my impression of the agm differs from akkopower. couldnt discuss...

my impression of the agm differs from akkopower.

couldnt discuss the efs sale due to non disclosures etc, but said it was imminent, we are talking weeks

they talked a lot about what they will do with the money, and what texon will do post the sale, which is what i really wanted to hear.

they will clarify the efs deal once it done. nothing before.

anyone seeing dave masons presentations would be staggered by the difference the likes of cliff foss brings to the table.

mr foss is a remarkable man, capable, confident and has a vision of how to do business. he explained his model clearly. he presentation skills i am sure anyone would agree are exceptional

he wants nothing more than just a great model that always works for great oil companies.. first work good 3d's and get the discovery.. then drill and prove the play, then farm it out and get partners, and then once its got enough PUD in the tank.. sell it to those capable of full field development.

he wants nothing more than just a great model that always works for great oil companies, thats the model he has adopted throughout..

cant ask for anything more, he is not inclined to be interested in texon raising capital to fund a fully developed oil field, and clearly the vision is exploring.. so thats what he does well and has a magnificent track record of amazing successes

texon shareholders are clueless on what the capabilities cliff foss has imho,, but as one shareholder brutally told him, once the plan he presents is put in place and it bears fruit, then they will appreciate his efforts.. for me i appreciate it right now

for me, the different route texon has taken since john armstrong has taken up a big interest and set the path for texon, its really great to see his planning and efforts get the amazing skills of a man like cliff foss to get texon II off and running as the efs is monetised and the shareholders rewarded. dave mason has done a brilliant job, as cliff pointed out, the balls shown to get the olmos and the efs off the ground, sensational oil man.. and to keep the amazing WI value it has in it.. cliff really thinks its a great effort, and i totally agree.. but texon can now move forward with the wandoo agreement and great 3d's and mr foss could see some huge potential in just the 3d's alone in the future..

one thing i think is really important to understand on the current drilling program, cliff feels the olmos is really a genuine oil play, and is keen to refrac the one well that did not flow, he thinks a refrac is in order and is speculating the well may flow after all.. olmos is being considered as a genuine oil field

with regards to the efs well, its not just testing the efs

its going to test the austin chalks also.. the well is designed to do that and any news of success in the austin chalks will mean texon has a whole new oil and gas play on its acres..

they are only selling the efs, the chalks and olmos above is not on the deal unless someone wants to pay for it..


has the market correctly priced the potential of the austin chalks and olmos in? and have they correctly priced the efs??

imho its not even close

plenty of very intriguing plays on the list to follow up on, they are shelving all the $4 gas plays.. some are on long leases..

they also really like some old fields, going in and horizontally drill a lot of interesting old fields as cliff thinks a lot of oil is left behind.. cheap leases and proven producing rock, just a different style of drilling..

real interested in more as he gets those up and running

bring on the olmos and austin chalks discovery news in the next few weeks texon..

and the efs sale will be any day now also imho

good luck to all holders

all imho and dyor