Member Info for oogleflugal

as far as shorting this goes, FPM is probably top candidate for takeover at this level. Cleary merger activity is a little muted until some clarity unmists, but activity will happen at some stage and it will be swift.

Agree that it's worth reading the whole rns. It may well be that oil is not currently a good bet, but some exposure to oil is advisable at these prices. Hedged at $89 through 2015, cash, loan facility and an exciting exploration year ahead. I dont think you need to look far to find better shorts Alexios, but good luck!

I onlysaidhe was a lightweight for puting Caza on the subs bench. The point is if these wells can produce money at todays oil price, they must be in a better poition than most, and continue down the road to proving up more value. It may well take longer, but that was the pont behind dropping the Clayton deal, it was not going to add value even if the wells were successful. Their own property is still vast and many wells to drill,by which time oil may have recovered enough to make Caza a very attractive proposition. Its still obviously a risk, but less so than many others, and the reward substantial. imo

Lightweight! anomaly did'nt last long either. At least he's still a fan of Caza. Means all the world...

TSX up 10%, LSE down 8%. Something lost in translation on the rns?

Having said he would contact the company, on monday he seems too busy covering his tracks on Cairn. The very morning he covers it in gloss, news of a £1.6 billion tax fine hits the deck. What bad luck. In fact trying to predict any success in this game seems to be inviting bolts from the blue. So perhaps he would do us a favour and keep stoom on Caza in future!

As harrowing a ride it has been for shareholders, the management are unlikely to be swayed by short term problems and vaguries of a fickle manipulated market. I would be amazed if they agreed a sell for anything below £200,000,000, whether that takes 1,2 or 3 years. Those were figures being talked about long before any farm in/out sheik it allabout, which would have been on top had they produced the same kind of resuts. They still have one of those. The market never gave any value to the farm ins, because it has stopped valuing prospective fields. It only values what they produce/debt . The value of their current acerage is believed to be at the above figure and it may well be more,so why would they sell for less than a quater its value, when they can sell caza as a proven production company in a relatively short period?

Apparently he did ask them about the YA loan,and was reasonably satisfied with the exlanation. Was going to try and talk with them again today. Sometimes its not advisable to go into too much detail, but the coincidence of the timing with the Clayton withdrawl was not helpful. The truth is probably about battening down hatches, carrying on with hedged wells, and being alert for take off when the time comes.

for those who dont follow him: I talked about Caza recently regarding the Yorkville note which I am not mad about but the company have given me reasonable confidence that it was the best way of approaching current funding. I am hoping to talk again soon with them about the terminating of the Clayton Williams deal which had looked good but again, in current markets probably needed to be ‘tweaked’ terms-wise which the vendors wouldnt do. More on Caza on Monday I hope. - See more at: http://www.malcysblog.com/2015/02/oil-price-premier-oil-sundry-and-finally/#sthash.PByWBOxm.dpuf

They sold off the gas fields for not much money. The value of the company lies in proving up the ol acerage as economically and quickly as they can to achieve the ultimate goal which is to sell the compay as a production company, not an exploration company which it currently is. The problem is that the plan to accelerate the drilling by earnings from each new drilling and thus rely less on funding is temporarily derailed and of course all new wells are not hedged. They cant really gamble on when the oil price will recover or at what level. Some commentators say a rise will be rapid and steep others say it will only go back up 20% or so. Its all very speculative with so many variable factors going on around the world. The plus factor for caza is that they can react to market conditions instantly, where as companies that have cut their investments in more expensive production areas will take considerably longer to get back in production. The outlook is not brilliant, but when the turnaround happens caza want to be in pole position.

One would have thought Ford could have mentioned that tiny detail. perhaps he enjoys seeing us floundering about trying to guess, while the sp tanks! What is Yorkville needed for? On going operations in Ford's own words within its own acerage. As I said Clayton's acerage would have been a welcome addition, but only if it made us money, and since the market gave it no value anyway, it doesnt appear to me to have put Caza at any more financial disadvantage. In fact a bit of a red herring. We should be concentrating on proving up existing acerage with the amount of wells still to be drilled.

The opt out seems to have had a worse effect on Claytons sp. Since Clayton are making massive cut backs themselves it would have seemed more sensible to have mutually agreed a postponement than insist on termination. Ford obviously tried. Perhaps Clayton are hoping for a takeover themselves as they appear to be virtually shutting up shop. Caza was looking good without this farm in and although it seemed a cheap entry into widening its acerage, I cant see it unduly effects its prospects with its original acerage and therefor as the mrket did'nt appear to price it up for the deal anyway, it makes ba difference imo.

whick may lend support to te no penalty theory: Consistent with Caza's stated strategy to actively manage capital expenditures and other costs, and to focus on near-term only obligation wells during this period of low oil prices, the Company elected not to proceed with its participation in the Initial Commitment Well which management believes would not provide an appropriate return for its shareholders at the current time, having regard to the Company's other projects in its Bone Spring programme and the financial obligations assumed had the Company elected to proceed with the drilling of the Initial Commitment Well and not with the Additional Commitment Wells.

