CX Energy: Could someone post a nice recap of what they present tonight?

I wish I could make it but will be tied up until late.  I would love to get an idea of how they plan to spin this.

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Permalink Reply by Michael R on September 18, 2012 at 8:58pm

From Lakeview, explained what happened, however, most of the blame if you want to call it that was directed towards halcon.  Plan A is to wait until Oct 18th, the initial pay period.  Up until the 18th M&P and CX will continue to fight for us landowners and try to get Halcon to honor the contract agreement while actively talking with other O&G companies, like Hilcorp for another possible mass lease signing.

Questions were posed as to why is the group not sticking together since the agreement was all or nothing.  Cx and M&P cannot at this time control who Halcon pays bonuses to. Essentially, if Halcon wishes to pay the northern part of the county, they will and CX and M&P will collect their percentage.  It was mentioned that even the remaining group 2 areas could get broken up by townships, which again goes against the group mentality.

The land marketing agreement was brought up and the audience got two different responses.  M&P stated that they would certainly not stand in the way of a landowner signing another lease and they would not hold the marketing agreement against them, however CX stated that the landowner would still be responsible for the 300 an acre if they opted to get out.

 

State cops and security everywhere.

Permalink Reply by Tom Randall on September 19, 2012 at 1:02am

About the same at the grove city meeting on 09-18-12. Grove city police outside very polite. And a private security firm plain clothed inside. G4S or something like that.

Permalink Reply by Mike C. on September 18, 2012 at 9:17pm

Thanks Michael.  Good recap.

 

CX has some nerve.

Permalink Reply by Bob Rock on September 18, 2012 at 9:40pm

Go to mercer county web site for the recorder and halcon hasnt recorded any single leases. just some old shallow well leases it looks to me. good luck.

https://recorder.mcc.co.mercer.pa.us/LandRecords/protected/SrchQuic...

type in as guest and then halcon in last name.

Permalink Reply by Samuel J. Orr on September 18, 2012 at 9:51pm

Halcon not paying bonuses on 29000 acres in Venango per multiple posts. I am beginning to believe that they are out of money. Perhaps had gas prices been signifigantly higher during the grace period, they might have had larger companies waiting in the wings to whom they could flip leases for more money than they were obligated to pay in bonuses. Does not in my judgment justify their conduct, but you cannot get blood from a turnip. I went to their website today and no mention at all of their decision to not fund leases on thousands of acres in Venango and Mercer Counties. I do not know how much acreage Halcon is not funding in Mercer County but I assume if you add it to the 29,000 acres in Venango County, it might total at least 50,000 acres and probably closer to 55000 acres. This story needs to get to the TV financial news channels, the financial websites, and to the Wall Street Journal. I think Halcon's website paints a falsely optimistic picture of this company. Investors and potential investors need truthful information. I listened to Halcon's Barclay's presentation of September 5, 2012. It made me want to vomit. When CHK gets in trouble and has to sell assets to generate cash, the information gets released by CHK and is widely  disseminated in the press. But when Halcon decides not to fund leases on more than 50,000 acres, we hear not even a peep. This story needs to get out. I do not have the knowledge of how to get the story out, but Halcon surely needs to feel some heat. When Bloomberg or the Wall Street Journal start calling Halcon with some very pointed questions, we may finally get some explanations. For whatever reasons analysts following Halcon rate their stock a strong buy.??

015334grltd9mPermalink Reply by 015334grltd9m on September 18, 2012 at 10:04pm

I think you maybe on to something Sam.

Permalink Reply by robert vepich on September 19, 2012 at 5:08pm

Halcon is not doing anything illegal, or anything that they are not allowed to do legally given the language of the agreement, CXMP so artfully negotiated for everyone.  

Read the Order For Payment....they had an out the entire time.

CXMP painted a picture everyone wanted to view, or expected, when in reality they never got Halcon to commit to this entire group.  How would they have?

They were doing robo calls in subdivisions trying to get more people to come in and sign on the days of the meetings.  How would Halcon have known that they were going to try and piggy back 30k acres of a shotgun blast onto the deal.

CXMP needs to own up, because they lied.  The payment was never guarranteeed ( once again read the lease you signed) and they told every single person that showed up that it was GUARRANTEED.  If it was guarranteed, they would be pursuing Halcon legally which they CANNOT do since they have no legal recourse in order to do so.

Permalink Reply by Samuel J. Orr on September 19, 2012 at 5:50pm

Ignore all posts by Robert Vepich: He is not a real person. I believe he is agent, or employee of Adapt or Halcon. He falsely represented that he owned land in Venango county and that an O&G company paid him bonus money . There is no one listed by the name of Vepich, let alone Robert Vepich who owns property in Venango County. I called him out on this some time ago. He never responded. Time to identify yourself Robert, or just quit posting. You have no credibility.

Permalink Reply by Michael R on September 18, 2012 at 9:37pm

Perhaps someone could elaborate a bit better than I.  Most of the time I was red with anger which may have clouded my memory.  Aside from telling everyone that their leases will be honored, most had to know going in that we werent going to get the news we wanted. The speakers urged us to stay in the group, however it was clear that they would simply break off into smaller groups or townships if necessary, thus alienating even more landowners.  This notion just had me shaking my head.

My issue is the simple fact that where I live, Hilcorp is and has been actively leasing land.  As a matter of fact i signed for a certified letter, today before I went to the meeting, which included a check for another piece of property that I signed with Hilcorp a week after I initially signed with CX and M&P/Halcon back in June.  Paid in full.  Now, I cant do anything more with Hilcorp until this current issue is resolved.  If Cx negotiates another mass lease signing with Hilcorp, and since I'm in this landowner group, I will surely have to pay their percentage for all of their work they have done for me thus far.  I wish that I could go back to June and just have signed up both parcels with Hilcorp.  But, we'll see what happens.  I know there are more landowners who have alot more at stake than I do and could imagine their frustration.

Permalink Reply by Mike C. on September 18, 2012 at 9:42pm

I have passed on this info to a few others but I might as well put it out there for everyone.  Here is how you handle this situation.  Just go about your business.  There is no way in hell they are going to get those numbers again for the leftover acreage.  Simply sign a letter of intent with Hilcorp and wait to sign the lease after the agreement expires.  That way Hilcorp can do their title work and you can get a quasi commitment during remaining CX days. 

Permalink Reply by robert vepich on September 19, 2012 at 5:09pm

so why would you continue with CXMP if you know you can sign and get paid by Hilcorp?

Permalink Reply by Samuel J. Orr on September 19, 2012 at 5:20pm

Robert Vepich is not in my judgment a real person. I believe he may be an agent or employee of Adapt or of Halcon. I have called him out on alleging that he had property in Venango County and that he had been paid bonus money by some O&G company. Mr. Vepich never replied to my caliling him out. I checked the property records in Venango County and there is no property owner by the name of Robert Vepich. I renew the challenge. If Mr. Vepich will not identify himself, we should all ignore his posts.

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