High Plains Gas, Inc.(fka HPGS)

[Peggy]

Long overdue. Whatever happened to that slug of a CEO.

[Renee]

HPGS revoked:

http://www.sec.gov/litigation/admin/2015/34-74019.pdf

[1 million]

0.005, why is this @ that trade price?????????? HPGS!!! Anybody!

[moneym8ker]

Yeah...
The reporter I followed and spoke with infrequently was Benjamin Starrow.

He'd interviewed Ed Presley several times and wrote numerous articles based off his interviews.

At this point, all an investor in HPGS can do is assume that Ed Presley mismanaged HPGS and he's mismanaged shareholders/investors/landowners.

Personally, I don't see how a man builds up so much just to quit as Ed has seemingly done.

The wells have been taken...High Plains is all but shuttered, and Ed can't even pen a letter to shareholders telling them that he's beaten and has quit.

I know for a fact he had poor consulting team. He had "yes" and "feel good" charlatans telling misleading him, and he then mislead state regulators, investors, and reporters based on poor consulting.

I'm not relieving him of responsibility for the failure of HPGS to get a simple job done, just acknowledging that there were other hands in the cookie jar.

Bottom line...
The stock is a total loss. It's currently sitting dead. $0.0000 with no bid and no ask for days now.

It's a matter of time before it's an invalid symbol and it's because, despite being a nice guy...Ed Presley is a quitter.

[highline]

The Casper WY Tribune kept up with the bond issue as it didn't happen. Casper Tribune

A good source for keeping up with the coal bed methane news.

Ed had landowners and the state hoping. Cementing the wells in will come from state funding and the landowners will get zip of the money owed and no future revenue on the horizon. I drove by the old Hettinger/High Plains facility yesterday. Liberty Oilfield services is hanging the sign on the building now.

Pretty well most of the gathering and midstream compressors have been pulled from that area of WY that High Plains was operating in. The buildings been getting removed and things have tightened up. *Not just High Plains wells. Many other companies have been shutting in that area.

The big focus is the Douglas WY and oil. Lots of "wet gas" coming with the oil. Plants being built to process the liquids associated. Large seismic studies and steady growth. Price of oil is the wild card.

[uther3055]

Up 400% it's time

[uther3055]

Thanks

[moneym8ker]

No.

They did not meet their deadline with the state.

The state took over 2300 wells from HPGS and will cap them all.

Ed Presley mislead investors in the past few weeks assuring them that he had an investor which never materialized.

The deadline passed, and no bond money was paid.


Ed is incompetent and so is his "consultant" Bob Mitchell.

If you google High Plains Gas you'll see a few articles out last week detailing the Wyoming decision.

[uther3055]

Have they met their dead line

[1 million]

Hey thanks for answering, I don't mean any assault either! I am in @ 15 cents of 80k shares and know I'm screwed,to take losses to sell,I have enough in already other areas, so I leave this 4 some dum ass belief that, "well" like a child when grows up believes no longer in Santa Claus.......... I've since grown up from that, but haven't w/ thoughts of ahh, 1 day of such as this... I know I'm foolish, but, again, until I need the loss off the table,well, that I know will be,,,ha-ha,pretty funny but so sad....

[valleyview]

sorry, I didn't mean to be sarcastic. Just that it did go up so much percentage wise. I did own some stock years ago.

[1 million]

u must own shares,why the constant sarcasm,....

[valleyview]

holy moly !! 1500% up .. you guys are makin big $$$

[uther3055]

Where is this vol coming from

[valleyview]

Up 900% ... you guys are making some $$

[valleyview]

omg ... down 95% now @ .0001

[uther3055]

Thanks for the info at least we know it's still alive

[mommykat]

http://trib.com/business/energy/the-last-man-in-cbm-ed-presley-s-effort-to/article_ca5b4900-21f1-523d-a53c-8c34737bacc1.html

[valleyview]

wow !! up 900% you guys are making a ton $$ here !!

[upticknewswire]

+900%
HPGS

[valleyview]

omg ... down 90% ..now .0002 not looking too good here ... is this the end ?? looks that way ...

GLTY.

[moneym8ker]

I don't know about anyone else but I laugh out loud when HPGS trades like it has today.

I laugh because Bobby Mitchell (fraud) and Ed Presley (Idiot in Command) own substantial shares AT SUBSTANTIALLY higher values and they're losing their a$$e$.


And they deserve to lose every last penny.

They've treated investors at every level like mushrooms (kept them in the dark and fed them crap (Bob Mitchell will outright lie to investors at every opportunity...in fact... Beyond lies he will straight up make crap up that isn't even happening or going to happen)


I hope they lose every penny. I am sorry that investors in their common shares will be hurt too but let's face it ... Anyone who's held this stock since the Hargett/Hettinger incompetences probably has already written this stock off.


