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WCD is a retired petroleum engineer, familiar with this property....and SE, is very active in the oil & gas business, and very successful at it. They are both very frustrated with the EGOH CEO. SE, and others have made offers to buy him out, but Wilmont keeps asking for way too much.
JJ, thanks for sharing that info, contact replies. For everyone else here, that entire post by JJZander, sounds like the truth, agrees with all of my DD, and sounds to me like real replies from both of them!
What a refreshingly informative, relevant, and useful post, THANKS! And welcome on board!
Stop posting lies. This is your last warning! I did NOT say the oil will flow soon!!!
I don't know if you know Screaming Eagle or WildCatDriller, I got the impression from an earlier post you might be close to the O&G stock area, from something some one said to you, and from you posted plan to dig into permits.....and might know them, at least casually...
SE did all the DD about 18 + months ago, and posted the results here in summaries. IIRC WDC has actually been on the property.
If you find anything new we would love to hear it, but I think this one has been DD'ed to death several times. Everything is in a holding pattern until the CEO agrees to a JV or outright sale, in such a way that he gives up control. And the only JV deals he has landed with out giving up control the last 6 years have turned into a bloody legal and financial mess, or just failed to materialize.
Add to this the fact that he is very old, has a loooong history of dilution, in many, many past public companies he controlled, and he is a control freak, and you have the entire historical picture.
Has COIN done anything new lately besides print and dump new shares, and pretend they have reason not to close the doors and file BK?
This sinking fraud should have been closed and shut down a year ago!
Is the CEO still sucking it dry, with his salary overhead of $500,000 per year?
I have updated the I-Box info on share count stats, using this data:
http://www.otcmarkets.com/stock/EGOH/company-info
Market Value $438,733 a/o Jun 08, 2012
Shares Outstanding 313,380,940 a/o May 31, 2012
Float 62,300,080 a/o Apr 21, 2011
Authorized Shares 500,000,000 a/o May 31, 2012
Note that the float was not updated by Wilmont, so no doubt it is very high (which he chose not to reveal yet), probably 250 million based on his last Annual report filed about 2 weeks ago! From what I can gather, Wilmont and his crew, family and friends, if he has any left, LOL, own about 35-60 million shares indirectly.....according the last annual report.
Trader34,
EGOH does not have any significant cash. It does however have, or had, a $1,000,000 line of credit with a Cayman Island source since about Dec 2011 (which was what cuased the stock price to drop 95%), that is likely where the last batch of new shares being spoon fed to us is coming from, to pay off the $35,000 they are owed (money the CEO borrowed to pay his food bills, LOL).
Also there is still some $50,000 left in convertible debt that Ashton may still be spoon feeding us now (see the EGOH annual report filed about 14 days ago). It indicates that Ashton is where the last 150 million shares just came from last month, the same outfit that tripled the share count in early 2011, from about 40 million to about 144 million... The oil is real, the ownership is real, the tax leans and TRRC fines (nearly $1,000,000) is real (see Crowin's DD sticky), and the CEO history of failed public companies, burned investors, and endless stock dilution is also real and a public record, all which has been posted to death here the last 18 months.
The gamble here is that the CEO is very old, and some of us hope he will give up control and JV or sell out to a real operator, with the cash and know how to get the oil.
The trick is to avoid the nasty dilution price drops, and any R/S that may be coming, while trying to stay long, or get long before any real news of a real JV or sellout hits where the current incompetent CEO, Wilmont, sells out, or gives up control.
There you go again, with fraudulent miss information posts. But at least you finally admitted you do NOT know this and that, and therefore your prior statements of so called fact, by your own admission, were miss information that could be considered FRAUD. Earlier you were saying they need to buy huge expensive drilling rigs to ever get at the oil, now you say:
Exactly! You're on the right track there.
A lot has happened since then, too much to summarize here. New China patent was issued IIRC, the new prototype engine was built and is being tested, they signed and formed a JV firm with a Taiwan firm that has a market ready advance reactor that is patented, and in operation, that TTEG now is actively marketing world wide, and building via the JV, the reactor cost effectively produces H2 out of Methanol (which is cheap and abundant), and cuts H2 costs versus world markets by large double digits, and the H2 reactor is currently being marketed as a heat source to save money over other fuel sources in performance contracts. Read the PRs this year!!!!
TTEG could run up to dollar land if the orders start flowing.
