AGRT ~ New CEO Brings Oil Industry Experience
AGRT recently filed with the SEC, the appointment of a new CEO, Mr. Vern O.C. Wilson. As well as nine new 10% holders of the stock. Let's take a glance at AGRT and see if we can figure out what the future may hold.
AGRT fits a lot of categories in looking for a penny stock trade,
1. Outstanding shares under 100m.(91,823,986)
2. Stock was oversold being in the 40 RSI range on a one year chart.
3. Float looked to be an estimated 25-30 million.
4. FULLY reporting.
So with all these things going for AGRT they were missing one thing. A management that actually cares and communicates with shareholders.
Then on January 30,2012 the company filed its 10Q. Now the 10Q looks like any other struggling penny stock company. Miniscule revenues and very little assets. Well this one had an interesting little tidbit that got penny traders clamoring:
"In January 2012, our directors and officers resigned from the Company and sold all of the shares of the Company to third parties, resulting in a change of control of the Company. A new director and officer was appointed by a majority of the Company's shareholders."
So this little bit of info got out and the stock soared a couple hundred percent in a single day. Traded sideways for another week then had another pop. Since then has settled down and cooled off yet continues to look appealing to me. The chart is on the right hand side for review.
Since that time new 10% shareholders have been presented:
Purchases:
Ular Invest & Finance, Inc. 4,474,155
Derry Partners, Ltd 4,474,155
OTUS Invest & Finance, Inc. 4,474,155
Ilhan Mansiz 4,474,155
Volkan Yaman 4,474,154
Nejmittin Cinar 4,474,154
Hidayet Alkevli 4,474,154
Beklan Coskun 4,474,154
Max Tobler 4,474,154
Total 40,267,390
Interesting cast of characters to show up in an SEC filing. Seems to be a majority Turkish including (not confirmed) a few sports athletes. In addition the new CEO of the company, Mr. Vern O.C. Wilson:
"Mr. Wilson has a strong background in petroleum engineering practices ranging from drilling optimization through mathematical modeling of reservoirs. He has over 30 years experience that includes drilling, completion, production facility design and reservoir engineering. He also has significant supervisory, management and financial management experience. Mr. Wilson designed and built the first commercial skid mounted complete packaged waterflood unit, created Global Energy, Inc., and devised the first conceptual design of the first natural gas liquids plant in Nigeria.
Mr. Wilson was most recently employed as the President of Qeteras PLC where he was charged with the planning and budgeting preparation and approval for technical and operational activities and defining conceptual and technical scopes of company projects both existing and predicted. He also provided advice and input to the Board of Directors to ensure the company's policies, procedures and programs related to its business were compatible with all aspects of the company's operations. Mr. Wilson was also involved with the financial planning and financial accounting. Prior to this, Mr. Wilson was the President Texas M.O.R. where he managed all the technical, accounting, administrative and regulatory functions for the company that operated approximately 500 oil wells in Central and East Texas and Louisiana. He created and presented technical applications for various operations requiring monitoring by the Texas Railroad Commission, the agency responsible for Oil and Gas Operations in Texas. He supervised the drilling programs, trained the oil and gas personnel including field supervisors, field roustabout and engineers and created a comprehensive Safety and Environmental Program for the staff. Mr. Wilson also provided technical supervision for the design, purchase, installation and operation of an Enhanced Oil Recovery Polymer System in a 4,000-acre oil field in Central Texas that included the design, construction and operation of a polymer monitoring lab. He has also taught as an Adjunct Professor at Navarro College, created and presents Texas Professional Engineers classes for Professional Engineering Continuing Education requirements and created and presents technical studies to technical forums around the country. Mr. Wilson is a Registered Professional Engineer in the State of Texas and a member of the Council for the Regulation of Engineering in Nigeria. He has a Bachelor of Science in Petroleum Engineering from Oklahoma University, and has advanced training in Business Management, Geology, Reservoir, Gas, Gas Treatment, Gas Compression, Production, Waterflood, Drilling, Equipment Engineering and has completed 120 hours in Potable Water Processing and Treating with Texas A&M and University of California."
Okay....quite the resume in the oil industry.
I personally contacted Mr. Wilson and he was open enough to have a thirty minute conversation with me ranging from oil procedures to how he perceives his duty and job is to shareholders as the new CEO of AGRT.
So now what do we have? We have a fully reporting company with new management with extensive experience in the oil industry as well as nine new 10% holders of the company stock. The share structure has been recently verified and remains the same as it did prior to January.
What should we expect? I don't know. I do know that I am betting on all of this leads to some interesting price action.
disclaimer ~ Just a well written blog I found online
