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OMG!!! You're in Kern County!!!
Heavy oil capital of California, LOVE IT!!!
I have in my back pocket the most advanced piece of thermal injection technology ever invented. And this isn't me just making things up; this has been independently verified by Sandia Labs and several professional contacts that specialize in EOR.
The sad thing is RP has properties in Kern but no matter what I do or say I can't convince him to deploy the technology to make literally millions of dollars.
I'm loving that there are oil industry savvy professionals on this forum.
What the Company wants most is a reservoir that is gas drive instead of water drive as this results in a more successful rate of mining OOIP when inert gas pressure maintenance injection regiments are applied.
The new website is up.
www.apetroleum.com
but don't get too excited as there is still a bunch of work still to be done on the site.
I will forward bpetroleum.com to apetroleum.com when I get a chance.
The company doesnt have the cashflow levels needed at this time to start buying back paper so I wouldn't worry about this statement too much.
Someday in the future . . . maybe.
I only have one question for you. Is it your opionion that you can turn this company into a profitable one?
Yes, but it will take some time to bring serious solid high value and i'm talking potentially years not months. I know many people here have held on to this dog for a long time already and I am very sympathetic to thier situations. I will try to bring as much value to the company and its equity as quickly as possible.
or should i just say . . . soon. (the last bit was humor)
7. PGPM (the Corporation) is listed in/on "several" other companies as a share holders. This information can be obtained publicly with remedial skills, (such as I have), of a simple google search.
I will investigate this further, i do know that Pilgrim has some equity in other companies but a quick drive by several months ago proved to me that there wasn't much there to work with but these days every dollar counts.
Also, question regarding the ACLY/PGPM deal will be answered either by you/PGPM or ACLY once this folds over!
I know at least Pilgrim will, that is all I can comment on.
Just one thing on your answer to my #1 question....did R. Pinedo contact you regarding your pressure units and thus contact was made???? I sent him an email over a year ago regarding enhanced oil recovery and oil monitoring units of which he only thanked me for the information...short and sweet for sure! Maybe the bug was in his ear....??
We contacted him, and he was very skeptical about our engineering recommendations for quite some time until other engineering professional contacts of his verified the accuracy of what we were saying.
What is your experience in the oil patch. I know your educational background, as well as your business background, I'm interested to know your experience hands on.
Testing and long term application of advanced oil field chemicals, pressure maintenance technologies and other associated EOR technologies. Well, Battery and Lease rework. Materials budgeting, procurement and handling. Field management and supervision.
2. I know you own/owned scavenger oil, how is scavenger/PGPM related today?
Scavenger is completely separate from Pilgrim. Neither one owns the other.
. . . would be required to file at minimum a form 3 and form 4 to disclose any shares he dissemminated that belonged to him.
If he has dissolved his ownership of shares without filing the appropriate forms, how might this affect PGPM going forward?
Great tip, I’ll keep my eyes open and stay sharp.
I'm assuming you mean the stop sign returning.
I am being told that this should be corrected sometime tonight.
It was due to a couple of idividuals whose names i won't mention failing to post a quarterly financial statement that had already been completed and paid for.
Let me assure you I was venomously pissed that this happened.
I have so many things that need to be done in a day to get this company on the right track that I leave certain tasks to other individuals.
Let's hope the same individuals can get the Q2 report completed and posted on time.
I understand how important it is to get rid of the cautionary symbols on pinksheets.
I apologize but I will have to answer the rest of the questions tomorrow afternoon or evening.
I have to get up early tomorrow/today and drive to Abilene to investigate a potential property acquisition.
Please be assured that I WILL answer everyone's questions.
In my defense, I am so new to this forum thing that I didn't even realize that was happening until I was reading your post and was trying to discern what you meant.
4 0.0005 0.0 0.00% Pilgrim Petroleum Corp. (PGPM) 193% 32 07/06/2010 01:03:41 AM
And at the risk of appearing to be a "newbie" in interpreting your conversation, it isn't negative or positive, it's just the truth.
Sorry for the delay in answering questions.
I recieved a message from Investorshub stating the following:
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Nice to see a post from you NCPTI, was wondering where you had wandered off to.
1. I would like to know more about your getting connected with PGPM. Were you looking for distressed companies? Did you purchase any part of PGPM, if so, what was the vehicle used?