Please stop posting fraudulent lies here:
EGOH does not have leases, they OWN the mineral rights. They have complete assets located at multiple wells ready to pump oil. The only hold up is the need to complete well pipe integrity tests to get TRRC permits to begin pumping oil again. EGOH just filed an annual financial report a week ago so
Stop making up lies and stories here that boarder on know, willing, attempts at FRAUD, just to move the stock price up and down:
LOL!!! Gotta BM that one!!! Great way to keep the EGOH paperwork organized and straight!!!
I think this one is far more appropriate for the EGOH CEO!!!
With the Spain bank bail out news, we may see a large bank stock rally next week!
Not unusual to see it see a stock play tag with the even dollar mark, in this case $4, before it makes the next move. With the weekend news on Spain and Europe, the market rally next week may help the drive to the $5 next week.
Just to be clear (which it seems I was not the last time?), I suspect they may dilute any day now to raise that $500,000 (plus the $500,000 they owe Peirce, and maybe dilute to pay off the people suing them), and may do so at a discount that will be followed with a P&D, thus lowering the current retail price, making the new share count a big issue, versus the current share count.
Then they will likely sit on the leases another year, and wait for NG to rebound, which may not happen in just one year.
So with NG at nearly $2, and the cost to produce and deliver NG at about $3, and $4 needed to make it worthwhile to finish the well, all I see is a huge risk going long MNLU at this time. Then add the colorful characters running the company behind the scenes, and all I see is "Danger Will Robinson" sign listed on this beast, at this time.
If you people get that $500,000 take the money and run, do not buy MNLU shares at this time, IMHO!
Rumor is it won't be long now!!!
If you plan to buy more shares, DON'T WAIT!
Mike
All in, I still have every share I bought the last 3 years. I had a nice long chat with our MVTG inventor, Professor Colin Oloman, early this week!
I hope you get the checks, and hope they clear. I suspect the cash will come from stock dilution, either convertible secured debt, or convertible preferred shares. Toxic debt to existing shareholders.
I don't think anyone in their right mind would finance the well completion any time soon with natural gas prices where they are, and a costly pipeline that still needs to be built. This maybe a defensive move by Pierce to keep from loosing key lease properties, which he will likely pay for with toxic debt and a P&D share dump.
Actually CYTR was the recent one I hinted at, and a biotech to boot, LOL. My rule is that always and never just don't hold true! LOL, so I hope FBC reverses the last R/S disaster and moves up this time. Like you said, it all depends on the current P&L
But the odds are against one betting on a R/S payoff for longs, so one must be very good at picking the the R/S winners, ar get beat down by the odds
Gotta love the games played! 98,000 shares bought at the ask all day at .12/share, and then some peon sells at the end of the day for .11, and 90% of the volume traded today was at the ask, at .12/share!
Heed my words folks, this one is about to blow the doors out, set new 52 week highs, and turn .12 from resistance into support for a run back to .21/share next.
I had a nice 1/2 hour chat with the MVTG ERC inventor yesterday, Colin Oloman himself!!!!
Well most R/S do not end well, but one of mine that did the R/S recently is doing well! So it is possible! Ones that did it early last year, and the prior FBC R/S did not do well at all.
I am still here too! One of my other bank stocks already rallied, back up 200%.
Thanks for the heads up that a R/S may be pending, again. I had fallen asleep here, LOL.
Then if financials are so bloody important why is the China lead acid battery company CRTP (US stock) selling for so much more than CSGH, it is on the grey sheets now, with no auditor, and no financials for well over a year! Your theory does not wash.
I think one or more of the big players has been slowly liquidating shares in CSGH, to add to the overall down trend. When they run out shares, it will bottom.
I don't see how they could cut Pierce out, MNLU owed Pierce 1 million dollars, and collected 1/2 of the cash last year by forcing MNLU to sell a Louisiana asset at a super distressed fire sale price which cratered the stock price when the news came out, and they still owed him 500,000 dollars, which is secured debt (meaning Pierce can pull the plug any time he wants to on MNLU)!!!! Pierce also owned >21% of MNLU shares, which made him an undisclosed insider when he made the loans to MNLU, and he has never filled a Form 4 showing if he sold his shares. He is reportedly the main owner of Westrock, using Powers as his front man, and the MNLU CFO is still in bed with Mercer Gold ( a director of MG as well as MNLU IIRC) which is another Pierce penny stock fraud, the one with the court battle that led to all the dirty laundry disclosures.
Now add to that, Pierce now controls (or will control) another 25 million shares of MNLU through Westrock, and what do you have? He now owns controlling interest in MNLU IMHO!
