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Excellent post...
if people would just take the time to really look at the data regarding this company they wouldn't be so eager to sell at the first sign of weakness. This is an OTC fully reporting company that is telling it like it is...the growth over the next two quarters will be mind boggling imo - well over a few hundred percent.
From the 14A filing on the 12th:
If someone has posted this already I apologize:
Recent Conversion of the September 2007 Debentures and the November 2007 Debentures.
At the time we completed each of the September 2007 Financing, the November 2007 Financing and the May 2008 Financing, our management believed that we had sufficient authorized and unissued shares available for issuance (at the then applicable conversion and exercise prices) upon (i) conversion of the September 2007 Debentures, the November 2007 Debentures and the May 2008 Debentures (collectively, the “Debentures”) and (ii) the September 2007 Warrants, the November 2007 Warrants and the May 2008 Warrants (collectively, the “Warrants”). Following the completion of the May 2008 Financing, certain holders of the September 2007 Debentures and the November 2007 Debentures began to convert portions of their respective debentures. During the period from June 10, 2008 to July 3, 2008, the Company received conversion notices from our debenture holders as to $2,976,660 principal and interest amount of the September 2007 Debentures and the November 2007 Debentures; we issued an aggregate of 219,450,818 shares of our common stock in connection with these conversions.
Under current rules and regulations promulgated by Securities and Exchange Commission and which became effective in February of 2008, holders of our outstanding debentures generally may convert and resell the shares received upon conversion if they have held their respective Debentures for a period of six months.
Due to the decline of the market price for our common stock following the closing of the May 2008 Financing we exhausted our authorized and unissued shares. Under the terms of the Debentures, we are required to hold a meeting of our stockholders for the purpose of increasing the number of authorized shares so as to have a sufficient number of shares reserved for issuance upon conversion of the Debentures or exercise of the Warrants. In connection with such meeting, we are required to use our best efforts in soliciting stockholder approval of such increase in authorized shares of Common Stock.
As of August 1, 2008, we have issued and outstanding an aggregate principal amount of $5,965,848 of convertible debentures; based upon currently applicable conversion price of $0.0116 per share approximately 514,297,241 shares will be required if the Debentures are converted in full; additional, 139,635,836 shares will be required in order to satisfy our obligations under the Warrants at the current exercise price of $0.25 per share.
Thats what I was looking for is the dollar amount still owed to the financers. It is 5.9M. Now it uses a conversion price of .0116 and we are much higher than that. But heres the best part...at .10 that would mean only another 50M total of the A/S in the float if they all converted. The number is even smaller if the price goes higher than that.
.0155 paint at the close.
Have a great weekend all - enjoy it and get ready for the fireworks - next week I feel we may finally get the sp back to a decent level if all goes well.
Need a push into the close...I'll buy a few more now
You should be fine...good job holding and not panic selling. I think most expect much higher than .03 from this.
IMO - GL
IMO UVSE will close green and have banner days Mon-Weds next week. Anticipation of a good 10Q Mon, the arrival of the Q and the great numbers Tues, and then a positive conference call Weds that hopefully will provide raised forecast for Q3 and the balance of the year. I would love to hear the numbers that the Caviar wells are currently producing and that Lone Oak #2 is underway also.
Lots of good happening. Admission fee (currently) only a penny and a half - lol
It's due August 15th. Nt10q tells the SEC that they intend to file after the 15th. They have done this before last Q
.016 printed
Need close over .016+++
Strong multi-day run here imo leading into the Q and Conf. Call.
Upticking now - buys coming in before the close/potential gap
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*please make investment decisions based on your own dd - do not be influenced by a message board post*
Press Release Source: Universal Energy Corp.
Universal Energy Corp. Announces 123% and 244% Increases in Gas and Oil Production Quantities in the 2nd Quarter 2008
Thursday August 14, 10:25 am ET
HOUSTON, Aug. 14 /PRNewswire-FirstCall/ - Universal Energy Corp. (OTC Bulletin Board: UVSE - News), an emerging U.S. oil and gas exploration and production company, announced today that gas and oil production quantities had more than doubled during the 2nd quarter 2008 increasing by 123 percent and 244 percent, respectively over amounts produced in the first quarter of 2008.
100k buy and 19k buy and b/a stays flat
then a 3k sell and it moves down a tik. this stock is wound very tight and the mm's need shares imo
got it off the "trades" section here on ihub...it happened around 14:40 or thereabouts.
