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I say we double from here once we clear the (now charted) underwater obstruction
I think they're also getting anxious for some results down at headquarters too.
300% increase in the Tweet rate this week.
I think we're all still here yellat.
Just waiting for the bubblin' crude.
Might scrape up a few more shares along the way if something exceptionally stupid happens before then.
Meanwhile, listen to this:
"There was a lit-tle Spanish flea...
Only one trader I know buys WGAS in blocks of 83000.
BigBucks, you messin' with the pps depression?
Who knows, maybe later in the day they'll come back and offer up some discount tickets to Oil Roulette.
Maybe I'll poke the hive anyway...
The mm's must be too busy dumping other stocks to mess with our WGAS this morning :)
Shucks...you keep buying and things go right you might be looking at your own Jag. I on the other hand will upgrade from a used Hyundai to a slightly less used Hyundai.
I wonder if it typically takes a month to get a lift boat. Sounds like a good business to be in down there now.
I'm going to throw out a crazy premonition (since there's not much more to do here than wait). I know it makes no difference, but I'm going to say somehow we''ll get a lift boat sooner than anticipated. Yah I'm probably wrong, and I'm going to try to stop filling the message board with useless fluff after this, but there ya have it.
Haha. B-Bucks gotta have more. Still time before the (actual) lift boat shoves off, then again who knows what the pps will do between now and then. I'm just going to keep bottom feeding till then. Got 16k more at 016 this morning. Of course, that's no 70,000.
If we do get 500 B-BOP I want to see Tony with that Jag in front of the well.
Thanks, and ya, no doubt we'll pay that off quick if...
A good deal of risk here, but too many exciting possibilities not to try it.
I think if/when we've got oil therell be people looking 017 share like a winning lotto tickets. My avg is probably .03 and I couldn't be less concerned.
They sure don't give many away at 016 before they bump up the ask (this morning)
Well I forgot about that post of yours about Meridian's awesome performance.
Not trying to manipulate nothing.
I'm a stockholder here. I saw something that concerned me. This is a discussion forum. Grateful to have you here to set things straight.
Sure hope nothing like this going on with us.
OIL FIRM FINED
The London Stock Exchange has continued its clampdown by fining oil minnow Meridian Petroleum £75,000 for persistent breaches of the Aim rules. The LSE censured the firm for repeatedly failing to disclose price-sensitive information to the market in a timely fashion, making misleading statements about one of its oil wells and failing to seek the advice of its nominated adviser at the time, WH Ireland.
"The number, nature and duration of the breaches evidence a disregard for the Aim rules by Meridian, amounting to reckless conduct during the relevant period," the LSE said in a statement. The breaches took place from August 2004 to February 2007, when the company was led by founder Anthony Mason, who resigned in October 2007. News of the LSE's disciplinary action caused uproar among Meridian's 2,500 retail investors, many angry that they were allowed to trade the stock for a three-year period during which the market was presented with a series of misleading updates.
Stephen Gutteridge, Meridian's chairman, said: "The company's board and management have undergone substantial change since the breaches referred to in this public censure took place and standards of governance, procedures, controls and communication have been significantly improved."
http://www.telegraph.co.uk/finance/markets/marketreport/2791982/Thomson-Reuters-falls-to-lowest-level-since-merger.html
Dang, Bullet Tooth Tony must really want that Jag!
Well we got news...
Form 8-K for WORTHINGTON ENERGY, INC.
9-May-2012
Unregistered Sale of Equity Securities, Change in Directors or Principal
Item 3.02 Unregistered Sales of Equity Securities.
Debenture and Warrant Financing
In April 2012, Worthington Energy, Inc. (the "Company") entered into subscription agreements with John Seeley, Balakrishna B. Divana and Sunitha Yeliyur, each an accredited investor (the "Investors"), providing for the sale by the Company of convertible debentures in the aggregate principal amount of $35,000 (the "Debentures") and common stock purchase warrants to purchase an aggregate of 350,000 shares of common stock (the "Warrants").
The Debentures mature in October 2012 (the "Maturity Date") and bear interest at the annual rate of 8%. The Company is not required to make any payments until the Maturity Date. The Investors are permitted to convert the outstanding principal and accrued interest on the Debentures into common stock at a conversion price per share equal to fifty percent (50%) of the average of the three (3) lowest closing bid prices of the common stock during the 10 trading days immediately preceding the conversion date.
The Warrants have an exercise price of $0.15 per share of common stock and will be exercisable until December 31, 2016. The Warrants can be exercised on a cashless basis.
The Investors have agreed to restrict their ability to convert the Debentures and receive shares of the Company's common stock such that the number of shares of common stock held by each investor in the aggregate and their affiliates after such conversion or exercise does not exceed 4.99% of the then issued and outstanding shares of the Company's common stock.
