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IGPG is only on the hook for about 5 million dollars - thats peanuts in this day of age of oil and NG prices. Adding only one well that at the very least matches the output of the Acom A-6 producing well would put the company on a much stronger footing.
Current management wouldnt even bother with us if they thought the debt was too daunting. We have a Swiss Banker as the current CEO. Ask yourself this: why would a Swiss banker get involved with a U.S. based micro-cap all but left for dead? I'll answer that: He knows full well that the situation with the company arose because of poor stewardship by past management and getting the company back on a solid footing is only a matter due process ie; drilling the prospects that the company already has producing wells on in the next 5 months and using the "hypothetical" proceeds to put Cornell behind them permanantly.
I would surmise that managment of this caliber see's a slam dunk or else they wouldnt waste the time and energy.
"One Hand Washes the Other"
http://findarticles.com/p/articles/mi_pwwi/is_200706/ai_n19196266
There is also another property that I would like to know more about it is called the Meador Ranch Lease. I believe it is part of the Barnett but other than that I know nothing more about it.
"One Hand Washes the Other"
I think the logical step would be additional drilling on the Acom A-6 site as you first stated. It's not outside the realm of possibility that they have other targeted prospects but I think they would be more risky and right now high risk probably isnt the way the company will progress.
Acom A-6 - Over 9 Bcfge potential; 25% WI, 18.75% NRI
Chambers County, TX Low-to-moderate risk (40-80% success likelihood)
One well, cost to develop: $1.4 million, net
NPV10% (at $6 per Mmbtu gas): up to $6.0 million, net
Kerr-Mc-Gee is operator
Considering the success likelyhood of the Acom and potential of there being 9 billion cubic feet of gas equivalent and also the likelyhood of there being oil deposits along with the gas I am inclined to bet it is exactly where the next well will be spud. One large find on this property would be the nail in the coffin for Cornell as the company would have more than enough resources to do away with them permanantly.
"One Hand Washes the Other"
Acom A-6 - Over 9 Bcfge potential; 25% WI, 18.75% NRI
Chambers County, TX Low-to-moderate risk (40-80% success likelihood)
One well, cost to develop: $1.4 million, net
NPV10% (at $6 per Mmbtu gas): up to $6.0 million, net
Kerr-Mc-Gee is operator
I was busy all day and didnt have the chance to check in here. Anyway, nice day for us. Hope the company plans on hitting us with a PR shortly, it would make all the difference.
"One Hand Washes the Other"
You never know ;)
8K out last night for IGPG - Cornell out of the picture
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=30576158
I remembered G saying there were wells in progress. There is a lot going on with IGPG that we dont have updates on. Should we get a PR indicating wells outside of the Barnett are in progress IGPG will bolt for the sky.
This stock reminds me of TASR - if any of you remember, Burjman and Berry where instrumental in driving TASR to 300.00
I'm not saying that will happen here but its nice to see Burjman and Berry as institutionals in the stock.
morning G
You bet!
~~Yup, no pumping required ~ lol
Says so in the filings!
The last batch of pumpers here left'er for dead - all the mods bailed.
WE found'er just before the resurrection. Wonder how many of them will be back tomorrow?? I'll recognize most of them if they post here.
Another positive that shouldnt be overlooked is that the Barnett Properties werent tapped for funds to get rid of Cornell. When the agreement with Silver Point finally takes off we will have some nice revenues coming into IGPG
Things are looking good all around here
I have the feeling they put out the 8K afterhours just to screw with the shorts. They know full well that there is a sizeable short interest in the shares. Cant wait to see the open tomorrow morning. I dont get excited about stocks very often - hope I'm not disappointed.
Keep an eye on IGPG tomorrow morning - 8K out tonight - good news for those of us that have been patient.
We should get a short covering rally tomorrow - look for them to be squeeling in the AM
I was paying (depending on which county I was in) anywhere from 4.08 up to 4.29
For our sake, let's see oil and gas prices soar!!!
Seems they still have a line of credit with Petrofinanz so they can move forward with drilling. The reason I submit they will drill Acom is that there is already an operator and its a 25% share whereas their other holdings havent any proven wells.
We should get a nice bump on this news tomorrow - I havent been waiting around here that long so Im very happy with what is transpiring.
IMO they now drill another well on the Acom A-6
PAYMENT . In addition to any other payment due under the Debentures, on the tenth day of each month, commencing with the first calendar month following the date hereof, and continuing until January 10, 2009, the Company shall make a cash payment to YA Global, by wire transfer in immediately available funds, in the amount of Fifty-Five Thousand Dollars ($55,000). Such payments shall be applied to amounts owing under the Debentures by YA Global, in its sole discretion. Notwithstanding anything to the contrary herein, the Company shall make its payment for January 2009 on or before January 5, 2009. In the event that the Company suffers a material reduction of cash flow from its working interest in its sole operating oil and gas asset known as the “ACOM 6” well due solely to the decision of the operator of such well to undergo maintenance or reconditioning of the well, then the Company may request a holiday from the payment obligation to YA Global during the periods of reduced cash flow caused by such maintenance or reconditioning of the ACOM 6 well and YA Global shall not unreasonably withhold its consent to such request.
i.
