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I hope your team wins! I am out too.
The note says that those accrued salary liabilities were sold to Ironridge so I think that management was paid by Ironridge and Ironridge is converting or will be converting shares, is that incorrect?
They shouldn't take that much time. No revenue except for a few days in Q4 and their partners absorbing most of the expenses except salaries-seriously it should take a week or two at best.
Edit - do you think there are major revisions the the unaudited Q's maybe?
We'll see who has been compensated and how much in the quarterlies I guess. It should be an interesting read. Aren't those due soon??
Management had a golden opportunity to inspire the market when the boat wrecked and the delays began. If, at that point, they would have adjusted their compensation to account for the delays the market would have reacted accordingly, Instead, they reverse split the stock, kept the AS high, held on to those inflated salaries and negotiated even more toxic debt. The price of this stock is completely the fault of the actions of management and anyone who owns it is paying the price for the poor skills of the entire, overpaid group. They continue to go back to the reverse split, toxic financing well, this is the norm in penny stock land and this management team has executed those moves perfectly. There must be a handbook.
Companies without revenue and WITH toxic convertible debt and a history of reverse splits (this company has done three to date) are a trade, AT BEST.
I think that's one of the Ferengi rules of acquisition, isn't it? Anyone speculating in this market should have it tattooed in a visible place!
ADIA
Speaks for itself
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=82355919
ADIA
Speaks for itself:
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=82355919
So today WGAS says nothing but here on the board we have the company supporters and the debt conversion supporters, both with opposite agendas. Interesting to read as long as one realizes that the agendas exist.
Once again, a reverse split in penny land is never a good thing for shareholders. Wgas is proving it again today.
Still only observing this one. Waiting patiently for firmer news of the loans and litigation.
The argument that is presented is based on the only ACTUAL numbers reported by the company to date. That ACTUAL number is 15. While it is likely that they will be higher during the next phase, there is no proof. It think the 15 barrel number is the only actual number we have at the present time, is it not? I could say it will be 100 per day and I would be cheered and not questioned or ridiculed, discussion should be based on facts.
I am hopeful that they will announce an actual dollar amount for this revenue soon. That will be some exciting info for everyone.
I agree, you could set one up and mod it. It would be a great service to the Ihub community. Excellent idea!
Your post is off topic on this particular board though.
WGAS=top of my watch list for quite awhile now. It ticks lots of the boxes, rare in the OTC. GLTY as well. I think the lurkers here will be the ones who fuel that big move north when and if this one gets a move on. In the meantime I hope we can continue to discuss valid issues about the company and the stock performance, positive and negative.
Funny, I've never seen Ford or most of the OTC stocks get involved in these matters. Red Flag for certain.
what with comments about level 2 - very comparable.
It concerns me that the company would want to involve itself in random, anonymous message board matters. Another red flag-sigh. Everyone is entitled to express their opinion here and that's all any of this is, whether positive or negative.
Looks like they are filling a large AON sell order. AON's are used to hide the actual size of the block being sold.
No, I don't think they are lying about the litigation or the pipeline, I have followed up on both. Now, the loans and the oil flow rate are a little gray for me right now. And, they are ALL real companies, WGAS is no different. They may become different when/if they have revenue on audited financials. I am hopeful that this will happen by Q2 2013.
I agree. This is probably very close to the bottom if the company gets moving and there is not a lot of tax loss sell off.
I am going to wait a little longer, not for a lower price though. I want to see the settlement docs with Montecito and some additional verification of the non-equity financing.
I am not buying right now but, someone is selling and someone is buying. It is the way of the market.
Oh, I have done all the DD necessary to know that this is one worth watching, no worries.
Ah yes, I tend to forget what a tangled web these OTC companies weave. There is always some legal entanglement and WGAS seems to have it's fair share. "We have a lease......no wait, we don't....we are in court.....we are pumping oil,,,,,no wait, the pipe is broken but Exxon needs to fix it.....we have loans.....no wait, the lease is in question.....no more toxic financing......no wait, more deals with Asher just last month...." These are the reasons not to hold long on OTC stocks and they are repeated over and over in all these companies.
But, if they really do have 8 or 10 percent of the first well and it really is pumping oil "shortly" again.......
I doubt it. The relentless seller has shown some restraint and that has kept the price channeling for now.
It is up to the company to move forward. No excuses, either they have loans or they don't. They have supposedly proven that they will be pumping oil when those pesky repairs are completed so there should be no problem moving forward with the next project. It's not like WGAS is making the repairs, right? Now is not the time to be sitting on one's thumbs waiting for Exxon to duct tape that pipe together, now is the time to put that non-equity funding to use. Who sits on a pile of money, or maybe there is no pile of money?
I think they are the same
WAG= speculation
WGAS= speculation!
LOL
Higher OS, lower PPS - just a wag.
WAFR - and here we have a CFO who reads the ticker board and has posted to it today.
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=82130856
No worries, someone usually does.
Another great day to be just an observer. Someone really, really wants out this week. You gotta wonder why after Silvermere made those glowing announcements to their shareholders and then immediately announced more toxic financing?
I hope those non-equity loans are real. OTC companies announce access to non- equity based funds all the time, most never materialize. Maybe it's just the production delay. I am going to research Exxon and see what other companies are affected, there must be many others.
Maybe next week.
Excellent, revenue is announced! I really do wonder why they didn't get this out yesterday to coincide with Silvermere's meeting and announcements. But it is good news and maybe it will stop the erosion in the price. Now we just need to see how many more shares will be converted at a percentage of the bottom price - looks like they will convert more shares to dump at a percentage of .045.
The best Christmas present for all the longs here would be an announcement that the toxic debt has been paid off. Fingers crossed for you.
Thanks Bert. You have provided some light reading for tonight. I appreciate the link. No PM.
Positive posts about potential barrels a day and potential revenue and potential financing and potential etc... are fine and dandy but a factual discussion of things that have not happened or things that might be red flags are not.
If the potential is realized, I and many others will buy the stock. Meanwhile, I will be silent for awhile so that others who are watching will only get the good potential news.
Perhaps they are wise to choose silence.
The price of this stock indicates that the vast majority of those who follow this stock but choose not to post here share my perspective regarding some type of official announcement of revenue from WGAS.
Maybe this announcement will take place "shortly".
Who, Silvermere? They were making an announcement about their company, if WGAS had something to say about their operations and income it should have come out today but I didn't see anything.
I saw that. Where does it say that WGAS has generated revenue?
Silvermere appears to be diluting heavily into this announcement of potential revenue. Those investors must be so happy with that bit of info.
Accept rumors of potential revenue then. I prefer to wait and see.