Why would SER have a report written up about there company and give it a valuation

Teton have made an offer but was turned down according to the AGM

Read notes here, a short snippet taken from someone who went to the AGM read the last Paragraph

English Bigblls - 8 May'06 - 19:01 - 3 of 15471

Notes from the AGM
------------------------------

Production:
- All wells back online, current production about 180bpd
- surface equipment upgraded by adding more tanks which cost $40,000 each. They now have the capacity for a lot more production (no exact rates given)
- next step is to link up a pipeline to Tapia which will cost around $400,000 but should remove the need for any more surface tanks and allow much higher increases in production

Current trading:
- Profitable and cash-flow positive
- Weren't intending to issue a trading statement before the interims but after several people asked for one it looks like they may be going to do one.
- Interims will be out end of September / early October

Funding:
- Looking at debt financing first, banks are coming to them, someone offered them $10M a while ago but consider that too much at this time.
- Possibly going to get a JV partner later whereby an other company (maybe Teton, or other similar co's) will take a % of Tapia for X million and pay their way.
- Don't expect any institutions to buy in until the interims

- Karl Arleth had to leave because his company (Teton) made an offer for the company but they turned him down.

Now read this report, it has not been published as yet, Why??? has the company asked to have it valued for sales purposes... does sound that way to me, also there has been a lot of activity in the shares of late, before it was a dead dog.. stinks of a take over

http://www.hardmanandco.com/Research/Sefton_June_2006.pdf

afternoon all
You maybe correct potatohead somethings going on at the moment but precisely what i don't know but am hanging in there
thanks keith

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Author opthalmist View Profile | Add to favourites | Ignore
Date posted Monday 18:41
Subject My notes on the AGM
Opinion Strong BUY
Recommendations This message has been recommended 16 times
Message
(from memory so may be a bit sketchy).

The first thing I will say is people selling this or deramping this now are f*cking stupid!

Production:
- All wells back online, current production about 180bpd
- surface equipment upgraded by adding more tanks which cost $40,000 each. They now have the capacity for a lot more production (no exact rates given)
- next step is to link up a pipeline to Tapia which will cost around $400,000 but should remove the need for any more surface tanks and allow much higher increases

in production

Current trading:
- Profitable and cash-flow positive
- Weren't intending to issue a trading statement before the interims but after several people asked for one it looks like they may be going to do one.
- Interims will be out end of September / early October

Funding:
- Looking at debt financing first, banks are coming to them, someone offered them $10M a while ago but consider that too much at this time.
- Possibly going to get a JV partner later whereby an other company (maybe Teton, or other similar co's) will take a % of Tapia for X million and pay their way.
- Don't expect any institutions to buy in until the interims

- Karl Arleth had to leave because his company (Teton) made an offer for the company but they turned him down.

Overall I was very impressed with the Directors. JE, JDM and GD were there. GD stayed true to form and stayed absolutely silent throughout. JE was every bit the oil

man and was obviously an expert on his subject, at one point he stated something like "I just want to drill drill drill"! JDM came across as extremely savvy and

experienced about financial matters and the markets as you would expect.

Basically they know everything about the overhang and what's going on with the spread and share-price. Various brokers (we know who) are still offloading stock into

the market, but JDM said they did think this would come to an end very soon.

Reason for consolidation is to get it out of the sub-1p zone, JDM lamented there were too many "punters" (short-term 'traders') attracted to the stock and this is

because of the sub-1p price, and he thinks this issue will be greatly improved by the consolidation. He also expects the spread to improve, because nobody cares

about what goes on with sub-1p shareprices but once they are around 10p+ people take a lot more notice.
Also, institutions will generally not touch anything with sub-1p price and under 10M m.cap.

They are having a meeting about financing this week or next to decide on the various options.
They stressed they see no point in further dilution at this point so it will be debt/JV.
They will have no problem at raising debt secured on their assets at around 8-9% interest, and they should pay them back within 12 months.

