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re: Official Erin Energy (ERN) thread
Posted on 6/22/15 at 5:07 pm to Omada
Posted on 6/22/15 at 5:07 pm to Omada
UPDATE: ERN is in the Russell Global Index as well as the 3000 Index
Click on the tab of each and scroll down the additions section to see. EXXI, another (past) board favorite, has been added to the Russell Microcap Index. ERN has a market cap of ~$1 billion, and EXXI has a market cap of ~$300 million.
Click on the tab of each and scroll down the additions section to see. EXXI, another (past) board favorite, has been added to the Russell Microcap Index. ERN has a market cap of ~$1 billion, and EXXI has a market cap of ~$300 million.
Posted on 6/22/15 at 8:18 pm to Omada
I sold all of my shares when the first part of the dip happened. Made a decent amount of profit.
Dropping from near $8 to below $5 has me a bit worried.
I'm ok with buying back in at this price, but what's the consensus concerning whether or not this thing is going to back up or stay stagnant?
Dropping from near $8 to below $5 has me a bit worried.
I'm ok with buying back in at this price, but what's the consensus concerning whether or not this thing is going to back up or stay stagnant?
Posted on 6/26/15 at 2:48 pm to dcrews
quote:
what's the consensus concerning whether or not this thing is going to back up or stay stagnant?
When offshore drilling stops losing money.
Posted on 6/26/15 at 9:01 pm to dcrews
quote:
what's the consensus concerning whether or not this thing is going to back up or stay stagnant?
I think that depends on your timeframe. When it will recover back to $8+ is anyone's guess, in my opinion. In a few (or several) months, I believe the stock will be above its current price, but I won't try to give a price or even a range. There are too many variables, I think, for that.
If you are looking for positive catalysts for 2015, there are institutions that will be buying (whether voluntarily for mutual or hedge funds or involuntarily for ETFs) soon, Oyo 7 production rate will be announced, work on (and completion of) Oyo 9 will have to start sometime, work will begin on the exploration well for the Miocene, and test results should come back for the other leases to roughly determine their reserves. 2Q and 3Q earnings will also come out, but I don't expect much positive reaction. I think everyone's expectations are too high for the quarterly earnings right now. 2Q may break even or produce a loss, 3Q will either break even or produce a small profit.
I'm invested long term because I think the company will succeed with its plan to produce good profits one day. The CEO isn't squeaky clean, which is a cause for concern (but also technically an asset over there), so I have done a lot of research on ERN. Examples of my exhausting research has included checking to see that the drilling rig and FPSO are actually contracted to ERN, examining the operations of the other nearby energy companies to see the plausibility of a deal with one of them for the Miocene operations, and even reading about accounting rules as to why 2.4 billion barrels of reserves are not listed on the books (the SEC says untapped reserves can only be on the books if they can economically be tapped in 5 years, and obviously ERN can't afford to do so alone). I'll post my research on those last two one day on here, but I have been too long-winded with this post already.
If anyone manages to wade through this wall of text, I hope it proves helpful.
Posted on 6/29/15 at 12:03 pm to tes fou
quote:I'm considering getting back in for the first time since last July.
below $4 today and no talk?
We're at the equivalent of .65/share, which is right at my original entry point long ago.
Posted on 6/29/15 at 12:10 pm to tes fou
No need to. The pumpers have dumped already
Posted on 6/29/15 at 12:27 pm to bayoubengals88
quote:
We're at the equivalent of .65/share, which is right at my original entry point long ago.
What a far cry from flirting with $9 pps we saw seemingly a month ago. Where is IG to give us some hope...
Posted on 6/29/15 at 1:23 pm to Jwodie
IG said he was going on vacation about a week ago. He will be back
Posted on 6/29/15 at 1:30 pm to thatguy777
He picked a hell of a week!
Posted on 6/29/15 at 2:19 pm to Iowa Golfer
quote:IG quote from the first page. Looks like he was right, but the dump came earlier than he expected and started by a hedge fund instead of people simply taking profits. Still pretty spot on, eh?
Good news really. At first blush I'd speculate it will be like this all the way through Q3. Huge spike when Oyo 7 produces. Then a dump as scalpers scrape pennies. It's the nature of the beast right now.
Also on the first page, jturn17 wished he had bought more shares at $5. A case of careful what you wish for, or not taking an opportunity when it presents itself?
Personally, I continue to hold. The company's position has improved over the past month, even though the market is bearish on the stock. The big payoff will come with a partnership for the Miocene, but that won't happen for a while. In the meantime, I have some short-term plays to keep me occupied. I just wish ERN had never dropped below $4 because that delays it being uplisted to the NYSE.
Posted on 6/29/15 at 2:58 pm to Omada
Also, not sure if it is determined short sellers or market makers, but it looks like someone is trying to take out as many stop loss orders as possible. Strong pushes today to get from $4.10 to $3.90 and $3.90 to $3.75. Those pushes- and the resulting activated stop loss orders- account for about 2/3 of today's volume.
Someone's having fun with the price. I just wish it was me.
Someone's having fun with the price. I just wish it was me.
Posted on 6/29/15 at 3:04 pm to Omada
quote:Definitely not taking an opportunity. I sold out completely at $7, then made the mistake of buying back in and lost some profits. Still wish I had bought that $5 stake.
Also on the first page, jturn17 wished he had bought more shares at $5. A case of careful what you wish for, or not taking an opportunity when it presents itself?
Posted on 6/29/15 at 3:14 pm to jturn17
quote:My bad, I meant the opportunity to buy more now since it's below $5, not back then.
Definitely not taking an opportunity. I sold out completely at $7, then made the mistake of buying back in and lost some profits. Still wish I had bought that $5 stake.
I think we all wished we had bought more back then and then sold at $8. One day it'll get back up there, and I can up my post count with lots of dancing banana posts.
Posted on 6/29/15 at 3:16 pm to Omada
I bought some today below $4. We will see how it goes.
Posted on 6/29/15 at 3:42 pm to tes fou
I'm selectively buying more.
This post was edited on 6/29/15 at 3:43 pm
Posted on 6/29/15 at 4:15 pm to Iowa Golfer
quote:
I'm selectively buying more.
IG, if I may ask, are you still over the 100K number, think that it was close to 400K at one time if I remember correctly, of shares of ERN?
Thanks again for this one btw, made a few dollars off it. Am in BAA also now and happy to see it held somewhat well today considering the market being down.
ETA: Didn't mean to leave any of you others out, but thank you for all the research you've put into and shared with us on this one. I'm a newbie and have learned a bit from each of your conversations/research/input and hoping that I can contribute a stock such as ERN one day.
This post was edited on 6/29/15 at 4:22 pm
Posted on 6/29/15 at 4:25 pm to NoleTideNole
I took out my original investment a while back. Probably too early, but I took it out. Without getting into specific numbers, I have a significant position in ERN as part of my speculative portion of my portfolio. I don't see this changing. My targets are still $12 and $30. Somewhat delayed, but I never promised getting rich quick on this one, I only promised this to be a decent bet as a penny stock. I think it has been that at least.
Nothing has changed fundamentally. The risk has been decreased slightly. The game here is still Miocene.
Nothing has changed fundamentally. The risk has been decreased slightly. The game here is still Miocene.
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