Member Info for WetWater

Just voted my '10' shares for the special meeting - everyone on the board should do likewise as we all want this vote to represent all the Falcon Stockholders.

Hey BtoB: I've always felt Tamboran bit off more than they can chew. They have big plans on a little budget. Like you, I see their only option in moving forward is to sell some of their assets (blocks) to raise funds - they don't dare dilute their newly acquired shareholders. I was disappointed to hear they will only be drilling two wells in 2025 - IMO the 4 wells would give APA more incentive to look at permitting the needed pipeline. Riddle talks about all his MOU's with the majors for LNG pipelines, etc. but then has to delay the SS2/SS3 wells due to lack of funding issues and now cutting back on the 2025 drilling program. Don't get me wrong - I take no delight in seeing Tamboran struggle as their success is our success, but the market has seen this coming and hopefully Tamboran can sell come assets to raise the funds to complete the pilot program. I have said since Riddle screwed up the Amungee 2, He needs to go - I personally though/heard Joe would be replaced with the new US listing but alas, he is still bumbling around building an Exxon while Falcon is bouncing around in their little raft with our captain looking for an Exit. Philip threw us a life vest in the sole risk clause and charted a path of least financial risk in the 5% participation rate - he's kept us afloat so far - so no munity led by this guy :^)

GLA - Here's wishing for great success in Tamborans SS2H & SS3H wells - we all need great results that gets the industry's attention.

Oilcountry99: Give the guy a chance - this news was just released which is the way it has to be. He can't call meetings and discuss his plans before this news is released to the general public. Tamboran took months to get listed on the U.S. exchange - this doesn't happen overnight. Philip has plenty of time to present his plans to the stockholders. I see his vision for moving forward and growing our value - you and others may not. As I mentioned, I believe he will have the support of his board and sufficient stockholders to pursue the announced goals.

As to rebranding, how much value do you think the name Falcon carries in the U.S. market? It basically unknown. If we are going to try to grow our awareness and raise institutional funding, then IMO we need to rebrand with a name that will associate us with this vast new shale discovery in Australia of which we own 22.5%

There are two sides - those that want to think sit back and doing nothing and wait for suitor with an acceptable offer and those that want to be more proactive and try to fund drilling and increase stock value while waiting for a better offer.

805slo: I was one that once argued that Falcon should just sit back and let Tamboran prove up acreage and then we sell on the block - that sounded like an easy approach to selling. In the meantime, many on this board have lamented that Tamboran and Empire have continued to grow their share price while Falcon's is dwindling. If we get into the game and generate reserves, then the market will begin to reward our share price as well. I don't know if Falcon will participate at 10%, 15% or even its 22.5% but the more reserves it can generate the better off we will be. We know for a fact that there is NO interest for developing fossil fuels in Europe/Brittain - if Falcon is going to raise funding it is going to have to come from the U.S. market and to do that, we have to restructure our shareholders to meet exchange and institutional investor requirements. I also know that it has been mentioned that Falcon does not have a well-developed share ledger and that can be problematic for any company wishing to do a stock merger with Falcon. I also know from street talk that a potential merger candidate does not want to have to deal with all the marginal penny stockholders we have - the 250:1 reverse stock split help get rid of some of those stockholders while helping Falcon develop its stock ledger. For those that have been around forever like myself, I used to argue constantly with Poods over doing any reverse split - it's a death sentence for any company that doesn't have some type of development program and news flow - no that is changing. We will soon be participating in developing the largest new shale discovery in the world - these next six wells of this world class shale play will provide Philip a source of news to promote our company - lets have something to talk about while we develop resources and increase our share price until that special opportunity presents itself.

I am also one that has been quoted as Falcon being on a small raft in the middle of a shark infested sea. I want the company to become more pro-active in its development plans by doing a reverse split and becoming a member of a well-respected US exchange - lets project a more forward-looking company than one that is aimlessly drifting around waiting for someone to make us an offer. Let's start proving up reserves while we wait for that potential buyer - IMO a potential buyer will find a company with reserves more attractive than one without. We need to get out of our little raft in the middle of a sea of sharks and take an active approach to improving our position - I fully support Philip's plan to lift the image of Falcon to present ourselves as being an active participant in this huge Beetaloo concession of which we own 22.5%.

