Member Info for Bridgedogg1

Tiburn

I certainly would like to see a well prove up the discovery but a even a successful vertical isn’t going to flow much oil. We need to boost our bopd as a priority. This is clearly the focus now, once Cuda is resolved and we wait for the August drilling window.

I think we will get looking for a farmout deal that funds discovery drilling this year. The idea that we will be able to fund the drills ourselves is too much of a stretch imo and I’d rather not see a fundraise for it further down the line. If we can start generating string income we can get to 7000 bopd at fairly low risk. Imagine if we had issues with a discovery vertical discovery appraisal drill and were only producing 1k bopd net, nightmare.

I don’t see anything sinister in a 5% drop within trading range following a good few solid days of trading. Seems like others know better… if we can lift from here I think we can safely say the low 30s are behind us, dropping below 34 seems to trigger plenty of buyers.

The Chinese can now match any new terms so George only has 25% of off take left to play with. If the deal had been for Zulu alone it would have been great, but as it was for all the company’s asset it was not so great. Hopefully drilling updates will generate enough interest to keep the SP at this level for the next few months.

"Cuda is currently in operating arrears to COPL's affiliate Southwestern Production Corp ("Southwestern") for $3,080,187 to the end of the November 2021 operating month. Southwestern continues to take Cuda's operating net revenue through set off or "net billing" to reduce the arrears over time. As such, Cuda's working interest share of the oil production and expenses in the Barron Flats Shannon Unit accrues to the account of Southwestern as the field operator, and creditor, until the arrears are satisfied. "

Any idea what the working interest bit means in the above?

Also:

(g) February 4 to March 4, 2022 – negotiate formal binding purchase and sale
agreement or restructuring proposal with interested parties, assist with final
due diligence;
(h) March 15, 2022 – binding purchase agreement signed, with deposit; and
(i) April 2022 – seek Canadian Court and US Court approval and close
transaction

I cant help but think that while we could have put in the pipe ourselves the stalling of teh MF program has surely weakened the economic case for Cuda buyout by other partys. The projected revenue was dependant upon success of the MF, so maybe the rise in oil prices to 4 Feb were not sufficient to offset this. With our lien over the outstanding $3m and position as operator I think we would have a good shot at a successful low ball offer here. It would be worse to over pay IMO, much better to have a partner on board to share capital costs while we have spare capital to bring shut in wells on line.

Any other company I would think this is a good update. For KEFI i read: Nothing has changed fr 3 years and still nothing new. Like most I will believe it only when i see it.

As previously disclosed in recent months the Company experienced higher than expected surface working pressures at its Barron Flats Shannon Unit miscible flood project. These are a result of better-than-expected performance of the miscible flood. To handle these high pressures, specifically at a horizontal well located in the north central area of the field, upgraded surface facilities were installed to reduce the pressure of the associated gas production for entry to the field's gas gathering system. Despite this, high wellhead working pressures and proportionate increased produced gas volumes continued, causing issues downstream of the well in the gas gathering system. This caused oil production to be restricted to previous levels.



The Company's initial solution was to lay a dedicated 2-mile gas pipeline from the wellsite to the plant to handle the increased volumes. Though engineering design work commenced on this in December, implementation will be delayed until after the sale of the Cuda Energy LLC ("Cuda") 27 % interest in the Unit through the process initiated by the bankruptcy of Cuda and its parent Cuda Oil and Gas Inc through US and Canadian Bankruptcy Courts respectively. Cuda and its parent were placed into Receivership on November 18, 2021. In the interim, the Company's engineers have reduced and redistributed the gas injection volumes to bring down the working pressures and thus allow for currently restricted oil production to increase from the horizontal well and other vertical wells. This process is working with flowing wellhead pressure down from 900 psi to 750 psi on restricted chokes. The process is not immediate as there is a delay in the pressure response from the injection wells to the production wells. Oil production is expected to increase during the month as working pressures decrease.



The issues we face were unforeseen in the previous simulations as the reservoir is performing beyond our and the original expectations. Our team's current solution to mitigate the issue is necessary due to the Cuda Bankruptcy. Once the sale of the Cuda interest in the assets is concluded we can proceed with a proper engineered solution for the longer term.

Awards are not everything but surely we can agree that getting awards is better than not getting awards?

It’s not like there hasn’t been a barrage of amazing news flow; deals and deals, income and expanding client base. What’s not to like? This isn’t going to rise on hype, that’s over in commodities at the moment. We have the deals, the income will follow and then the share price. All good from this angle. Feel sad for the bitter long term derampers on here but bids has clearly had a massive transformation over the past few months.

The more I read the deal the better it gets. TOM gets paid for the lease, paid the extraction costs, paid to supply, paid 50% net revenue on off takes. It’s no risk to us and win win win. If they want the plant up and running by June they will have to start making some serious actions in that regard which we should hear about one way or another. And that’s just a sideshow to our own main project.

Plenty of news to come here, soon the market will see the light and people will be snapping these up.

Are we still expecting news today/tomorrow?

With funding, 100% interest, our own plant and
a few more plant supply/royalty deals with Vivakor and we’d surely be closing on 10p by year end.

Maybe it’s all be said? Mega deals a regular occurrence, just a matter of waiting now.

https://twitter.com/bidstack/status/1503364412803063814?s=21

on vest - - hahah

Unfortunately investors can wait and read the next update before deciding whether or not to on vest and get in at around these prices. Notification of Cuda, either way, is unlikely to push this into orbit and very unlikely we get a broader up date before final results. Being out is a risk but prob not a massive one at this stage hence the flat line. Much better than the up and down though. That's my take anyway and this is ignoring the fact that we are well undervalued on atomic assets alone.

Is Canada opening 1 hour earlier now due to clocks change?

'Where Capital and Ideas meet' - any idea what the current cash position is? Hate to say the 'p' word but ....

I deal with Canaccord in my day to day work, they are a big fish with a large client base, although acting as a market maker they will just be working the spread like all the rest. They are based in Canada so might be facilitating some cross market trades... just a wild guess.

Is it Canaccord?

Seen plenty of talk around Tom over the weekend. Should be a good week here.

All looking good here. I dont feel like the short term news flow will be enough to entice the herd back for a while but still low prices to had. I'd be happy if this went lower so i could pick up some more.

Things are hitting up for oilers in general. The sector has plenty of money flowing into it after years of under investment (capital and stock market). BOR up 100% at one point last week and even UKOG geld on to 40% gains. Should happen here soon enough. CPR is really going to get noticed by institutional investors whereas drilling plans will get the PI army back on board. It’s going to be an incredible month of COPL IMO £1+ in April isn’t wildly optimistic.