Member Info for Poods

Nami, you just hit the nail on the head. We won’t know until Origin or Origin/ Falcon make a spudding announcement or perhaps progress report, if they are indeed taking the “tight hole” approach, which may be frustrating. But many times, this should be positive, if you understand what that infers. Hang in there.....

Naminanu, I believe POQ is not a liar, but rather as I have said previously, inexperienced in oil and gas management. He is by nature what in the oil patch is called "a good boy", an outgoing type. There are several connotations implied in this, but all of them infer a perhaps inexperienced person in his field of endeavor with things to be learned. I believe Origin is providing him with some guidance / lessons, along the lines of what is called "tight hole". i.e. no information leaks. This lesson would in my opinion would have served us well in the past, by helping reduce the price volatility, which has only gotten worse. So, hopefully the bit hits the ground this year. If not, there is next year, probably a lower share price and more potential options for management, unless they are not granted.

Understand your frustration, but POQ is not speaking unless it is required reporting , such as quarterly financial statements. His efforts at past promotion have failed to do much other than let him sell some options at one point. Otherwise, we long-term shareholders have seen years of disappointment. Since he has taken the quiet approach, I suspect the quality of his life could not be much better: nice salary and little required of him. Hang in there

EXACTLY.

Thanks for reinforcing that thought. I will again this year vote NO for options; they have enough

Read my comments down below regarding POQ's fortunately having his hands metaphorically tied by Origin among others. His promoting frankly has been perhaps good for short term traders, but a disaster for us LONG TERM shareholders.

Nami-

Frankly, POQ needs to let Origin take the lead so he does not make statements. I suspect the operating agreement spells out when and if FOG can comment. While he is doing the right thing, I am aware the awaiting is no fun. Think about your kids or grandkids being the beneficiaries.

Orson Modesto, I do understand your response, but Origin is committed / committing a nice sized investment in the Beetaloo they need to be 100% comfortable with. The Traditionalists will be advised every step along the way by the environmentalist's group. Personally, I have no issue with this, but realize there will be further delays in certain areas. So what is new, nothing this if FOG: The Never Ending Story.

ThisBeetaloo link should be required reading if you are a FOG shareholder. It will be clear we are going to be spending more $$ to hopefully complete some prior legal matters that probably happened before POQ signed on. While this is important and necessary, POQ will have plenty of time to continue his golf lessons and his outrageous salary for keeping the office lights turned on.

Not sure if this is grammatically correct, but reading comments this morning this thought comes to mind: we are in "Spudder Mode" until we SPUD. Getting very tempting price wise, but burned too many times from "buying the dips", so will continue to watch for the time being. POQ is probably wondering how low his next options will be and whether the board will give him a raise in salary.

Thanks for the information. I was traveling last week and obviously not paying attention.

I cannot find the Blundy resolution on Google. Could you post that important piece of news for those who did not see it? Thanks

I must say the shares seem to be under accumulation by persons with either more faith / information than us long suffering shareholders. At this point, FOG simply needs an accountant and a post office box, as our future is pretty much in Origins' good hands and our board. Yes, a bit facetious! But the reality is with benefit of hindsight, FOG has spent perhaps $10 million in salary, most to our leader. While the shares unfortunately have drafted down, it is hard to believe 9 years have passed. Whether recent buyers are more knowledgeable than the rest of us, or simply attracted to the story as each of us were in the past many years, perhaps the long awaited "Spud Day" is close, but do not count on it. The pastoralists will not give up and do not remembering seeing any Bundy resolution?

Your observation is on the money. POQ seems to have learned HYPE is our worst enemy for FOG shareholders. Granted the share price is not where anyone, except those being granted options, would like it to be. The shares will move based on solid information (good or bad). Currently, the "liquidation" of shares is a bad reality, but this too shall pass. Approaching 10 years of mostly misery in my shares like many of you, but the end of this tragedy by definition is closer, hopefully with a good result. Hang in there!!

It seems to me the selling is through one buyer? Does anyone know which firm it is and how to contact them?

I understand the wish for "just a few words", but believe POQ has finally learned his "spin comments" are not productive; so, thank you POQ learning that lesson. My guess is Origin has also asked him to "keep a lid on it". Perhaps, something will happen this year, but as in the past be prepared for disappointment. Time will tell, as she always does.

Perfect. Thanks

ITguy-

First of all, my comment regarding the technical / legal issues is for the period BEFORE Origin was involved. As to POQ comment, let me put it this way: as the company is today we are a very small company with stated assets of less than $15 million dollars, but are paying POQ ~ $650-675k per year for watching the clock tick and playing golf, if he has any free time! We can speculate on whether the core samples and flow tests are going to prove up, but time will tell. The drilling is called speculative for a reason. I grew up in the Texas and understand the energy perhaps as well as most on this chatroom. POQ with he had no options, might be judged fairly paid given the risks of a small company. His entire compensation package shows in my opinion an ill-advised board of directors. POQ "has his cake and gets to eat it too" at our expense. The future drilling will prove up this asset. In comparison POQ, while doing a number of commendable things (which I have commented on numerous times), is costing shareholders dearly on a relative basis. Our board of directors in the end have let all shareholders down.

ITGuy,

I may not have explained my point re the 95% or perhaps you misunderstand. From my perspective, Origin has no fault in this matter I am aware of. My reference to "issues" relates to the board perhaps not adding the technical and legal support someone without oilfield experience like POQ, would benefit from. As far as I tell POQ does not hold himself out to really understand the finer points of formation issues and more importantly in our case, not getting proper input as regards the territorian's? issues from his board and or legal counsel. It appears we are on the verge of missing another drilling season due to inexperience / lack of understanding of local technicalities. In the meantime I recently read a very poor analysis trying to justify POQ's compensation. Hope each of your had a chance to read it, as his income is a joke for a company the size of FOG.

Schlemiel-

We all feel your frustration and from my perspective hope the readers of this chatroom understand POQ is not 100% responsible for where things stand today, but perhaps 95%. I wish I know more about the board, but the one contact I had was short and pretty miserable, but cannot condemn the entire board based on that short exchange. What I can say is there have been some strategic errors made by our leader / board. We have to face the reality FOG is tiny operation. The kind of directors with energy experience and the foresight to anticipate some of the damaging roadblocks we are confronting are not easy to convince to help / join our board. Another question mark is whether we have used proper legal counsel, ones with experience to ask if management has thought about some of the issues that we run into. And again the failure to fund the balance sheet as much higher price levels is another dire error. Those with options hate to see dilution. Ah dah, so do shareholders, but the biggest fundamental error to me is the Boy Scout fundamental rule: BE PREPARED!! Our management failed us on this basic business tenet. They have the luxury of simply issuing themselves more options at lower prices. These are others issues but let's leave it here with "there is so much room for improvement, but time is limited".

I am assuming your email regarding a special meeting to issue more options is a joke, but in this case nothing of this sort is impossible. For years, I have felt like I was the only person who voted against the issuance of more options. Ignoring your right to oppose this greed is your right. If and when something positive is evident, new options can be awarded. Frankly, a lot of what has happened in the case study could have been avoided, but I will not go there now. All I am suggesting is talk is cheap ; taking responsible actions as a shareholder take some thought and reflection, as in what is the right thing to do in this case. Your vote(s) count.