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Will do. D^^^, H**, thanks
-
Still feel bad about this whole thing.
Until2017
Look into DBRM. I've mentioned it before nice company with hugh upside potential. HDY just got some great news this week end also. I'm down to 125000 shares of GLFE. Will keep just in case of a uranium miracle. Good luck to all.
THanks
I felt awful typing that GLFE post. That's likely why I delayed typing the transcript a bit, beyond that fact that I was really busy with work . . .
I knew my hopes were completely dashed, and I lost a few thousand real money, too.
So it goes in penny-land. I was honest about my clearing out my holdings, so people would know perfectly well where I stood.
I would hate to be accused of manipulation, you know knocking the price down for some nefarious purpose. As the price ratcheted down on Friday, I was selling shares for 20% of my original purchase price. I have zero shares remaining now.
FINAL THOUGHTS : It was despicable of the company not to report its "defunct" status to shareholders. My main holding **m* has done that several times ( failed at important initiatives ) and never reported it to shareholders -- which is typical, but so wrong, IMO.
Secondly, i do think the glfe executives, lacking totally in proper business responsibility, will try to restart. Since they have zero equity or assets, all they can do is dilute, ( issue more shares ), dilute, and dilute again. And again.
SINCE THESE glfe GUYS DID NOT REPORT MAJOR STATUS CHANGES TO THE SHAREHOLDERS, they are not to be trusted.
That is my assessment. Others must reach their own conclusions.
I am truly sorry for the way this concluded.
Losing money and hope, both, is painful.
GLTU
Until2017
Thanks until2017. I really appreciate you talking with Ernie, and also your honesty with your position. I'm also glad that Ernie was honest enough with you to let you know that the S&K relationship is over, I had been counting on that until your phone conversation. Now, i will just sale my shares and move on to the next opportunity.
GLTA
GLFE
Current personal status : Sold 2.55M, all at $0.0007 , or a bit above that. ( I started with 3.0M )
REMAINING : .45M ( 450,000 ) exactly. I think I'll dump them at market after 3:30 today, just to be free of this fulminating foul fowl. By which I mean "Expiring and Stinkin' Turkey !"
Oh well, you pays yer money, and you takes yer chances !
It was a fair decision to invest. Nothing amiss.
GLTA !
Until2017
GL bud. Thanks for calling him. I'm out too. Wish I would have found that number months ago
GLFE
My conversation with Ernie Miller of GLFE, yesterday, was pivotal.
I DID NOT INVEST IN A SHELL.( Not originally ) The fact that the company went "dead" , and made no report to shareholders, is quite distressing to me.
GLFE IS DEAD, DEFUNCT, MIA, A SHELL, G0NZ0 !
So it is time to leave you, my fine fellow followers ! As of this particular minute, I have sold 1,720,000 of my 3M shares, at rapidly deteriorating prices.
I sold all 1.72M, from 2:00 to 2:30 p.m., e.s.t., today, Friday, 05.02.2014 .
It's been fun, thanks.
Keep in touch if you'd like . . .
2:40 p.m. ( e.s.t.) update: I have 1.11M left. Bid is now $0.0005, and I am not sure I am selling at that price. Will hold my remaining million, until they go at a price nearer to $0.0010.
Until2017
Conversation with Ernie Miller, typo error
I SAID : . . . . On Wednesday, May 01, 2014, around 2:00 e.s.t.
Since the conversation was yesterday, it was : On Thursday, May 01, 2014, around 2:00 e.s.t.
Brain cramp ? Not sure. Mistakes happen.
Sorry
Until2017
GLFE PHONE CONVERSATION with Ernie Miller . (713) 523 6336 .
On Wednesday, May 01, 2014, around 2:00 e.s.t.
First of all, I have been in the business world for four decades. I think I am a pretty good judge of character, most of the time.
Ernie Miller is a good guy, and was honest and thoughtful, and generous with his time, on the phone yesterday.
He did not know me, but accepted that I have 3M shares. He told me right off that "there is no news being reported, because there is no news to report."
I asked him about existing leases, and plans to explore and drill. He said that the South Korean operator was not successful in its drilling efforts. "Dry hole" is one of the things he said.
We chatted for a while regarding the future. He said that, "there were plans to restructure and re-capitalize" the Company.
