

[tulsatea]

Not bad--The Company averaged 2,070 boed for Q2, 2014. Based on field estimates, current production capability is 2,000 boed. Pinecrest is encouraged that we have been able to maintain a relatively flat production profile throughout the first half of 2014 with minimal capital being spent on production optimization and maintenance. The Company continues to maintain voidage and monitor the

[JohnHarper]

Well PRUDUCTION FLAT with no capex is the real news... What happened to the "spring break-up"??? No signs of it Q/Q and this means only one thing: their counter measures are working! Good Luck to us all. JH