Energy Prospectus

My original questions was won't all the adjacent MHR acreage that will probably be on the market soon interfere with GST's deal to sell their Marcellus/Utica properties. My question is on the previous page.

MHR is going BK. They have acreage very similar and in some cases, in close proximity to GST's Marcellus/Utica acreage. I wonder what makes management confident that they can get a decent price for their holdings in this region? I would think there will be a large chunk of MHR's property available a...

In my opinion, the disaster that is MHR and their preferreds is also sending shockwaves through companies that may be viewed, rightly or wrongly (in this case wrongly) as somewhat similar to MHR. So my theory is that GST is being sucked into MHR's whirlpool to some extent.

The GST preferred are trading like they are going out of business. I don't know what's up with them either. I keep reading here that they are "rock solid" sol have held on to my OW position. Someone (s lot of someones, in fact) seem not to share this opinion. I keep waiting for them to fin...

Dan, I know I am responsible for my own actions and unfortunately bought large overweight position in GST-A and GST-B. I agreed with you in your assessment that it should gradually drift back toward par. It has gone dramatically against us since then. From what I understand, you have a pretty good r...

Dan, There must be something else at work here with these GST preferreds Yes I am fearful about this one as it is my largest position, not very liquid and has gone down 7 dollars in the last couple weeks since it was called rock solid here. Can you conjecture as to why this is happening? I called Mi...

I wonder why they are reporting earnings on Friday night after market closes. That is not usually a time to "show off" an earnings report. Isn't this usually more a time companies use to try to de-emphasize a report. I hope I am concerned about nothing.

Dan, one more question and I'll stop. Why in the world would GST be releasing their earnings after the market close on a Friday? That is usually not a good sign right? I would love to hear a reasonable explanation, thanks.

Thanks for your response Dan, but my questions is "where is all this selling volume coming from?". 130,000 shares in 2 days? With average daily volume of about 5,000. Just curious who is clearing out and why.

Anybody notice the volume on GST-PRA yesterday and today? Yesterday it traded down about 50 cents on 63,000 shares. Today, so far it has traded up almost the same amount on 56,000 shares only 3 hours into the session. This is very unusual action for this sleepy preferred that usually trades about 4 ...

Wish we could say the same for my biggest holding----GST.PRA. 21.51. Right before dividend seems weird.

Saw your reply on bond thread. No need to reply to my previous post unless you have a good idea about a safe bond in another company with decent yield.

Dan, Can you please address mkarpoff's question above. For example, are we better off buying the GST.A or are we better off going up the ladder and buying their senior unsecured note with the same coupon which is B- rated for a little more money. I realize we will get less current return on the bond...

Dan, you rated the Gastar preferreds "rock solid" a few weeks ago. Do you still feel that way? I saw that the CFO Michael Gerlich bought a couple batches of B recently, including last Friday. I spoke to him last week and he is confident in them, what do you think?

Not if they move the rigs over to NG

What did you think of Q3 report today?

I know you like CPE and GST preferreds better, but do you still like the MILL preferreds. You did 2 months ago, I don't think the company itself has changed much over that time except for getting a more qualified CEO.

Core of the Permian core. Preferred is core position in my portfolio. Call protected til mid 2018.

Yes I understand the more sellers than buyers concept. Just wondering though, how, all of a sudden, these things all traded 5 to 10 times their normal volume on the same day. From CPE, MHRC, MHRD, GRH, MILLC, MILLD, GSTA, GSTB, and on and on. Just seems weird that these have been sound asleep for th...

Dan, I'm sure you saw the pressure exerted on the Preferreds Friday. Can you explain this. I have found in my years of following Preferreds of all kinds, that Fridays are typically the day when institutions make their moves. These volume spikes were very troublesome. Do you still find most of the oi...

I will be looking forward to your opinion on MHR and hopefully their preferreds. They will be announcing 3 more Stewart Winland wells in the next few weeks, but I believe they are Marcellus wells, whereas the monster was a Utica well from the same pad. They will not be as prolific, but will be wet g...

Dan, did you see the projected capex report after the close today? Why is this hitting the after hours market so hard?
Ken

I loved the video update. So much easier to understand on video with you explaining the reasons and time frames as opposed to just reading another update. I feel like I learned a lot and am now more comfortable adding to SM and WLL. Thanks for taking the time to add a human element to the analysis, ...

MILL got rid of David Voyticky (president) today. He was one of the biggest impediments to MILL being taken seriously by institutions. This is a major step forward toward the respectability a company with their quality of holdings deserves. Some people sell indiscriminately after news like this, but...

The C is convertible to common at 10. The D is not convertible. The conversion price seems unattainable now, but sure didn't when the common hit close to 9 around 6 or 8 months ago. If I remember correctly, the D is about half the size of the C. I have owned both of these in size for a while, the C ...

Dan, What is your opinion on the preferred stocks? I did not see it in the profile, although I could have missed it.

Dan,
Just wondering who GST is going to be using for takeaway in the Utica? Are they in an area with existing infrastructure? Will they be using Eureka Hunter since they are close to MHR acreage? Thanks

Oops, looks like Apollo may have a first lien carve out.

Don't know if you noticed, but MILL got a new credit line today (up to 250mm) at reasonable rates to replace it's ultra high interest Apollo credit line. It was pretty much expected, but now has happened. Takes away a lot of uncertainty.

Thanks much for having them. I have been holding the common and preferred for quite some time but rarely have anyone who's opinion I trust evaluate them. I look forward to seeing your analysis, if one is coming. I have overweight MILL-c at lower prices because of the convertible option. I believe if...

Yes I saw that. The luncheon was the reason a brought it up. I will be interested to see what you guys think. Hopefully they will have restructured some of their debt by then. They have been in talks to do that for quite some time. I really like their properties and they got them for the right price...

Dan, I am long Miller Energy common and OW on the preferreds. I would be interested to hear how they spin having Bill Richardson on the Board now. He has an environmental activist and anti-fraccing, pro anything but fossil fuel crusader. They were forced to take him in the CMS commotion. How do they...

I have been buying GST-PA aggressively for a while. You have been bullish on the company as well, it seems. Given you knowledge of their financing needs and situation, how long would you expect that issue to go before it is called? I believe it can be called 6/2014, but don't think that is very real...

What did you think of Callon's report today. Conference call tomorrow, perhaps you could post thoughts after the call?
Thanks, Ken