DCB and DTL speak for themselves and not in my behalf.
They have their own minds. What DTL has problems with was in his notes and I wasn't even on most of the CC has my battery went out and couldn't get back on after 30m.
Here is his notes he posted.....
1) Chris admitted he gave final approval of Aquinas deal. He felt blinds team talked him out of one thing or another but I might be taking that statement out of context. He said drilling costs went up 30% based on re-analysis or similar. I think you told me this as well. There were many words so don't take my translation word for word.
2) Drilling equipment moving from Texas and "going east" was mentioned a few times. After some time Chris eluded to starting drilling on the Louisiana project.
3) He is working on a lucrative Colorado project
4) Chris also mentioned that one of the projects he was working on which I think he said is the same Colorado project was kindly offered to Treaty for a good deal. Chris said the good deal was due to knowing the offering party for many years. Colorado project could bring in 100 BPD. Once it's financed which he is close to completion, the project has been agreed to retro back to Sept 1st. The deal is a sliver of a very large American based project. Not sure if it has something to do with the Dakota's or not but I heard Colorado.
5) I heard something about Canadian acquaintances.
6) Chris has the wells he brought with him working and he expects 20 BPD with revenue starting in October. I guess he funded much if not all of the repairs. Reid and Blackburn promised $1mm+ which never materialized.
7) New BOD heading to DR next week. I had the impression there was a "wink, wink" in his statement. This was in response to another shareholder asking the question "what's going on with Project X.
They are assessing the value of the drilling assets, Belize assets and leases.
9) Chris seemed to temper his financial filings expectations to go out as far as EOY. He needs Reid's help every now and then and eluded to the fact that Reid can sometimes be slow to move. Auditors had to be caught up and paid. They are now and are actively working the financials.
10) Chris mentioned 2-3 times how badly mismanaged Treaty has been over the years. Example: $100K in rent to store unused drilling equipment assets in Texas all paid for by shareholders thanks to the old BOD. Chris implied that old management's actions were un-conscionable as many of us agree.
11) Chris described the Sandbox osmosis water system and the nano-polyimide system and that business sounds very promising IMO. He implied that he plans on leveraging the Sandbox technology to bring Treaty projects as well as selling the systems under the new Privco. Systems saves 30% of typical water costs during the drilling process
12) Chris has no idea how many Privco shares, percentage wise or otherwise will be distributed to Treaty shareholders. They are assessing that based on; I think he said "assessing the assets"? Not sure?
13) Treaty website was updated to remove old BOD names and put Chris on there.
14) Treaty Drilling LLC will be gone.
15) Old BOD no longer in New Orleans. Completely out of the picture other than the need to contact Reid with questions about past financials.
16) Treaty is under scrutiny right now by the TRRC. All eyes by many players are closely watching. I assume it is for a variety of reasons. This is the reason the new BOD needs to distance itself as far away from the old BOD as possible. Much still needs to be cleaned up. He is in constant negotiations.
It's the first time I've heard Chris's voice. I've only read his posts on FB and Ihangout. I found him well spoken, sharp and to the point. He has a plan and in my opinion I think it's a good one and especially based on what he inherited.
Chris is correct in that the cost of drilling the wells did go up, in fact from about $550,000 to about $800,000 by the time they finally made a decision to move forward. The cost increase was due to two things, one, rigs not being available for two to probably three months as they were all under contract, and two, I told him he would absolutely want to do directional drilling around the salt dome. I don't know what your E&P experience may be, but salt domes don't have reservoirs laying horizontally below surface. Instead, they are usually along an incline and may be 300' to 400' high, and have a diameter of perhaps 50' to 60'. So a lot of oil as in potentiall 100,000 barrels of reserves, but in a completely different alignment than normal reservoir drilling. And directional drilling can add $50,000 to $125,000 to the cost.
As for DR, hopefully they can finally get that done. I don't know if he mentioned the political battle that is really the hold back, but there is one person, the Director of Energy, who holds the key sign-off.
As for Colorado, obviously, it will depend on what he will have to pay.
One of the problems with the company is that Reid and Blackburn caused so many shares to be issued, that something needs to be done to get back in a normalcy. IMO. Consider that about 2.5 Billion shares are outstanding, and the stock is at .04, which is what some posters want to see again, then the market cap would be $100MM, and that is an extremely high value for Treaty for a company with even 100 BOPD. So a lot of intrigue for this company. Hang in there. I think Chris needs some more direct assistance to manage this company, not just two or three directors, but real experienced E&P professionals who can help with decisons and directions.
