His phone conversation continuesPhone call today Part 2...

His phone conversation continues

Phone call today Part 2 29-Nov-10 07:19 pm 6. I then asked if the drill crews were as backed up as the frack crews. He said it wasn't that they are backed up but that they are waiting as well for the fracking to get caught up so that they can move on. Phone was hard to understand. All I could interpret from this was that the drill and frack crews have some type of overlap and therefore they are both somewhat reliant on the other as far as what takes place. Someone that understands the drilling business can probably help me with this. I then told him that the back log in ND is going to happen with the Niobrara play as well and that we are going to get stuck with delays there as well being the small fry. He said that there may be some benefits according to who the JV partner may be in that that may be beneficial. I told him that we desparately need a JV with someone who has access to their own drilling and fracking crews and in my opinion as a share holder, would rather take a cut in overall interest if it means that we can start developing the land without having the 6 month delays. In a very assured voice he let me know that that was an accurate assesment on his feelings.
I didn't ask about the 2 lateral exploratory wells. I don't see why they should be delayed beyond the March or early April unless there are delays in interp of 3-D.
I didn't ask about Diamondback. I personally hope we are buying up as much cheap acres as we can down in Texas as well in the oil, liquid gas region. It sure has potential and the LG play still has cheap acreage that is out there. May be real valuable 3 years from now when gas has recovered a bit and then we can develop it. I struggle a little with calling the big wigs because I know that I am taking them away from developing the company. I hope that some day we will have conference calls so that we can ask our questions. Don't have the time or money to catch them at the oil conferences. I purposely try and share with the board what I have learned because I am a true believer in the saying what "Comes around, goes around"
Now let me tell you about this guy's character. First of all, this man seems like a workaholic. HE IS OUT IN NO MAN'S LAND WITH THE WIND WHISTLING, IT'S COLD AND HE IS TIRED AND HE STILL ANSWERS HIS PHONE. UNBELIEVABLE! Next, Terry shoots straight. He doesn't sugar coat it. He tells you exactly what he thinks is going to happen. He tells you the good and the bad. He certainly has certain legal specifics that he has to live within and not disclose any confidential information which he certainly did not do during any part of our conversation, but this man knows oil, he will work to get where he needs to go, he treats everyone one equal (he didn't know whether I had 1 share or several million and he was still answering my questions). He was also polite, and I could tell he has a good business sense in working deals. I felt that he knows that Samson will need help in developing their plays. They are just too small to do it on their own. We have 7 people busting their butts (and I am sure it is as much for them as us) to make this company successful. I for one was a little ticked that we didn't hear for 3 weeks on status of the fracking but WE ALL KNEW THAT THERE WAS A DELAY AND THAT THE FRACK CREWS WERE SWAMPED. In a way, I am glad now he waited and that he mixed some good in with the bad to protect the SP a little and save a little of my investment from going down more than it did. I think they are learning some as they go and have never been this secure of a company before with the cash.