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Started By
Message
re: Official Erin Energy (ERN) thread
Posted on 6/15/15 at 2:09 pm to southernelite
Posted on 6/15/15 at 2:09 pm to southernelite
time to buy??
1
Posted on 6/15/15 at 2:25 pm to southernelite
ERN really bent me over a barrel and whispered sweet nothings in my ear today.
wtf
wtf
Posted on 6/15/15 at 2:33 pm to kennypowers816
For me, it means the party's over.
Posted on 6/15/15 at 2:36 pm to ChunkyLover54
I have owned this play for over a year and can't think of why I shouldn't buy more. 
Added 25% more shares at $4.98
Added 25% more shares at $4.98
Posted on 6/15/15 at 2:43 pm to cuyahoga tiger
We need IG to swoop in and raise morale.
Posted on 6/15/15 at 2:57 pm to Jwodie
quote:
We need IG to swoop in and raise morale
Wishful thinking. He would just spew some really cool numbers/facts and imply we should do our own homework and to each his own.
But a pep talk wouldn't hurt. Riding his coattails on this one.
Just imagine if IG showed up and said he liquidated late Friday. The MT would experience internal combustion.
Posted on 6/15/15 at 3:04 pm to cuyahoga tiger
quote:Wouldn't surprise me. No Gene and no IG in the thread today.
Just imagine if IG showed up and said he liquidated late Friday.
Posted on 6/15/15 at 3:16 pm to jturn17
Meh. I don't see where either risk or fundamentals have changed. It was tough trying to figure out where to catch the falling knife, but try I did.
I don't much like having naked $7.50 puts sold, but it is what it is. Let's see if the put buyers have the money to put shares to me at $7.50. They paid $2.15 to try to do this, so I think I'll make them exercise, or wait.
I don't much like having naked $7.50 puts sold, but it is what it is. Let's see if the put buyers have the money to put shares to me at $7.50. They paid $2.15 to try to do this, so I think I'll make them exercise, or wait.
Posted on 6/15/15 at 3:23 pm to Iowa Golfer
I suspect Gene has been gone for a while. Not sure, but I'd bet he's gone.
Keep the faith boys. I'm going on a short vacation. Las Vegas to see the Adrien Broner-Shawn Porter fight at the MGM Grand Saturday, and go striper fishing at Lake Mead the week after. I'll be around until Friday.
Stocks go up, stocks go down. Ah well, it goes like it goes.
Keep the faith boys. I'm going on a short vacation. Las Vegas to see the Adrien Broner-Shawn Porter fight at the MGM Grand Saturday, and go striper fishing at Lake Mead the week after. I'll be around until Friday.
Stocks go up, stocks go down. Ah well, it goes like it goes.
Posted on 6/15/15 at 3:48 pm to Iowa Golfer
Off the ledge boys. The IG has spoken.
Posted on 6/15/15 at 7:49 pm to Iowa Golfer
I sold a good chunk around 8 as that was my previous price target and I stuck with it. As I previously mentioned, I have an upcoming need for capital and no longer have the time to do the due diligence necessary with the stock.
Still got about ~500 shares though but I'm still up on all them. Though I should enjoy the ride since I already milked profits
Still got about ~500 shares though but I'm still up on all them. Though I should enjoy the ride since I already milked profits
Posted on 6/15/15 at 10:55 pm to Iowa Golfer
Been lurking this board and following CAK/ERN ever since IG posted it. Finally felt like becoming a member. IG, thank you for letting us know about this stock! 
Today was terrible, though. 400k shares traded in the first hour alone. Seemed like a mixture of short sellers, panic sellers, and maybe traders disappointed in lack of Oyo 7 news. It was miserable watching the stock trade on Level 2. Whenever support levels were encountered, MM's all jumped on the ask and pushed the sucker down.
Also talked with Chris Heath today. He said Oyo 7 will be producing this month, according to new information he got this morning.
As for the partnership: he said ERN is getting attention from companies big and small, but the big boys seem to be moving a little slower than the small ones for a deal. He said that cash flow from Oyo 7 and 8 will pay for an exploration well in the Miocene, which will cost $50-60 million. That well would provide results to show what is down there, and those results will convince the big oil players to move fast to work out a deal with ERN. It seems, based on this, that ERN wants to partner with a big oil company for their capital and experience (and to avoid a scandal like their last Nigerian play), which will ease a lot of nerves around here and maybe foster a relationship for an eventual buyout... at the right price, of course.
The sad part is that this won't happen soon. Heath wouldn't give me a timeline on the exploratory well, and if any oil guys want to correct me or provide any input here, then feel free. I spoke with a young petro engineer, and he said the well could be online and provide results in 1-3 months. Given ERN's history, I figure we can expect a partnership announcement by the end of the year.
Sorry for the long post, but I figured I would pass along the info I got. I know y'all have no reason to trust me since this is my first post, but hopefully you will in time.
Today was terrible, though. 400k shares traded in the first hour alone. Seemed like a mixture of short sellers, panic sellers, and maybe traders disappointed in lack of Oyo 7 news. It was miserable watching the stock trade on Level 2. Whenever support levels were encountered, MM's all jumped on the ask and pushed the sucker down.
