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SAE - Salinas Energy

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SAE must be due to announce production rates for Lombardi 14-27H . I would have personally preferred that they cased & suspended this well for future production as with what other companies are doing at the moment with these low oil prices. If they decide to restrict flow , I can only see that as good news , no point depleting reserves for pittance.
 
REVENUE FOR SALINAS ENERGY IN 2008 EXCEEDS US$20 MILLION
Salinas Energy is pleased to report oil production revenue of US$20.1 million for calendar 2008,
translating to a net operating profit for the Company’s California business of US$9.7 million.
Despite the fall in oil prices and month by month revenue since last August the figures represent an
excellent result for the Company from its first full year of oil production from the North San Ardo oil
field (NSA) which totalled 230,000 barrels.
Salinas owns 100% and operates the NSA field and has been carrying out a range of initiatives to
reduce operating and capital costs to ensure the field remains profitable at the relatively low oil prices
being experienced. This has meant deferring the drilling of additional production wells until a more
stable economic environment is established.

Commenting on the result, Salinas’ Managing Director John Begg said:
“Meeting the US$20 million revenue target that we forecast early in 2008 has been an important
achievement for the Company. We have reset our goals so that 2009 will also be a year of high
achievement for the Company, despite challenging economic conditions.”
 
Still about another 4-5 weeks before the American seller is finished. I'm taking some nibbles now; hopefully not much downside left.
 
rub92me said:
Still about another 4-5 weeks before the American seller is finished. I'm taking some nibbles now; hopefully not much downside left.
Click to expand...

I agree , bought more last week . If Mark Nahabedian isn't fully out , he must not be too far away just watching activity over the last few weeks.

Mark Nahabedian bought 18,428,736 on 19/12/07 announced 21/12/07
sold down to 13,878,736 on 09/09/08 announced 11/09/08
sold down to 5,155,355 on 20/11/08 announced 21/11/08 and ceasing to be a substantial holder . I see he has his own exploration company and has obviously over committed at the wrong time and SAE has suffered due to this. SAE in theory should recover quite quickly when POO recovers.
 
Hey does anyone know if Fat Prophets are still recommending Salinas??? They were plugging it like crazy a few months ago when it was a lot higher than it is now. Does it mean it maybe is a better buy now?? and what upside potential does the North San Ardo field maybe have??
 
craig_oneill said:
Hey does anyone know if Fat Prophets are still recommending Salinas??? They were plugging it like crazy a few months ago when it was a lot higher than it is now. Does it mean it maybe is a better buy now?? and what upside potential does the North San Ardo field maybe have??
Click to expand...

Don't know about Fat Prophet , I'd rather do my own research anyway . SAE have decided to carry out appraisal drilling at Paris Valley next rather than more production drilling in NSA due to lower oil prices .
 
Hey seasprite how do you feel about Paris Valley??? I feel bullish about the prospects and the higher oil price for the sp
 
craig_oneill said:
Hey seasprite how do you feel about Paris Valley??? I feel bullish about the prospects and the higher oil price for the sp
Click to expand...

just noticed your post craig . I have been topping up on these when I can. SAE have had 100% strike rate and I don't expect that to change. Paris Valley has in the region of mapped 132mmbbls OIP for the northern and central compartment and I read somewhere Madrid could contain 50mmbbls OIP.

Talk was also on securing a partner for Osso Bucco (WTI light), so at these prices it makes sense to me to increase holdings .
 
What actually happens when options expire?? the way i understand it was that they could have been excercised for shares at $1 but because the share price is lower than that they just disappear??
 
SAE has been very dissapointing of late. Given that oil has more than doubled from 30 bucks to 65 bucks, you would have thought that this would have at least resulted in a small rise in the SP of Salinas.
 
Yeah they seem to have been forgotten for now, i've got a small amount that i've been waiting for something to happen with!

I'm happy to hold on though cos i'm sure it will do well once its on peoples radar again.
 
eddyeagle said:
SAE has been very dissapointing of late. Given that oil has more than doubled from 30 bucks to 65 bucks, you would have thought that this would have at least resulted in a small rise in the SP of Salinas.
Click to expand...

Hi Eddyeagle

Are you still disappointed with SAE ?

I put a buy order but should have put slight up as the market shot up and I was in the bush to change order:banghead:
 
Some one wants these badly , the SP broke through the 90 day the other day and is smokin on up. prior to Nahabedian's demise of the share price this was sitting nicely in the mid 20's.
 
Good to see a bit of interest in this one finally!

They got an ASX speeding ticket for the 23% jump the other day!

I am still a long way down but hopefully things will move up from here!
 
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