CAZA case:

Is between Sefton and CAZA (no insurers involved now). They are only waiting on a judges final decision about which way it will go (depends on arguments over the

wording of the original contract). If it goes to CAZA, Sefton will have to pay $150,000 which they have put aside. If it goes to Sefton, they will most likely be settling

out-of-court. They will be claiming drilling costs of around $700k plus lost profits / damages for the large dilution they had to go through.
It sounds like they expect it will go Sefton's way.
Also they did say they might consider a settlement whereby CAZA drill a certain number of wells for them, and stressed that there were no fears about safety etc now

as the California government energy department was closely monitoring them and making sure all contractors are certified and fully trained etc.

CBM:

They basically said everything is set up and waiting to go - acreage, pipelines, equipment, for initial production. They are just waiting for the right time / cash position.

Re: Tapia drilling:

They are taking it in turns with 4 or 5 other companies who are collectively drilling around 30 wells, hard to estimate when exactly it will be Sefton's turn, but

expecting 'Autumn' and definitely this year.

They said they will be making the most of it when they have got it, and i'm pretty sure they said they will drill 5-6 new wells not 2.

In summary, very impressive AGM, where the directors answered a lot of tough questions very well and in great detail from sharesholders.

I won't be selling any of these for a long time to come.

Hi again potatohead
nor me can't fault on your summery of ser it's a case being Patient at the moment
( at the moment we seem to be all over the place with different threads )
thanks keith

this one is more accurate

it does look like this one is getting ignored.. its a shame as it looks pretty certain thats where we are heading 3.5p takeover

Well we need some good new's soon from the company to support the s/p am sure they must be aware of this A company producing oil and future production levels set to increase it's just a matter of time before this one bear's some fruit. DYOR

keith

only two people posting.. this is a sad case, such a bargain, and no one has clocked on, anyone see the large buys at close, sources say teton are buying...
;-)

good luck seftoners

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Teton Energy to Join Russell Microcap Index
DENVER, July 13 /PRNewswire-FirstCall/ -- Teton Energy Corporation (Amex: TEC), an independent oil and gas exploration and production company with operations in the U.S. Rocky Mountain region, today announced that it has become part of the Russell Microcap Index, a Russell Investment Group family of U.S. indexes, according to the final membership list posted on June 30, 2006 on http://www.russell.com.

(Logo: http://www.newscom.com/cgi-bin/prnh/20051007/LAF054LOGO)

The Russell Microcap Index includes the smallest 1,000 securities in the small-cap Russell 2000(R) Index plus the next smallest 1,000 securities. Metrics used by the Russell index to determine membership includes, but is not limited to, market capitalization and style attributes such as, growth, value or in some cases growth and value.

"We are pleased to be included in the Russell Microcap Index," said Karl Arleth, CEO and President of Teton Energy. "Being a member of an index such as this will enable Teton to become more broadly recognized within the investment community."

Russell's U.S. indexes have been the most widely used set of performance benchmarks for institutional investment products since 2003, and the gap continues to widen. As of May 2005, Russell held an industry-leading 52% share of the institutional market for benchmark usage.

About Teton Energy Corporation

Denver-based Teton Energy Corporation is an independent oil and gas exploration and production company with operations in the Rocky Mountain region of the U.S. The Company's common stock trades as TEC on the American Stock Exchange. More information about the Company is available on the Company's website, www.teton-energy.com.

Forward-Looking Statements

This news release may contain certain forward-looking statements, including declarations regarding Teton and its subsidiary's expectations, intentions, strategies and beliefs regarding the future within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements contained herein are based upon information available to Teton's management as at the date hereof and actual results may vary based upon future events, both within and without the control of the Teton's management, including risks and uncertainties that could cause actual results to differ materially including, among other things, the impact that additional acquisitions may have on the company and its capital structure, exploration results, market conditions, oil and gas price volatility, uncertainties inherent in oil and gas production operations and estimating reserves, unexpected future capital expenditures, competition, governmental regulations and other factors discussed in the Company's Annual Report on Form 10-K for the year ended December 31, 2005 filed with the Securities and Exchange Commission. More information about potential factors that could affect the Company's operating and financial results is included in Teton's annual report on Form 10-K for the year ended December 31, 2005. Teton's disclosure reports are on file at the Securities and Exchange Commission and can be viewed on Teton's website at www.teton-energy.com. Copies are available without charge, upon request from the Company.