Also talked with Chris Heath today. He said Oyo 7 will be producing this month, according to new information he got this morning.
As for the partnership: he said ERN is getting attention from companies big and small, but the big boys seem to be moving a little slower than the small ones for a deal. He said that cash flow from Oyo 7 and 8 will pay for an exploration well in the Miocene, which will cost $50-60 million. That well would provide results to show what is down there, and those results will convince the big oil players to move fast to work out a deal with ERN. It seems, based on this, that ERN wants to partner with a big oil company for their capital and experience (and to avoid a scandal like their last Nigerian play), which will ease a lot of nerves around here and maybe foster a relationship for an eventual buyout... at the right price, of course.
The sad part is that this won't happen soon. Heath wouldn't give me a timeline on the exploratory well, and if any oil guys want to correct me or provide any input here, then feel free. I spoke with a young petro engineer, and he said the well could be online and provide results in 1-3 months. Given ERN's history, I figure we can expect a partnership announcement by the end of the year.
Sorry for the long post, but I figured I would pass along the info I got. I know y'all have no reason to trust me since this is my first post, but hopefully you will in time.
Posted on 6/16/15 at 6:50 am to Omada
Glad to have anyone on here willing to put some time in to it. I didn't call yesterday. I didn't see the point. But ERN does some of this to themselves. Having said this, they are powerless to speed up production at Oyo 8, and that would have been the response to counter the hedge fund's strategy.
Look, this isn't a safe stock until Miocene, and that's the way it has always been. Now, I think my preference would be take on a partner for Micoene, but for whatever reason that's not going to happen until the exploratory well yields results. Micoene has already yielded results, but they want oil struck.
Some rumors coming offline about psi at Oyo 8. It's supposedly going to be a gusher. No idea how far down they are though.
It is what it is. If you wanted a payday at 100% return, that has already been surpassed with plenty of opportunity to get out. If you want to wait for what I think is significant profit with risk, then you need to wait for Micoene, which is what has been said on here all along.
Look, this isn't a safe stock until Miocene, and that's the way it has always been. Now, I think my preference would be take on a partner for Micoene, but for whatever reason that's not going to happen until the exploratory well yields results. Micoene has already yielded results, but they want oil struck.
Some rumors coming offline about psi at Oyo 8. It's supposedly going to be a gusher. No idea how far down they are though.
It is what it is. If you wanted a payday at 100% return, that has already been surpassed with plenty of opportunity to get out. If you want to wait for what I think is significant profit with risk, then you need to wait for Micoene, which is what has been said on here all along.
Posted on 6/16/15 at 7:23 am to Iowa Golfer
Posted on 6/16/15 at 7:56 am to Iowa Golfer
expect another big drop at the open today
Posted on 6/16/15 at 8:20 am to Iowa Golfer
I'm not showing any volume on the options.. I was going to sell some $2.50 puts and collect some premiums and maybe pick up some shares.. no volume..
Posted on 6/16/15 at 9:08 am to b-rab2
For those of us on the sidelines watching it drop and waiting, what price are yall expecting to get back in at? Don't want to be greedy but also don't want to buy in a 4.50 and it keep going down for a few more days or weeks. I guess how low do some of yall speculate it gets?
Thanks
Thanks
Posted on 6/16/15 at 9:13 am to MSU4ever
i just set an alert for if it drops below $4.00. Not sure if it will but i'll probably by more then.
right now im at a $6.06/share average with my purchases
right now im at a $6.06/share average with my purchases
This post was edited on 6/16/15 at 9:21 am
Posted on 6/16/15 at 9:16 am to Iowa Golfer
I called yesterday because I had missed Heath's call back a time or two before, so I sat and waited for it this time. It took him more than an hour to call back, much longer than usual, so I guess he had to deal with a lot of impatient and panicking shareholders. I will openly admit I panicked during the fall yesterday, but I am in this for the long haul. When I first bought in, the company was either about to produce or go bankrupt. If I risk losing all of my money in that type of situation, then I expect to make much more than 100%.
As for the Miocene, I want partnership news soon, but I can accept waiting longer for a good partner. Those companies want results from the exploratory well, not that I blame them considering ERN's past. And since a production well costs more than an exploratory, if they are footing the bill for that, then give them the results. I don't think ERN can do the Miocene alone. It is too expensive. The 4 exploratory wells would cost $200-250 million altogether, and if production wells cost, say $100 million (just throwing a number out there), then a total cost of $600 million is too much for ERN right now.
Oh, and today's open sucks. This bleeding needs to stop soon.
As for the Miocene, I want partnership news soon, but I can accept waiting longer for a good partner. Those companies want results from the exploratory well, not that I blame them considering ERN's past. And since a production well costs more than an exploratory, if they are footing the bill for that, then give them the results. I don't think ERN can do the Miocene alone. It is too expensive. The 4 exploratory wells would cost $200-250 million altogether, and if production wells cost, say $100 million (just throwing a number out there), then a total cost of $600 million is too much for ERN right now.
Oh, and today's open sucks.
This bleeding needs to stop soon.Posted on 6/16/15 at 9:24 am to Choctaw
Thanks for the response, that's what I'm thinking. I set a price alert at 4 as well and if it drops below I'll watch closely
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