On a side note: if you call Bob Mitchell... He will lie to you...so investigate anything he says. If he told you the sun was up, you'd better go look out a window.

[uther3055]

It needs to go up another .05 for me to make money

[valleyview]

wow !! this went up 1900% everyone is rich !! lol

[Jukimol]

Ironridge = Toxic Financing for HPGS

http://www.smallcapnetwork.com/Toxic-Financings-A-Case-Study-For-Small-Cap-Retail-Investors/s/via/21121/article/view/p/mid/1/id/8/


Public company financings, when done well, are supposed to make a company healthy and thrive. The allows companies to grow by letting them compete in new markets and create new products.

These days it seems an increasing number of small cap companies are being cornered into signing toxic financing agreements. Gcan turn the boon of extra capital into a cancer that can cripple or kill public companies and their inexperienced investors with them.

To understand how toxic financing works and how devastating it can be, consider the highly volitile, high profile lawsuit case involving financeer/investment firm Ironridge Global and NewLead Holdings, (OTCMKTS:NEWL) an international shipping company that owns a fleet of dry bulk carriers and double-hull product tankers.

Toxic financing is not just a colorful phrase to describe a bad situation; it describes a specific financial scenario. These financing deals are usually restricted to companies that are fiscally weak. An investor purchases convertible equities or debt that allows the investor to exchange those instruments for common stock in a weak company. In most scenarios, the instrument converts to a fixed number of shares. In the toxic financing scenario, the weak business is so desperate for capital it allows the investor to convert the instrument for a number of shares based on a specific dollar value allows the investor to put the company in a death spiral.

The "investor" converts some of its equities for common stock and sells it. This causes the market value of the shares to go down, which allows the investor to receive more shares as it converts additional equities. Eventually, the share price plummets, and all the original investors bear the expense. The perceived “malicious investor” gets all the profits.

In the NewLead case, one look at the firm’s historic stock chart tells the devastating story. More recently, the firm decided to "voluntariy" exit the Nasdaq Stock Exchange after numerous efforts to retain its public status ultimately failed. A dispute with Ironridge Global has been perceived by many as the main reason for its horrific share price drop, but a June court ruling said Ironridge had nothing to do with share declines.

Ironridge Global describes itself as an “equity investor in micro-cap public companies.” That means it invests in companies that are traded on a public exchange or over the counter and whose stock is valued between $50 and $300 million. Generally, companies with a smaller capitalization are considered riskier than large cap companies, such as Coca-Cola or Walgreens. However, since the risk is higher, so is the potential return.

To say there is growing hostility against these “toxic” investment firms is an understatement. One message board on the popular investment site InvestorsHub, spews contempt through its use of dry humor, features links to the firm’s growing number of lawsuits, an SEC subpoena and even points to the extravagant wedding of one of the firm’s principals, John Kirkland.

NewLead Holdings, like so many other public firms, needed financing to help support its operations and was publicly traded on the NASDAQ. Apparently. thats where Ironridge came in. In exchange for $2.5 million in cash, Ironridge received 500 preference shares in NewLead. In addition, Ironridge paid another $22.5 million in promissory notes in exchange for another 2,250 preference shares.

Things got interesting for Ironridge and disastrous for NewLead. When Ironridge chose to convert its preferred shares into common stock, it also got dividends. These dividends were to be paid in either cash or in more of NewLead stock.

How much NewLead stock Ironridge got was defined by contract, but the dividend stock was always valued below the current market value of the NewLead shares. If the value of the common stock dropped, Ironridge got more NewLead shares with every dividend payment.

Once the agreement was set, every week for a month, Ironridge converted its preferred stock and received stock dividends. The common shares were promptly sold, causing the stock value to drop. Every week, Ironridge got more shares to sell. The result was a drop in NewLead share value from $17 to 29 cents. NewLead refused to convert any more shares, claiming that Ironridge fraudulently entered into the contract and maliciously destroyed the stock’s value.

NewLead’s filed civil claims against Ironridge for damages exceeding $125 million are getting more and more attention. NewLead contends that Ironridge breached its contract with NewLead, participated in several acts of fraud, and manipulated the securities market. However, it may be too little, too late. As stated earlier, NewLead was basically delisted from the NASDAQ earlier this month.

Delistings are nothing new here. PositiveID Corporation (OTCMKTS:PSID) ended up being delisted from the Nasdaq shortly after announcing a deal, initially reported to worth up to $13.8million, with Ironridge. The firm would later acknowledge that it never received the anticipated funds. In fact, it claimed that the deal was to be revised to involve lower funding and months later said that there was no funding. Inevitably, the firm nosedived and its position in the market plummeted.

