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Pint Sheets, Amer. Exchange, NY Stock Exchange etc are all listing services, it's just the type of stock that are listed are different. To me it's apples to apples.
As for how I became a Forensic Auditor! Well it started when I graduated College and applied to IRS and was interviewed by CID (criminal investigation division of the IRS). This dept. back in the early 1980's was really concerned with tax fraud and fraud concernig over billing the federal gov't. He I audited copies that provided military equipment companies to U.S. military (for 6 years). Then Regan became president and changed the mandate of CID to chasing drug dealers (part of reganomic in 1986. Thats when I left and went to public accounting (back then a big six firm). A new division was just created to help clients buying up other companies to see if the numbers shown were true and correct. We still do this, but not as much. Now were do more internal fraud & divorce cases and (looking for hidden assets - not as many take over now as there was back in the 1980's & 1990's). As for you, to prevent fraud, you must seperate the duties of your employees. Don't have the same person who writes checks also do the back rec's. Don't have Human Resources also do the payroll. Seperate the duties!
In Three cases where I found Fraud 1) (at a hotel, don't have front desk employee, GM or Assit. GM give out charge backs without OK from Owner, President, V.P. Sec or Treas. (GM had CB deposited into his personal Mastercard)). 2) The second case involved NYS no fault insurance and a physician. The physician had partners, and he was doing lots of no fault insurance surgrery, but little money coming in. He says he was waiting for no fault to use up the money for each accident on an individual (No fault assign x dollars for each accident, once any money is paid to a physician, that physician can't go after insurance company for diff. However if there is no money left in that individual no fault assignment, physician can get to go for full amount against insurance company. In this case he didn't bill no fault for two years, but was going to retire soon. Once he retired he would have billed no fault , found no money and go after the insurance company. Thereby defrauding his partners while he had benifited from his partners revenue when he was working with them. 3) The third Case. I was auditing a large law firm in NYC. I was double checking the payroll back rec of this 300 firm law firm. I noticed that all payroll checks were signed by one partner. However there was one check sign by a different name (another senior partner) however check was made out to his Secretary with a slighly different spelling. She was the one also doing bank rec.'s for the company. What she did was have new check printed, without firms knowledge and each pay period issue a second check to herself and sign the senior partners name on check.
This is Forensic Auditing and how I got involved with it!
As I stated before, The price came down so much, it doesn't pay for me to sell this stock. It's cheaper for me to take a toal write off than to sell. As an auditor I'm not allowed to invest in any companies I audit let alone any companies that are clients of the CPA firm I'm with. If this were to happen, we can be sued by investors for insider information (We would know the final numbers before MGT would). So every company I invest in, must be approved by other partners in the CPA firm before I can buy the stock. There for my investments are based upon information I receive just like you.
Being listed on pink sheet is just like being listed on other exchanges, such as Nasdaq, American Exchange, NY Stck Exchange, Merchantile Exchanges etc etc. Each company pays a Fee to be listed on these exchanges. The more well known the exchanges charge higher Fees. The cheapest Fee is to be listed on the Pink Sheet. Each exchange has it's own guid line requirement. However being listed on these exchanges does NOT preclude you from Fedral Laws. So don't say look up exchanges guide lines and what they say (they mean nothing to investors). Instead Look up federal laws. You can start with Security and Exchange Gulde lines concering reporting and than you can move on to AICPA (With FASB Board Guildlines) concerning reporting financial numbers. These guild line are Law not guildlines from Pink Sheet Exchange or any other exchanges. Then you can talk to me about who's right!
Look Greg I don't want to get into arguments with you. You go on and keep backing up MGT and I will keep pushing for an investigation, you and Kim and all those other who insist on defending MGT can keep doing so. It's your right to. To me and alot of other investors, we feel MGT isn't telling us anything because we are starting to feel that we were scamed and need to have them investigated and if we were scamed than they should be sent to prison. I WILL KEEP PUSHING FOR AN INVESTICGATION UNTIL THEY (MGT COME FORWARD ON FINANCIALS, PRODUCTION etc etc) PROVE ME OTHER WISE!
Yes: I am a forensic auditor, as for you being a ball player, your just as big a BS artist as he is! So don't get on my case for telling like it is! Until I see proof, everything I read about you guys backing up MGT, is telling me your running interferience for them so that we don't get actual information. When Is a long hull a long hull. To me 4 years is a long hull with little and no info from MGT (while stock price went for .03 to .0035. It's not worth it for me to sell, just try and find out what the truth is directly from the horses mouth. Not from just want to be speculators saying maybe this or maybe that and let MGT be.