They have their own minds. What DTL has problems with was in his notes and I wasn't even on most of the CC has my battery went out and couldn't get back on after 30m.
Here is his notes he posted.....
1) Chris admitted he gave final approval of Aquinas deal. He felt blinds team talked him out of one thing or another but I might be taking that statement out of context. He said drilling costs went up 30% based on re-analysis or similar. I think you told me this as well. There were many words so don't take my translation word for word.
2) Drilling equipment moving from Texas and "going east" was mentioned a few times. After some time Chris eluded to starting drilling on the Louisiana project.
3) He is working on a lucrative Colorado project
4) Chris also mentioned that one of the projects he was working on which I think he said is the same Colorado project was kindly offered to Treaty for a good deal. Chris said the good deal was due to knowing the offering party for many years. Colorado project could bring in 100 BPD. Once it's financed which he is close to completion, the project has been agreed to retro back to Sept 1st. The deal is a sliver of a very large American based project. Not sure if it has something to do with the Dakota's or not but I heard Colorado.
5) I heard something about Canadian acquaintances.
6) Chris has the wells he brought with him working and he expects 20 BPD with revenue starting in October. I guess he funded much if not all of the repairs. Reid and Blackburn promised $1mm+ which never materialized.
7) New BOD heading to DR next week. I had the impression there was a "wink, wink" in his statement. This was in response to another shareholder asking the question "what's going on with Project X.
They are assessing the value of the drilling assets, Belize assets and leases. 9) Chris seemed to temper his financial filings expectations to go out as far as EOY. He needs Reid's help every now and then and eluded to the fact that Reid can sometimes be slow to move. Auditors had to be caught up and paid. They are now and are actively working the financials.
10) Chris mentioned 2-3 times how badly mismanaged Treaty has been over the years. Example: $100K in rent to store unused drilling equipment assets in Texas all paid for by shareholders thanks to the old BOD. Chris implied that old management's actions were un-conscionable as many of us agree.
11) Chris described the Sandbox osmosis water system and the nano-polyimide system and that business sounds very promising IMO. He implied that he plans on leveraging the Sandbox technology to bring Treaty projects as well as selling the systems under the new Privco. Systems saves 30% of typical water costs during the drilling process
12) Chris has no idea how many Privco shares, percentage wise or otherwise will be distributed to Treaty shareholders. They are assessing that based on; I think he said "assessing the assets"? Not sure?
13) Treaty website was updated to remove old BOD names and put Chris on there.
14) Treaty Drilling LLC will be gone.
15) Old BOD no longer in New Orleans. Completely out of the picture other than the need to contact Reid with questions about past financials.
16) Treaty is under scrutiny right now by the TRRC. All eyes by many players are closely watching. I assume it is for a variety of reasons. This is the reason the new BOD needs to distance itself as far away from the old BOD as possible. Much still needs to be cleaned up. He is in constant negotiations.
It's the first time I've heard Chris's voice. I've only read his posts on FB and Ihangout. I found him well spoken, sharp and to the point. He has a plan and in my opinion I think it's a good one and especially based on what he inherited.
Chris is correct in that the cost of drilling the wells did go up, in fact from about $550,000 to about $800,000 by the time they finally made a decision to move forward. The cost increase was due to two things, one, rigs not being available for two to probably three months as they were all under contract, and two, I told him he would absolutely want to do directional drilling around the salt dome. I don't know what your E&P experience may be, but salt domes don't have reservoirs laying horizontally below surface. Instead, they are usually along an incline and may be 300' to 400' high, and have a diameter of perhaps 50' to 60'. So a lot of oil as in potentiall 100,000 barrels of reserves, but in a completely different alignment than normal reservoir drilling. And directional drilling can add $50,000 to $125,000 to the cost.
As for DR, hopefully they can finally get that done. I don't know if he mentioned the political battle that is really the hold back, but there is one person, the Director of Energy, who holds the key sign-off.
As for Colorado, obviously, it will depend on what he will have to pay.
One of the problems with the company is that Reid and Blackburn caused so many shares to be issued, that something needs to be done to get back in a normalcy. IMO. Consider that about 2.5 Billion shares are outstanding, and the stock is at .04, which is what some posters want to see again, then the market cap would be $100MM, and that is an extremely high value for Treaty for a company with even 100 BOPD. So a lot of intrigue for this company. Hang in there. I think Chris needs some more direct assistance to manage this company, not just two or three directors, but real experienced E&P professionals who can help with decisons and directions.
