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Post by gonfish on Mar 31, 2015 5:01:52 GMT -7
Propfrac, we were led to believe that Gasfrac was working at or near capacity in Q4 and Q1. Is this true?
Hope you and others find employment and do well.
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Gasfrac!
Mar 31, 2015 6:56:43 GMT -7
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Post by propfrac on Mar 31, 2015 6:56:43 GMT -7
Ya it was the busiest it's been in the last few years, we thought it was something that would keep the company going. Lots of American work, they are very interested down there in waterless fracturing
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Gasfrac!
Mar 31, 2015 16:26:41 GMT -7
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Post by 2500hhp on Mar 31, 2015 16:26:41 GMT -7
Hi, I frequent the forum pretty regularly. US employee of GasFrac, until today. Not sure what went wrong. No major operational upsets, happy customers, work on the books! It's a shame.
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Post by oilfieldworker on Mar 31, 2015 19:21:13 GMT -7
Money was made the last two quarters with majority of work being completed in US for Blackbrush and EOG in Texas, Enervest and Chesapeake in Ohio, Harding and Shelton in Michigan, Fidelity in Utah. There was some work in Canada, but not much. EOG, Blackbrush and Fidelity all had additional work to do. Operations were performing well. Gasfrac was actually booking a backlog of work. Many people were calling about refrack opportunities.
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Post by charbsey on Mar 31, 2015 19:30:50 GMT -7
hey , where is snordd lol
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Post by snortdd on Apr 1, 2015 5:30:39 GMT -7
hey , where is snordd lol Hey, Charbsey. I've been busy licking my wounds, scratching my head, repeatedly kicking my own butt, whipping myself with chains, suffering the wrath and shaming of my spouse, downgrading my future living standard expectations, selling my possessions, shopping for a used camper to reside in, and resolving to never fall in love with a stock or ever average down again. My dog doesn't even look at me anymore. (Gave up trying to read the SISP 'tea leaves', speculate on what might be happening with Calfrac/Balkany, et al, or have any sort of positive constructive thoughts about anything in life at all. lol) Otherwise, I wait like all the rest here, but expect nothing but betrayal and abandonment of us devoted investors- in the end.
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Post by chip6a on Apr 1, 2015 6:00:15 GMT -7
AMEN Snordd couldn't have said it any better, hit the nail on the head. I still say are only and I say ONLY HOPE is Julien Balkany. He is a human just like us and he bleeds the same maybe a little more I mean I lot more. I put my faith in him. I believe he just might pull a Rabbit out of his hat or maybe an Easter Bunny.
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Gasfrac!
Apr 1, 2015 7:00:23 GMT -7
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Post by 2500hhp on Apr 1, 2015 7:00:23 GMT -7
AMEN Snordd couldn't have said it any better, hit the nail on the head. I still say are only and I say ONLY HOPE is Julien Balkany. He is a human just like us and he bleeds the same maybe a little more I mean I lot more. I put my faith in him. I believe he just might pull a Rabbit out of his hat or maybe an Easter Bunny. Shareholders were discussed yesterday as a few employees had stock in the company. Once the bank and the secured creditors were paid, there is not enough money left over to move down the list and pay shareholders. Straight from the horses mouth, SOL.
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Post by chip6a on Apr 1, 2015 7:31:28 GMT -7
Well 2500hhp if that is what you heard can't argue with that then we maybe _ _ _ _ ed if you know what I mean. I still can't believe Julien is going to be out 6M in a 6 month investment. Maybe we're not getting any money but something else might pop out of the hat let's just wait and HOPE. Still haven't told my wife how much they got me for.
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Gasfrac!
Apr 1, 2015 7:43:42 GMT -7
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Post by 2500hhp on Apr 1, 2015 7:43:42 GMT -7
Take it to the grave chip! Another interesting tidbit of info on the CalFrac thing, no hope there. Not even false hope. Putting assets into the "shell" of GasFrac to report a major loss this year. Sneaky sneaky.
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Post by chip6a on Apr 1, 2015 8:59:26 GMT -7
This whole thing has been sneaky sneaky. IT IS A SHAME
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Gasfrac!
Apr 1, 2015 10:57:11 GMT -7
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Post by 2500hhp on Apr 1, 2015 10:57:11 GMT -7
Yes sir it is. The worst part (not saying your losses aren't horrible) is how many people this put out of a job. With the way the industry is right now, it's next to impossible to find a job.
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Post by chip6a on Apr 1, 2015 11:34:39 GMT -7
2500hhp
Been here since 2011 from the day I invested the thing has gone down hill I could never get back to even, bought in at $13 and averaged down ever since last buy was at $.15. I should have smelled a rat years ago but the Technology kept me buying. Then when Julien Balkany bought in I thought we would be off to the races. It still was going down hill at that point. Word of advice remember the old saying "Don't put all your eggs in one basket" I did and I got BURNT Big time. But no matter how bad you think you got it someone else has got it worst (poor people that loss jobs). They had to see this coming, Poor Management took this thing to Ruins.
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Post by dipstick on Apr 1, 2015 12:10:00 GMT -7
sorry for the gasfrac employees for losing their jobs at a worse time. The website still shows career job postings in Canada and US dating back to mid 2014. The web administrator saw he won't get paid and gave up!! I too am puzzled. How did it come to this. Market-needed technology, generally positive press, few thousand successful fracks, based in Calgary-- oil town. Despite the BOD and activist investors and peering eyes of the analysts, the stock glided down steadily to zero. Now, will the company dissolve or what?
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Gasfrac!
Apr 1, 2015 15:25:07 GMT -7
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Post by 2500hhp on Apr 1, 2015 15:25:07 GMT -7
To my understanding, the GasFrac name will exist for a short time then be absorbed by CalFrac.
It sounds like the company was doomed the day we went public. Management jumped the gun on equipment builds once investors were on board. Demand was there but there was way too much equipment sitting idle not generating revenue.
However in the months prior to Floresville shutting down, we had every pump on the yard catching jobs and 99% of our N2 equipment was working. We did 3 Vantage jobs in 2 years after rolling out the hybrid frac. 2013 was STEADY from feb-November. 2014 the same beginning in April.
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