Flipper, I really do appreciate your post and sharing here, and do wish you luck! Let us know if the check clears (if it shows up), and again in about 30 days, to be sure it did not later get returned as worthless. Banks have a bad habit of being to slow to return and say opps, the check was no good after all. Been there done that too.
Be interesting to see if MNLU does an 8-K to tell the world about this?
OTCBB shows 8 million MNLU shares issued right now. There was a 10:1 R/S, so it was about 80 million shares last year. There have been 2 PRs this year saying they signed a deal in principle, and then signed a deal to buy the leases from Westrock for 25 million new shares, but there has been no confirmation of the share payment YET!. 25 million shares now, would give Westrock 75% control of MNLU (but they may sell new shares, dilute to raise cash, do another R/S, and they issue the 25 million shares to Westorck, knowing how Pierce operates). Plus the other 20+ % Peirce already owns, plus the old MNLU shares traded to Westrock for short term preformance leases in 2009. If Pierce still owns 21% going back to 2009, that is 16 million shares. The company still owes him $500,000 the last they told us. And Westrock got shares back in 2009 IIRC for some of the early leases (I don't recall the number), plus a new 75%, that means Peirce directly and indirectly controls about 85% of MNLU shares now?
http://www.otcmarkets.com/stock/MNLU/company-info
Bottom was about .25 last year, and they did about a 10:1 R/S recently to keep the NASDAQ listing. It has rallied since then, and half the cash they raised last year was raised at about $6.50/share, about 1/3 of the current float was raised at that price!
When did it ever do a prior R/S? I have been in this stock since late 2008, and have done a lot of DD, and I don't recall it ever doing a prior R/S? Are you confusing it with another stock?
In very simplistic terms yes, but in reality no. Once someone tries to buy and hold any significant number of retail shares the price and market cap would go back to reality.
Buy out wise, the insiders would not accept such a small offer, as the company does not need cash or working capital, so an outside take over at these distressed prices is also unlikely. Frankly, if this was a scam, I would think the scammers would be pumping the stock and selling shares at much higher prices, which is one more reason I like the stock for the long haul, no pumping going on.
This is nothing more than an oversold value stock looking for a bottom, where selling just leads to more selling. Nothing sinister at all about.
Any news on your end?
Thanks for the update, much appreciated by all here!!!!! I wish you luck!
For now I just don't see how they can salvage the BV BP#1 well, et. al., deal with NG under $4 (heading for $2 again right now), a glut out there, Europe on the ropes, and fear running loose again.
And since we know they have lied and hidden insider info before, I see no reason to trust their non public claims to you that Pierce, et.al., is not still controlling the entire deal.
And if you look at the mayhem under way at Cheaspeak the entire NG sector seems to be headed for a fire sale to the likes of Shell and Exxon after the next Greek inspired market crash to me.
It looks ready to break out over .12!!!
I like the fact that we can see consistent growth in the number of online retailers one by one listing the IFUS products for sale online, and now this year we have seen signs that Mastic Blast has been bottled and it along with some other IFUS products are now showing up at retail sale online in the UK, in time for the Olympics! So we are now international!
This is a good time to accumulate IMHO!
So much for the MM short attack yesterday. Great news all around here today and we just tested $4 today after a nasty low volume short selling attack yesterday.
CYTR has just started its big rally!!! Form 4 filed today says we have some wealth knowledgeable backers buying up retail here for good reasons!
I was thinking the same thing, MM defensive move, walk it down and grab stop loss shares before a buying spree from the conference news. Or they know something we do not know, in which case it is illegal insider trading. No smart money would have sold this morning, and too little sell volume to be significant.
Nice buying op at the morning low!
Significantly good CYTR drug trial news is out, with a 10 am conference call tomorrow morning, Monday!
Look again, 500 feet to the North NW are two large oil storage tank farms, and the 50 ft zoom.
I am starting to think that MVTG is just about the only bullish stock left on wall street this week!
Way to go LARRY, MVTG next stop is the 20 cent range!!!!
A few more weeks like the last ones and they will be passing out free gasoline on the street corners, LOL!
I think I got the picture, the swamp was full of alligators, and some idiot drained the swamp right?
LOL!
This is a screaming buy I think. Headed for $6 easy now. Buy the market panic dips!
News is out, they have regained Nasdaq compliance:
http://ih.advfn.com/p.php?pid=nmona&article=52636753&symbol=CYTR
It may get cheaper, and when it bottoms I will be loading the boat with this one!!!!!