Member Info for greygeorge

Vistaman, WTF ?

'...GG - you could produce for 50 years but whether it is economically to do so is a different matter which is why I would like your insights into commercial productivity as we all agree production will fall...'

Can you tell me the average age of the portfolio of DEC wells ? Can you tell me the average daily output of DEC's portfolio of wells at the time DEC took them over ? If you can give me those details, then we could figure out exactly what DEC has, and what it can produce, and for how long. Oh, but THEN of course, we have to know what was shifted into that SPV a couple of weeks ago.

Simplyme, to put it simply, DEC is so deliberately opaque in its' reporting that I don't believe any of their figures. It has 'about' 70,000 wells, it has 'about' an average of 50 production years left in it's well portfolio. It costs 'about' $20,000 to decommission (or is that just capping, or does it include landscaping too. Is it just capping simple wells, or more complex retirements ? Who knows - and that's just one example of the problem in trying to figure what's fact and what's a con) . And that's just part of the mystery of what DE is up to.

Because, vistaman, DEC states that they expect their well portfolio to have an average remaining production life left of 50 years. But you state according to your figures, the production life is actually 17 years. So, someone is mistaken, or fibbing.

So vistaman, you accept that DEC are truthful about their PDP numbers, and daily output, but you think they're being very dishonest about their declared remining average well production life ?

So Vistaman, why, if as you say '...those are PDP reserves. To work out a reserve life index you have to assume a constant production rate. Reality would be a declining production rate over a much longer timeframe. ( if no acquisitions are made)...' are you also saying

'...taking the Dec 31 2022 year end report, DEC reported 830 MM boe of PDP reserves. Taking the latest Q3 daily production rate of 134 M boe and ASSUMING CONSTANT going forward production rate I get 17 years...' ?

So, Vistaman you're assuming that every bit of those reserves are recoverable ? And that they're going to be extracted at a 'constant going forward production rate' ?

The only reason I included reference to the EQT case was because your mention fell in the middle of the sentence I was quoting. I'll ignore your attempt to muddy the waters by throwing that into you reply though.

Yes, the EPA does oversee all producers, which means that when it advises Congress to ask questions of one company in particular, it is usually because EPA has enough evidence against that individual company to start an investigation of its' claims. But you know that.

Billynm, please provide the numbers for

1) total wells owned by DEC

2) total number of conventionally-drilled wells owned by DEC.

3) total number of horizontally drilled / hydraulically fractured wells owned by DEC.

So that posters on this board can judge which plugging and decommissioning costs are closer to the truth.

Thankyou in advance.

'....Key to the business model in the long run is being able to acquire additional wells, at least partly through debt, as a minimum to offset the decline and ideally to actually increase production. Of late they've chosen to reduce debt and accept some decline but I doubt that strategy will continue indefinitely. If it does the company will just fizzle out and die off....'

So, they need to buy, but for now they're selling, but that's ok, you guess, Bismarck, because if they don't buy at some point, they'll die a death, so logic says they'll buy after selling. Oh, oh, maybe they'll come up with some fancy accounting where they'll buy back what they've sold ? 🤣

'...On the other hand, the questions being raised by the EQT case and the four (presumably) Democratic members of the congressional sub-committee aren't going away. ..'

Again, a simplistic, almost moronic reading of just one of the situations facing DEC. I've seen it mentioned a few times on here that 'just 4 democrats' (sometimes lumped in with 'those nasty shorting people'. It's not 'just 4 troublemakers' who read a two year old report and decided one morning to cause some trouble for those foreigners who own DEC shares. The Environmental Protection Agency is just one of the agencies responsible for oversight and regulation of companies like DEC. If Congress is asking questions, those questions will be based on factual, and up-to-date government agency / departmental produced figures. If Congress has questions, those questions will be based on those actual up-to-date emissions readings.

Simplyme - '...Hence I see the current price as around correct as you get your money back in dividends but the value of the company and shares also diminishes each year but less than the dividend so every year you make a small profit. After 12 years the company has no reserves and you have got more than the money invested back (if you bought at the price today). Is that everyone elses understanding?...'