Another lawsuit against Ironridge involves High Plains Gas (OTCMKTS:HPGS). High Plains entered into a deal with Ironridge and received approximately $1.12 million funding. However, less than a month into the deal the CEO resigned due to massive stock disintegration. It was noted that High Plains and its creditors had not received funding almost one month since the deal was completed. Some regulators and politicians are starting to wonder if entering into a deal with certain financial companies based on promises about funding or long-term investment may not be what they appear to be. Indeed, many firms of these firms saw their stocks lose value significantly within one month of entering a deal with firms like Ironridge.

The lesson for small cap investors is to learn to read the terms of the financings your companies agree to. “There are two dance partners in every transaction,” writes one Seeking Alpha contributor who has been following the story. “The lender and the management team which agreed to do the deal. Hold each one accountable.
These days most retail investors fall for news releases that proudly announce many of these financings as positive developments which provide much needed capital and help push products and projects forward, but most don't have the qualifications or knowledge to understand that the companies they invest in are, in more and more cases, being sent into "death spirals."

Altogether, toxic financing companies appear to worsen small investors’ already risky situation. Promised about long-term investment must be carefully studied and considered.

Regulators and politicians are often called upon to do a better job of protecting the public from some of these otherwise legal schemes, but until they step in and realize the damage these types of financings are causing the markets, retail investors, small cap company management teams and others who get snared into these situations have to take responsibility for their actions.

[uther3055]

Nah nah nah nah

[1 million]

I called scottrade being I viewed no bid/ask & perhaps they could rid/sell this. It is a ghost appearance of this 0.014 #, it doesn't even exsist,there is "NOTHING here,this is gone,here my dumb self felt to by now rid @ least this penny of my shares value, & as I said it isn't...WOW,the world of my involvement/defined as 1 dumb ass!/?!.."':!%

[uther3055]

Looks like all buys

[1 million]

just where does any of it come from, whats the meaning, where to as far as a range,$$$$$$$$$$$

[uther3055]

Another trade

[valleyview]

this looks to be finished imo. Complete incompetence from management.

GLTA.
JMHO.

[1 million]

Do you suspect any other penny percentage change of what is in view now? I called scottrade & they can sell my shares. Seems I should take it & run. Curious though, is there any probability for a reality to a stock price to the upside, I guess I can answer that, no........................

[moneym8ker]

It's trading on the Grey Market Tier.

At this tier it is illegal for any brokerage to show quote details.

You can still (depending on your trading platform) buy or sell but you have to put orders in blind OR contact your brokerage and use them to place an order (there will be fees associated with that assistance though).

Anyway... This is all a representation of abject and utter failure on Ed Presley and Bobby Mitchell's part plus the rest of the executive team.

They've failed in every way and they can all suck a fattie.
I personally hope they lose every penny they've invested in this boondoggle unless they turn it around for INVESTORS first.

[1 million]

I was going to ask the same,would like too sell what move came up here,but shows no bid nor any ask, just minimal volume???????

[uther3055]

How is this still trading

[moneym8ker]

Let's see....

Today is the SEC "pre-hearing" conference call...
Don't expect too much in the way of share price reaction because:
1.) Ed Presley is too dimwitted to even understand how media can be used to inform investors.
2.) Ed and the Wonder Team over there at HPGS have not taken any strides to elevate the stock off the grey market so no trader dares to even take a shot at buying when any bid can come in, unchecked, and cause catastrophic losses.
3.) Ed and his genius "consultant" have utterly failed to reach any milestone set forth as early as May-July and even if they have met JUST ONE, they can't seem to figure out the whole "Press Releases for Idiot Executive Managers" handbook so how would any investor know anyway.

The 120 day clock is ticking down on these idiots and it truly appears as if Ed, true to critics stated beliefs, HAS NO CLUE as to what he's doing.

Critics wrote in articles back in July that Ed doesn't know what he's doing. I disagreed and remained cautiously hopeful that he wasn't just a stupid guy who dumb-lucked his way into a PVC/Glue Erector Set-type of patent called the GAZMO (which REMAINS UTTERLY UNTESTED AT SCALE RECOVERY LEVELS). But it turns out I was/am wrong. The Ed and team critics are right, and Ed, his board, his "unofficial consultants" are nothing but blowhard dummies...and investors capital appears soon to be lost.

[valleyview]

lights out I guess. Damn .. another one bites the dust !!

