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Gasfrac!
Apr 1, 2015 19:15:06 GMT -7
via mobile
Post by propfrac on Apr 1, 2015 19:15:06 GMT -7
Totally agree, the hybrid frac was the next big thing along with the high Reid vapor blender. Chesapeake seemed happy with the Vantage as well
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Post by oilfieldworker on Apr 1, 2015 20:34:57 GMT -7
The failure of this company was in the management. There was absolutely no diversity in management or the BOD and the BOD was too chummy with management and didn't have the balls or competence to remove the executives who were dragging the company down. Many people have a negative opinion of Zeringue, but he is responsible for the rollout of the hybrid system that honestly saved the company at the time. From the day he was hired the board fought him on a lot of changes he wanted to make because of these relationships and that is ultimately what got him fired. There was semi steady work up until April 2013 then it basically stopped until mid 2014 which is reflected in the quarterly numbers. Canada was struggling already at that time and then beginning of 2013 the whole sales group in Houston was fired and there were very few jobs after that until mid 2014. At that time the BOD had been switched and some personnel and management changes had been made. Management never really understood how to market their product or how to integrate it in to customers operations as seamlessly as possible. I heard some of the customers said they didn't do more work with Gasfrac because it was too much of a headache to work with us. However the last 5 or 6 months we did make some changes in the operations that made some customers happy. From what I hear, Gasfrac wasn't well thought of in Calgary due to previous management groups within the company and it caught up with them. The sales guys in Houston were starting to fill up our schedule in the US.
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Post by charbsey on Apr 2, 2015 8:13:55 GMT -7
Calfrac and Step are not buying management. the court will find any wrong doing, if your saying management and the BOD did not do their due diligence ...
Someone will have to answer for what happen, charge can be laid and class action law suite will follow
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Post by chip6a on Apr 2, 2015 8:29:15 GMT -7
Your right Charbsey but guess who will make out there the Lawyers and again we will get screwed so either way we get nothing. But we still have hope all is not dead till the fat lady sings.
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Post by zukicow67 on Apr 2, 2015 10:28:50 GMT -7
Just reading through the "Sixth Report of the Monitor" and Lori Hill's March 23 affidavit: says that Calfrac's offer is for the "continuation of Business, operations and assets and the restructuring of certain of GESI's subsidiaries and shareholders" - can anyone explain what this means in regards to "certain subs and shareholders".
And 17. c) of the 6th report: "satisfy its continuing obligations to remaining employees, certain key... blah, blah, blah".
#10 in the affidavit: "it would increase the recoveries available to the unsecured subordinate debenture holders" - why do they get something and not the shareholders?
Rumor in Red Deer is everyone was released except about 8 field guys who will employed for about 3 months..., the "equipment" for Calfrac is being parked at a yard. Does this have anything to do with 2500hp's note on the "Putting assets into the "shell" of GasFrac to report a major loss this year", how is the continuation of business going to take place? Calfrac is laying people off also...
Do we as shareholders not get to vote on any of this; yep-probably a rhetorical question :-( ... I just have more questions than answers, something about this just doesn't sit right... Lost a lot of money on what seemed to be solid tech, chemistry, equip & field people (ya - I left out Mgmt)
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Gasfrac!
Apr 2, 2015 14:26:44 GMT -7
via mobile
Post by 2500hhp on Apr 2, 2015 14:26:44 GMT -7
Zuki, there will be no continuation of business...for the company GasFrac anyway.It is just a bull tax scam CalFrac is pulling. Must have been some loopholes they could get around without throwing any red flags.
There is a possibility of a customer in the US purchasing a fleet. However, If that were to happen, it would be 100% hybrid and not operating under the GasFrac name.
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Post by charbsey on Apr 2, 2015 17:17:36 GMT -7
Wouldn't step or Calfrac be the one who will make the money. I Heard Jim hill stating that each frac that gasfrac will do it the future money will be generated . we all know its not gasfrac lol
Gasfrac did a public funding in Canada and US market just a few years back its very hard to believe the stock holders Canada and us market will lose its shares.
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Gasfrac!
Apr 2, 2015 18:17:06 GMT -7
via mobile
Post by 2500hhp on Apr 2, 2015 18:17:06 GMT -7
Step Will make the money off of the equipment that they sell to this potential customer. As far as the possible future operations, they will be complete revenue to the operating company that would purchase the assets to pump their wells.
From what I understand, step and CalFrac both use ARP financial. No one knows any specifics on the low-end, like we are at, but I'm sure it will be a joint venture between step and CalFrac.
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Post by dipstick on Apr 6, 2015 9:25:46 GMT -7
popfrac; any update? thanks
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Gasfrac!
Apr 6, 2015 10:49:40 GMT -7
via mobile
Post by propfrac on Apr 6, 2015 10:49:40 GMT -7
Unless there is something going on in secret Gasfrac is a done deal
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Post by oilfieldworker on Apr 7, 2015 12:26:24 GMT -7
As my other fellow employees have noted, the deal is done. Common Shareholders get nothing. I am a former employee and shareholder. You guys asked what happened. I gave you a run down. There is no dramatic story here other than the technology worked very well in places and it didn't in others. The reason the company is no longer in business is because it was managed poorly. If LPG fracing is to continue, it will be done by another company not associated with Gasfrac.
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Post by fora182 on Apr 7, 2015 12:54:30 GMT -7
Howdy oilfieldworker, Any thoughts on Julien Balkany's involvement with the company (Was it viewed positively)? Any chance you or any of your co-workers could get hired on with STEP seeing as how they are close having a base in Blackfalds?
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ottis
New Member
Posts: 6
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Post by ottis on Apr 7, 2015 15:37:25 GMT -7
Pnc was paid in full just got news no word on shareholders should hear soon
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Post by zukicow67 on Apr 7, 2015 16:14:22 GMT -7
Just released on Stockhouse: "Additional terms of the Plan will be disclosed as the Plan progresses and the Plan is completed. If the Plan is completed, and all applicable creditor and court approvals are obtained, it is anticipated that the Corporation's unsecured debenture holders may receive additional consideration under the Plan (in addition to any amount distributed to creditors as a result of the Sale Transaction). However, it is anticipated that the holders of common shares of the Corporation will not receive any distribution as a result of the completion of the Sale Transaction or under the Plan."
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Post by charbsey on Apr 7, 2015 18:00:28 GMT -7
that's old
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