In reliance upon the representations, warranties and covenants of the Company contained in this Agreement, and subject to the terms and conditions of this Agreement and any documents or instruments executed in connection herewith, YA Global agrees to forbear from exercising its rights and remedies under the Transaction Documents or applicable law in respect of or arising out of the Existing Defaults, subject to the conditions, amendments and modifications contained herein for the period (the “ Forbearance Period ”) commencing on the date hereof and ending on January 5, 2009, so long as the following conditions are met: (i) the Company strictly complies with the terms of this Agreement, and (ii) there is no occurrence or existence of any Event of Default, other than the Existing Defaults.
ii.
Upon the termination or expiration of the Forbearance Period, the agreement of YA Global to forbear shall automatically and without further action terminate and be of no force and effect, it being expressly agreed that the effect of such termination will be to permit YA Global to exercise such rights and remedies immediately, including, but not limited to, the acceleration of all of the Obligations without any further notice, passage of time or forbearance of any kind. This Agreement shall be deemed to satisfy any and all requirements by YA Global to notify the Company of the occurrence of the Existing Defaults and satisfies any obligation by YA Global to give the Company an opportunity to cure the Existing Defaults.
Wish the insiders that filed form 3's would actually buy. I would think that when that happens we are geting closer to an "all clear"
I think you might find that over time the PPS will revert back to it's former highs, if not higher, if they can properly renegotiate their debt and actually drill their prospects and bring them online.
Not much has changed for the company since they were trading at 2-3.00 except they borrowed from Cornell, which was a major mistake, and also drilled a few dud wells which ate up their working capital. Hence, here we sit with only one well and prospects that still need to be drilled and developed.
When the Barnett deal with Silver Point reaches fruition IGPG will have another decent line of revenue to add to the overall health of the company too.
I know it sounds absurd that a O&G/EXP penny stock could do a complete reversal but I've seen it happen! It has happened in my own holdings!
"One Hand Washes the Other"
Our CEO is a Swiss Banker - lol Why would a Swiss Banker get involved with some crappy little sub-penny stock in the U.S. if it was a waste of time?
There is a going concern still in the price which keeps us undervalued and Cornell also weighs on the shares. When, and I stress when, we emerge with Cornell gone and some additional funding for drilling the PPS will rise considerably. I watch over 70+ OTCBB O&G's and exploration co's and right now IGPG is one of my favorite speculative plays. Downside is almost nil and potential upside is enormous.
"One Hand Washes the Other"
Where the naked shorts are hiding
http://de.finance.yahoo.com/q?s=I4E.F
Up-Volume is definately increasing - downward pressure is alleviating. Market sentiment is becoming more optimistic for IGPG - I bet short positions are covering now that CEO Evett is taking calls which is a major sign of goodwill torwards shareholders. More pluses lately is what I am interpreting from watching the tape.
EOG? SERIOUSLY?!?!
I know this has the potential to be big but that big? - lol
Where ya been?
Not happy that PPS has come back in but I'm still in the money so who's complaining?
"One Hand Washes the Other"
There are a pile of shorts, some naked.
"One Hand Washes the Other"
IGPG is on the REG SHO list
http://www.nasdaqtrader.com/Trader.aspx?id=RegSHOThreshold
It's a good sign that Evett is now speaking with shareholders. From what I know by reading this entire thread beginning to end is that you are the first person to speak with him.
Wonder what ever happened here:
Sherburne Field
In this prospect, located in Pointe Coupee Parish, Louisiana, we will pay 15% of the drilling, testing and completion costs. Upon completion, we will earn a 15% working interest in the well before payout and an 11.25% working interest in the well after payout. Drilling operations commenced in August, 2006.
Our partner and the Operator, Rodessa Operating Company, has reached total depth on the development well. The well was directionally drilled to 10,205' measured depth, 9,750' true vertical depth. The well identified two potentially productive gas intervals. The next step is to run production casing and complete the well in such a manner as to allow multi-rate flow testing of each interval showing potential gas production. The purpose of the tests is to establish commerciality. A determination to provide permanent production facilities and gas flow lines will be made pending the outcome of the tests.
Please see our Operations Update of June 1, 2007 for the latest information.
Where is the Operations Update refered to here? I have yet to read it - has anyone else found it?