Sick of being patient with these clowns. Been patient since PB1 and have nearly had enough.
When I first got in it was reported GDN was to be a $10 share with 3TCF reserves. I sure nobody thinks the reserves will be any where near that original inflated estimate and if it gets to 500BCF then applying the original valuation basis to the reduced reserves GDN is worth $1.67 share.
But what about the DILUTION. Given there were only 135 Mill shares issued at the time I got in and we now have 471 Mill shares, applying the reduced reserves to the original valuation basis and the diluted shares, the SP will be $0.48. And if things really go well and all the options get exercised then GDN will have 857 Mill shares issued and applying the original valation basis the SP will be $0.26. %&#@ Sciano you have done me well.
Is the 2006 valuation estimate that far out of whack? Most people laughed at the $10 value. Given the reduced reserves and the large dilution, can anyone tell my why GDN SP will go way above $0.26. I presume the person compiling the 2006 valuation knew alot more than I do.
Should have got out at $1.00 but it is easy in hindsight. Was hoping for the big buck. Guess those buying at 5.2 cents will do really well, Unfortunatley I've poured enough into GDN and am not in a position to pour any more.
Can't be sure something will go wrong with this well at this stage like the other two. PB2 was drilled in less time than planned and under budget for what result? If they get water or a poor flow result will the market really give them another $6 for PB4?. I think not. How much would they have lost, $60 Mill, or do they have a bottomless bucket?
Yes I am peeved but will wait with fingers, toes, arms and less crossed in the hope that Rick can get it right. Lost enough and any drop in the current share price doesn't make much difference at this stage.
GDN Price at posting:
12.6¢ Sentiment: None Disclosure: Held