I and my good friend and business partner were offered the following under a 1 year contract that for me expires/renews Oct 19th 2010. X amount of cash paid to my/our privately held company, X amount of cash paid to me/us as individuals, and X amount of PGPM shares granted to me/us as individuals. The contract renews under same or greater terms on the date specified. I came across the company because my privately held company was seeking clients with pressure depleted distressed properties so that we could apply Enhanced Oil Recovery engineering to increase production for perfomance based compensation
2. As you stated that R. Pinedo has a small amount of shares, possible less than some investors here....do you state that in comparison to the increase of the Authorized Shares from the previous amount as now being diluted himself? Or was there a transfer of sorts, if so is this connected to my 1st question?
Again, I have witnessed NO dilution and technically at this point no shares have yet changed hands due to SEC regulations concerning officer compensation of company shares. The Authorized share count was increased.
3. Should ACLY pull through with financing, ("all" or some with structured payments), would any part of that be considered toward a dividend to share holders?
I will have to research this more with our legal and accounting representaion and get back to you. Uneducated answer would be, Divedends would be nice but the money may need to be spent strictly on increasing earnings per share, assets, and therfore company value.
4. Should ACLY fail to finance their note and PGPM re-acquires the leases, would such leases be looked upon to enhance PGPM's bottom line in income dollars or considered to be assets that will be liquidated?
A combination of the two.
5. As you are aware, public perception is a maker or breaker of public companies in this day and age of instant information. I appreciate your taking the time to joust here on I-Hub PGPM forum. Aside from the website enhancement, blogs, COO's statement that we discussed via email awhile back, what other intentions do you have taking this company forward?
Quite simply an increase in oil production/earnings and Proven Developed Producing (PDP) asset valuation through well rework, new well drilling, and Enhanced Oil Recovery Engineering.
If (2) occurs, what are the assets in their entirety? Leases? with or without production?; and if so, how much?
Mineral Leases, with currently zero (0) production.
Also, please note the intent of having a third-party value assets is so there is a realistic value obtained. Perhaps, you mean these assets were indeed valued by a third-party, but one that was not independent and objective?
The leases were valued by an independent third party that makes its living off providing the highest valuation for its clients as possible.
Because you are seeking financing for the purchase of wells, that seems to mean you have little confidence of Arcland paying cash, or very much cash. Or, you just don't know yet what they will actually do. Is this a fair opinion?
I dont know yet what they will actually do. It's up to the management of that company to decide. More on this in one of my final end of the night posts.
This is one thing I am enjoying about this dialog is that I am being introduced to some of the largest shareholders of the company.
I've been told by prior management that the Shareholder count, used to be around 9000, so it may take me quite a while to get to all of you.
Since becoming oficer I have witnessed NO dilution. However, The Authorized share count was increased.
Here's what I am working with concerning your question, 1) an outdated shareholder list from the transfer agent and 2) information provided to me by Mr. Pinedo.
From the tools that I have at my disposal I only show Mr. Pinedo owning X amount of shares. (hence the previous comment)
There are other factors that may affect this as well such as Mr. Pinedo selling, granting or gifting shares to others.
I will follow up with Mr. Pinedo about this but it will be at his discretion wheter or not he gives me the appropriate answer.
I don't want you guys to let me off easy. That is the whole point in this excercise in swatting the hornets nest with a large stick. Keep hammering me, I can take it.
As a servant to the shareholders i need to know your concerns and also gauge the mood of the investors. From what I am learning, some of you are so beyond pissed off that it is making communication difficult.
Answers below:
Is there any production on any of the leases at this time before they went to ACLY there seemed to be some income.
Yes, but most of this production revenue came from one property that was under a 50% JV relationship and the rest from just a few other leases. The produciton in some cases was very limited and when the price of oil nose dived to +/- $30.00 per bopd it was barely economical to keep them pumping.
How many wells were reworked ?
Only a handful, again the company needs an injection of capital.
Do we have the rig to rework wells or do we sub that work out.
The Company owns a drilling rig and a pulling unit. Field crews are standing by.
And have we lost leases due to lack of doing any work most leases have a clause to deal with that.
No leases have been lost. Although technically at this point Arcland Energy owns most of them.
Answers below: (i've decided I probably should write them in a different color)
I would highly highly recommend that you do not reverse this stock as that would only give these evil market makers more reason to take it down rather than up (and it will go down and we will be at the same spot but with much less shares and balance). What about the private placement? Does it not look reasonable?
