Hi, just walked in and read the most recent posts - I agree the...

Hi, just walked in and read the most recent posts - I agree the volume of conversion yesterday is staggering, and it explains a lot! In hindsight yesterday was NOT the day for me to step in and add another 10m to the 3m I bought the previous afternoon! Looks like my timimg was poor. It also looks like the new investors that actually bought in yesterday consisted of two men and a dog as the saying goes - I wonder which one I was? Just a sec while I grab a towel to wipe the egg off my face.

Nonetheless, I am not a day trader (the models I use are hopeless for short term as I said yesterday). I am happy to hold my 13m shares for the medium term, and "come along for the ride" with the rest of you holders. I hope you are happy to have me on board, even though I will rarely post and will actually only read a small fraction of what appears on the forum. As I'm sure is the case with most of you, I simply don't have the time to read everything.

I can't help but look at the market cap of GGP being under 20m, which would pay for just a handful of exploratory wells in an explorer. However, if all things go well with the current wells, GGP will evolve from an explorer with a bit of meagre production on the side, to a meaningful producer with a bit of exploration. If you gave a start up oil company $20m to spend, there is no way on this earth they could build what GGP have today. Hence my view that they are undervalued, and why the disclosure on every one of my posts is long term buy.

I hear what you say about convertible notes - I don't like them either, but its not like the company is giving them away. For every share the company issues through conversion, they get cold card cash. The real issue is what the company does with that cash. If they p*ss it up against the wall, then there is a problem. If they invest it wisely then it can be a positive for shareholders. What I am saying is that the key is what the board does, not the existence of convertibles per se.

I like the early signs from the new board that came in a few months back (as I said yesterday). They have been rationalising their acreage in a sensible way, even if they had no choice. They got a fairly good price for Cutlass, and the stuff they surrendered in March was their less promising stuff, which they were realistically never going to drill. The previous board's problems occurred largely because they tried to get too big too quick (as well as having a level of bad luck with their wells that would be hard to believe if it wasn't true). Getting too big to quick, or at least trying to, is a problem you sometimes see in billion dollar companies, not just tiddlers with delusions of grandeur. The new board seems much more focussed. Hence my comfort in investing with them.

Thanks to the guys who posted the info over the last hour or two about the conversion play yesterday - a good, rational discussion. I know I said last night's post would be my last... apologies for more verbage from me and this will definitely be my last for a while! Good luck.