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WOOOT eom
10K is due by Oct. 1
Did you get those numbers through IR??
http://secfilings.nasdaq.com/filingFrameset.asp?FileName=0001181431%2D06%2D057385%2Etxt&FilePath=%5C2006%5C10%5C10%5C&CoName=IGNIS+PETROLEUM+GROUP%2C+INC%2E&FormType=4&RcvdDate=10%2F10%2F2006&pdf=
Maybe some of the shares are going to Petrofinanz - they are most likely the people that would fund IGPG since they already have agreements with the company. Petrofinanz is very long the stock and would obviously like to recoup their losses if they can.
Cant argue with that logic - it is logical isnt it? - lol
can I buy a handful?
You cant convince a conspiracy theorist that there is no conspiracy going on with IGPG right now so why try??
We've figured out where the extra supply is coming from in the market and we know the supply is finite. Maybe there isnt a market at .005 - .004 maybe the threshold is lower - say .002 - .003 The shares are still a good buy at those prices - we know the selling will end.
"One Hand Washes the Other"
I'm optimistic on the company. Management seems to have a common resolve and they all seem to be inter-related through prior work channels in Switzerland. You have to ask yourself, "Why these guys? Why IGPG?".
And the worst thing is that its still up in the air whether we get our share of the Barnett Prospects. Ive asked IR about this and they told me they would have to get back to me. I dont think I'll ever hear answers to the things I've asked unless they come in a PR or a filing.
"One Hand Washes the Other"
http://secfilings.nasdaq.com/filingFrameset.asp?FileName=0001140361%2D07%2D019757%2Etxt&FilePath=%5C2007%5C10%5C16%5C&CoName=IGNIS+PETROLEUM+GROUP%2C+INC%2E&FormType=10KSB&RcvdDate=10%2F16%2F2007&pdf=
Ignis Barnett Shale Joint Venture
On November 15, 2006, we entered into a joint venture with affiliates of Silver Point Capital, L.P. through a limited liability company named Ignis Barnett Shale, LLC. The joint venture acquired 45% of the interests in the acreage, oil and natural gas producing properties and natural gas gathering and treating system located in the St. Jo Ridge Field in the North Texas Fort Worth Basin then held by W.B. Osborn Oil & Gas Operations, Ltd. and St. Jo Pipeline, Limited. The purchase price for the acquisition was $17,600,000, subject to certain adjustments, plus $850,000 payable by Ignis Barnett Shale in thirty-six monthly installments of $23,611, beginning one month after closing. In addition, Ignis Barnett Shale agreed to fund additional lease acquisitions up to a total of $5,000,000 for a period of two years.
Under the terms of Ignis Barnett Shale’s operating agreement, we agreed to manage the day-to-day operations of Ignis Barnett Shale and the Silver Point affiliates agreed to fund 100% of the purchase price of the transaction and 100% of future acreage acquisitions and development costs of Ignis Barnett Shale to the extent approved by Silver Point. Ignis Barnett Shale’s budget, its operating plan, financial and hedging arrangements, if any, and generally all other material decisions affecting Ignis Barnett Shale are subject to the approval of Silver Point. We assigned our intellectual property directly related to the Ignis Barnet Shale all of our intellectual property related to the joint venture and its activities. Distributions from Ignis Barnett Shale will be made when and if declared by Silver Point as follows:
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Table and Contents
(i) To the Silver Point affiliates pro rata until the Silver Point affiliates have received an amount equal to their aggregate capital contributions; then
(ii) 100% to the Silver Point affiliates pro rata until they have received an amount representing a rate of return equal to 12%, compounded annually, on their aggregate capital contributions; then
(iii) 100% to us until the amount distributed to us under this clause (iii) equals 12.5% of all amounts distributed pursuant to clauses (ii) and (iii); then
(iv) 87.5% to the Silver Point affiliates pro rata and 12.5% to us until the amount distributed to the Silver Point affiliates represents a return equal to 20%, compounded annually, on their aggregate capital contributions; then
(v) 100% to us until the amount distributed to us under clauses (iii), (iv), and (v) equals 20% of all amounts distributed pursuant to clauses (ii), (iii), (iv), and (v); then
(vi) 80% to the Silver Point affiliates pro rata and 20% to us until the amount distributed to the Silver Point affiliates represents a return equal to 30%, compounded annually, on their aggregate capital contributions; then
(vii) 100% to us until the amount distributed to us under clauses (iii), (iv), (v), (vi), and (vii) equals 25% of all amounts distributed pursuant to clauses (ii), (iii), (iv), (v), (vi), and (vii); then
(viii) 75% to the Silver Point affiliates pro rata and 25% to us until the amount distributed to the Silver Point affiliates represents a return equal to 60%, compounded annually, on their aggregate capital contributions; then
(ix) 50% to the Silver Point affiliates pro rata and 50% to us.
Ignis Barnett Shale’s operating agreement also provides that Silver Point may remove us as a member and our interest in the joint venture will be forfeited if we provide them with “cause” or if we enter bankruptcy. Generally, Silver Point will have “cause” to remove us from the joint venture if:
• we or any of our officers or significant employees or consultants: (i) commits a felony or crime of moral turpitude; (ii) commits fraud, bad faith or gross negligence in performance of their duties to the joint venture; or (iii) commits a material breach of the joint venture agreement;
• we attempt to transfer out interest in the joint venture in violation of the operating agreement; or
• if we fire or terminate our consulting relationships with Michael Piazza, Fred Stein or Eric Hanlon.