Thats why I say everyone should complain to Ontario Exchange Commission. If your a true investor like me, than you should think over what I say and make a complaint to OEC. Remember the stock went from a high of .09 to .0035 at a period when all other oil companies stock rose. Doesn't that seem funny to you!
Hey Pipe dream, until I see results,PPTL is just like your name "PIPE DREAM"!
OH MY; did I insult you when I said the picture could have been anywhere, not just N.A.? OH: BOO, HOO HOO. I got your feelings all upset, so I'm not going to show the rest of my pictures and got got some nice shots as well and keep them a secret!.
Maybe it's just because I hit the nail on the head, that shot could have been taken anywhere and not only in N.A..
Now what everyone say "Lay Off" or some other remark. Like I said until I see results, I'm going to keep pushing and questioning! Some one has to. Because what I see is the chat room being nothing more than Spec with no info coming from MGT. Hey I can spec to, did you know they found oil on the moon?
Greg:
As a public Accounting Auditor, I know that if you have over 250 investors (as required by Federal Laws and rules issued by FASB board of the AICPA) all public traded companies, even if it's pink sheets, must file and issue financials. Here we clearly disagree.
Concerning leases. On Sept 19, 2007 PPTL issued a PR, below is copy of this PR.
CALGARY, ALBERTA--(MARKET WIRE)--Sep 19, 2007 -- Premium Petroleum Corp. (Other OTC:PPTL.PK - News) is pleased to announce that the Company has acquired an additional 17 sections of land adjacent to and in the vicinity of its Boyne Lake Flowing Oil Sands discovery. The Company now owns 18 sections, 11,520 acres, of Crown Oil Sand licences; with a term of 15 years.
In collaboration with geologic mapping and seismic interpretation, the Company identified lands that were of interest to acquire in order to expand its Boyne Lake Flowing Oil Sands discovery. Consequently, during the company's "tight hole" status last year, the Company posted lands for sale at two land sales, one in July and one in August. As a result, the Company was successful in acquiring 17 sections of Crown Oil Sand licences (15 year duration), increasing the Company's holdings to 11,520 acres of Crown Oil Sand licences adjacent to and in the vicinity of its Boyne Lake Flowing Oil Sands discovery.
Now sure reads to me that they are leasing the 11,520.00 acres of land (They didn't buy it). That means when those leases expire, PPTL and it's share holders are left with nothing. So as long as they don't produce, we are losing both time and money! Nowhere is there a statement that they can renew these leases (from what it looks like they had purchased at an auction, which means the original owner will either keep the property or reauction once those leases expire).
Also the very last paragraph of this artice issued by PPTL state they are following SEC regulation-see below. As I stated, if they are following these regulations, where are the financials? I know I sent both email and left phone messages for my copy of financials. Lastly most public traded companies assign one individual to handle stock holders questions, I don't see that with PPTL!
"This news release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Act of 1934, as amended; such statements are subject to risks and uncertainties that could cause actual results to vary materially from those projected in the forward-looking statements. The Company may experience significant fluctuations in operating results due to a number of economic, competitive and other factors. These factors could cause operations to vary significantly from those in prior periods, and those projected in forward-looking statements. Information with respect to these factors, which could materially affect the Company and its operations, are included on certain forms the Company files with the Securities and Exchange Commission.
Contact:
Contacts:
Premium Petroleum Corp.
Bruce A. Thomson
President & CEO
(403) 264-2710
Email: brucethomson@premiumpetroleum.com
Website: http://www.premiumpetroleum.com"
--------------------------------------------------------------------------------
Source: Premium Petroleum Corp.
As I said I'm a Forensic Auditor and been doing it for 28 years. Yes I admit I only audited companies listed either on the NY Stock Exchange, American Exchange, Nasdaq and even several major Canadian Companies on the canadian exchages. However, my understanding of the laws in both Canada and U.S.. These companies must issue Financial Statements. PPTL has over 800 million shares outstanding, much sold to the public. Clearly this is not a closely held company. Therefor they are in violation of both Canadian and U.S. Laws. The reason I say U.S. Laws, is because back when I invested, they had a small office in Seattle for the express purposes of selling their stock (which I found out later). Since then their Seattle office disappeared. I was upset about this beacuse at first I thought it was a U.S. company and not a canadian company.