It seems a great shame to give up 'tripling its net acerage.' Hope you are right Orchy about it not costing anything if its by mutual agreement. There is no point in producing oil at a loss. The owners must feel its better left in the ground until prices improve which could be another ten months away minimum, which is not good for the hand to mouth existence of Caza, though the hedging ( I think they have a bit longer than some, anyone know exactly 2016?) still makes us profitable. The owners may feel it is better to negotiate a new deal when the time is right.

Maynot be as expensive as I first thought. They would have paid 75% of cost on first well, but does not mention a termination fee for that. Perhaps its just $3.2 million down the pan, drop in the ocean compared to Arren! "We are disappointed that Caza is no longer participating in developing this substantial acreage in Reeves County, Texas. The original agreement with Clayton Williams represented an opportunistic and innovative transaction and one which was potentially transformational for the Company, tripling its current net leasehold position. However, the original deal terms are no longer commercially viable in the current oil price environment and, whilst we sought to reach agreement on revised terms to reflect prevailing economics, this was unfortunately not possible and the decision was taken to terminate the agreement rather than incur further costs and commitments. Management continues to focus on applying capital in an effective manner to deliver appropriate returns for shareholders and Caza remains in a good position with very good assets in Lea and Eddy Counties, New Mexico, and with no pressing lease obligations."

to the Yorkie bar kid again. Termination on the two further commitment wells incurrs a $3.2 million penallty plus the cost of the first well drilled. Unfortunately the farm in agreement could not be renegotiated, which seems a little short sighted. They are hardly likely to get another operator in the current circumstances. At the moment that seems like rather a lot of money, but in the grander scale maybe not so much. Short term its not a great help.

If there was a like button I would probably press it! Dont know why everyone is so grapes of wroth. We've known some financing was going to happen for months. Ok its Yorkville, yuk. There about the only ones that do it at the moment. So you could say they were the specialist vampires. Unfortunately this is the way of the west. owever they're not gambling. The point is they are only borrowing what they need to. Imagine if they singed up to develop the whole kerbang back in september/october!

Dont know which rns you guys are reading but this is from their website: HOUSTON, TEXAS--(Marketwired - Feb. 19, 2015) - Caza Oil & Gas, Inc. ("Caza" or the "Company") (TSX:CAZ)(AIM:CAZA) announces that it has obtained a US$4,000,000 loan as an initial tranche of a US$5,000,000 facility under a convertible unsecured note agreement dated February 18, 2015 (the "Facility") with YA Global Master SPV Ltd., an investment fund managed by Yorkville Advisors LLC and Global Market Neutral Strategies SICAV P.L.C. (collectively, the "Investors"). Additional tranches may be available with the consent of the Investors. The Company has immediately drawn down US$1,000,000 of the initial tranche and expects to draw down the remaining US$3,000,000 during the following thirty (30) days. Loan proceeds will be used to cover ongoing operational costs. The Company believes the Facility represents the most cost effective and accessible form of financing in the current oil price environment. Furthermore, the injection of the entire initial tranche into the Company will result in an agreement with its existing debt provider, Apollo Investment Corporation ("Apollo"), which will defer determination of finance and performance covenants under its US$50,000,000 note purchase agreement from 31 March 2015 to 30 September 2015. This deferral will provide the Company with added flexibility in determining its allocation of capital resources during this period of low oil prices. So they've acually drawn 1,000,000 with immediate effect. They have to cover the first drill as part of the agreement for the farm in or receive a million penalty on default. Some sort of refinance has always been on the cards. The first facility was not proceeded with because as Ford said ' I want to see how low the oil price will go. It dropped last night and aagin this morning, and as Malcy has said, 'we could yet see another challenge on the low.' Seems to me they are proceeding with caution according to the difficult circumstances .

nor will the management let this go for under £200,000,000 even if it takes another couple of years, which it may well do. It just shows how hard it is for Caza to get across the magnitude of its prospects. They have ambition. Its been a slog to get this far. They wont give it away for a cheap early sellout, what's the point?

Hope you are keeping well.Torrid time for all oilies, with the exception of Sound oil, strangely enough in northern Italy. On shore gas mostly I think. Italy is still and always has been the clincher for NOP. Rather disappointing so little news about it. I think that's my concern now that with so little money left, they're not in a position to do anything with it even if the Italians wakeup! With Holland and Uk disposed of, Australia (remember them)? Canada is the only activity. They've slipped from $30 million in the bank plus Uk and Dutch asset sale which realised less than half what was expected to a rapidly diminishing $12 million and 200 barrels a day from Canada, yet again not even half forecasts. Yet people say they cant wait to get back in. I think I can wait. Obviously have considered rentry, but I think but I thik the turnaround is still somewhat obscured. Malcy, who reffered to NOP as a basket case, thinks its still not terminal. Hope he's right!