Bought into IVE this morning, purely on speculation only... small time though. Don't know much about them though ! in for a penny in for a pound and all that.
Got out of TPG (dead loss and falling away fast)

Not worth selling as my small batch of shares are not worth much now..
So will hang on and hope for the best..

Wonderful share tip this one.....lucky for me : I bailed out.....for share tips the best thing is to follow some of the bloggers on here......they will not get it right everytime but there is a heck of a lot of experience and good comments on MoneyAM !, tiddlers have taken a beating this year.....for the oil and gas : best to buy those producing or are very near production !.

Don't do what I did with EO. and hope for a rebound with this one !.

Very to the point required field.

I agree, and this one will end up with far too much paper in the end.

my 800 now worth 137. will wait a few to see if any bounce. sold my AIMR too quick following bad news.
Alex
:(

john50 and kuzemko,

Shame about those newspaper reporters, they had probably only just left school.

Added a few over sold IMO.

so what have IVE said today.....

1)3D and operational costs have gone over budget?
how much over. have they not agreed this before hand and why were they not noticed before they were incurred?...... Is it down to the operator? Is it down to Irvines management? someone is to blame and who?

2)Gasrock have held the facility back until Irvine 'shape up'...

from the RNS 'This is likely to involve varying the terms of the facility and result in an increase in the production override payable by the Company to GasRock'

So Gasrock are willing to deal with Irvine but want more royalties as production isnt as anticipated. From the above it looks as though it could be virtually agreed as Irvine are already aware that Gasrock will require more royalites so the conversation has been had and its the terms that need ammending.

3)from the RNS 'As a consequence of these circumstances, the Company may need to raise additional finance and the directors are considering all options
including and not limited to, equity or debt finance, further asset sales or a strategic investment'.

If it is purely related to the 3D siesmic and operational costs, a placing could occur. Again what are these operational costs? where have they came from? didn't the $50 million finance cover this?

4)'equity or debt finance/strategic finance', although not ruled out, why is it mentioned? are they being precausious incase they didn't get the $50 millino facility back? - the directors are considering all option INCASE? although to me subject to agreeing to give more money to GasRock, we should be ok.

5)Coal Bed Methane. Reserves show there is an asset there. What is the impact on the SP (all other things being normal) that this would have?

6)Asset sales - 'The Company is in discussion with a number of parties regarding potential asset disposals' - Irvine do have attractive assets in some good locations. Out of the number of people in talks, one may make an offer, even a dirty one, IVE will take it, get some money in the bank, pay over run costs and continue with business as usual (subject to 1 less asset)

Operations

7)Jones 1-5H has been hooked up and ready to record sales - imminent - if good, another asset is producing and value can start to be realised.

8)Priegel 3-10 - Producing 2 BOPD, not 12. We need more info as to what is happening here and why the figure has decreased. Plans for field development are underway so its still in progress.

9)'In Kansas, the Ayres 1-20 well is currently shut-in waiting on completion of a tank battery, upon which oil sales will commence' another asset about to produce imminently. although at what amounts.

10)Kansas Rock wells - Mr close said they should produce 35-100+ barrels per well, a plan from what I remember is being drawn to increase this and bring in pumps. Why was a figure of 35-100+ given without further evidence it is true?

11)Naibrara - producing but had problems, again rates are not known and why? have these problems settled?

12)'The Udal 3D seismic shoot is currently being processed and the Ayres 3D shoot is currently being mapped for additional Bartlesville locations'. Both suggest the locations being looked at make IVE feel confident they will continue to be in business as normal and they have located targets to expand therefore confident the Gasrock Facility will come back.

So what do I conclude from all the above. Today was a shock, following the interims and I qoute 'Finally, I'd like to thank all those involved in these efforts and our shareholders for their support. I look forward to a bright future for Irvine Energy'. Doug Manner, Chairman, 29 September 2007.

Did he not know about the problems in the pipeline and if not why not? isn't he suppossed to be on top of things? why wasn't he, an answer should be required by shareholders, its not acceptable.

Other questions I have would be why are shareholders not being given production rates? is it becuase of days like today? why and when are we going to have production rates for Niabrara? why were we told in the interims etc that Ive expect production rates and income to increase? where did they get this information? was it plucked out of the air? or based on results we have yet to see?

The problem is we have a lot of assets, a great deal of potential, the facility will come back I am sure based on what they mentioned above regarding better royalty terms. Gasrock have spent on IVE and want that back. Why have IVE always over promised and under delivered? Is that why Mr Close went? it would make sense now why he was asked to leave. why else would he be asked to go? IVE did the right thing to get rid of him. I feel Michael Frayne is a man out to do business, was all of this noticed and now was forced to come out in the open? after all, MF and Co, didn't over promise with Preigle they said 12 BOPD, 2 is less but not really a great deal different compared to Mr Close with 35-100+ and it turns out to be piddle.

