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SS: Only 28.26M shares float. Just 36.62M shares OS.
Less than $88K joke low MV at the current price $0.0024!
The revenue is $5.77M or $0.21 per share!
The gross profit is $274.6K!
The current price is above all the major technical resistances price (0.0019/0.0015/0.0014 for 20/50/200-Day MAL)! Blue sky now!
Level2: The next ask is 20K-0.0029, then 10K-0.005, then 10K-0.0205! Super tiny asks...
The following are DD done by ash11
absurd undervaluation assets worth 65x current(.O1 PPS) market cap BEYSQ potential asset sale not in Prs market misses the news
10X OIL PLAYER BEYSQ 0.02 8 REASONS TO BUY SELLING ASSETS
company is in litigation, management thinks meritless, if they won commons will survive, they weren't declared wiped out
BEYSQ 0.01 easy 10x here's why? POSITIVE KEY FACTS, must read
os 36m float 29 large spreads, it easily pop up to 0.06/.10 with some trades, due to potential news spill at any time.
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Best Energy seeking buyer for Best Well Services
Wednesday, 23 February 2011 By LARRY?PHILLIPS
Though Best Energy Services has filed for bankruptcy, the company is trying to sell its Best Well Services operarions in Liberal, according to Best Energy Services Chief Financial Officer Dennis Irwin.
“We are actively seeking a buyer for Best Well Services, which generated positive cash flow consistently since its founding in 1991,”?Irwin said. “Any interested buyers should contact me, Dennis Irwin, CFO, at our office in Houston, (713)933-2600.
Irwin had no other comments concerning the bankruptcy filing.
Houston-based well services provider Best Energy Services Inc. (OTCBB: BEYS) has reported it has filed for bankruptcy protection under Chapter 11 in the U.S. District Court in Wichita.
The company has 25 workover rigs based in Liberal that service the Hugoton Basin and Central Kansas Uplift.
In December 2010, Best Energy Services announced it was opening a South Texas Eagle Ford office, effective Jan. 1, 2011, in Carrizo Springs, Texas.
Oil & Gas Investor.com contributed to this report
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http://www.beysinc.com/home/
co. is in ch11 do your dd speculative investment, you may lose all money invested in, imho anyway we'll see 0.05/10 because too cheap
1)must read 13g out Bristol owns 8.75% OS,cayman fund owns 8.75% or 3.2M OS filed 3rd week of february (see edgar or otc markets)
2)BEST Energy reported strong ebitda in last quarters, problem here is whit the debt and heavy investments requyired in the sector, the high degree of potential obsoloscence & depreciation of capital assets. They need a strong financial partner, their customers are Anadarko, EXXON (Xto) Devon Energy, their business recently expanded in Texas.That means business is growing, revenues show that, I think all tehy need is a strategic partner. I'm sure that they will get some interesting bid proposals during CH11.
Their "rigs" capabilities raises to 25 units, 100% operating, that means business profitable and cost efficient.
3) The most important: shares weren' declared worthless, CFO said the outcome of bankruptcy process is unpredictable!
4) PNC bank and other investors received, in lieu of cash payments based compensations and/or amended line of credit terms, through the 02/15/2011 (date of filing for CH11) warrant with exercise price at 0.10, that means market valuation was at least 4M, now market cap is only 360K.
5) 2 subsidiaries show assets greater than liabilities, now depends by the judge wat claims to dismiss and what plan of reorganization to accept.
6) Outcome of lawsuits is unpredictable, co. still think that lawsuits are meritless! That means plaintiff' allegations may be found meritless and discharged, with relevant benefits for co. real estate.
7) Oil prices rising! The most important, oil E&P co. find more profitable now searching for oil, Oil services co. like BEYSQ should beneficiate a lot.
8) CO. is selling its profitable assets. Net proceeds may help to repay debt and fund new operations
BEYS plunged 90% tuesday because co. sought for ch11, due to a liquidity crisis, yesterday +36%.