Dont worry, I am not going to reverse the stock. The Company cant spare the funds at this point to achieve that anyway. The Private Placement does look reasonable but I would have to give away up to 50% of the Net Revenue Interest in the lease prospect. It is still, in my opinion, best to make Arcland pay the monies they owe and keep the full Net Revenue Interest in currently held properties or in producing property acquisitions.
Is there anything that we can do to help you?
Wow, I have to say that question is one of the most positive, kind things that any investor has ever said to me. I reluctantly say, 'no worries, I got this," but I may quickly regret that comment.
Answers below: (some should be considered forward looking and speculative)
BTW . . . great questions, i am actually having to refer to my printed matierials for some of the answers.
Also, some questions involve events that occured a long time ago and I may not have all the current information.
1. Does PGPM currently have a positive or negative cash flow...and what are the sources of positive cash flows if any.
Technically at this point a negative cashflow, although some assets are currently being purchsed and then resold at a profit to provide positive cashflow and pay off all or most of the current liabilities of the company as well as provide some cash to grease the wheels. As some of the sales have not been finalized I cannot comment further.
2. Does PGPM currently have any inhouse assets that are scheduled to go in to production or be reworked in the near term.
Yes, Although the Company needs an injection of capital to achieve this. We are currently looking at acquiring a loan against some iron assets valued at close to 1 million but this is in my opinion a potnetially risky one time capital injection.
3. What are the gross/net acres for PGPM.
From the information provided to me so far 12,000 Acres spread across 15 mineral leases at varying ORI's in Wichita and Archer Counties, Texas. We have some good offers of additional acerage comprising approximately 17,000 acres but these options are being provided to Mr. Pinedo directly and it is at his discretion to which of his companies they will be applied.
4. What is the gross well count of PGPM.
As of a few months ago +/- 150 wells varying in depth from as shallow as 150 feet to 4000+ feet.
5. Does PGPM currently have any injection wells.
Almost all properties have injection wells, some properties have multiple injection wells. All are listed as disposal into productive zones.
6. Does PGPM currently offer injection services to other companies, or currently working any non-company injection wells for profit.
Not currently, but this is one of my plans for helping turn the company around. We are in talks with a couple of different operators to provide injection services and i am attempting to negotiate a combination of the following: a monthly rental fee, service fee and/or Revenue Interest percentage of each project.
Although any equipment we have or acquire would be best utilized on the Company's own leases to maximize revenue.
7. What is the status of the well servicing company that was acquired several years ago.
Hmmmmm. I think this has to do with the acquisition of American Petroleum Corporation and Mr. Pinedo's original plan with that company was to have it be an oil field service provider. We have a drilling rig and a pulling unit, some injection equipment and field labor standing by so service is a viable option but again the equipment would be better utilized on internally owned properties
8. When may we expect ( not an exact date)public information on the status of the PGPM/Arcland relationship.
The Notes officially come due in July. I dont wish to give an exact date here but if you look at an Arcland 8K from 2008 I believe the date is in there. I thought they were due in June hence the June timeline previously given via email to shareholders but I was mistaken.
Some good questions are coming in. Keep em coming.
I am going to spend some time with my family doing the 4th of July weekend thing and try and relax a bit.
I WILL answer all questions posted by the end of the evening although the little ones nap time will probably be the soonest I can respond to some of these posts.
July 5th, 2010 Midnight (CST)
Is my cut off for answering questions on this forum.
I have already risked enough and offended enough that I will need to refrain from ever posting on this Forum again.
Probably should have the Admins ban me just to be safe. (humor)
I will then have to go back to being professional and discreet.
So you guys need to come up with some good questions before time runs out.
"And you have had request to clear up post 15410 and you have skated past that."
No big conspiracy here masc2279, I was just responding to the posts in the order they were recieved in the forum.
Let’s face it guys; I’m the only ally you have left.
Maybe at least this post will provide you with some humor.
When I was offered this gig, everyone told me I shouldn’t take it.
My Family, my friends, my professional contacts and my field contacts in district 9 all said, “that I shouldn’t touch this company with a ten foot pole, that I shouldn’t be involved with prior management and that I was bat s*** crazy to accept the position.”
It’s funny what wrenching in an oil field, for hours on end, in 100 degree Texas heat will do to a man. It’ll make you as tough as nails but also bat s*** crazy.
