I wouldn't sprain your F5 finger waiting, Sean.Quote:
Originally Posted by Sean
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I wouldn't sprain your F5 finger waiting, Sean.Quote:
Originally Posted by Sean
Matt,Quote:
Originally Posted by stang3O2
I just changed mine to GTD Dec 2nd...90 day maximum. I have never used a GTD before...thanks for the info.
so far, the perfect storm for an MGLG run is forming,
Step 1, Bill sells his position
Step 2, NG is rebounding hard
all we need is good news and the trifecta will be complete
Yes. I think they are trying to find "Anything" that they can put into a PR. That is probably why it isn't out yet. We shall see the value when one does come out.Quote:
Originally Posted by GoHerdGreg
TORONTO, Sep 03, 2009 (MARKETWIRE via COMTEX) -- Magellan Energy Ltd.
(PINKSHEETS: MGLG) ("Magellan" or "the Company") is today announcing an update
on its gas production in Morgan County, Tennessee.
The solution, originally put in place to resolve the high BTU situation in
Anderson, Morgan, Fentress and Scott Counties, has so far been unable to resolve
the problem on a consistent enough basis to allow for continuous natural gas
production. This affects all producers in the area and includes Magellan's
Anderson, Martin and Lankford leases. Revenues from the oil produced from the
Anderson and Martin leases will continue without disruption.
To recap, in late 2008, the federal government, through the agency FERC,
mandated that any gas with a BTU count higher than 1100 was unsafe and should
not be transported in interstate pipelines or sold to consumers. Gas originating
from oil wells usually has a high BTU count, and this is especially true in the
Burville area where the Anderson and Martin wells are located. As a result,
Magellan, as well as many other area producers, had their wells shut in by
Citizens Gas for a protracted period of time.
To resolve the issue, Citizens Gas placed a large compressor in its Burville
collection and distribution system. This facility is where Citizens Gas receives
its gas supply from the east Tennessee gas pipeline and from various local gas
producing wells in Scott, Morgan, Fentress and Anderson counties.
This system, unfortunately, has not been able to completely stabilize the high
BTU issue in order to consistently meet the FERC requirements. It is a gathering
and distribution system collectively, which means that after the gas has been
gathered and blended, it is immediately distributed for sale to residential and
commercial properties. The inconsistent BTU count has meant that this system
cannot be safely utilized and an alternative method had to be found. Limited
natural gas production was actually realized because of the inability of the
initial system to keep the BTUs to an acceptable level.
Area producers are in the process of disconnecting their lines and reconnecting
them to an alternate system which is strictly a collection line. The gas will
then be carried to a separate Citizens Gas high pressure line where it will be
blended. This will avoid having the gas distributed to residential and
commercial properties prior to the collective BTU count being absolutely
stabilized and maintained to acceptable levels.
It was only through the implementation and sustained operation of the initial
solution that its inconsistencies were revealed. Magellan believes that the
possibility of further disruptions have been addressed with this new solution.
Our partner and operator of the projects, TMD Energy Inc., is continuing to work
with Citizens Gas to rework the lines as quickly as possible.
A potentially huge consumer of natural gas in Tennesee has come to the forefront
with TVA's announcement that a natural gas-fired electric plant in Rogersville
is scheduled to come online in late 2011 and will require up to 160 million
cubic feet of natural gas daily. Tennessee is now producing about 16 million
cubic feet of gas, but has immense potential to produce a great deal more, with
the most potential coming from the Chattanooga Shale. Magellan and other area
producers stand to benefit greatly from this enormous new demand source. The
Lankford Lease wells have been drilled to the shale formation and the Company is
confident that a significant amount of gas from the formation exists on their
lease. The Company intends to frac at least two of the wells at the earliest
opportunity to increase natural gas production and is considering additional
horizontal drilling to maximize long-term gas production from the Chattanooga
Shale.
"While this has admittedly been a setback for Magellan and the other producers
in the area, a solution has been found and is being implemented," stated
Apolinar Carcasona, President of Magellan Energy. "Our wells have realized
significant natural gas production in the past, we believe that we have the
resources for significant production to come, especially with the huge market
opportunity that the Rogersville electric plant brings to area producers. In
time we foresee a steady flow of gas and a lucrative future for Magellan and its
shareholders. We will make every attempt to keep our shareholders apprised of
progress as it is made."
The company website, www.Magellan-Energy.com, will be updated shortly to reflect
current projects including the Lankford lease.
About Magellan Energy: Magellan Energy is a publicly traded independent oil and
gas company (PINKSHEETS: MGLG). The company is actively acquiring oil and gas
leases, producing properties, mineral rights, and surface interests in Tennessee
and Oklahoma. Once acquired, the company intends to develop each property to
maximize the income from each property byre-establishing production,
refurbishing and improving the existing production and operations.
Forward-Looking Statements: The statements which are not historical facts
contained in this release are forward-looking statements that involve risks and
uncertainties, including but not limited to, the effect of economic conditions,
the impact of competition, the results of financing efforts, changes in
consumers' preferences and trends. The words "estimate," "possible, "and
"seeking" and similar expressions identify forward-looking statements, which
speak only to the date the statement was made. The Company undertakes no
obligation to publicly update or revise any forward-looking statements, because
of new information, future events, or otherwise. Future events and actual
results may differ materially from those set forth herein, contemplated by, or
underlying the forward-looking statements.
Contact:
MAGELLAN ENERGY LTD.
Member of the Tennessee Oil and Gas Association
Website: http://www.magellan-energy.com
Phone: 1-866-365-4724
SOURCE: Magellan Energy Ltd.
CONTACT: http://www.magellan-energy.com
Copyright 2009 Marketwire, Inc., All rights reserved.
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SUBJECT CODE: Energy and Utilities:Oil and Gas
Good, I just put my first GTD in this too. I never thought I would have a GTC expire on a stock with consistent billion volume days and my order not execute...Also as far as losing your spot in line if you modify your order...you do. I called scottrade a couple weeks ago checking to see where I was in line with my evfl and they told me their was only 400mil in front of me, so I asked if I could buy more and then just modify my sell order to include the newly bought shares and they told me it would move me to the back of the line so i didn't buy more. I called back a week later to see why my order never sold, since there is so much volume it should have been executed. They checked again and said their was 300mil in front of me BUT that was only at scottrades's MM and their are several other MM and they had no idea how much they had in front of me...This one will be tough to get rid of without some good pr'sQuote:
Originally Posted by billhart22
Ya, anything! Poke it with a stick!Quote:
Originally Posted by stang3O2
All right! Is this the Chatty Kathy Convention?! :D I'm loving it ... Bass is feeling better (Buano!), Bill and Greg have sacraficed the miggle ... 'snail' for the rest of us (Humbled by your generoisty) - Sean will set a new land speed record for F5 transmission beating me and my mouse click refreshing by a country mile ...
I have been ... hope you are all siting down for this ... actually contemplating doing something really radical under the heading of "when others are fearfull ..." and actually Buying more .... drum roll ... m i g g l e to lower my avg. a bit.Quote:
Originally Posted by thetree
The trouble? I am absolutely paralyzed to do it ... A bit of hyperbole\jesting, just keeping my eye on it and refreshing constantly :rolleyes: - I might really give it a shot though (buy) if I can find\out guess, time it ... I have lost my mind!
A PR? Oh My ...
Thanks Bill ...
Quick what's your take?
boo says i