According to CFO ch11 outcome is uncertain, therefore it seems SHARES NOT WORTHLESS NOTWITHSTANDING CH11 (NO OFFICIAL PR SAYING SHAREHOLDERS WILL NOT RECOVER ANYTHING) ALL DEPENDS BY FINANCINGS, LAWSUITS, ASSET SALES.
OS is 36m, float 29, stock ultrathin, easy 0.06/0.10 with some bids. Market cap ridicolous, 600K $, their 25 workover rigs working at 100% of their capacity (oil services equipment) assets are worth the liabilities. Business is good, customers include EXXON (XTO), ANADARKO, DEVON ENERGY, oil prices are rising and therefore rigs rent will raise too.
BEYS 0.02 60% L2 ULTRATHIN -90% YEST EASY 0.1 STILL ASSETS FOR THIS CH11 PLAYER, SHARES WEREN'T DECLARED WORTHLESS
l2 ultrathin oversold BEYS 0.02 unique assets worth at least .10 cents, oversold, profit from operations achievable if they get new financings, 500k $ market cap is a steal
BEYS 0.02 / 0.06 easy oversold still assets, bouncing hard
megabounce player BEYS -90% CH11 STILL ASSETS INTERESTING MARKET CAP 550k $, 2 subsidiaries assets greater than liabilities, large spreads, all depends from pending lawsuit.
I think this company may turn to profitability because revenues were growing by double digit rates, ch11 probably due to mngt mistake, co. oversize for limited capital resources.
Oil services business is good, but lack of fresh money for this co.
Best Energy Services Launches Chapter 11 Proceeding In
Kansas
11:51a ET February 15, 2011 (Dow Jones)
Best Energy Services Launches Chapter 11 Proceeding In
Kansas
By Rachel Feintzeig
Of DOW JONES DAILY BANKRUPTCY REVIEW
Best Energy Services Inc. (BEYS), a well-service/workover
provider with headquarters in Houston, sought bankruptcy
protection nearly three months after warning about its ability to
continue as a going concern.
The company Tuesday filed a petition with the U.S. Bankruptcy
Court in Wichita, Kansas--the same state where it provides
services to oil companies, in the Hugoton and Central Kansas
Basins. Affiliates Best Energy Ventures Inc., Best Well Services
Inc. and Bob Beeman Drilling Co. also filed petitions.
Bob Beeman Drilling's petition indicated the company has $1
million to $10 million in assets and $500,000 to $1 million in
debts, while Best Energy Services' petition cited $500,000 to $1
million in assets and $50,000 to $100,000 in debts.
Best Energy's most-recent quarterly report, filed with the
Securities and Exchange Commission on Nov. 19, 2010,
indicated it and its subsidiaries had $20.7 million in assets and
$30.6 million in debt as of Sept. 30, 2010. Both figures represent
an increase from their Dec. 31, 2009 counterparts. At the end of
that year, the company had $24.3 million in assets and $31
million in debt.
In the quarterly report, Best Energy raised doubts about its
future.
"At current levels, the company's established source of revenues
is not sufficient to cover its operating costs, which raises
substantial doubt about its ability to continue as a going
concern," the company said. "In addition, the company is
currently in default under the amended credit agreement,
further exacerbating its ability to continue as a going concern."
The company also drew attention to a lawsuit filed against it on
May 17, 2010 in Harris County, Texas. Linda J. Hargrave--the
former wife of former Best Energy Chief Executive Larry
Hargrave--is suing the company, contending that it defaulted
on lease payments for a property in Cleveland, Texas, Best
Energy said in the quarterly report. Hargrave claims the
company owes $64,000 in lease payments and $5,792 in property
taxes.
While Best Energy said it planned to "vigorously" contest the
lawsuits and make claims of its own--for breach of fiduciary
duty, fraud and fraudulent inducement--it warned that the
outcome of the litigation was uncertain and that a ruling against
it could potentially spark a bankruptcy filing.