1000000 share BUY at .0155 a few mins ago
Nice
Power hour in 5 minutes...good close = great open imo
Thanks...it does appear to be about 1.50 higher than the first quarter, however June's number was not there and I believe that would be higher yet.
Thank you - that means $300K+ just from ng and that was the number I was looking for.
Wasn't the price of ng much higher in Q2 than now?
I just don't know where to get a historical price on ng. Thanks
How Much is 38million cubic feet of gas worth?
I'm trying to find out myself and am not seeing the formula. TIA
GO UVSE!!!!
5.3M NET PROFIT - Weeeeeeeeeeeeeeeeee
lol I always wanted to do that!
AXAS - nasdaq stock - earnings huge. Stock was north of 5 recently..
AXAS - record Q just out...on watch in am
IMO
AXAS just reported their Q2 - 49M o/s and making HUGE $$
Abraxas Reports Second Quarter 2008 Results Including 49% Increase in Production over First Quarter 2008
SAN ANTONIO, Aug 11, 2008 (BUSINESS WIRE) -- Abraxas Petroleum Corporation (NASDAQ:AXAS) today reported financial and operating results for the three and six months ended June 30, 2008 and provided an operational update.
Herein, we refer to Abraxas Petroleum Corporation and its subsidiaries as "Abraxas Petroleum" or "AXAS" and Abraxas Energy Partners, L.P. and its subsidiaries as "Abraxas Energy", "AXLP" or the "Partnership."
On a stand-alone basis for Abraxas Petroleum (which exclude the results of Abraxas Energy), the three months ended June 30, 2008 resulted in:
-- Production of 69.2 MBoe (760 Boepd), a 49% increase over Q1 2008;
-- Revenue of $6.0 million ($8.3 million including cash distributions), a 78% increase over Q1 2008;
-- EBITDA(a) of $4.3 million ($6.6 million including cash distributions), a 222% increase over Q1 2008;
-- Cash flow(a) of $4.3 million ($6.6 million including cash distributions), a 204% increase over Q1 2008; and
-- Net income of $2.9 million, or $0.06 per share ($5.2 million including cash distributions, or $0.11 per share), a 429% increase over Q1 2008.
For financial reporting purposes, results are consolidated and include Abraxas Petroleum and Abraxas Energy. Abraxas Petroleum owns 47% of the Partnership and records minority interest for the portion that it does not own. On a consolidated basis, the three months ended June 30, 2008 resulted in:
-- Production of 430.6 MBoe (4,732 Boepd), a 17% increase over Q1 2008;
-- Revenue of $34.4 million, a 62% increase over Q1 2008;
-- EBITDA(a) of $25.8 million, a 80% increase over Q1 2008;
-- Cash flow(a) of $23.3 million, a 93% increase over Q1 2008;
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*please make investment decisions based on your own dd - do not be influenced by a message board post*
Abraxas Reports Second Quarter 2008 Results Including 49% Increase in Production over First Quarter 2008
SAN ANTONIO, Aug 11, 2008 (BUSINESS WIRE) -- Abraxas Petroleum Corporation (NASDAQ:AXAS) today reported financial and operating results for the three and six months ended June 30, 2008 and provided an operational update.
Herein, we refer to Abraxas Petroleum Corporation and its subsidiaries as "Abraxas Petroleum" or "AXAS" and Abraxas Energy Partners, L.P. and its subsidiaries as "Abraxas Energy", "AXLP" or the "Partnership."
On a stand-alone basis for Abraxas Petroleum (which exclude the results of Abraxas Energy), the three months ended June 30, 2008 resulted in:
-- Production of 69.2 MBoe (760 Boepd), a 49% increase over Q1 2008;
-- Revenue of $6.0 million ($8.3 million including cash distributions), a 78% increase over Q1 2008;
-- EBITDA(a) of $4.3 million ($6.6 million including cash distributions), a 222% increase over Q1 2008;
-- Cash flow(a) of $4.3 million ($6.6 million including cash distributions), a 204% increase over Q1 2008; and
-- Net income of $2.9 million, or $0.06 per share ($5.2 million including cash distributions, or $0.11 per share), a 429% increase over Q1 2008.