I said, "since GLFE has no assets, and no capital, the only way to do that is debt or equity." He agreed. My take on this part of the conversation was that the only way to do this ( since GLFE has no access to debt financing, not having assets ) is to issue new shares. Which means R/S, or a Reverse Merger, or dilution, . . . standard stuff. My words, not his.
Again, during the first half of our 20 minute plus conversation, he made it abundantly clear that GLFE has no leases, no assets, no current plans, no paid employees.
At one point he did say "shell" as we wound down the "what has happened" part of the conversation.
He did not venture an opinion as to whether I should sell, or hold.
- - - - - - - -
Next, we discussed GLFE plans, and closed with some personal chit-chat.
- - - - - - - -
GLFE, while it has no revenue or leases, or paid staff, does have Directors and Officers who are looking for, or working on, a plan. "What ?", I asked. He made it clear, multiple times, that he could not — and would not — discuss plans in the making. Again, since they have no capital or equity, such plans are ephemeral, without any way to pay for them.
EVEN an R/S, or a massive dilution, is of limited use, since the shares only have ( minimal ) value as a shell. Which seems clear. Even the reputation of GLFE has little value ( my opinion ) since they have no past successes to which the Directors can point.
The personal chit-chat is of no consequence . . . I always take the opportunity to push my hard-money philosophy to unwilling listeners. The fact that only Gold and Silver is Constitutional money. I told him I had no real energy ( meaning oil ) expertise, but that I know that Uranium is the energy of the future, not oil.
That's it. This is the conversation we had.
ONE FINAL NOTE : He said that the South Korean Operator had drilled an expensive dry hole, ( a failure ) and completed their relationship. MY TAKEAWAY IS THIS : The drilling failed, the Operator left the relationship, and NO GLFE DIRECTOR OR GLFE EXECUTIVE felt any responsibility to inform shareholders of any Operational Status.
While that is not criminal behavior, it is despicable behavior, in my experienced opinion.
Until2017
Sorry I am late. Tough day yesterday.
I am writing up a transcript of our conversation.
IN A NUTSHELL, GAME OVER, LEASES GONE, COMPANY DEFUNCT.
((( Might come back as a shell, though )))
I am a rotten typist. My fingers cannot do what my brain decrees . . . So I will need 30 to 60 minutes to type up the phone call.
Starting now.
Until2017
So are you saying that it is game over or is there still some sort of game plan?
Here's the conclusion, only:
The company has no remaining leases, no assets, no liabilities, no paid staff.
GLFE is basically a shell, looking for a raison d'être.
THERE ARE NO LEASES WAITING TO BE DRILLED, EXPLORED, OR OTHERWISE ABUSED.
The relationship with SK is defunct . . .
The gist of the phone call I will type up in a few hours.
THE CONCLUSION IN BLUE ABOVE, will not be changed by my report of the conversation.
Later, still working . . . .
Until2017
Thanks for making the effort 2017. I was going to call tomorrow but it seems you got it done. Cant wait to read all about the no new news!
GLFE PHONE CALL: I have answers.
Need time to write them up.
NO NEW NEWS. There is no news ( reported ) because there is no news.
Will write up conversation later tonite. I remain busy today, for the few hours remaining in this Thursday.
Again, there is nothing of substance to report. The phone call was productive - - - - productive in nailing down that there is no news.
Until2017
Hopefully you can get some answers! The shareholders deserve some communication from management!!
I am calling today, after, noon e.s.t.
-
This morning is fully booked, but I free this afternoon.
If I don't get a response I will be calling repeatedly, every four hours or so.
We will see what happens . . . . . .
Until2017
Did you find anything out?
Ernie Miller is an executive VP for GLFE.
If I call him what do I ask I don't see he has any thing to do with GLFE
I will make time in the latter half of this week.
Say from Wednesday noon, on. THanks,
Until2017
(713) 523 6336 is ernie Miller's phone number. If some wants to call that would be great. I wont have tim until friday
What can I do ?
Until2017
I forgot to post this last week. After just a little digging, I noticed that Ernie Miller and Jim Ford are also both directors for Bramlin Rdl (Rodeo) which shares the exact same address as GLFE. I wonder if both businesses share the same office space or if they at least bothered to lease two separate offices. The number for Bramlin Rdl is 713-523-6336, maybe Ernie or Jim could be reached there since this gas company actually has revenue.
