good news boys and girls, page-8

benmoff:


When did you show up at the AZZ well? How much research ahve you posted on the company?

Here is a copy of my post number 763643 from 2005 on AZZ:

"As a owner of a few shares of AZZ I am very unhappy about the share price and IMO just like the PSA of old, AZZ has now taken over the crown as far as being tight with information. I'll offer an explantion for this later.

I have e-mailed the company several times asking for information and to their credit they have answered. Unfortunately, the replies were devoid of any information other than to say that they were in compliance with ASX requirements.

The last drilling report has been a while and given that the company is in 'compliance' (???) with reporting requirements one can only assume that it means AZZ has done ZERO drilling and development of wells in the USA since the last report months ago which appears to be the situation.

There has been no information about the sale of the assets in Turkey and again one can only assume that the sale will be completed.....

As far as the on market buy back of shares again there have been none despite the share price falling from 69 cents to the mid 50's which IMO means:

1. The company deems the value of AZZ to be adequate at 54 cents or so OR

2. There will be no repurchase until the funds from the sale of the assets in Turkey is completed OR

3. The company is going to drop a bombshell and the share price is going to crash and therefore the company is keeping its powder dry until that happens .

UNFORTUNATELY # 3 is IMO what is going to happen.

Given the lack of information from the company one can only guess as to the current earnings of the company - ie is AZZ still getting earnings from the Turkey asset until it is sold......

Once the above assets are sold, the only income producing assets will be in the USA. I use that term 'income producing assets', but as far as my research is concerned, there will be very little 'income' if any at all from those assets.

I researched the Oklahoma assets because from the little information (crap) the company has put out about them, but it seems that they are to be the HOLY GRAIL as far as the company's future is concerned.

The following information comes from the State of Oklahoma data base and is what is shown as the date of this post. Of course the situation could be different as a result of delays in inputing the data or additional work done, but given the lack of a drilling report from the company, IMO it is probably accurate...

The State of Oklahoma data base on wells shows that AZZ has total of 7 wells in the state and unfortunately the state records still refer to them as the names of the previous owner or some other designation. These are as follows:

Deal 1-11, Roy Deal 4-2, Roy Deal 3-11, E.B. King 2-10, Knowles 1-3, Jenkins 1-15, and Marie 3-34.

The Deal 1 -11 well is shown as dry and P & A. The only two producers are the two Roy Deal wells. Others are either shown as having some other status and no production.

Speaking of production, the Roy Deal 4-2 has been in production since March and while it is producing, I doubt that it is even economic at the average of 8000 MCF (M = 1000) per month.......That is amount of gas reportedly produced by the "REPORTING PARTY" - AZZ and I don't know if that is the total of the well or just AZZ's share....if might be the gross production prior to any adjustments....

The Roy Deal 3-11 is kind of confusing as well with a production given again by the "REPORTING PARTY" and this time for all reporters as well....

The reported information has also changed from the last time I looked at the data with additional produciton reported. That being said, there was either no production in June of this year or it hadn't been reported (I believe that there was trouble with the well and there was no production).

For AZZ the reported production was an average of 12296 MCF PER MONTH for the period March - August. However, the reported August production was 1/7th of the March production at 4172 MCF and again and I don't know if that is the total of the well or just AZZ's share....if might be the gross production prior to any adjustments.

Oil production for both wells amounted to a total of 7 (SEVEN) barrels of oil from the 4-2 well during the March to August period!

Now for one caveat, the wells reportedly are being produced from a limited number of sands and other sands may be more prolific.... Maybe they will be gusheres, but if they follow the production to date of the current sands being produces then they are IMO worthless....

The company IMO has reluctant to provide information to the shareholders as a result of this poor production information. I repeatedly asked for reserve and production information and received no reply. The only other reason is that they don't know, but I find that hard to believe given the information about the 'other sands' included in PR material.

Other production was not looked at, but the amount IMO is immaterial.

Lastly, the purchase of share by company insiders is hard to reconcile with the poor production data...."


Now you can go back, read the company reports and tells us how many mcf those wells produced and how many MILLIONS the company wrote off.........

Make up your own mind about information that had been released, the information in my post and finally the information subsequently put out by the company.....

Unfortunately many us of were in AZZ when this was going on and long before you 'discovered" the company and our 'perceptions' have been coloured by those evnts.