Following your rather simplistic and idiotic thinking, you'd actually get your investment back with a year if you bought today. Idiot.

Simplyme, in your reckoning, have you factored in the recent sale of assets to the SPV ?

'...What extra competence does your American brother in law have that seduces us to your words of wisdom ? Does he have access to insider information or other information that we do not have given all the info that's available online ?...'

Wife's family has owned Texas wells since the late 1930s. He has as much information as anyone who's involved with well management companies, family trusts, etc. As far as inside information ? I don't know, but I do know he has no contact with any PDMR (or whatever the US equivalent might be - if they have any rules at all). He does get out and about though, field visits and has full access to the Railroad Commission wells database in Texas. For whatever store can be put in 'Texas record keeping' reliability, of course. I really don't think you understand how complicated the continental US oil and gas business is.

Pickledpeck, I'm constantly looking for new investments, have bene doing so for over 25 years. Game for example was once listed and known as 'Electronics Boutique' pre-2000 and was a beaten down share due to the 'imminent demies' of bricks and mortar retailers. Traded in and out of it over the years, paid a decent dividend too, then got bought out and taken private. Asset stripped, then re-listed. Same with Debenhams. So when EBQ became 'Game' I could see where it was headed - like DEc the lure of a couple of big dividends relative to current SP suckered a lot of people. HMV was the same, now I think about it. Afren was a lot like DEC, was able to produce 'magic' numbers that suckered people in. you assumed I was invested in all those what went bust - I wasn't. I tried warning gullible people they were being suckered.

As for DEC, I bought thinking it was actually quite a decent company as far as oil and gas producers go. I didn't see the Tanos II deal coming though, and it was only when discussing with my American brother-in-law that I realised how deceitful this company was being.

Companies like Av, MNG, VOD, PHNX, IMB, BATS, ITV, for the most part have very grown-up investors and posters here, so I read, and learn from them. All I have read on this board, are children pretending to be adults. If I have learned one thing over the years, a very sophisticated con is one that is able to sucker in fools and let them believe they are the only ones to see the bargain of a lifetime in the share they own. It's true what they say - If you can't see who the mark is in a con, that's because you're the mark.

Pickledpeck, I like Aviva, as stated in my last few posts about them. I prefer Aviva to Lgen, as I think there's more upsiade to Aviva than Lgen. I still stick with that opinion.

Game and Afren. Yes, I warned, and - tell me - what happened to those two companies ?

'...Redlse, don't understand what you mean, good or bad statement about DEC ?...'

Because redlse, clued doesn't do critical thinking so wants to know if it's a good statement you made that he should praise, or a bad statement you made that he should condemn. He really IS that dumb !

'...George, that would involve me reading what you write, which given the number of hours in my life are finite... other priorities and all that...'

And you're in profit on this share by...how much ? 🤣🤣🤣

Ok, so I've been warning about this company for 10 months, while clued, pickledpeck and numerous others have said 'no, he's wrong, everything is good here'. I've warned, from (approximate equivalent) of £20, and today it sits at under £10. those who may have listened to the 'everything is fine' rampers are sitting on a massive loss. those who may have read what I've been writing and decided maybe this wasn't the goose that lays golden eggs have lost nothing.

And I'm the badman ? LMFAO !

Pickedpeck - '...Clued, George claims to still be a holder which beggars belief given what he posts here...' I actually addressed your point about an hour before you tried to make it.

'...I, and a number of other participants are now free to trade again DEC shares. I tried giving everyone not involved in ongoing depositions and evidential hearings a heads up, without crossing the blurred line into disclosing 'insider information'. Looks like most of those in the same position as me have now opted to exit. You have no idea how complex fraud can be, nor do I fully, to be fair. Doesn't matter though, does it ? At the end of the day, DEC is DECeased, as far as shareholders are concerned. See what I did there ? Lol...'