If we lose the services of Mr. Piazza, Mr. Stein or Mr. Hanlon because they have quit, died or become disabled, and we are unable to find a replacement to Silver Point’s reasonable satisfaction, then our distributions from the joint venture will be reduced as follows:
Years of service prior to termination
Name < 1 1-2 2-3 > 3
Mike Piazza 25% 20% 15% 5%
Eric Hanlon 20% 15% 10% 5%
Fred Stein 30% 25% 20% 5%
The operating agreement provides that Silver Point will have a right of first offer on any debt or equity financing we undertake prior to November 15, 2008, subject to similar rights we previously granted to Cornell Capital.
We also agreed not to make any additional investments in parts of three North Texas counties, the area of mutual interest that Ignis Barnett Shale established with W.B. Osborn Oil & Gas Operations, until the joint venture has satisfied its obligation to W.B. Osborn Oil & Gas Operations to purchase an additional $5 million of acreage. Thereafter, the joint venture will have a right of first offer on any future investment opportunity we desire to make in the area of mutual interest. If the joint venture does not exercise its right of first offer, we can pursue the opportunity, subject to some limitations during the first 18 months after the joint venture completes the $5 million additional investment with W.B. Osborn Oil & Gas Operations. If the joint venture exercises its right to pursue an opportunity, we will have the opportunity to co-invest up to 50% of such investment up to $10 million.
I am a fundamentals buyer but after that you just let the stock do its thing. The reason I think it will go up is that the market will come to find that the company is undervalued - significantly.
Unlike yourself, I'm not relying on a PR to move shares up. Regardless of what others say, shares are under accumulation. What we are seeing is just backing and filling of the stock. Eventually the shares will make higher highs IMO
I couldnt find a pic with the lightning hitting the rig
"One Hand Washes the Other"
Eventually it will - you may have to wait, though.
Thanks, loniee - I like it too!
Thats right
http://www.nasdaq.com/aspx/revenueepssummary.aspx?symbol=IGPG&selected=IGPG
10K due
"One Hand Washes the Other"
FYE is June 30th
We're awaiting a 10K
For anyone who would like to do a free trial search of IGPG shares
http://www.locatestock.com/matador.html
Well - I certainly have no predictions either and my day to day expectations are for the stock to trade flat. I will be surprised if it goes up without a PR.
Are we looking to trade higher today - taking predictions
Lets hope there is a run in the stock soon - seems oversold IMO
Float remains the same - if one is claiming there is dilution going on it simply isnt true. All one has to do to check facts is call the transfer agent.
Cornell isnt diluting anymore. The company certainly isnt diluting - the facts are the facts.
"One Hand Washes the Other"
Sheff - I think its a buy =)
Saying that the float is a mess at this point is just a given. Considering its also on the Frankfurt exchange makes the problem even worse. I should be finding out more about the restructuring as soon as IR has more details.
Nothing is going to happen overnight but over a 5 month period some good things could occur.
1/3 of shares sold is only a lousy 2800 bucks!!! - lol
Still have my head above water with CHQ - waiting patiently
A group of Swiss businessmen have taken on the task of restructuring Ignis Petroleum Group.
IGPG now has a Swiss CEO who has a strong background in finance (He's a banker) and a CFO from Switzerland along with a Swiss IR group.
This is their first PR in 11 months:
http://biz.yahoo.com/bw/080807/20080807005968.html?.v=1
Dollar volume on Friday was somewhere around 7 - 8,500 bucks
If new distributions are hitting the market you would see much higher dollar volume as they would have been dumping harder than a mere 8000.00 dollars worth of shares.
Even when YA Global was dumping we saw higher dollar volume.
Friday was just a down day - people throwing in the towel because there was no fast money to be made in the TA set-up as that trade failed.
Rest assure that there is no dilution going on by IGPG - all the shares being moved around in the A/S have been restricted. All you have to do is call the transfer agent to verify this.
If you think management is part of a conspiracy to dilute shares without the proper filings your out of your mind.
"One Hand Washes the Other"
I doubt they are worried about what the website says currently. They have a lot on their plate right now. Ive been in touch with IR and asked some rather hard questions. Marc at IR said he would inform me on details as soon as he can as he is not up to date yet on all the companies details and probably has to communicate with the board as well as Evett and the CFO to get answers. Everyone at Ignis is very open to shareholders and takes their concerns seriously. If you have questions that cant be answered through DD I suggest you contact Marc at IR - it may take him awhile to get you an answer but he will get it done IMO
"One Hand Washes the Other"
Great Job on the IBOX!!!!!!!!!!!!
I'd like to know what the hell is holding back the PPS
I wouldnt be very upset if the current TA set-up washes away and people leave. When I invest, and I stress invest, Im going for a much bigger outcome than these little TA guys. I can live with a flat PPS for long periods of time. Im not employing a fast money strike it rich overnight strategy. Ive learned from past experience that time is the main factor with regards to piling up a a fortune in a stock. Especially a stock that is completely washed out - it takes time to roll the ball back uphill.
Geoff Evett, President and CEO of Ignis, stated, “We are very pleased with the new arrangement, which constitutes an important step in the execution of our ongoing program to restructure the Company’s organization and capital structure. The agreement provides Ignis with valuable time needed to continue with the aforementioned program and explore new investment opportunities.
Evetts strong background in finance is paramount to the recapitalization of Ignis. You either have faith in the mans ability or you dont. Many people will now sell out of IGPG because there was no fast money to be made in their first PR. It may be some time before the company has anything of substance to relate to shareholders so either you hold the shares in anticipation of future positive PR's or you move on.
Once again it appears that the fast money has proven elusive to the TA traders.