"Although the company believes the plaintiffs' claims are
meritless, there can be no assurance that the company will
prevail in this litigation, the consequences of which would be
potentially substantial economic costs to the company,
substantial dilution through the issuance of additional shares of
common stock to the plaintiffs, any of which would be a
material adverse effect which could potentially cause the
company to declare bankruptcy and make the units worthless,"
it said.
In its bankruptcy petition, Best Energy said its largest
unsecured creditors include Mara Gateway Associates LP, owed
$106,312; Utah State Tax Commission, owed $71,311; and Tom S.
Elliott, owed $66,500.
Best Energy Services' case, numbered 11-10286, has not yet been
assigned to a judge.
(Dow Jones Daily Bankruptcy Review covers news about
distressed companies and those under bankruptcy protection.)
-By Rachel Feintzeig, Dow Jones Daily Bankruptcy Review;
267-639-6000; rachel.feintzeig@dowjones.com
(END) Dow Jones Newswires
02-15-11 1151ET
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Welcome to Best Energy Services
Website www.beysinc.com/home/ Google www.google.com/ Bloomberg preview.bloomberg.com/ Reuters www.reuters.com/
We are an energy production equipment and services company engaged in well servicing, workover and related complementary activities. We own a total of 25 well service and workover rigs, and we conduct our well services primarily in the Mid-Continent regions of the United States.
Until such operations were discontinued in 2009, we also provided drilling services and related complementary activities in the Rocky Mountain region of the United States. We currently own a nine drilling rigs that we are in the process of selling. Also, until such operations were discontinued in 2009, we provided housing accommodations to the oil and gas drilling industry principally in Texas and geological mud-logging services to our then existing business segments. We are also in the process of divesting the assets of this business.
Well Servicing Division. Our acquisition of Best Well Service, Inc., or BWS, gave us a strong footprint in the hydrocarbon-rich Hugoton basin. BWS operates up to 25 well service rigs in the Mid-Continent region of the United States. BWS has distinguished itself over the years in its service to both major oil companies and large independents, as well as an employee retention history that we believe is among the best in the industry. BWS also has complete in-house safety certifications and ranks extremely high within its regional peer group.
Business Strategy Going Forward
Our overreaching goal for 2010 is to increase the level and predictability of our revenues in the well services business.
Basin-Centered Opportunities. In early 2009, workover activity industry-wide witnessed a severe contraction. At BWS, activity decreased in a matter of weeks from 25 active rigs to as few as three. In the wake of that decline, BWS was able to restore its activity level to between 40-60% of available rigs by capturing a larger market share of available work in the Hugoton Basin. Best now estimates that BWS's share of the local market is roughly 80% versus 30-35% in 2008.
HBFP. During 2009, a much repeated reason our customers gave for not having more active workover programs was that capital was not being made available from their corporate decision makers. In recognition of the customer's needs for capital, Best is in the process of establishing Hugoton Basin Financing Partners, or "HBFP," a joint undertaking with an oil and gas focused private equity group based in New York.
Under the arrangement as currently contemplated, BWS would source candidates for HBFP that require capital to finance their workover projects. HBFP would take capital advanced to it by the private equity Fund and, on certain undisclosed terms, provide financing to the customer in return for a preferential return from production from the wells, plus a premium and a residual back-in after payout. Customers of HBFP would be required to use BWS to provide their workover services. In addition, BWS would be retained to bundle certain additional services for the HBFP customer, with BWS being compensated for such services by the vendor. The HBFP non-binding indicative term sheet calls for up to $5 million of capital being made available to potential BWS customers. The HBFP transaction is subject to negotiation of a definitive agreement between the Fund and Best. Best believes there may be a substantial market for this style of financing, not only in the Hugoton Basin, but in other basins as well.
Best Energy Services, Inc.
10375 Richmond Ave.
Suite 2000
Houston, TX 77042
Phone: 713-933-2600
Fax: 713-933-2602
E-mail: BEYS@efcg.net
Elite Financial Communications Group, LLC/Elite Media Group
605 Crescent Executive Ct.
Suite 124
Lake Mary, FL 32746
Phone: 407-585-1080
Fax:407-585-1081
E-mail: BEYS@efcg.net
