walks like a duck.....sounds like a duck and looks like a duck it must be a...........................................horse!

yup.....the market knows that a payout of 100% and an unusual winter can lead to problems if you are buying energy on the spot market and have contracted to sell energy at a fixed price. the last distribution was the clue" we had a few bad months where margins declined due to unseasonable weather ".......... and surprize this quarter same old..... a few bad months, results in a decrease in margin over all.... so boys and girls be prepared to take a haircut we will still payout 100%.....but we only made 4 mil not 9 mil and if we payout 9 mil you guys will think that our formula for distribution is a ponzi scheme.

sooooo we will not be paying out 9 mil....... and for you new investors..... based on todays price if we pay out the 4 mil your yield will still be around 10%...which is about what we did in the initial underwriting.....

and you initial investors should have been averaging down......because when our margins improve you will be rewarded with a capital gain and a yield of better than 10%.....because we like to payout 100%

i wish it was a duck but it isn't....... its a

horse.

its times like this......that my emotions......are unstable

i also own argent energy.....these guys have doubled production since their initial underwriting and their distribution is still the same....mr market has said not good enough you deserve a haircut as well.....

but i have not increased my position in argent they are selling a depleting resource and unless they keep finding or buying replacement reserves their model will become worthless

naw i think that buying at wholesale and attempting to sell at retail is a better model....so i have added to this duck......unfortunatly it was at 5.76.....i was never good at picking bottoms and it would have to be one crappy 4th quarter for the bottom to be worse than it is now......in my other life i must have been a peasant....next years crop will be better