I suspect this is all a pretty much a done deal and Philip has the support to implement his plan. I would like to see everyone get behind this proposal, but then I understand that is not the nature of many on this board.

Here's an article by Pro-Active Investors - Its time you better understand that Falcon's current course is not one that maximizes returns on YOUR investment. I'm really POQ - LOL! Maybe if you bothered to make some of the AGMs you might know better.

Falcon Oil & Gas to take flight, announces rebranding with eyes on US listing

Published: 03:49 03 Sep 2024 EDT

Falcon Oil & Gas to take flight, announces rebranding with eyes on US listing

Falcon Oil & Gas Ltd (AIM:FOG, TSX-V:FO) has revealed plans to take flight, with the Australia-focused gas explorer intending to leave London next year in favour of a listing in the United States.

But, first, it will rebrand the company and restructure its equity.

The explorer, led by Philip O'Quigley, today told investors it will rebrand as Beetaloo Resources Corp, reflecting its ‘strategic focus on appraisal and development activities in the Beetaloo Sub-basin’ located in Australia’s Northern Territory.

It also intends to undertake a 250-for-1 share reconsolidation to shrink its current 1.1 billion share register down to around 4.4 million shares.

The changes prepare the rebooted entity for a targeted US float in the first half of 2025.

The company reckons these efforts will “expand awareness of the company among US-based investors and potentially provide the company with additional sources of capital".

Falcon Oil & Gas holds interests in significant hydrocarbon basins globally, including a 22.5% stake in Australia’s Beetaloo Basin – here, the project spans some 4.6 million acres (gross) where a campaign of exploration and appraisal drilling began nearly a decade ago.

The wells are (broadly) similar to North America’s vast onshore shale, where horizontal drilling and fracking is required to unlock resources over large areas.

In Australia, Falcon is partnered with Delaware headquartered and NYSE-listed Tamboran Resources Corp.

Falcon also holds a 100% interest in South Africa's Karoo Basin, and a 100% stake in Hungary's Makó Trough.

Beetaloo: Ahhh! Good to see someone on the board appreciates the need for making this move. IMO, there are two main reasons for making these changes:

1) To meet the threshold price of the exchanges/institutions here in the US. These exchanges/institutions are where the money will be found to meet any drilling requirements necessary to continue with a drilling interest in the next 6 pilot wells. I suspect POQ has seen the wisdom of continuing to participate in the drilling of these wells and with a listing on a U.S. and the ability to prove up reserves, Beetaloo Resources will have the ability to better attract a suitor while building our share price.

2) Changing the name to better associate our company with the Beetaloo concession being a huge new shale discovery that it is, will be a definite positive when it comes to attracting funds. As the Beetaloo gains momentum, such a name change will only benefit our image with potential oil & gas investors.

As am additional side benefit, I suspect a reverse split of 250:1 will help POQ clean up and better define the company's current stock ledger. In a potential stock merger with another company, an offer might be made to exchange shares with shareholders holding as an example 500 shares or more in the new company - those holding under 500 shares would be paid cash value. This could be done with the current shares ledger but is side benefit of a 250:1 reverse split. Any company merging with our current stock ledger has to be concerned with all the smaller shareholder positions which at the current time cannot be defined nor identified by Falcon - the fewer shareholders to contend with the better.

What is key to making this move at this time is we now have the news flow to support this reverse split. This has always been my argument against reverse splits - without news the stock tends to drift downward. If Falcon continues to participate and prove up reserves in these next 6 wells, then POQ has something to promote and generate interest in our company. I am ALL IN and support Philip in these changes - if we are going to maximize our potential over the next year or two then we need to make the necessary changes to better position ourselves - It doesn't surprise me that many on this board obviously don't want to see any changes - many seem scared of any proactive changes by our company.

Why would $100/share be an issue in a potential merger/sale? If the Beetaloo is worth $1 billion, which is not a stretch, then 'Beetaloo Resources' with 4.5 million shares would trade at $50/share. It's all just math and what our 22.5% interest in the Beetaloo is worth. IMO, if Philip will position the company to build reserves, then our target price projection will greatly benefit. I suspect Philip has been in consultation with some major intuitional investors and/or brokerage houses - these recommendations are coming out of those discussions.

