support for bronze11, page-76

Samkos and soj88 (plus the 25 or so combined TUs).

I would dearly like to see all of you read up the recent history of Empire Oil and Gas on their forum.
They had this mad frenzy (justifiable IMO) and they succeed after a very painstaking and expensive legal exercise to get rid of the M.D. Great work by "people power" "shareholder resistance).

There was enormous piublicity, their forum was even MUCH more "popular" than CTR's even (possible?). It had it's own facebook account.
But, H.C. had to invent new defamation rules and had to set up a defamation fund to support a poster on HC who was being sued for libel by that M.D. The "Fighting Fund"!!

EGO's S.P. hit 4.2ish cents in the frenzy, but, with all the bad publicity, all the innuendos and conspiracy theories, everyone was scared off and the S.P. now can't get above 1 cent!! Yet,the shareholders had WON!
Those shareholders had genuine and, as it turned out, provable evidence that warranted that M.D. being removed.

Samkos, you say this is early days, well, I hope you all get moving very fast and I hope that you have some tangible, provable, evidence to support your actions. Because, I'm sure that with all of this frenzy, IF there is anyone who needs to "do something about it", they won't be sitting around and waiting!!

I have read every word printed by this company since its Clean Global Energy days. They have been a "penny dreadful" virtually throughout that time, BUT, since Citation was born, just 16 months ago, this company has been taken from a going nowhere mob, running on continual hand outs, with heaps of pie in the sky hopes, dependent on people continually bailing them out with CRs. Not a sustainable position for a company and heading for oblivion.

They had Atzam 4 going for them and those who reckoned that they "knew" how good it was, all involved, admitted that the results that they started to see FAR EXCEED even their expectations!! That's when it started to get interesting and the S.P. actually hit 5 big cents on 25 October 2012, the highest it has been for over 3 years. But that didn't last long and the S.P. has virtually flat lined below 2 cents ever since.

But, in that 16 months, this management has turned this company around completely. It is now totally debt free, owns 60% of a drillling operation company, it has a producing well that has increased production from 110BOD to 170BOD, from a 6ft zone that flowed above 1,000BOD, but, ENGINEERING EXPERTS, say, the optimal rate for the early stages of production should not exceed 420BOD. So, production just from that 6ft zone, where it has been calculated to hold 350,000 barrels, out of 2.3 million barrels, just in Atzam4 and that doesn't count C18 and C19 which they will be testing in Atzam5.
And no one has hazarded a guess what could be in the "expected" highest producing zones in C13 and C14

2.3m Barrel Probable Reserve Estimate for Atzam #4 Well
Following the drilling and electric logging of the Atzam #4 well, Citation Resources (ASX: CTR) and Latin American Resources Ltd (Operator) commissioned an independent reserves report based on the results of the logging and the analytical work completed by Schlumberger. The report by Ralph E Davis and Associates (RED) concludes that upon reviewing the detailed petrophysical work undertaken by Schlumberger there are up to 20 material oil shows in the Atzam #4 well, with 8 zones recommended by RED to be tested for commerciality.
The report concludes the Atzam #4 well has a Probable Reserves estimate of 2.3m bbls using a 30% recoverability factor and a 160 acre drainage area as set in the table below, which excludes several deeper zones in the lower C-18 and C-19 which were not evaluated due to lack of detailed well log data due to the well bore washout encountered whilst drilling:
The report used production and well data from analogous wells in the area to compare to the petrophysical
results recorded in the Atzam #4 well. Although the Lower C18 and C19 zones were not included, as these
zones were washed out while drilling and the logging tool could not be used through this interval, RED believe
that there should be hydrocarbons present and the Lower C-18 and C-19 should be tested in the next well
scheduled to be drilled on the project.

THAT'S where we are NOW!!!

For goodness sake soj88, you don't have to be a Rhodes Scholar to see why people like me came into this company when I saw that they were commencing to drill Atzam5 and to still be able to buy shares at this price is simply unbelievable!! From my very long experience in investing in start up O&G companies and CTR IS still a start up O&G company, but, with the results that they have achieved in just 16 months and being so very close now to more than duplicating their income stream, I can't recall any compay that has achieved so much.
SURE, this progress has come at a cost to initial shareholders. management has had to raise funds or use equity to achieve these outcomes. IMO, perfectly legitimate and very succesful decisons on behalf of the LT benefit of ALL shareholders. And, sure, those that took the punt and lent them the dollars to achieve this outcome have and will benefit handsomely. That's what punting and investing is all about. Taking risks, sometimes you win, sometimes you lose. Those punters are going to be winners, IMO, just like all present shareholders will be.
Remember how Warren Buffett got BOA dirt cheap during the GFC?? Illegal?? He STOLE it!! Huge risk, huge profit and people worship his wisdom!! Yet, the guys who borrowed and lent the relatively piddly few dollars involved with CTR are being painted as rogues??!!

IF people like Bronze 11 are convinced that "all's not right" with this company, at least he has the balls to buy on market, so, he has every right to take whatever action is available to him to resolve what he considers to be "not right" and my best wishes go out to him.

But, I will not change my position with what I have seen and read with this company in the last 16 months and frankly, unless there is some very hard and PROVABLE EVIDENCE readily available, I firmly believe that you are going to be sadly disappointed. IMO, there is "no case to answer"!!

And I write all my own stuff on behalf of no one but myself.

But, I really do think that too much emotion has entered this forum and we all know what happens when emotions rule people's brains.

But, try not to shoot the messenger, I am just passing on MY personal opinion. If I'm proven to be wrong, I can still live with that and I will be first to congratulate you all.