Irvine, you have over promised and under delivered. If you read this board, I hope you take heed of what I am saying. We have been loyal for a long time now and have invested money some cannot afford to lose from what I have seen. We no longer want possible production figures pulled out of the sky, we want real figures and for assets such as Niabrara we want them now. We want to know about Ayres Figures, we are investors and want to know what we invest in. We want action now.

I feel that in light of todays events, some of it seems to be very bad for the management to say heres to a bright future with lots of increased production and then to say nothing more on the subject. we no longer want RNS's to say more news in coming weeks, which turns into months, we want better/more realistic timetables otherwise do not give them. we want those responsible to be held accountable. They shouldn't be allowed to give us pipe talk and the facts turn out different and we want EVO to be banished for good as they talk up a good story yet come out as the house broker in an unprofessional way and say it is a major blow to IVE. That is not very professional of a company you pay monies to.

In the end, we have all been shocked by todays events but I am sure the funding issues will get sorted. Again, we have good assets, shale on the books possibly now, we just dont want anymore bullshit, no more made up figures, we want facts, figures, presented and an answer as to why Doug Manner said the future is bright, 4 weeks ago.

I am sure it will all sort itself out. I will buy more when I can, I hope and think that no Mr Close is gone (scapegoat or not) we can move forward but deserve better treatment along the way. I have a feeling we will now get this from Michael Frayne.

Its anyone choice to invest or not. Many invested on Mr Closes lies. MF, DM and Co. It's upto you to make us remember why we invested in Irvine once more.

I am sure things will sort themselves out and I have this as a buy in my books. Our assets are worth more than the SP alone. Time for action jackson.

Good luck to us all.

Great post fatgreek.

Good luck.

thanks....

also looks like I am not the only one to say finance is going to be renogiated and stay on track......

Irvine Energy crashes as partner pulls funding
Tue 11 Nov 2008

IVE - Irvine Energy

Latest Prices
Name Price %
Irvine Energy 0.60p -58.62%

FTSE AIM All-Share 452 -2.42%
Oil & Gas Producers 6,719 -5.00%

LONDON (SHARECAST) - US-focused oil and gas explorer Irvine Energy lost two-thirds of its value as it warned cost over-runs in Kansas have prompted partner GasRock to suspend funding until the problems are sorted out.

Terms of the funding deal with GasRock are likely to be renegotiated, Irvine added, with an increase in the production override payable by the company to GasRock.

The company currently intends to fund the additional expenses out of a non-core asset disposal programme. However, the timing and consideration of these disposals is dependent on market conditions.

As a consequence of these circumstances, Irvine may need to raise additional finance and the directors are considering all options.

http://www.sharecast.com/cgi-bin/sharecast/story.cgi?story_id=2449847

I REPEAT 'Terms of the funding deal with GasRock are likely to be renegotiated, Irvine added, with an increase in the production override payable by the company to GasRock'.

poo bear - 11 Nov 2008 14:42 - 386 of 391
john50 and kuzemko,

Shame about those newspaper reporters, they had probably only just left school.

And where does that leave EVO still in primary school.

GasRock were looking for any excuse whatsoever to pull the plug on their funding arrangement given the state of the current market.

IVE budget overrun is a minimal issue and gave GasRock excuse they needed to get out.

IVe still have oil producers.

Main issue as far as i can see is that oil prices are falling which will put pressure on marginal operators.

IVE's best chance for survival (over next 6 to 12 months) is to get wells into production and earn revenue. Cash is king in the current climate. No wonder the previous director left.

I'm in for the distance...

I'm in for the distance too however, I thought getting wells into production and earning revenues from these is what they should have completed already! They obviously lost their focus somewhere along the way...

EVO have their own agenda john and as experience shows it may not coincide with yours.

small bounce as hoped. i am not selling as still believe this to be a long term play.[though may take a bit longer now!!]
Alex

poo bear. Do you own shares in ive or are you here because you enjoy seeing people lose money.

School kids are at it again

http://business.timesonline.co.uk/tol/business/markets/article5134426.ece

a lot will depend on how long it takes to sort out the terms.

john don't be childish, I can post anywhere I want and no I don't like people loosing money which is why I posted what I did.

I did because it was clear people were about to loose money.

If you took no notice, (and why should you, after all I am only another poster on a BB), bad luck, I seem to recall you dismissed my comment out of hand in the first instance.

You can be as bitter and twisted as you like, I don't give a stuff, I tried.

I am sure you recall those nice graphs showing the declining price of gas and the advice to do your own research?

Now as to what you do next?

Well thats up to you and good luck with your investment.