7/31/2023 0 Comments Torchlight stock predictionThe two men, wearing button-down shirts and slacks, were meeting another Petroleum Club member, local oilman David Arrington, for lunch. One of his partners on the deal was Rich Masterson, a mellow geologist with wiry, shoulder-length gray hair. He was riding the high from having recently hit a 1,200-barrel-a-day well, which, based on current prices, will make $10 million by next fall. “Maybe twice a week.” Hoisager is a dimple-cheeked up-and-comer. “I don’t come here as much as most people,” Jason Hoisager told me as he walked up the marble staircase. It was around one in the afternoon on a Wednesday in August, and another bustling lunch hour at the Petroleum Club, in Midland, was under way. The geologist that is mentioned in the original Torchlight 3.2B barrel oil discovery also seemed to know Jason Hoisager very well. Other similar deals done by Pioneer in the past year can also be easily assessed for their strategic location to current assets under the companies management. "With over 350 locations adjacent to our current Midland Basin portion, this asset adds more than a decade of inventory at our anticipated development pace," Travis Stice, CEO of Diamondback, said in a statement.Įven though the structural landscape of oil supply sets up the sector for a multi year bull market the focus of all acquisitions is to buy producing wells that fit into the current lease structure by distance and geology. A recent acquisition of Firebird Energy by Diamondback that has assets near and around Odessa/Midland TX is currently producing 22k Barrels of Oil Equivalent(BOE) per day and a projected 25k BOED later this year for a purchase price of $1.6B. However many of the major producers are still sitting on their growth plans in order to not continue the sins of the past chasing growth. The Permian Basinĭeveloped Oil and Gas leases have had some traction over the past few years as the sector has become bullish again with a shortage of oil. Secondly let’s debunk a few things upfront that have been incorrectly stated about the assets and their location. This assessment should be viewed as a contrarian view to a very small but loud group trying to promote a position that even comes with a mascot of a lady dressed in a bird costume spouting some very suspect math for Oil and Gas acquisitions. So where to begin on my short thesis into Metamaterials spin off of their Oil and Gas assets? First this is obviously not financial advice and the goal is to break down the history and the misconceptions of the structure of these assets. If it’s oilfield related fraud, I tend to take it personally when misrepresentation is rampant because of my close ties to the industry. Even though I don’t necessarily feel the need to justify my reasons of calling out a scam from Musk to another potential defaulting Oil and gas company, I will say that I believe retail traders are and have been a target by larger investors as exit liquidity for the past few years. My motives to continue to bash a company that so much retail is long and essentially trapped in has been constantly addressed on Twitter. That also may come as a surprise if you follow MMTLP, the soon to be private Oil and gas company that is a spinoff of assets from a reverse merger, because of my consistent posts at how the assets and the management do not seem to be of quality or a legitimate investment. If you follow my twitter ramblings, it would be no surprise to my readers that I am very short in theory MMTLP or originally TRCH even though I currently do not hold a position and haven’t in the past year nor do I know anyone currently short.
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