Answers to your question are below:
1. Is PILGRIM PETROLEUM CORPORATION still a Foreign For-Profit Corporation and is it still a Deleware Corporation?
It is a Delaware Corporation and is a For-Profit company also listed on the Frankfurt Exchange under the symbol PHV.
2. Is JEFFERY FANNING still a Director of PILGRIM PETROLEUM CORPORATION?
No. Thank god. He is one of the primary reasons this company is in its current state of affairs.
3. Will AMERICAN PETROLEUM CORPORATION be PILGRIM PETROLEUM CORPORATION’S sole TRRC Operator?
No, Pilgrim Petroleum has a “backup” operator that can be brought online very quickly.
Although, we are seriously considering having a third party act as Operator to help avoid any potential future liabilities.
American Petroleum Corporation has been so damaged that my opinion is to write this operator off all together.
4. Are PILGRIM PETROLEUM CORPORATION and AMERICAN PETROLEUM CORPORATION in good standing with the TRRC?
See above. Pilgrim Petroleum is in good standing. American Petroleum Corporation has judgments pending against it that Mr. Pinedo as an individual is responsible for fixing.
5. Has any of the information on the two websites listed above been updated to reflect the current Status and Officers of PILGRIM PETROLEUM CORPORATION?
I am assuming you are referring to the Texas SOS website mentioned at the beginning of your post. Since Pilgrim Petroleum is a Delaware Corporation the website would be the Delaware SOS. I left this as a as task for Mr. Pinedo to complete. Upon Mr. Pinedo’s official legal resignation I will make sure that this as well as any other managerial changes are accurately represented with the corresponding state agencies.
Understood. Again, my apologies. I did not mean to offend.
Dont worry masc2279 I'll post the email for you.
I edited out your personal and professional web details from the email out of courtesy to you.
Email corespondance follows: (starts at bottom of post)
__________________________________________________________________
From: Matt O'Bryant [mailto:mobryant@bpetroleum.com]
Sent: Sunday, July 04, 2010 10:46 AM
To: 'Scott Hotaling'
Subject: RE: Investorshub Conduct
I understand Mr. Hotaling.
Calmer heads will prevail. I agree.
I still do not appreciate your personal attacks on me as an individual, as I had nothing to do with the previous management decisions of the company that led to this mess.
I am working very hard to turn this company around on a daily basis.
Let’s just hope that someday you have the guts to make your accusations in person.
Matt O'Bryant
__________________________________________________________________
From: Scott Hotaling [mailto:masc2279@gmail.com]
Sent: Sunday, July 04, 2010 10:25 AM
To: Matt O'Bryant
Subject: Re: Investorshub Conduct
Matt,
Son Really, Just remember you first quote saying you have "I can ssure that any statement made by me or my company contains nothing but the truth" this is your opening line in our conversations which we know of to be not true. For what ever reason you did not live up to those statements. Again the june PR's that were promised. Come on. You are the one who wants to censor bad things about your company. you are the one claiming and i quote "Negative comments by you and others harm the company and harm our employees ability to provide for their families." seriously what about what this company has done to the shareholders. That is their hard earned money that they placed into PGPM and now most have no way of getting anything close to what they invested out of this company. Please Spare me the hurt feelings. And trust me you don't scare me a bit. Just remember you came to me not the other way around. Our freedom of speech which you are trying to hinder and remove is un american. As i said before just do your job and correct these issues and this anger will go away from everyone. Or you can continue wasting time piddling around chat rooms instead of working the issues out.
My first and only concern is the share holders not your happiness nor your wants. As i said give respect earn respect but the reason that i am upset and angry is you started out with the fix these issue and stop the slander bit or else.
If your are telling the truth that you are here to fix these issues well then great thank you and good luck.
Scott W. Hotaling
__________________________________________________________________
On Jul 3, 2010, at 11:01 PM, Matt O'Bryant wrote:
Amazing.
Now you are accusing me of being un-American.
I have treated you with nothing but respect both on the investorshub forum and via these emails.
Yet, you continue to treat me with disrespect.
You are playing a very dangerous game with me son.