But you still never answered any of my questions concering Financial Information. Then The Forensic Auditor inside of me tells me, and from what I keep reading a group of you, are running interference (maybe I'm wrong, and for that I do appologise). However that still does not explain lack of Financial Information. As for That picture, again the Forensic Auditor tells me that that picture could have been taken anywhere, not just N.A..
Lastly; from what I know of stock trading laws in both countries, key words here are stock trading, means they must make public there financials. U.S. laws requires mailing to each investor these Fianancials.
Now put together everything!
1) Lack of News
2) No return calls to investors.
3) No return mail to investors.
4) No posting of Financials Records.
5) Bruce went on BOD of another oil comany and was fired less than a few months later (Did this other company find out possible incriminating or less than effcial information about Bruce to be terminated in just a few months?).
6) Reciprocal Law suits with a partner oil/gas who didn't reimburse PPTL for drilling PPTL did for them. They claim PPTL is selling their Gas/Oil resources without paying their portion (Or somthing to that affect. I didn't fully read the law suit cases about it).
7) PPTL stated that their wells will be producing 100-150 BBL per day, but cap the wells and aren't producing, why because of pipe line connection? What about trucking the oil. If you can put a well in middle of nowhere, than oil trucks can go to middle of nowhere, the same way the first trucks went with the drilling equipment.
8) PPTL purchased leases on the land to produce the oil, they didn't buy up the land. So once those leases expire, PPTL and their investors are left with nothing! Time is running on those leases!
These questions are just off the top of my head, If I did real digging, I could put together another 10-12 questions together! Now you see why I'm upset about PPTL MGT.
You seem to know Bruce or spoke to him several times. Ask him about the above questions in particular the Financials!
But don't try to side step the issue, beacuase it won't go away! As long as there is lack of information coming from MGT, I will keep pushing for an investigation, as it is my right as an investor!.
Hey Skooler, if you agree with me, that something is clearly funny with PPTL, than, also make a complaint to the Onterio Exchange Commission. If enough people complain, then they have to investigate, so far out side of myself only one or two other people agreed with me and also publicaly stated they would complain (I don't know how many other people complained without stating that they would complain). But with enough people complaining, than something will be done!
Hey Neto: I'm not attcking Greg for his investment, I'm complaining that he is defending him (Bruce), when do you say it's time to find out whats happen to our money/investment, four years is clearly enough time. There are small oil companies in other parts of North America, just like PPTL was trade at .0035 per share, now some of those are trading at a few dollars per share (if for no other reason than them have 5-10 well producing oil, where oil has jumped up 500% over past 4 years). I saw in your prior comments #775 and 777 you were asking similar questions to what I'm asking. The only difference is I'm also asking for copies of Financial Statements (which are required by law to be published annually). I haven't seen any, have you?.
It's clear you don't know publicly trading companies laws!
Every public company must file and post financial statements annually. In U.S. it's every three months (I know because I'm a Forensic Auditor). I have been doing this for 28 years now. I can read between the line and know when questions aren't being answered. I audit publically traded companies all the time, so believe when I say I know the laws! I haven't seen a Financial Statement either posted or filed. Does anyone know if they even filed a company tax return (Either to U.S. or Canada?). Every which way you turn, the anwere either is no or I don't know! That why everyone should file a complaint to the Ontario Exchange Commission (OEC)! If you and your two or three buddies know this Bruce guy, why don't you ask him about the financials. After four year the first three must have been filed!
Also in some recent statements you people claim that he can only produce 5-15 BBL of oil per day. But Bruces previously stated (about 2-3 years ago) his wells (note: I used plurils for wells) will produce a min. of 150 bbl plus "x" cubit feet of Gas. So don't mid me when I say there is clearly something funny going on here. Everyone should file a complaint with OEC. Lets get the ball rolling what I now believe to be a scam (Unless proven otherwise) and put this Bruce Guy behind Bars for Public Trading Stock Fraud. If you think I'm wrong; PROVE ME WRONG! GET US THE ACTUAL DATA (Financials) published for last 3-4 years! If you can't then stop defending this guy and file a complaint with the OEC!
