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@marketwired Blackbird Energy Announces 1,002% Increase in Pipestone Montney 2P Reserves NPV10% to $455 Million and Risked Best Estimate Contingent Resources NPV10% of $437 Million @marketwired/blackbird-energy-announces-1002-increase-in-pipestone $BBI
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@Newton Haywood has report out on $BBI today based on news overnight. Price target increased. Mentions that new reserves help secure "incremental takeaway" under Trans-Canada Pipeline. There may be concerns in market over dilution from recent financing but long-term positive developments.
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@Newton Interesting to note similar developments at $BBI and $PPY with financings and acquisitions in the Montney.
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@marketwired Blackbird Energy Inc. Announces Release of Second Quarter 2017 Financial and Operating Results @marketwired/blackbird-energy-inc-announces-release-of-second-quarter $BBI
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from #newsroom,
SEDI_bot Blackbird Energy Inc. $BBI just filed 4 reports. View full report: SEDI:BBI
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from #insiders,
SEDI_bot Blackbird Energy Inc. $BBI just filed 2 reports. View full report: SEDI:BBI
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@racker B for Blackbird... Several Blackbird Energy $BBI insiders buy: SEDI:BBI
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@KevinS Pulled the trigger on another nibble. Been basing for last couple of weeks and now insider buying. Anyone else bullish?
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@Sherri Yes me
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@ourrug Not $BBI @AldenTyrell, i know he liked it not that long ago
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@ChrisCringle @KevinS Yes, I'mp retty bullish on $BBI and if I'm not mistaken #katusa is also promoting the stock again these days... I've been a shareholder for some time now, and bought some more yesterday and today
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from @kevins,
SEDI_bot Blackbird Energy Inc. $BBI just filed 1 reports. View full report: SEDI:BBI
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@KevinS @chriscringle Yea katusa plugging it again. I've been in since 0.30. Hopefully it will work out a good one
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@racker Two Blackbird Energy $BBI insiders buy: SEDI:BBI
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from #index,
SEDI_bot Blackbird Energy Inc. $BBI just filed 1 reports. View full report: SEDI:BBI
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@Vaughan $BBI @T
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@Vaughan Just a guess though, he has been on $BBI for a while.
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@RocketRed $BBI for what they produce and OS share count = overvalued bigtime
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@ChrisCringle @RocketRed Do you think $BBI is overvalued when looking at their newly updated reserves? If I'm not mistaken they have a very innovative technology that makes them do new installments dirt-cheap and fast compared to their peers...
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SEDI_bot Blackbird Energy Inc. $BBI just filed 2 reports. View full report: SEDI:BBI
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from #insiders,
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@ojfriesen does anyone have L2?
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@marketwired Blackbird Energy Inc. Provides Operations Update Regarding Its Previous Completion Programs, Its Planned Capital Program at Pipestone and the Roll-Out of Stage Completions @marketwired/blackbird-energy-inc-provides-operations-update-regarding $BBI #news/energy
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@DJS $BBI issued an absolutely terrible new release today -- so typical for a Friday before a long weekend. How I hate companies that play that game! I wonder how long they have been sitting on this news waiting for the long weekend to PR it. This is particularly bad since they touted Stage as the next big thing in frack completions and bought 10% of the company. Frankly, I'm surprised it's only down 11% and am sure it's heading lower after shareholders who have missed it today catch on over the weekend or early next week.
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@chatyak It will be going up long term I'm sure. More to the story than just an early gen metal piece seizing
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@kevinARS $BBI long long way to go lets see where the company is in 12 months
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@CriticalInvestor #Katusa touted this one big time again recently and came with claims like refunding his subscription fee if it didn't go up substantially in a year from April 2017, so my guess is he will organize more buying by funds or acquire assets to get the promised price action. Or lose a fair bit of credibility
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@Gonest I heard Rick Rule said that the company is very well managed.
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@kevinARS Garth Braun is first rate.
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@ilmunite There are very interesting things on about this company. The news was just terrible not just causing delays near term, but also bringing questions about the Stage's new technology. Yesterday's market action just could be the proof that there may be a lot of pumping going on. 10m shares were dumped at the open. Yet it closed the day only 10% down. Considering much success has already been priced in it will be interesting to see the price action next week.
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@DJS I think $BBI has historically been a well-managed company, so from that perspective I agree with Rick. It grew from ~$30M to over $400M market cap as a WCSB-based play while many others struggled, including more than a few who went tits-up. But I read this release as a harbinger of uncertain and likely quite stormy waters ahead, and if that's the case why would I want to own $BBI at its current $330M MC when I can get similar WCSB wet gas exposure through (for example) $PPY with a $880M MC. Those who know both companies know that $PPY's management team takes a back seat to no one in the industry (Rick would agree with that statement) and it has a balance sheet and a set of properties which alone more than make up for the delta in MCs. I would also rather own $LXE which is extremely well run and with a $430M MC it is a closer "peer" to $BBI.
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@DJS Remember, there is never just one cockroach and your first loss is your best loss. I learned that lesson the hard way on Open Range / Poseidon, another major Katusa pump.
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@ilmenite @DJS Would you mind sharing what was the case with his Poseidon call? It might be a relevant and valuable lesson for the people who are not familiar with #Katusa and his speculation style.
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@DJS To be clear, I'm not suggesting in the least that $BBI is another Poseidon or even close, but I do believe that you need to be extremely careful owning any company that Katusa is heavily involved in and promoting.