Any takers?
Thanks.
Part of my goal was to address some of your concerns about GLFE lack of responsiveness.
Which mirror my concerns precisely. You have been more vocal about these GLFE issues than I have — I have been a mostly absent member of this Board — as there are more pressing concerns elsewhere.
I share your unhappiness and anger with GLFE management.
Let's find a way to awaken them — if at all possible.
And long before 2017, OK ?
Until2017
I thought your post was perfect! I am extremely disappointed in GLFE management thus far! There is no excuse for not being able to get ahold of someone at GLFE (by phone or email)!Also, we deserve an update at least a few times a year! Hopefully your post will embarrass someone at GLFE to respond!
Hi 3814 !
What did you think of my POST NUMBER 5455, to the lazy no-good-niks running GLFE ?
Did I make you chuckle, make you sad or angry ? Or disappoint you in any way ?
THERE WAS HUMOR THERE. But, more importantly, I posted a PUBLIC POST, calling out the executives and directors of GLFE, BY NAME, in an attempt to embarrass them into actually doing the job they are paid to do.
Which ( as you can see just by reading your posts ) they are not doing at all.
So, whadd'ya think ?
Until2017
GLFE -- REQUIRED ANNUAL LETTER TO SHAREHOLDERS ! ! ! !
Really guys ( Executives and Directors ) IT IS NOT THAT MUCH TO ASK FOR A QUARTERLY UPDATE LETTER TO SHAREHOLDERS. Once every 90 days, 2 to 4 hours of work . NO BIG DEAL !
Corporate Website: http://gulfunitedenergy.com/
CORPORATE EXECS: http://gulfunitedenergy.com/investors/management/
Corporate Directors : http://gulfunitedenergy.com/investors/board-of-directors/
MANAGEMENT :
(1) John B. Connolly, III, CEO
(2) James C. Fluker, III, VP of Exploration
(3) Ernest B. Miller, IV, Executive V.P.
(4) Jim D. Ford, Executive V.P.
( a lot of impressive names and self-granted titles, no ? )
DIRECTORS :
(1) John B. Connolly, III, CEO & Director
(2) John N. Seitz, Director
(3) Tom Loeffler, Director
Really guys ( Executives and Directors ) IT IS NOT THAT MUCH TO ASK FOR A QUARTERLY UPDATE LETTER TO SHAREHOLDERS. Once every 90 days, 2 to 4 hours of work . NO BIG DEAL !
WHAT DO YOU DO TO MERIT YOUR FANCY TITLES ( that you gave to yourselves ! ) and YOUR PAY and YOUR STOCK OPTIONS ? DO YOU DO ANYTHING AT ALL ! ? ! ?
I don't think you actually do anything at all. No evidence of your efforts, anywhere. Naked web site, no filings, and no shareholder updates.
It takes under four hours to write and post a shareholder letter to your GLFE site. We, the concerned shareholders of GLFE, believe you should post a letter to shareholders each quarter, no later than 30 days after the quarter ends.
HERE'S THE REAL DEAL GUYS, if you don't post a letter to the shareholders, I will write one for you !!!!!
And you won't like the letter I write on your behalf ! Better beat feet, the end of April is looming.
GOOD LUCK GUYS ! Get going on that shareholder letter !
Until2017
I am concerned about lack of GLFE information. But expressing concern, outrage, disappointment, and plain old disgust — about the way penny-stock-promoters abuse shareholders, rarely provides any satisfaction whatsoever.
I will be a shareholder 12 months as of mid-August. Once I am a year-old holder, I will undertake a blitz campaign to get them to answer my questions, such as lack of shareholder updates, web-site content, and everything else they are doing wrong. 100% wrong.
I am very persistent, and I do have the time to pursue these goonies until they respond.
I KNOW THEY HAVE NO OFFICIAL RESPONSIBILITY TO PROVIDE SHAREHOLDER UPDATES. I get that. A progress P.R. is usually a page long, and can be written in about an hour. Proofed for errors in another hour. AND POSTED IN ANOTHER TWO HOURS OR SO. Less than that, if it is posted on the GLFE web site.
SHEEESH GLFE ! ! ! ! How lazy and useless and irresponsible to you #&^&^%*(!!@@ B0z0s want to be ? You are maxing out on lazy and useless and irresponsible, as of right now.