For financial reporting purposes, results are consolidated and include Abraxas Petroleum and Abraxas Energy. Abraxas Petroleum owns 47% of the Partnership and records minority interest for the portion that it does not own. On a consolidated basis, the three months ended June 30, 2008 resulted in:
-- Production of 430.6 MBoe (4,732 Boepd), a 17% increase over Q1 2008;
-- Revenue of $34.4 million, a 62% increase over Q1 2008;
-- EBITDA(a) of $25.8 million, a 80% increase over Q1 2008;
-- Cash flow(a) of $23.3 million, a 93% increase over Q1 2008;
-- Adjusted net income of $5.7 million, or $0.12 per share, excluding the non-cash change in derivative fair value and loss associated with minority interest, a 73% increase over Q1 2008; and
-- Net loss of $57.7 million, or $1.18 per share, including the non-minority interest share of the non-cash change in derivative fair value in the amount of $35.2 million and the losses attributable to the minority interest that exceed the minority interest equity capital in the Partnership in the amount of $28.2 million.
(a) See reconciliation of non-GAAP financial measures below.
On a consolidated basis, adjusted net income, excluding the non-cash change in derivative fair value and loss associated with minority interest, for the quarter ended June 30, 2008 was $5.7 million, or $0.12 per share, compared to adjusted net income, excluding the non-cash change in derivative fair value and certain items recorded in connection with the formation of Abraxas Energy, of $2.7 million or $0.06 per share during the same quarter of 2007. Adjusted net income excluding the non-cash change in derivative fair value excludes the unrealized gains or losses on derivative contracts that are based on mark-to-market valuations which are non-cash in nature. The unrealized loss on derivative contracts for the quarter ended June 30, 2008 is attributable to the hedging activity of the Partnership and does not impact Abraxas Petroleum on a stand-alone basis. These unrealized gains or losses on derivative contracts are non-cash items and may fluctuate drastically period to period. During the second quarter of 2008, Abraxas Energy recorded a non-cash change in derivative fair value of $74.5 million. Preliminary figures for the non-cash change in derivative fair value for the month of July, 2008 result in an approximate gain of $43 million based on the calculated value difference from June 30, 2008 to July 31, 2008 of Abraxas Energy's derivative contracts. The items recorded in connection with the formation of Abraxas Energy in the second quarter of 2007 include the gain on sale of assets of $59.3 million and the loss on debt extinguishment of $6.5 million.
Cash Distribution from Affiliate
Abraxas Energy Partners, L.P., the master limited partnership formed by Abraxas Petroleum in May 2007, declared a cash distribution of $0.4375 per unit for the second quarter of 2008. The distribution was 9.4% higher than the Partnership's distribution for the first quarter of 2008 of $0.40 per unit. The distribution will be made on August 14, 2008 to unitholders of record at the close of business on August 7, 2008. Abraxas Petroleum owns approximately 47% of the outstanding units and will receive $2.3 million in cash distributions from its ownership interest in Abraxas Energy for the second quarter of 2008.
Operations
South Texas:
-- In DeWitt County, the Nordheim #2H, a horizontal development well targeting the Edwards formation, is currently drilling the lateral portion of the well. Abraxas Petroleum owns a 75% working interest in this well.
-- In Bee County, the Muckleroy #1, a re-entry well is in the process of being cleaned out. This well will target the Luling formation at an approximate depth of 8,800'. Abraxas Petroleum owns a 100% working interest in this well.
West Texas:
-- In Midland County, the Beulah Coleman #13, a development well targeting the Devonian and Spraberry formations, was fracture stimulated in the Devonian formation and is currently recovering frac fluid. Abraxas Petroleum owns a 100% working interest in this well.
-- In Scurry County, a four-well program on our Huddleston lease is scheduled to begin in mid-August. These wells will target the Clearfork and Glorietta formations at an approximate depth range of 2,300' to 3,400'. Abraxas Petroleum owns a 100% working interest in each of these wells.
Wyoming:
-- In Brooks Draw, we have received approval on one additional drilling permit for a total of three. The first well, the Lakeside #1H, is scheduled to spud in mid-August and will target the Turner Sandstone at an approximate total measured depth of 11,000', including an approximate 3,000' horizontal lateral. We anticipate receiving approval on two additional permits during the third quarter of 2008.
Drilling and re-completion activity continues on numerous non-operated wells on the properties acquired from St. Mary Land & Exploration Company in January 2008. These properties are principally located in the Rockies and Mid-Continent regions of the U.S. On average, Abraxas Energy owns a relatively small working interest in these wells.