SOURCE Teton Energy Corporation
CONTACT:
Gillian Kane of Teton Energy Corporation,
+1-303-565-4600, ext. 101, gkane@teton-energy.com.
Web site: http://www.russell.com
http://www.teton-energy.com
(TEC)

You should call this thread the speculative thread!! I must say though its not badly written but come on reading posts above it you believe that then you'd fall for just about anything.

you obviously not read the thread properly, and not read the hardman report and the hint at the agm of "we have had an offer for the company and turned it down", he didnt say "We had an offer for the company and we are not interested" if the SER directors were not interested at all why bother mentioning it at the AGM

thats very important to note

I'm sure your aware that any reasonable offer for the company would be put to the shareholders for vote. If you agree then the chairman would be very stupid to make a statement saying or even implying that offers for the company wouldn't be considered. Lets face facts here, should a decent offer be made then of course SER would be sold. How much Teton Energy Corporation have to offer is another mater. If you read the Hardman report which suggests the current sp is very cheap I'd imagine that offers of 1.6 or less would be automatically rejected by the board. Finally on the other hand Teton would do well on their own sp if the markets gets wind and believes an aquisition is coming!!

Like i said, if the company is not for sale why mention the offer in the first place at the AGM

you obviously not read the thread properly, and not read the hardman report and the hint at the agm of "we have had an offer for the company and turned it down", he didnt say "We had an offer for the company and we are not interested" if the SER directors were not interested at all why bother mentioning it at the AGM

thats very important to note

taken from another thread

Re: Takeover afoot
opthalmist


The True Jedi - you did not go to the AGM either - you have picked up on a few sentences from what other people have said ie me.

But yes, you're correct - JE definitely did say Karl Arleth CEO of Teton had to leave his post at Sefton because he (as CEO of Teton) made an offer for the company, which they turned down as they considered it "ridiculously low" (his words).

if there was ever a time to buy today is it, USA stocks will push is north this afternoon

Buy or JV Chz1598 9
There will be an announcement either before or on consolidation day, I have confirmation of that, whether the doubting Thomas's believe that or not. And this is not price sensitive as I have only an aproximate date and no details. However, logically it can only be good news, either take over offer confirmation or JV. If a take-over, the price will have to be in relation to the Hardman report, which regardless what some have tried to imply, that Sefton commissioned it so it was worded as they wanted, is a totally independent report based on research by Hardman. The recent Chaco Resources Hardman Report proves independence, they hardly did much to help the sgare price there!!!

If a JV, the price will also begin heading seriously North as this will be the start of CBM recovery which Hardman report could eclipse the oil revenue.

When we see a NAV of 3.4 without CBM, I can only guess what it will be if Sefton remain in control of the company and start producing CBM. They are in an area considered one of the most prolific for this gas and would, with the cash/equipment from a JV, be pumping to consumers very quickly as everything is already in place ready for the delivery.

Speculation about the SP being held back does have its merits. There's no doubt that the company is either absolutely incompetent with regards to market reaction to news or are purposely not promoting themselves for other reasons.

When you think that the Hardman report was only discovered because a few investors were lucky enough to get emailed, that the AGM statement had no update, that the house broker is doing nothing to help the SP even though it is aware of the turnaround, then logic dictates the company do not want the SP to move too far.

Why? Well, there can only be a few reasons other than they are all going senile. Management buy-out? Unlikely, no need for the Hardman Report, they could have done that at .300, and we already know that the board are getting on in years and looking to retire.

A joint venture or sale would require a deal agreed at a set price and this WOULD mean ensuring that this was not exceeded at the time of agreement. If a deal was agreed at 2p for example and we rocketed on news, it would be likely we would exceed the offer, which would not be acceptable to shareholders to sell for less.

Expect a major, share-price moving announcement at or around the consolidation day!

good afternoon potatohead
At the moment while the bid dropped the offer has not and quite a large spread could it be a large buy or sell

spoke too soon on the offer , but like your post potatohead piece by piece the jigsaw is coming together

thanks Keith

have you noted also we get sell offs in the morning and then someone buys it all up in the afternoon, clearly its to do with the USA, it has been like that for a couple of weeks now.. Teton def buying up stock on the cheap

seymore pierce, mergers and aquisistions

They are the house broker i think so they would be one of the first in the know maybe to start advising their clients

Keith