Heck, I'll be completely truthful : REAL MEN ACCEPT, ADDRESS AND ACT ON THEIR RESPONSIBILITIES !!!!! So I conclude that the GLFE executives and directors are not even men !
THIS NEEDS REPEATING : You guys are not even men. You are lazy children. Chew on that for a while, you lazy B0z0s !!!!
Until2017
Since nobody responded, I guess I am the only one concerned that GLFE'S web site no longer shows any projects(Including TEA 1-4)!
Perhaps this will answer your question. Maybe not.
POST NUMBER 5391
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=97786035
Until2017
Why everybody talk about 2017??What is going to happen in 2017???
Hi,
I have 3M GLFE, obtained at a decent price. SLightly underwater, but not overly so.
Tired of waiting and selling out ? Yeah, I get that !
GLFE makes the waiting harder than it needs to be with their obdurate silence. Anyone can post a shareholder update. Anyone but the dopes running GLFE, I guess.
Until2017
Looks like someone got tired of waiting and sold their position yesterday.
Are you still accumulating shares? If so, why? Why do you think GLFE removed all of it's projects from it's web site?
What do you expect in 2017? Do you have an answer as to why GLFE would remove all projects from their web site?
Also weird that Petro Toro's web site is very limited and says "coming soon" regarding the update on TEA 1-4. Has said that for several months!
Has anyone been able to reach someone who works for GLFE? We know someone removed the projects from their web site. Makes me wonder if they still have rights to TEA 1-4 along with all the other properties? Can ANYONE shed light on this??
Does anyone think there is any chance GLFE will do something/anything or is it all over? Also, why were all of GLFE'S projects removed from their web site?
YOUR POST : "Who sells 10,000 shares at $0.0013?" ( For 13¢ ! )
Someone closing their brokerage account in disgust ( it happens ).
When you close an account, you have to sell all positions. You can't leave any of them behind, even if they are worthless.
Brokerage rules. Probable Federal rules as well.
There is usually a reason for stupid sales, but it's hard to understand when on the outside looking in.
Could be an MM signal, but those are usually 500, 400 shares, etc.
Until2017
I can now get online but no projects are listed.
Just went on GLFE website and noticed it has changed. Their projects are no longer listed at all. Hopefully it is being updated as I type! An employee must have changed the web site though? So they are still in business?
No it looks like all the numbers have changed from a year ago.
did this all get converted?
ITEM 1.01 Entry into a Material Definitive Agreement
As previously disclosed in its reports filed with the Securities and Exchange Commission, during October and November 2012, Gulf United Energy, Inc. (the “Company”) effected a private offering pursuant to which it sold to certain accredited investors (collectively the “Investors”) secured convertible promissory notes (the “Notes”) and one-year warrants to purchase shares of its common stock at an exercise price of $0.001 per share (the “Warrants”). The Company and each of the Investors entered into a purchase agreement (each a “Purchase Agreement”) pursuant to which the Notes and Warrants were sold.
On January 18, 2013, the Company and the Investors entered into an amendment to the original Purchase Agreement (the “Amendment to Purchase Agreement”) pursuant to which, among other things, the Investors agreed to invest an additional $185,000 pursuant to amended and restated 16% secured convertible promissory notes (the “Amended and Restated Notes”). The Amended and Restated Notes also provide for a reduction in the conversion price of the original Notes from $0.0667 per share to $0.00436 per share, and delete the provisions relating to the mandatory conversion of outstanding principal and interest upon the occurrence of certain conditions precedent. The Amended and Restated Notes continue to be secured by the Company’s equity interest in Gulf United Energy de Colombia, Ltd., the Company’s wholly owned subsidiary that holds the Company’s interests in CPO-4 block in Colombia, and Gulf United Energy Cuenca Trujillo Ltd., which holds the Company’s interests in block Z-46. Except for the reduction in the conversion price and the removal of provisions relating to a mandatory conversion of outstanding principal and interest, the terms of the Amended and Restated Notes are identical to the terms of the original Notes. The proceeds from the financing will be used for general working capital purposes.