La Jolla Cove Financing
The Company and La Jolla Cove Investors, Inc. ("La Jolla") entered into a Securities Purchase Agreement (the "SPA") dated as of April 30, 2012 (the "Closing Date"). Pursuant to the SPA, the Company issued La Jolla a Convertible Debenture in the amount of $200,000 (the "Convertible Debenture") and an Equity Investment Agreement (the "Equity Investment Agreement") in exchange for $100,000 in cash and a Secured Promissory Note (the "Promissory Note") from La Jolla in the amount of $100,000 which is due on demand by the Company at any time after April 30, 2013. La Jolla is required to repay the Promissory Note on January 25, 2013 if certain conditions are met at that date.
Pursuant to the Convertible Debenture, the Company agreed to pay La Jolla the principal sum of $200,000 (subject to adjustment as provided in the Convertible Debenture) on April 30, 2014 or such earlier date as required by the Convertible Debenture. Interest on the outstanding Convertible Debenture accrues at a rate of 4 ?% per annum. The conversion price of the Convertible Debenture is equal to the lesser of (i) $.45 or (ii) 75% of the three lowest volume weighted average prices ("VWAPs") during the 21 days prior to the date of the conversion notice submitted by La Jolla. If on the date La Jolla delivers a conversion notice, the applicable conversion is below $.02 (the "Floor Price"), the Company shall have the right exercisable within two business days after the Company's receipt of the Conversion Notice to prepay that portion of the Convertible Debenture that La Jolla elected to convert. Any such prepayment shall be made in an amount equal to 120% of the sum of (i) the principal amount to be converted as specified in the applicable conversion notice plus (ii) any accrued and unpaid interest on any such principal amount.
Pursuant to the Equity Investment Agreement, La Jolla has the right from time to time during the term of the agreement to purchase up to $2,000,000 of the Company's Common Stock in accordance with the terms of the agreement. Beginning October 27, 2012 and for each month thereafter, La Jolla shall purchase from the Company at least $100,000 of common stock, at a price per share equal to 125% of the VWAP on the Closing Date, provided, however, that La Jolla shall not be required to purchase common stock if (i) the VWAP for the five consecutive trading days prior to the payment date is equal to or less than $0.02 per share or (ii) an event of default has occurred under the SPA, the Convertible Debenture or the Equity Investment Agreement. Pursuant to the Equity Investment Agreement, La Jolla has the right to purchase, at any time and in any amount, at La Jolla's option, common stock from the Company at a price per share equal to 125% of the VWAP on the Closing Date.
La Jolla has the right, at any time on or prior to January 25, 2013, to purchase an additional debenture on the same terms and conditions of the Convertible Debenture in the amount of $400,000 and enter into an additional equity investment agreement on the same terms and conditions of the Equity Investment Agreement, except that the amount of stock that La Jolla can purchase shall be $4,000,000.
In connection with the issuance of the Convertible Debenture, Charles F. Volk, Jr. Anthony Mason and Samuel J. Butero issued a Secured Continuing Personal Guaranty pursuant to which they guaranteed the Company's obligations under the Equity Investment Agreement and the Convertible Debenture, up to a total of $100,000.
The foregoing descriptions of the SPA, the Convertible Debenture, Secured Promissory Note. Equity Purchase Agreement and Secured Continuing Personal Guaranty do not purport to be complete and are qualified in their entirety by reference to these documents which are attached as exhibits to this Current Report and are incorporated into this Item by reference.
In connection with the foregoing, the Company relied upon the exemption from securities registration afforded by Rule 506 of Regulation D as promulgated by the United States Securities and Exchange Commission under the Securities Act of 1933, as amended (the "Securities Act") and/or Section 4(2) of the Securities Act. No advertising or general solicitation was employed in offering the securities. The offerings and sales were made to one investor who represented to the Company that it is an accredited investor, and transfer was restricted by the Company in accordance with the requirements of the Securities Act.
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
Effective April 26, 2012, the employment agreement, dated April 1, 2010, by and between the Company and Charles Volk (the "Employment Agreement"), was amended (the "Amendment"). As previously reported, effective April 26, 2012, Charles F. Volk, Jr. resigned as the Company's Chief Executive Officer and President. Mr. Volk remains as the Company's Chairman of the Board of Directors.
Pursuant to the Amendment, the term of the Employment Agreement was extended until December 31, 2013 and the initial base salary under the Employment Agreement shall be increased when the Company achieves production of certain barrel of oil equivalent per day ("BOEPD") as follows:
Base Salary (per annum) BOEPD
$300,000 500
$420,000 2,000
$540,000 4,000
Furthermore, upon the Company achieving 500 BOEPD, Mr. Volk shall be entitled to use of a Company-leased Jaguar XJ or other comparable lease. In addition, Mr. Volk shall also receive health insurance paid for by the Company.
