We have a pulse...Doug Tallant returned my phone call and he was chock full of news! He will be addressing the market next week with updates ….long overdue, but worth the wait he assures.
First off, he was unaware that FEGR was delinquent with the state. He has a corporation by the name of Corporate Services handle those matters, but they lapsed in their duty it appears. He also said that he owns 7 corporations and he’s very busy, so can’t always stay abreast of every detail. Anyway, when he was apprised of the default issue by shareholders, he got his COO to take care of the matter. I told him that various people were calling and e-mailing and he stated there was an issue with the company phone, hence the lack of communication (ie getting back to people). He did say though that he called me back last week and left a message. Sure enough, I checked my messages and there was a voicemail from him on July 20th (he’s not the only one having phone issues..lol).
I asked him about the dilution and he stated that the company did receive a loan from Asher and they promptly turned around and dumped their shares into the market. I inquired about the ss and he stated FEGR has an OS of ~216 million and a float of ~130m. I would have thought it was higher considering the volume, but I guess the promotion last month brought a lot of traders into FEGR and it got flipped like a hamburger. BTW, the recent promotion was not commissioned by the company. He said the last promotion related to the company was back in March. Perhaps someone in the know jumped the gun thinking news was going to drop soon (which it is) and tried to capitalize on that. However, the CEO didn’t commission the recent promotion that created a flurry of activity on the stock….the only one he’s aware of was the promotion from last March.
I asked about the company operations and he said “We’re still here and we’re selling Oil”..kinda had a JR Ewing tone to it..lol. The company has a flurry of updates to release to the market. He mentioned that they just leased 3 working wells in Abilene, Texas and more in South Texas. He mentioned about the output of barrel per day, but I’ll leave that for the PR..don’t want to spoil all the fun:). They applied for a P4 from the railroad commission (takes a week), so it seems they are kicking it into gear. He stated that he believes the PPS is significantly undervalued considering the recent strides the company has made. It appears that the company is coming out of their quiet period and are ready to rumble the market with updates. The ss here is still looking pretty slick (a streamlined 130m float!). BTW, Mr. Tallant was very cordial and willing to engage me on the phone...there was no humming and hawing. He was very polite and engaging and said to call him anytime.
News on FEGR next week…GLTA