As additional consideration for the funding of the additional $185,000, the Company also agreed to amend the original Warrants, pursuant to a warrant amendment (the “Amendment to Warrant”), to extend the expiration date of the original Warrants to October 29, 2017. Additionally, the Company issued to the Investors new warrants (the “New Warrants”) to purchase up to an aggregate of 148,482,274 shares of common stock at an exercise price of $0.001 per share. The New Warrants expire on October 29, 2017.
The Company also entered into an amendment to the original registration rights agreement (the “Amendment to Registration Rights Agreements”). Under the Amendment to Registration Rights Agreement, the Company has agreed to register the resale of the shares underlying the Amended and Restated Notes, the original Warrants (as amended), and the New Warrants on a piggyback basis. If, after April 25, 2013, the Company has not filed a resale registration statement covering the registrable securities on a piggyback basis, then the investors will have the right to cause the Company to file the resale registration statement on a demand basis (such date of demand being the “Demand Date”). Such registration must be filed within 120 days from the Demand Date. If the registration statement registering the resale of the registrable securities has not been declared effective within 180 days following the Demand Date, then the Company will be required to issue to the investors, pro rata, an amount of shares of common stock equal to one percent per share of common stock issued (partial or full, as applicable) upon conversion of the Notes and/or exercise of the Warrants per month, for each calendar month (prorated for any period less than 30 days) (the “Liquidated Damages Amount”); subject to maximum fee of two-times of the Liquidated Damages Amount.
The foregoing descriptions of the Amendment to Purchase Agreement, Amended and Restated Notes, Amendment to Warrant, New Warrants, and Amendment to Registration Rights Agreement (collectively the “Transaction Documents”) do not purport to be complete and are qualified in their entirety by reference to the full text of the forms of the Transaction Documents attached hereto as Exhibits 4.1, 4.2, 4.3, 10.1 and 10.2, each of which are incorporated herein by reference.
The offer and sale of the Amended and Restated Notes and New Warrants described above were made without registration under the Securities Act of 1933, as amended (the “Act”), and the securities laws of certain states, in reliance on the exemptions provided by Section 4(2) of the Act and Regulation D under the Act and in reliance on similar exemptions under applicable state laws. The sale of the Company’s common stock did not involve any public offering; each investor made representations regarding its investment intent, experience and sophistication; each investor either received or had access to adequate information about us in order to make an informed investment decision. Having received representations to this effect, we believe that each investor is an “accredited investor” as that term is defined under Rule 501(a) of Regulation D; and no advertising or general solicitation was made in connection with the sale and issuance of the Company’s common stock.
ITEM 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.
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Shares Outstanding | 551,517,726 | a/o Nov 15, 2012 |
2012-09-05 06:00 ET - News Release
HOUSTON, TX -- (Marketwire) -- 09/05/12
Gulf United Energy, Inc. (OTCBB: GLFE) ("Gulf United" or "the Company"), an independent energy company with interests in oil and natural gas properties located in Colombia and Peru, has filed a Current Report on Form 8-K with the Securities and Exchange Commission to report that drilling has commenced on the third well on Block CPO-4 in the Llanos Basin in Colombia. This third well, the Zorro Gris, has been mapped with 3-D seismic technology and is located in the northeast corner of the 345,592-acre block. The total measured target depth for the Zorro Gris well approximates 13,000 feet, with the primary objectives being the Mirador, Guadalupe, and Une formations.
"The spudding of the Zorro Gris represents an important milestone and a key step forward in the execution of our exploration program on Block CPO-4," commented John Connally, Chairman and Chief Executive Officer of Gulf United Energy, Inc. "The Zorro Gris is the second well currently being drilled by the Company. The Cañaguate-1 well, which is located on the 570,452-acre SSJN-5 block in the Lower Magdalena Valley in northwest Colombia, was spudded in late July."
About Gulf United Energy, Inc.
Based in Houston, Texas, Gulf United Energy, Inc. is an independent energy company with interests in oil and natural gas properties located in Peru and Colombia. The Company's common stock trades under the symbol "GLFE." Additional information can be accessed by reviewing the Company's Form 10-K and other periodic reports filed with the Securities and Exchange Commission ("SEC").
Ernest B. Miller IV
Executive Vice President
(713) 523-6336
or
RJ Falkner & Company, Inc.
Investor Relations Counsel
(830) 693-4400
emiller@gulfunitedenergy.com
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