ITEM 9.01 Financial Statements and Exhibits.
(d) Exhibits.
10.01 Form of Subscription Agreement, filed as an exhibit to the Current Report on Form 8-K, filed with the Securities and Exchange Commission (the "Commission") on March 14, 2012 and incorporated herein by reference.
10.02 Form of Convertible Promissory Note, filed as an exhibit to the Current Report on Form 8-K, filed with the Commission on March 14, 2012 and incorporated herein by reference.
10.03 Form of Common Stock Purchase Warrant, filed as an exhibit to the Current Report on Form 8-K, filed with the Commission on March 14, 2012 and incorporated herein by reference.
10.04 Securities Purchase Agreement, dated April 30, 2012, between Worthington Energy, Inc. and La Jolla Cove Investors, Inc.
10.05 Form of 4 3/4 % Secured Convertible Debenture, issued April 30, 2012 to La Jolla Cove Investors, Inc.
10.06 Equity Investment Agreement, dated April 30, 2012, between Worthington Energy, Inc. and La Jolla Cove Investors, Inc.
10.07 Secured Continuing Personal Guaranty, dated April 30, 2012, issued by Charles F. Volk, Jr. Anthony Mason and Samuel J. Butero in favor of La Jolla Cove Investors, Inc.
10.08 Amendment to Employment Agreement, dated April 26, 2012, by and between Worthington Energy, Inc. and Charles Volk
Hey, that's what they'll say about my Hayundee!
I was just messing with the ask and got 6000 at 016, but hey, that's a darn fine used Hyundai at $1 :)
"B x A" has been shining light on the exit door all day.
Shorts need out before the Liftboat(2) gets loaded.
Someone here take the 2nd 6000 at 016 just to F with it?
(i did the first 6k for that reason)
My impression (more or less) too w/r/t recent price action.
Low volume, the psychological impact of a delay... I don't have access to L2, but talk about an opportunity to push the price. Personally I think (over the next couple weeks) they could push us under 015, he'll even 01 for that matter. If i didnt already have a satisfactory position I'd likely buy here and forget about it till June, but since I'm already in I'll take my chances on getting more when this "manufactured panic sell" (presumably) peaks.
I've been figuring 017 was some sort of threshold for a while, what with the 0169 convertible bridge notes
Maybe xyz will weigh in on this
Excellent. Thanks.
I feel better about taking a calculated risk when the numbers make more sense.
Sounds good to me too.
Sort of been contemplating the current share price; trying to understand HOW it is that we're able to accumulate these 02'ish shares since there's really no way this stocks simply being overlooked by "big money." My thought is that the current pps reflects the degree to which this is still a highly speculative stock. Seems the safer play would be to wait and see if the company generates an income and pick up shares from flippers and retail long-term holders who might be looking to break even etc.
Basically what I'm trying to say is, we're getting these shares so (seemingly) cheap because we're buying during the period of maximum risk.
Excuse my novice rambling. This sound plausible to you? Anyone else?
U want us to start stock bashing so you can get the other 53975?
Yeah that's what I meant. Also fishing a little for a $ figure on Mustang :) No I don't think it matters much at all.
Hope you're right. Just seems like everything in construction takes 2x longer than planned and there ain't a thing can be done about it despite what a contract may or (or may not) stipulate.
You're the man with the numbers. How about a ballpark figure on this 1 month of non-production?
Haha! Letting them go for 018 was just a hair too cheap eh?
Yeah it was a good piece of PR.
Also suggests we'll hear of it when the next lift boat clears the (now charted) obstruction.
Just hope there aren't big delays in procuring The Delarge. Under contract till June 2. Does that guarantee whover has it now won't keep it another month?
I'm not terribly disappointed mind you. Minor setback for a long-term hold. More time to peck at sub 02 shares.
http://construction.laredogroup.org/dularge.php
One door closes, another opens up. Time to buy Exxon slant-drilling futures yukyukyuk
Woah, slow down there. I'm still fixin to buy some for .017 or so.
Haha. Just playing, and even if that was the case and the ships pilot just bought a Dodge Viper I wouldn't care as long as my shares go up up up.
I smell a rat!
Anyone get any for .02 yet today? Or is that just the exit price?
Apparently not the right kind of acquisition to draw in buyers.
Well, I took some at 0245 and they dropped the ask to 024 just to spite me (snicker).
Still think there's time to buy in lower, and I plan to do just that, but I wanted a bit more hedge against the possibility of missing out.
Wondering who the two most active MM's have been here today? Anyone tell?
Haha! You heretic.
Did the they "promise" not to dilute this year, or did they say they had "no intention" to dilute?
Someone here jump my 023 bid?
Noticed that too. Little shift in the B/A sentiment. Gotta start looking up sometime if this things gonna go.
Constant updates reek of desperation.
Let's just get dat erl