Oilcountry99: IMO, you are probably correct with regards to BS & POQ. As I have been saying, after the checkerboards, the next two wells and BS starting up his own operating company, I would not be at all surprised to see BS approach Falcon for with a stock merger offer. If that offer it is based on ownership percentages; I would gladly vote for that kind of proposal. Sheffield wants to own the Beetaloo and acquiring Falcon would be a good step forward in that direction. If that doesn't occur, then I fall back to my previous price prediction. I feel confident someone is going to make a play for Falcon in the next 12-18 months as the value of this asset is proved up.

Kmj: No detailed methodology for coming up with the $.70 to $1.00 by the end of 2025. My thoughts are by the end of 2025, Tamboran will have all (most) of the pilot wells drilled which should give the industry a much better indication of what the Beetaloo holds. As word spreads and industry discovers Falcon's 22.5% interest in this concession, interest should build in Falcon's holdings; the bigger question is will that interest translate into a higher retail stock price for Falcon. In my opinion, there has always been a disconnect between Falcon's asset value and its stock price. We may or may not see my target price in the stock, but I believe that value could be received in a sale of Falcon's interest. But then again, I've been wrong on my price predictions for 12 years - why would anyone place any credence in my current $ .70 to $1.00 price :^) It's all unknowns at this point - even our brokerage firm's target price of $.37 AU is just a WAG. What someone is willing to pay for Falcon's interest is what it is all going to boil down to - we shall see in time. One has to admit that as drilling takes place with the apparent success we expect, Falcon's value will increase.

Hey there Poods - Good for you. I was going to add today but the day got away from me. I will be trying to add some tomorrow but sadly not 1 million! As we both agree, the geology is there - it's just a matter of drilling those first commercial wells to begin proving up the potential of the basin.

Hope your recovery went well - I thought of you a couple of weeks ago while flyfishing in the Gunnison Co area. It's a beautiful relaxing sport - Been flyfishing for about 65 years now - still haven't perfected it :^)

Rsacas and Kmjliveson - Thanks for your post - I think we are on the same page with Falcon. I am seeing more and more mention of the Beetaloo in the US oil industry news. Word is spreading and IMO with these next two wells the excitement of a new world class shale discovery will take hold. As Kmj said - as activity builds these next 2 years things are going to get exciting for Falcon. We need to keep our eye on the prize - we have 22.5% of a huge 4.6 acre basin. As this acreage begins to prove itself, the value of Falcon will increase. IMO, we are sitting in a great position as a non-op.

Salucchi: Sorry I could not help you.

Salucchi: In defense of Philip, he was likely planning to get further updates from Tamboran on the 'skin issue' and how to resolve the problem. Those never came from Tamboran. You do not seem to understand that Falcon is a non-operator in the joint venture and as such has little to no say in how the well is drilled/operated. Falcon didn't mess up as the fracking as it was out of their control - Tamboran is the one that messed up, but they have never yet officially admitted that fact and likely never will.

POQ's 'buddy' from the states was Sheffield's lab in Austin, Texas that was engaged to do an analysis of the well and try to resolve the 'skin issue'. As I previously mentioned, it was not a skin issue - I am not an engineer but the engineers that designed the frack told me the well could not be fixed economically and to this day it has not, and IMO cannot be repaired. Philip is not going to tell us what the real problem might be - as a non-operator they will follow what Tamboran says - that's the way the industry operates. Because of this, Sheffield now oversees all frack jobs - no more disasters needed.

I don't need to watch the presentation again - nothing at this point for POQ to say other than repeat himself. As to dummies as partners, Tamboran was the operator, and they screwed up - nothing much for Sheffield or Falcon to do about it - no huge lawsuit is needed as the non-ops signed the JV agreement. I think that is why after the first of next year and the checkerboards are assigned, Sheffield will be starting his own operating company - he no longer wants to continue with Tamboran.

You just don't seem to understand the industry and how it operates - nothing out of line has happened other than mistakes were made - that happens.