Matt O’Bryant
__________________________________________________________________
From: SCOTT HOTALING [mailto:masc2279@gmail.com]
Sent: Saturday, July 03, 2010 11:43 PM
To: Matt O'Bryant
Subject: Re: Investorshub Conduct
By saying one person is retiring does not change people way of thinking towards a company. Only actions of which nothing has been done. Trust and respect are earned not a right. I do not represent investors hub nor do I work for them I do moderate the board. And everything is transparent. Our anger is rightly placed since the company has done nothing to correct the issues at hand. If you are such a person of truth and have grounded ethics. Then clarify all the issues of past management. We are not sugar coating anything for you. Feel free to do what you have to. You have my information and trust me anything to do with me is public information and is not hidden from any share holders unlike the business practices of this company.
And lastly this is not your company. It belongs to the shareholders. Now get back to work and fix this mess. And then maybe you won't have to worry about how you look in the publics eye you will show the public what you would like them to think.
We have every right to speak our frustrations. Don't forget you are in the united states and don't forget what this weekend means.
Scott W. Hotaling
_________________________________________________________________
On Jul 3, 2010, at 10:26 PM, Matt O'Bryant <mobryant@bpetroleum.com> wrote:
Interesting response Mr. Hotaling.
Please be assured that I am not your friend or have any desire to be so.
With the Company’s progressing change in management I was hoping that this sort of hatred for the Company and or me as an individual would soon end.
With your email response I can tell that this is not the case.
Please understand that I am sympathetic and empathetic to the way shareholders have been treated by past management.
I once again have to firmly state that I am a very ethical and honest individual that has taken on the task of cleaning up this company.
I take great offense to your accusations to me as an individual.
Please understand that if this sort of behavior does not discontinue I will be forced to take the appropriate measures to ensure that it does.
Negative comments by you and others harm the company and harm our employees ability to provide for their families.
I cannot sit by and let this happen.
Thank you for your time.
Matt O’Bryant
__________________________________________________________________
From: SCOTT HOTALING [mailto:masc2279@gmail.com]
Sent: Saturday, July 03, 2010 10:48 PM
To: Matt O'Bryant
Subject: Re: Investorshub Conduct
First off seriously. You can say with a strait face that and I quote
" I can assure that any statement made by me or my company contains nothing but the truth "
I have to many emails from RP which are bold face lies and misrepresentation of what your company has said to be the truth. Not only do I have proof I have all the emails to back them up. As well as email from you stating PR's for the month of June which never occurred. And all the member that have been around as long as I have send me copies of the emails so I know they are happening. And they are posted as well on this board to see.
Let me make something very clear I am not your friend nor do I trust an ounce of anything that comes from anything to do with RP. this company has not cared a bit about shareholders nor have they clarified any of the issues that still remain.
By the way you stated that you were working on clearing up the issues with Pinksheets. Well that only lasted three weeks and you are back with the stop alerts.
The last thing you are going to get from me is only happy propaganda for your company.
Straiten up and do the right thing for shareholders and then maybe you will get some respect from me and all the other shareholders on this board.
Scott W. Hotaling
__________________________________________________________________
On Jul 3, 2010, at 8:54 PM, Matt O'Bryant <mobryant@bpetroleum.com> wrote:
Thank you for providing me with your email address. Also, thank you for the clarification of the forum’s policy’s and rules.
I again, have to graciously ask that you remove post #15374 from the Pilgrim Petroleum board.
It is in my opinion a bit unjust to remove my posts defending myself and my company while you continue to let a post remain that not only slights me in the viewpoint of the forum members while in addition contains a remark from you that states that my company “has not told an ounce of truth.”
I can assure that any statement made by me or my company contains nothing but the truth as it is my ethical responsibility as an officer of the company to not only tell the truth but represent the shareholders of the company in a positive manner.
Thank you.
Matt O’Bryant
Chief Operations Officer
Pilgrim Petroleum Corporation
e: mobryant@bpetroleum.com
w: www.bpetroleum.com
*sigh* I should just give up.
I am assuming that you are referring to the term "misfits"
It was meant to inject a bit of lighthearted humor into all of the current conversations occurring on this board.
It was also a request for more dialog and disclosures between shareholders and management of the Company.
It was in no way meant to be offensive. I apologize if it was construed as such.
Nice flagging of the posts, by the way, masc2279.
Let's face the facts, I really can't compete via this disclosure medium particularly when the forum is run by an extremely biased board moderator.
This is exactly why I am just going to have to let all of this stop bothering me and no longer make any posts or disclosures on this forum.
Better get your questions in now.