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@DJS Sure, but it requires telling a bit of a story for those not familiar with it. I'll try to keep it as brief as possible but that will be hard. Poseidon (originally called Open Range) was a Canadian company that provided on-site water storage facilities to O&G exploration companies for their well fracking operations. It had shot up from a few dimes to around $8.00 over a couple of years, and had expanded its operations into the US. Katusa was a major promoter (through Casey Energy Report which he ran/edited at the time), and to be fair at least a couple of other O&G newsletter writers were also promoting it, including Keith Schaefer (who I respect). Toward the end of 2012, Poseidon reported out of the blue that it was unable to account for a fairly big portion of its receivables, particularly those payable to its US subsidiary, and advised shareholders that it was looking into the matter and would update the market when it had a better idea of what was happening. Of course, the stock dropped significantly after that news – if I recall correctly it fell from about $7.00 pre-release to under $4.00 the next day and then continued to drift lower. About a couple of days after the first press release, as a Casey Energy subscriber I got a bulletin from Katusa stating that he had complete confidence in Poseidon and its management, that there might be some minor accounting issues at Poseidon but the market reaction was way overblown, and that – I'll never forget these exact words – "we have done our due diligence". He reiterated his Buy recommendation and in effect advised doubling down. I acted on that advice and bought more. Then, two or three days later, Poseidon issued another press release advising that it suspected that the accounting irregularities might involve fraudulent book entries on the part of some of its executives, and that it was forming a special committee to investigate. The stock then fell hard again and personally I hit the bid around $1.50. The next day, Katusa sent out another bulletin stating that "this has been a complete disaster" and advising his subscribers to sell. To fast forward from there, within a few weeks the special committee confirmed the fraud and Poseidon was worthless. $BBI
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@DJS This was an expensive lesson personally and caused me to cancel my Casey membership and stop trusting or listening to Katusa. I wrote an email to Katusa through Casey Research asking him how he could use the words "we have done our due diligence" and then turn around no more than three days later with a sell recommendation saying that it was "a complete disaster". I requested a reply but, not surprisingly, I never got one. By comparison, Keith Schaefer advised his readers to sell early, held on longer himself (in part to avoid competing with them), and ended up losing about $400K personally when he was finally able to sell. $BBI
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@DJS To be clear, I'm not suggesting in the least that $BBI is another Poseidon or even close, but I do believe that you need to be extremely careful owning any company that Katusa is heavily involved in and promoting. I don't know that Katusa was selling into his "double down" recommendation, but I have my suspicions. What is beyond dispute, however, is that on Poseidon he was either deceitful or incredibly incompetent (or both).
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@ilmenite @DJS Thanks for sharing the story. Indeed valuable lessons. Although this has no correlation to his speculation thesis with $BBI, if history is any indication then his email to the subscribers encouraging them to buy more of $BBI after the news should also be taken with a grain of salt.
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@Rulingmining @DJS Fraud is a tricky thing to discover even if you do due diligence or audit something. It's kind of a special situation. Katusa obviously owns BBI. Not sure if they also pay him. That would be a massive conflict for Katusa so I suspect BBI is not paying him to promote. He probably just got fooled with Poseidon like everyone else.
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@DJS @Rulingmining That's definitely possible, but given the nature of the issue (accounting "irregularities"), as a newsletter writer it is beyond irresponsible in my opinion to reassure your subscribers that all is well when you don't in fact know that it is, particularly when you use the words "we have done our due diligence". If there were ever words designed to reassure a readership that you are on top of a situation and to encourage them to buy more, those are them. That said, I'm a professional and should have known better. I promise you that if I'm pointing a finger at Katusa, I'm pointing several at myself.
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@Rulingmining @DJS Can't argue with that.
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@CriticalInvestor @DJS He probably meant to say that the fundamentals were still intact, how could he know of those fraudulent figures. If you can't trust accounting anymore, any company becomes a huge risk so he was probably reassured by the company at the time as well. Couldn't say outright he was deceitful or incompetent based on this, although he has a reputation
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@Rulingmining It is a high number of Katusa picks. $NDM, $AKG, and don't forget the recent issues with $BBI. Kind of an unusual coincidence of events over a very small population of picks.
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@racker Unprecedented. Just got an email from Vancouver hedge fund Vertex One promoting a presentation from energy junior, Blackbird $BBI, the second largest holding in Vertex's value fund. https://www.vertexone.com/2017/06/webcast-live-with-black-bird-energy-ceo-garth-braun.html "Blackbird Energy is in the investing sweet spot: showing compelling value and growth potential while managed by a best-in-class CEO. Unlike passive ETFs, we can choose to own companies like Blackbird in our portfolio over index constituents. Listening to the Garth's presentation, we think you'll agree it's to the benefit of investors."
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@RocketRed $BBI Shares issued 744,973,677 not even sure why it trades at .395 cents lots of #hope I guess
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@nobshere another everhang $BBI  Things keep going like this come soon we have massive rollbacks ..In all my years I have NEVER seen a sht show like this before Way too many people not doing what they should WORK and produce something
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@CriticalInvestor I sold off everything today, don't see oil going up soon either which could give some support
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@fb Not trying to make a prediction, but there are so much headwind and next support is at 0.30 cents. There is a lot of premium baked into the current price. #Overpumped Goodluck to shareholders..
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