Salucchi: POQ didn't keep his promise? - he was supposed to get back with the shareholders on what?? If you are referring to the NW2H well that had the 'skin problem', what do you want him to get back with you on - Tamboran to this day is still maintaining the 'skin' excuse - are you wanting Philip to come back to we investors and directly contradict the operator - not going to happen!! I told this board after the frack failure and that the frack job was a disaster and that the well could not be economically fixed - it looks like is exactly whats played out. My info came from a guy who helped design the frack and said the critical stages/steps in the frack were not followed by Tamboran. Ironically, I was sitting in an investor meeting on another project when I discovered that the guy sitting next to me designed the frack job - I kiddingly asked he and another guy how they managed to screw up the 2H well - boy, did I get an earful on how Tamboran Fk-up. Tamboran was too cheap to pay for one of this company's engineers to go to Australia and oversee the job - Tam said they could just do it themselves - they saved $35K - $40K but it cost investors $25 - $30 Million. The operator screwed up the well and directly cost Falcon $6 million dollars. I rang up Philip with a furious call for misleading us on the skin excuse only to find out neither he nor Sheffield had been told the real story - they were being fed the 'skin' excuse and as a non-operator Falcon will follow what they are told.... so, the skin problem is what you'll hear from all parties to this day. Indicative of the screwup, shortly thereafter, Sheffield made it known that his personnel would be overseeing all future frack jobs by Tamboran.

Salucchi: Ran out of 'characters' but wanted to add - I am not Philip - I have personally met him along with some very interesting people that follow this board. I have attended the AGM meetings and have gotten to know Philip through those meetings - it's something I would recommend to anyone as Philip is always gracious and willing to sit down and discuss Falcon. Not that I know you, but I can assure you that our CEO has the stockholders at heart. As he has mentioned in some zoom meetings, he is not looking to build an Exxon - he is looking to build and Exit! As soon as he and the board receive legitimate offers these will be considered. As one that has known Philip over the years, I can assure you he is a tough negotiator that plays a great poker hand. I have the utmost confidence that he is going to get the last dollar he can for Falcon. You and others can throw rocks all day long, but you don't really know the guy and what his commitment is to our Beetaloo investment. Philip's plan and story has changed but then the project is in a constant state of change - he is adapting to those changes and the good news is Falcon is still in the game with a CEO that hates dilution and debt. If you will give the guy some slack over this next 6 - 8 months, I believe you will begin to see some price appreciation of our stock - Of course just my opinion!

Good Luck on however you move forward.

Salucchi: Thanks for the productive response. Even though you don't agree with me I am always open to criticism and other people's opinions. No PHD here - just a guy that grew up in the oil business environment. I've owned drilling rigs and participated as a non-operator in JV wells. I am currently invested with the infamous Marc Bruner in a private project in Wyoming - as some have mentioned he is quite the promoter - almost to a fault.

From my perspective, the Beetaloo is following the trajectory of many major oil discoveries. Initially I bought Philip’s story that we were going to drill 6-7 wells across the Beetaloo - prove up the formation's potential and aerial extent and then sell the asset. Sounded reasonable at the time but as we now know, several of those wells had issues and it was not until the SS1H well that the potential of the Beetaloo came though. Now we have our 'proof of concept' well and are moving on to the next step of initial development on what has now been defined as a 1.2 million acre deep formation that is over pressured. As of today, no one is going to pay us $4K an acre for a 500 meter well. We can all wish and hope for higher stock prices through promoting retail investors but that is not the long approach to Falcon's asset value. The ultimate price will be established with production and then companies will begin to see potential is what Falcon holds. No company is going to pay $1 - $2 Billion dollars for a roll of the dice - they are going to want to see proof of production and some sophisticated reservoir engineering studies, seismic, isopach maps, etc., etc. Interest will build in the Beetaloo and Falcon's value will continue to increase overtime. These fields start out small and if those wells prove up the acreage, then the bigger fish come in to them to be followed by even the bigger fish.