Because after the holiday is over I'll have much more important things to get done than conversing over these forums with you bunch of disgruntled misfits.
As I understand it, He will receive no cash, no stock, no further compensation from this Company whatsoever.
He will strictly be a shareholder. So I guess resign would be a more appropriate term.
Once I receive the signed letter pertaining to this I will try and post a version of it either here or on the Pilgrim website.
I have to wait for Pilgrim’s legal counsel to finish their efforts towards this endeavor.
I am riding our web designer daily to finish the Pilgrim website re-design.
Delays were due to a close member of his family passing away recently.
I have specifically requested just this sort of "tool" you mentioned as well as a storage area for a mountain of pdf documents I have created over the past few months.
I am hoping *fingers crossed* that the site will be done by the end of this coming week.
I also wish to have some sort of forum on the company website for people to express thier concerns directly with the company as well as some sort of blog for me to place these posts I have been writing here to provide a more legal form of disclosure.
While I cannot speak directly for Mr. Pinedo, I will comment/speculate based on what I know.
Mr. Pinedo decided that it would be in the Company's best interest for him to resign in order to avoid any future conflicts of interest.
He is still a shareholder of a very small amount of the companies equity and from emails and posts I have read on these forums he holds less shares than many of you.
As to what he will do next, Mr. Pinedo has many successful companies that he runs in mining and aviation. I am assuming that he will focus his efforts on those endeavors possibly to include Arcland Energy although again this is all speculation.
Of course even posting this could damage my relationship with him, but here's to hoping he doesnt read this forum.
Also, shareholders seem to think I am his puppet, but I can assure that is not the case.
I can assure you Sargeant-Preston that this is in no way a scam.
If I ever felt at any time, whether now or in the future, that this was a scam, I would immediately "blow the whistle" and resign, as I cannot professionally afford to have my reputation tarnished.
In reference to your post accusing the company of sheltering money in hidden accounts I would like to state that I am the sole signatory and in sole control of all Pilgrim Petroleum's bank accounts.
A lesson on properly creating earnings per share:
I have seen some intelligent posts by individuals highlighting the fact that Pilgrim Petroleum currently has no oil production and therefore no cash flow.
Please be assured that it is of the highest importance of the Company and myself to correct this situation.
I have been provided with several tools to achieve this; however, it is of my opinion that the best way to achieve this is by procuring producing properties that meet optimal criteria for an increase in oil production through the use of enhanced oil recovery (EOR) methods such as Nitrogen and Carbon Dioxide injection.
Enhanced oil recovery through pressure maintenance with inert gas has the ability to return marginal or stripper wells close to their original production. In past tests and projects, performed by myself and others, utilizing an inert gas medium to restore production drive to a hydrocarbon reservoir resulted in bopd (barrels of oil per day) rates to be taken from 1/4 bopd to 7 bopd per well.
We have been seeking and negotiating property acquisitions in a variety of properties in Texas; however, we are seeking the optimal producing project to achieve maximum cash flow at the lowest possible cost.
The Company has developed, and is considering, 3 types of packages with corresponding Private Placement Memorandums and Subscription Agreements. The three types of projects are as follows:
1) A series of discovery well(s) drilled to achieve a deeper reservoir prospect, potentially a pinnacle reef based target at approximately +/- 5000 feet in total depth. This project has a success rate of approximately 67% at a total cost of $750,000 with a low estimate revenue potential of approximately $105,000 per month. ($70.00 per barrel)
2) A series of rework packages applied to Pilgrim Petroleum’s existing well count. These projects would be for approximately 50 wells with a success rate of 97% at a total cost of $1,500,000 with a low estimate revenue potential (with EOR) of approximately $130,000 per month. ($70.00 per barrel)
3) A producing property acquisition. (The company has found a cherry prospect) Negotiations are still ongoing and we have not yet formally secured the property or defined terms. This project has a success rate of approximately 99% at a total cost of $1,500,000 with a low estimate revenue potential of approximately $210,000 per month without EOR and approximately $630,000 per month with EOR. ($70.00 per barrel)
Obviously option 3 is my favorite but it is not yet in the Company’s pocket and should be at this point considered speculation.
Please understand that as an officer of Pilgrim Petroleum it is my ethical responsibility to negotiate the best outcome for the benefit of the Shareholders of this company.