Hey Vamp; You said you went to Alberta and Vancouver and did some checking out. Why didn't you state what you found, I'm sure all of us investors would like to here what you found out. Than ask yourself this question, WHY WON"T THEY RELEASE A FINANCIAL STATEMENT AS REQUIRED BY SEC LAWS? It's been four years for me, I've called and send email to them asking for Financials, as require by law to make public each year and still haven't received any. HOW ABOUT YOU, DID YOU GET ANY FINANCIAL STATEMENTS FROM THEM OVER THE YEARS (AS REQUIRE BY SEC LAWS)? It's time for you to rethink about mgt of this company and also make a complaint to the Ontario Exchange Commission.
PS. That is quite informative what you wrote of the processing of sand oil. Written like a true insider!
Hey Neto; There is something else to do. Make a complaint to Otario Exchange Commission. Force MGT to come clean with more info. Don't sit on you A's and do nothing!
Hey greg: Please explain this. When I first invested in PPTL four years ago, oil was about $30.00 Per Barrel. Since then Oil has gone up to above $140.00 (over 300% increase) Per Barrel. Most other small oil producing companies stock has doubled, he found oil four years ago, so why did PPTL stock go from .03 to .0047 per share. Come on Grag, even a blind man can see there is something funny here!
Hopefully will get some indenpendent information from your relatives!
Then why doesn't he publish a Financial Statement on how the company is doing. I believe it's required by both Canadian and U.S. stock exchanges laws. For Four years I emailed him and left messages on his answering machine asking for copies of Financial Statements (I gave him my home address each time) and I never got anything! No. It's time that everyone makes a complaint to the Ontario Exchange Commission. It's time to force PPTL to come clean.
As for you Greg. I believe your a person who runs interference for them from what I have read each time you put something out.
I have complained to the Ontario Exchange Commission and I'm asking everyone else to ignore Greg and also make a complaint. One complaint is not enough, but many complaints will cause action. Let's force some action!!!!!!
This thing about funding "didn't get what he wanted" is nonsense, it's a crock of bull, with a so call new pool of oil, every bank from here to kingdom kung would be begging to give their money as a loan. He can borrow it for a short period of time (even if it's at a high interest rate) start producing and selling the oil, than refinance at a lower rate). Guess what with a proven oil pool, every bank, no matter the banks financial position will be willing to give it's money.
No we have to force this arrogant person (Bruce) to come clean! File a complaint with the Ontario Security Exchange. The more petition they get from investors, the more the pressure they get to investigate Bruce. The more pressure Bruce gets, the more forth coming he'll be!
This thing about funding "didn't get what he wanted" is nonsense, it's a crock of bull, with a so call new pool of oil, every bank from here to kingdom kung would be begging to give their money as a loan. He can borrow it for a short period of time (even if it's at a high interest rate) start producing and selling the oil, than refinance at a lower rate). Guess what with a proven oil pool, every bank, no matter the banks financial position will be willing to give it's money.
No we have to force this arrogant person (Bruce) to come clean! File a complaint with the Ontario Security Exchange. The more petition they get from investors, the more the pressure they get to investigate Bruce. The more pressure Bruce gets, the more forth coming he'll be!
Ontrio Exchange Commission is the Canadian Version of SEC. I just sent email asking for an investigation of PPTL. I'm asking everyone else to also go to Ontario Exchange Commission and also ask for an investigation. One person is not enough, but many will make them do such an investigation.
You want to brain storm, how about we each give you a letter giving you our voting rights on this stock, putting you on the board of directors and you give us the information. don't we have a right to vote for board of directors on this company?
I have also owned PPTL for about 3 years now and my frustration is clearly lack of information from them! This clear lack of information is telling me that they are either hiding something, which stock holders have a right to know, or that what they have lead us to believe what they are doing is false. Why haven't they made their financial statement public, let alone issued. I know I have caled about ten times asking to be sent year end or quarterly financials and never was given a response. I have sent them email many times asking for this info and still go no response! That is why I complained to SEC (waiting for a response - because every stock holder is intitled to a financial statement each year and since this is a Canadian company I want to complain to the Canadian version of SEC and ask for an investigation).
Ask yourself this question, if they found oil 3 years ago, like they said they did, why aren't they producing. Other small companies like Oddssey Oil are in same boat, but are producing.
I sent email letter of complaint to SEC (waiting for reply), however this is a Canadian Company, does anyone know who I can complain to in Canada (Maybe a Canadian SEC version?).
You said on 02/11/08 PPTL filed a law suit. For What? Against Who? Whay isn't this posted? What with the name change to Premium Petrolium NEW? What isn't mgt giving out info?