TXN - Texon Petroleum

[Ramblin Round]

IMHO and do your own research, I have yet to meet a person from Goldman Sachs who has personally waited at a stoplight behind a frac fleet somebody just paid an extra 3-4 million cash for to be there faster. They know how to count beans and trade stocks but chances are they can't even pronounce Eagle Ford correctly. This play is huge and unless you see it with your own eyes, I find it hard to explain myself. It's a friggin boom down here.

ANYthing to do with this play makes money. Good luck to all holders.

BTW, don't say "EAGLE FORD" like two formal words like a yankee investor.........in Texas it's the "Eagleferd" play with the phonetic emphasis on the word Eagle while using phonetical ferd on the downbreath.

"Eagleferd shale".............it should just roll off your tongue.

 

[condog]

I emailed Texon yesterday afternoon about 3pm, indicating i thought they where in breach of asx disclosure, with what they told Riche at the EGM in regards to equivelent flows.. They responded with an announcment thismorning which is a good thing. Clarrifies the situation for all equally asap. thumbs up to managment willing to listen and respond to situations.


ASX Release
13 April 2011
SECOND EAGLE FORD WELL TEST PROCEEDINGThe test of Texon’s second Eagle Ford well is proceeding satisfactorily with the well flowing oil and gas and water (probably frac fluid). The oil and gas rates are in line with Texon’s first Eagle Ford well at this stage of the test.We expect to be able to announce an initial production rate in the next couple of days.
Please refer to Texon’s website for announcements by the Company: www.texonpetroleum.com.au

 

[frankblack]

This is not a smart move. Jon should not have disclosed that. Riche should not be publicising it. And it should not be being republished. Its as clear a breach of disclosure regs as i have ever seen. I just hope like hell that ASIC and ASX dont get hold of this info.

Spot on again condog. Hope todays announcement can right the wrongs. Might have been some panic at TXN last night?

Good luck to all who hold.

 

[condog]

Theres the post SPP / CR selling appearing, but i would think this mornings confirmation of good flows will excite some sideline candidates to be topping up and or jumping or board.

Im expecting a new high of at least 1.20 and up around 1.30 on the back of these results. When the first well was confirmed imo it raised the bar from 60 odd cents to 90 odd cents. I think the second well to a lot of people will be more of a confidence booster, as in terms of earnings and quality of operator and acerage it somewhat derisks imo.

Id also expect RBS to be upgrading on the back of the IP's when they come in and the new plan thats fully funded.

 

[Agentm]

petrohawks latest hawkville results in the mcmullen lasalle counties is worth looking at

the hiway frac that they are using are demonstrating some nice improvements

 

[Agentm]

just received a email request from riche to post this up

to clarify... comments made are from riche and not mine


*******
[FONT=&quot]1. [/FONT][FONT=&quot]This is not a smart move. Jon should not have disclosed that. Riche should not be publicising it. And it should not be being republished. Its as clear a breach of disclosure regs as i have ever seen. I just hope like hell that ASIC and ASX dont get hold of this info. [/FONT]

Condog – just to clarify. One of the RBS employees asked the question about the Teal EFS in the middle of Johns presentation and he answered it openly to all that were present. (ie it was not a private comment/conversation).

As for publishing it ... I’ll take that on the chin. It was highly relevant and I know a lot of people are interested in the results. I’d do it again rather than have the instos sit on it. Say thanks and we’ll call it even

Riche

 

[condog]

just received a email request from riche to post this up

to clarify... comments made are from riche and not mine


*******
[FONT=&quot]1. [/FONT][FONT=&quot]This is not a smart move. Jon should not have disclosed that. Riche should not be publicising it. And it should not be being republished. Its as clear a breach of disclosure regs as i have ever seen. I just hope like hell that ASIC and ASX dont get hold of this info. [/FONT]

Condog – just to clarify. One of the RBS employees asked the question about the Teal EFS in the middle of Johns presentation and he answered it openly to all that were present. (ie it was not a private comment/conversation).

As for publishing it ... I’ll take that on the chin. It was highly relevant and I know a lot of people are interested in the results. I’d do it again rather than have the instos sit on it. Say thanks and we’ll call it even

Riche

Riche no hard feelings, but as i said, Jon should not have said it. Riches post indicated he had spoken and asked the question privately. Its been corrected by mgmnt and i think the haste of mgmts correction indicates they knew they had breached the disclosure regs. The fact this mornings announcment is earmarked as price sensitive also indicates that information should definitely not have been given out in anything other then a published asx release.