In addition, as public forums have not been officially legally recognized as a public disclosure source this info will be posted on our Company’s website in a timely manner.
Forward-Looking Statements: The statements, which are not historical facts contained in this document are forward-looking statements that involve risks and uncertainties, including but not limited to, the effect of economic conditions, the impact of competition, the results of financing efforts, changes in consumers' preferences and trends.
The words "estimate," "possible," and "seeking" and similar expressions identify forward-looking statements, which speak only to the date the statement was made. The Company undertakes no obligation to publicly update or revise any forward-looking statements, because of new information, future events, or otherwise. Future events and actual results may differ materially from those set forth herein, contemplated by, or underlying the forward-looking statements.
2010 Pilgrim Petroleum Corporation. The information herein is subject to change without notice. Pilgrim Petroleum Corporation shall not be liable for technical or editorial errors or omissions contained herein.
A lesson on raising capital while maintaining share value:
It is clear by reviewing the share amounts of the company, as well as the current share price, that this company’s share value has been diluted, diluted so much that only a few options remain for raising capital while maintaining share value.
It is because of this dilution and current value that it is unfeasible for the Company to raise money against its own stock. Twice, I have had to successfully prevent the further mass dilution of the company’s stock.
Please be assured that while the Authorized shares have increased to 5,000,000,000 no shares, as of the date of this post, have been sold, traded or gifted to any party.
So now the question arises . . . How do you raise capital for a company without utilizing its own equity?
I am left with 2 choices: 1) Raise money against the oil under the ground through a revenue sharing relationship. 2) Raise money against Arcland Energy stock and force that Company to pay Pilgrim Petroleum for the asset transfer.
Both are viable, and interested investors in the company have expressed interest in both options; however, I prefer option two (2) because it does not negatively effect Pilgrim Petroleum’s share value but provides up to $10 Million in the Company’s coffers to turn things around and create an increase in earnings per share and therefore share value.
This company must acquire capital in order to survive and thrive. Interested investors have offered from a few hundred thousand to a few million, all at a price. As an officer and representative of the company I have to weigh each of these individual offers and determine what is best for the Company and its shareholders.
Please understand that as an officer of Pilgrim Petroleum it is my ethical responsibility to negotiate the best outcome for the benefit of the Shareholders of this company.
In addition, as public forums have not been officially legally recognized as a public disclosure source this info will be posted on our Company’s website in a timely manner.
Forward-Looking Statements: The statements, which are not historical facts contained in this document are forward-looking statements that involve risks and uncertainties, including but not limited to, the effect of economic conditions, the impact of competition, the results of financing efforts, changes in consumers' preferences and trends.
The words "estimate," "possible," and "seeking" and similar expressions identify forward-looking statements, which speak only to the date the statement was made. The Company undertakes no obligation to publicly update or revise any forward-looking statements, because of new information, future events, or otherwise. Future events and actual results may differ materially from those set forth herein, contemplated by, or underlying the forward-looking statements.
2010 Pilgrim Petroleum Corporation. The information herein is subject to change without notice. Pilgrim Petroleum Corporation shall not be liable for technical or editorial errors or omissions contained herein.
Thanks for the reply.
I have a couple of other posts I am preparing to put on the boards explaining some of the other concerns you mentioned but I think it would be best for me to have a cup of coffee before continuing to play in the Lions den.
A lesson on maximizing company value for the future:
Currently Pilgrim Petroleum’s stock has approximately 1,255,450,000 Outstanding Shares, 5,000,000,000 Authorized Shares and 1,233,500,000 in the float as of April, 2010.
I have been advised by multiple Investment Banking professionals that Pilgrim Petroleum should reverse its stock somewhere between 100-1000 to 1.
I have received emails and read public posts in the past from shareholders explaining to me that they have held this stock for X years and originally purchased the stock at X price and are wondering whether or not the Company’s stock will ever achieve this value again.
My answer each time is to explain that it is in my best interest to achieve the price point that they mention.
In addition, I feel sympathy for these shareholders because at the time of their purchase I was not an officer of this company and therefore had no means of preventing the downward spiral of the company’s value. As a result, I kindly respond to the afore mentioned Investment Banking professionals that "I do not feel a reverse split is necessary."
However, due to the conduct of many shareholders both via email and public posts my sympathetic viewpoint is rapidly waning. If there was ever a time that this Company’s stock should be reversed it is now due to its incredibly low current valuation.