"During the second quarter our production levels steadily increased and we expect that trend to continue throughout 2008 as we continue to ramp up our drilling activity. Our Q2 production (on a stand-alone basis) averaged 760 Boepd, a 49% increase over Q1 production. We have a number of exciting wells scheduled for the second half of 2008 and we look forward to providing you operational updates as soon as results are known. Continuing with the transparent presentation of our financials that we started last quarter, on the ensuing pages, we have provided our shareholders financial and operating results of the consolidated entity as well as on a stand-alone basis for both Abraxas Petroleum and Abraxas Energy - please read "Basis of Presentation" for a detailed explanation," commented Bob Watson, Abraxas' President and CEO.
Conference Call
Abraxas invites you to participate in a conference call on Tuesday, August 12, 2008, at 2:00 p.m. CT to discuss the contents of this release and respond to questions. Please dial 1-888-680-0890, passcode 33843463, 10 minutes before the scheduled start time, if you would like to participate in the call. The conference call will also be webcast live on the Internet and can be accessed directly on the Company's website at www.abraxaspetroleum.com under Investor Relations. In addition to the audio webcast replay, a podcast and transcript of the conference call will be posted on the Investor Relations section of the Company's website approximately 24 hours after the conclusion of the call, and will be accessible for at least 60 days.
Abraxas Petroleum Corporation is a San Antonio based crude oil and natural gas exploration and production company with operations principally in Texas and Wyoming. Abraxas Petroleum Corporation also owns a 47% interest in an upstream master limited partnership, Abraxas Energy Partners, L.P., which entitles Abraxas Petroleum Corporation to receive its proportionate share of cash distributions made by Abraxas Energy Partners, L.P.
NEWS OUT!! 48% up from Q1 Load it up!
That's what it sounds like...UVSE might catch many traders asleep and chasing...
Last Q was late by 5 days...out on the 20th - I'd be willing to bet this one is on time. Oil was MUCH higher in Q2 than Q1 so it only makes sense that it will be good.
A fully reporting Oil and Gas Company with only 250m shares and current revenues est. at 300k month. Plus more wells coming online and production increasing...AND ALL FOR A PENNY A SHARE???
Adding Monday - GLTA
___________________________________________________________
*please make investment decisions based on your own dd - do not be influenced by a message board post*
Looking at the volume there is not much money flow today...are you guys having difficulty getting shares or are they readily available when you hit the button?
TIA
LOL...you never fooled any of us ;)
GLTU
I'm in an airport in Houston right now and it's NASTY outside...makes sense that it took additional time to complete the proect in this weather.
BIG MONEY DAY TODAY!!!!
I can feel it!!! Good luck all - hold em tight!
GN all...lets get our gapper and never look back!
AmericanBulls has UVSE rated a "buy"
Hahahaha...ya think?
UNIVERSAL ENERGY CP
Daily Commentary
Our system posted a BUY CONFIRMED today. The previous SELL recommendation was issued on 07.17.2008 (5) days ago, when the stock price was 0.0240. Since then UVSE has fallen -12.50% .
BUY-IF is confirmed by a white candlestick with a lower open and a higher close. The buying price is the previous close ( 0.0190 ) according to the Rules of Confirmation.
Patience pays off. The market wavered a bit but finally confirmed the recent bullish formation. The dose of the previous day was not enough for a BUY-IF confirmation but today it is. Though the market opened lower today, the day’s activity created a white candlestick that closed above the previous close. This is a valid confirmation criterion. The market is now ready for a bullish move.
We hope that you acted quickly and already bought this stock . Your important benchmark was the previous close. You were supposed to watch the session carefully, feel its bullish tendency despite the lower opening, and go long after making sure that the prices stay over the previous close.
Great post and very informative. Makes me sleep better - lol
So Do you -
Posted by: willowjoe Date: Sunday, July 20, 2008 6:50:23 PM
In reply to: willowjoe who wrote msg# 54774 Post # of 54788
Maybe we'll get another PR soon-TCHL puts out lots of pr's let's see some here
The latest one was a very good one.
Agreed...better buy them now or cry later-this stock is on solid ground and heading north
Run starting?
lol...I understand. He seems very frustrated. I'm down a little also but in all reality nothing has changed short term.
It's NOT...thats why they needed to increase authorized shares, because there are not enough left to handle the remaining CD's. Those who sold and lost out today did not understand that at least for the next 30 days there is absolutely no dilution. This means if the Lone Oak news is as expected there will be no new shares dumped in to slow the run.
Lone Oak News coming...
No dilution possible for a month
Finite number of shares and I would think most are already scooped up. Buying pressure will send this way up fast imo...UVSE is all over the boards tonite.
Could be..