 

[geelongfan]

Riche no hard feelings, but as i said, Jon should not have said it. Riches post indicated he had spoken and asked the question privately. Its been corrected by mgmnt and i think the haste of mgmts correction indicates they knew they had breached the disclosure regs. The fact this mornings announcment is earmarked as price sensitive also indicates that information should definitely not have been given out in anything other then a published asx release.

i agree with condog.. although txn's management solved the issue this morning, sometimes being too honest (as john was by answering the question) can come back to haunt you.. the bottom line is you can't release price sensitive information (or any new information) to individuals before the market has been informed. we all know what that can lead to..

john should have released the announcement before the EGM.. and then he could have discussed it at will.. i'm sure he will keep that in mind next time

 

[geelongfan]

also. so i understand. does it make a difference if john made that comment privately (i.e. someone came up and asked) vs. he made the comment to the entire group listening to the presentation.. in my mind both would be in the wrong as an announcement would be required first??

 

[Magic Man]

When will we see the alloted shares we paid for in the SPP in our portfolios?

Thanks

 

[nioka]

When will we see the alloted shares we paid for in the SPP in our portfolios?

Thanks

They should be there now. Mine are. Some brokers are lax. Ring yours and complain.

 

[condog]

When will we see the alloted shares we paid for in the SPP in our portfolios?

Thanks

Im with Commsec

I assume they will be there tommorrow.

Not that it matters much.

 

[Miner]

Im with Commsec

I assume they will be there tommorrow.

Not that it matters much.

I am with Commsec too and have not seen the allotment on my portfolio.

But I am not going to sell them until they reach $1.20 whenever that happens so I am not worried not to see them in my portfolio

 

[Ramblin Round]

I'm not sure that the comment should be deemed out of place since it was made in a public forum, but I'll agree to the sensitivity of the market to such things. And I'll also agree to the weight of a presentation and what CEO comments can do to investors. I hope everyone learns from this.

Example......I was investing with another small cap company a couple of years ago. Eagerly awaiting the CEO to speak of what I had speculated would be a successful presentation based on my analysis of the slides, the CEO totall flubbed it with his speech. He kept commenting on "thanks to dumb luck" on hitting some high flowing wells in Gonzales County. Then again "thanks to dumb luck once more" and so on and so forth. I think he was trying to humble himself but in doing so he was killing the confidence of his investors, not to mention totally insulting his team of geologists and employees who busted their asses to get them those locations. I literally watched his stocks go down during the presentation.

Neither here nor there in this situation, I'm just sharing some of the thoughts of an investor. That's good that Texon made the move to clarify today.

 

[AngusSmart]

So efffin pissssed.

banks made a stuff up and only given me 1500.. and not 15000 worth.. i double checked the paperwork and it surely did say 15,000 when i handed the bpay papers to her..

since not coming from my bank account i wasnt able to watch it to see how much was deducted..

FML..

 

[condog]

Im with comsec

full allotment is showing in account this morning as 23076 shares

Angus , i sent you an email, serve a claim on the bank and go to the bank ombudsman if they dont come good. Rest assured if you stuffed up and cost them $5000, theyde be persuing you.

Either buy on market and serve a claim or serve a claim for the lost profit. In either case put in a complaint today.

 

[geelongfan]

So efffin pissssed.

banks made a stuff up and only given me 1500.. and not 15000 worth.. i double checked the paperwork and it surely did say 15,000 when i handed the bpay papers to her..

since not coming from my bank account i wasnt able to watch it to see how much was deducted..

FML..

also, i thought you could only buy from 2k to 15k in 1k increments? so i'm not even sure how you get 1500 worth.. if the bank stuffed up take them to task as condog mentioned

 

[AngusSmart]

also, i thought you could only buy from 2k to 15k in 1k increments? so i'm not even sure how you get 1500 worth.. if the bank stuffed up take them to task as condog mentioned

My thoughts exactly.. but then since they decided to take the spp in full perhaps the 1500 was accepted..

on the case at the moment hopefully things turn out the way they should of..

 

[albaby]

TXN has dropped this morning on this news. People trying to sell there stock. It it got back to 80 cents i might have another dabble... Its gonna be a good 3 months.

magic,when I read that I thought you were joking,I have a lot to learn,looks to have bottomed at 80.5.Did you top up?

 

[PinguPingu]

I was looking to buy in at the low 70's near the end of march, only to just miss the boat and watch it shoot sky high to 96 , but I'm happy I waited for some SPP sell off and market wobblies to have bought in today at 81c