GLTA.
jmho

[mommykat]

Order postponing hearing and scheduling prehearing conference:

http://www.sec.gov/alj/aljorders/2014/ap-1708.pdf

[mommykat]

"Answer of High Plains Gas" - response to SEC.

http://www.sec.gov/litigation/apdocuments/3-15993-event-3.pdf

[cautiousinvesting]

Malone: We need oil, gas well bonding reform now
http://trib.com/opinion/columns/malone-we-need-oil-gas-well-bonding-reform-now/article_434a4226-4d5b-5b3b-825a-a9ff00eca94c.html

August 17, 2014 10:45 am • By GILLIAN MALONE

It is high time that Wyoming began reforming oil and gas bonding. The state is facing the daunting and expensive task of reclaiming over 1500 orphaned coal-bed methane (CBM) wells left by bankrupt oil and gas companies at an estimated cost of $50 million. And the list is growing. For the past few years, on a nearly monthly basis, the Wyoming Oil and Gas Conservation Commission has been holding hearings about “delinquent” oil and gas operators that do not have sufficient bonding money to ensure reclamation of their wells.

In every case it seems the operator either: 1) is a no-show, leading to the minimal bonding the state holds being seized to pay a tiny portion of plugging and surface reclamation costs; or 2) has a list of excuses and a plea for more time to come up with the money they owe. Unfortunately, nine times out of 10 the outcome is the same: the oil and gas company fails to come up with the required money and the wells get added to the list of orphaned wells the state of Wyoming must pay to clean up.

This scenario unfolded yet again at the Oil and Gas Commission’s July meeting when commissioners had to decide whether to revoke a company’s inadequate reclamation bonds or give the company—High Plains Gas—more time to come up with the $6.7 million they owe the state.

High Plains already admits to being at least $50 million in debt. They also have millions in default judgments against them from landowners, mineral owners and businesses, and they owe millions in back taxes to local and state governments. And to complicate matters, they recently acquired an additional 1200 idle CBM wells from another derelict company in bankruptcy court. But instead of providing the commission with a plan and a timeline for bringing the 2,251 idle wells back into operation, High Plains CEO Ed Presley—during three hours of testimony—only mentioned reactivating five or ten wells.

Despite grave doubts, commissioners opted to give the company another 120 days. The commission decision in this case—and in others—only delays the inevitable, because in all likelihood, 120 days from now High Plains will still be unable to post the additional bond, and the state will be left holding the bag.

All of these problems could be avoided if Wyoming simply reformed its oil and gas bonding requirements. In fact, this case clearly illustrates the need for substantial reform at both the state and the national level. People are shocked when they learn that an oil and gas company can post a “statewide” bond of $75,000 for all of its wells in Wyoming. And federal Bureau of Land Management (BLM) bonding is almost laughable, requiring a company to post a mere $150,000 “nationwide” bond for all of its wells in the entire country. In both cases, a company could operate literally thousands of wells costing many millions to plug, abandon and reclaim.

In contrast, other industries such as coal mines must post site-specific bonds to cover the cost of reclamation. These costs are reviewed annually and include hiring third party contractors to complete the reclamation work if the company defaults. Why doesn’t the oil and gas industry have to live up to this same standard?

Although Governor Mead’s energy strategy includes a review of oil and gas bonding, we urge the state to act quickly. For years, Powder River Basin Resource Council has suggested simple and effective bonding reforms to state agencies and the legislature. It is time to take reform seriously. As history has shown us repeatedly, oil and gas booms are inevitably followed by busts. Now is the time to implement site-specific oil and gas bonding—before the next bust hits.

[uther3055]

Happy days ahead let's get trading

[cautiousinvesting]

12K SEC reinstatement
http://www.dtcc.com/~/media/Files/pdf/2014/8/14/OTC-156.pdf

[valleyview]

hope your loss is not too great. Looks like it's finished. SEC don't mess around ... obviously some underhanded work by the company, although that's just an opinion.

You need to read the SEC reason yourself why this happened .. not just post a question.

rgs
JMHO.
GLTA.




Disclaimer :
Always do DD. Do not invest what you cannot afford to lose. Always seek professional advice before investing. My comment is only an opinion and cannot be taken as factual.

[1 million]

This price has been frozen,no volume,cant even trade a buy or of course sell?

[valleyview]

hate to say it but ....

valleyview Thursday, 06/19/14 05:33:20 AM
Re: cautiousinvesting post# 7212
Post # of 7232
yikes ! just read the article .. run forest ..run !!

[uther3055]

So what does this new filing mean?

[uther3055]

Oh well there goes $100

[Peggy]

About time.

[Renee]

HPGS SEC Suspension:

http://www.sec.gov/litigation/suspensions/2014/34-72725.pdf

Order:

http://www.sec.gov/litigation/suspensions/2014/34-72725-o.pdf

Admin Proceeding:

http://www.sec.gov/litigation/admin/2014/34-72726.pdf

[uther3055]

Great news it's about time lets hope that they are able to get these wells producing in short order