Falcon is not at the point of creating a must have asset at this time but IMO we are on the cusp of seeing some real value created. I am looking for US $.70 to US $1.00 per share by the end of next year (2025). If Falcon can continue past that date, we will continue to see our acreage value increase. I am repeating myself, but with the checkerboards being created by year end - and the SS2H and SS3H wells drilled/flowing, the dynamics of the Beetaloo Basin will start changing rapidly. Falcon is sitting in a sweet spot with its 22.5% interest in all acreage. When Sheffield starts his own drilling operations next year, IMO, he is going to come calling to purchase/merge Falcon's acreage in one or all three of his assigned blocks - he needs to put together 100% interest so he can cleanly farm-out and develop his own acreage. I suspect Falcon would be receptive to merging with Daly Waters - I know I would hold my hand up on that vote as it would continue to give me exposure to the Beetaloo's huge world class potential.

GLA

Salucchi: Thanks for the productive response. Even though you don't agree with me I am always open to criticism and other people's opinions. No PHD here - just a guy that grew up in the oil business environment. I've owned drilling rigs and participated as a non-operator inJV wells. I am currently invested with the infamous Marc Bruner in a private project in Wyoming - as some have mentioned he is quite the promoter - almost to a fault.

From my perspective, the Beetaloo is following the trajectory of many major oil discoveries. Initially I bought Philips story that we were going to drill 6-7 wells across the Beetaloo - prove up the formation's potential and aerial extent and then sell the asset. Sounded reasonable at the time but as we now know, several of those wells had issues and it was not until the SS1H well that the potential of the Beetaloo came though. Now we have our 'proof of concept' well and are moving on to the next step of initial development on what has now been defined as a 1.2 million acre deep formation that is over pressured. As of today, no one is going to pay us $4K an acre for a 500 meter well. We can all wish and hope for higher stock prices through promoting retail investors but that is not the long approach to Falcon's asset value. The ultimate price will come when production come and companies see potential is what Falcon holds. No company is going to pay $1 - $2 Billion dollars for a bet - they are going to want to see proof of production and some sophisticated reservoir engenering studies, etc

Hey Salucchi - Can't wait to get your negative response to my post supporting Philip. It looks like you are an 8 for 9 on having nothing to add to this board except your childless post regarding our CEO. Surprise us and try to add something constructive to this board - but then I've about given up on you and after your reply you will likely become a little green box - Gotta love those filters!!

OK - I'll hold my hand up - I'm one of those who believe POQ has in fact done us an admirable job. He's kept us in this project for 12+ years - Falcon holds basically 22.5% rights to 4.6 million acres and more importantly it has no debt, a sole rights clause and a wide-open field to negotiations WHEN THE TIME IS RIGHT! As some of us know that have run companies, you don't negotiate from a point of weakness. Falcon has a 22.5% participation in a 500-meter horizontal well which was successful but now leads to the next step of the planned 6-well pilot program. Based on the market reaction, this 500-meter well has not been accepted by the industry as a huge 'commercial success' - it's more a proof of concept well. If I were going to promote this property, I would be in Philips seat doing the same thing he is doing - get the next two fully blown commercial wells drilled and tested - each flowing at what we hope is 18- 20 mmcf/d with a slow decline curve besting the shale plays in the US. At that point the market will begin to sit-up and take notice. The company(s) that will take out Falcon's interest will know full well what the Beetaloo holds within the next 12-18 months as word spreads fast in this industry. Why would Falcon take pennies on dollar today when in a year or so Falcon will have companies beating their door down. I'm as tired of being in this investment as any of us - I'm old and impatient and ready to put Falcon behind me but at this stage I'm still solidly in Philip's corner as I feel he has a better gauge on the potential of the Beetaloo that many on this board who are thinking the sooner the better and to hell with the price. I am setting my goal a little higher than the .20 - .30 cents many quote on this board. I'll bide my time a little longer to get 2X, 3X, 4X today's potential price. If these wells live up to expectations, then IMO, the longer Falcon can stay in the Beetaloo the better. Companies buy reserves and proven potential - hype doesn't seem to sell for much nowadays. GLA

Hardrock F: Ahhh - The magic of small numbers. Is that's progress? Ready to get some news flows generated from the Beetaloo - life is passing us by.

805slo - I think the confusion is that you are referring to the JV agreement between Falcon and Tamboran (see title/names at the top of agreement). What I am referring to is the agreement between Daly Waters and Tamboran which is different in that it imposes the fines and timeline for completing the checkerboard. Indecently, Sheffield will get first pick after Tamboran defines the 6 blocks. I would think Sheffield will pick a block closest to the pilot program wells.