Also, intelligent conduct would also have me, in an effort to increase company value, offer current shareholders an opportunity to sell their held paper back to the company at some sort of pre-determined sub par value.
Please understand that as an officer of Pilgrim Petroleum it is my ethical responsibility to negotiate the best outcome for the benefit of the Shareholders of this company.
In addition, as public forums have not been officially legally recognized as a public disclosure source this info will be posted on our Company’s website in a timely manner.
Forward-Looking Statements: The statements, which are not historical facts contained in this document are forward-looking statements that involve risks and uncertainties, including but not limited to, the effect of economic conditions, the impact of competition, the results of financing efforts, changes in consumers' preferences and trends.
The words "estimate," "possible," and "seeking" and similar expressions identify forward-looking statements, which speak only to the date the statement was made. The Company undertakes no obligation to publicly update or revise any forward-looking statements, because of new information, future events, or otherwise. Future events and actual results may differ materially from those set forth herein, contemplated by, or underlying the forward-looking statements.
2010 Pilgrim Petroleum Corporation. The information herein is subject to change without notice. Pilgrim Petroleum Corporation shall not be liable for technical or editorial errors or omissions contained herein.
A lesson on hydrocarbon accounting and Notes due:
The practice of providing asset values to unproduced hydrocarbons was developed many years ago thanks to accountants and oil industry lobbyists.
Only a handful of firms are allowed to provide these valuations and they can be quite expensive to obtain. The firm that conducted Pilgrim Petroleum’s evaluations was Gustavson and Associates located in Colorado.
Just because a 3rd party engineering firm slaps a rubber stamp on a document saying that the asset is worth X amount of dollars, this never represents the true value of the leasehold interests.
The greatest advantage to utilizing this accounting tool is for the ability to list the company’s stock on a higher value exchange by meeting asset value requirements for that exchange.
I have read many posts and received many emails of shareholders confused by the fact that a $40 million 3rd party valued asset is being sold for a scant $10 million.
Let me assure you, the leasehold interests in question were acquired for a very small sum. Receiving $10 million dollars for these Assets would be a more than fair financial exchange.
I also read posts and emails where shareholders seem to think they are going to receive money based on this asset sale. It is my understanding that this is not the case.
Finally, before I receive any emails or read any public posts concerning a lack of disclosure on this matter one need only look at past financial reports not only from this company but also Arcland Energy. In addition past press releases gave some details to the exchange as well.
The asset exchange Notes come due in a very short period of time and one of three things will occur: 1) Arcland will pay the amount in full and will retain the assets. 2) Arcland will fail to pay the amount owed and the assets will revert back to Pilgrim Petroleum. 3) Some sort of Arcland payment plan will be negotiated by a 3rd party and the Assets will remain in Arcland’s control for an extended duration as long as the payment schedule is maintained.
Shareholders must understand that there are many other financial aspects to this transaction that must be considered in order to make the best possible financial decision on behalf of the company. Some of these involve tax accounting.
Please understand that as an officer of Pilgrim Petroleum it is my ethical responsibility to negotiate the best outcome for the benefit of the Shareholders of this company.
In addition, as public forums have not been officially legally recognized as a public disclosure source this info will be posted on our Company’s website in a timely manner.
Forward-Looking Statements: The statements, which are not historical facts contained in this document are forward-looking statements that involve risks and uncertainties, including but not limited to, the effect of economic conditions, the impact of competition, the results of financing efforts, changes in consumers' preferences and trends.
The words "estimate," "possible," and "seeking" and similar expressions identify forward-looking statements, which speak only to the date the statement was made. The Company undertakes no obligation to publicly update or revise any forward-looking statements, because of new information, future events, or otherwise. Future events and actual results may differ materially from those set forth herein, contemplated by, or underlying the forward-looking statements.
2010 Pilgrim Petroleum Corporation. The information herein is subject to change without notice. Pilgrim Petroleum Corporation shall not be liable for technical or editorial errors or omissions contained herein.
It has been brought to my attention by a forum user that increased transparency may help elliviate some of the negativity that continues on these forums.
As the legality is questionable as to this being a means of public disclosure I am hestitant to post even the slightest bit of information here.
However, since I need the negative comments to stop I will put a good foot forward and try to carefully disclose some of the actions occuring behind the scenes.
I am hoping that posting a duplicate letter containing this same information on our website (www.bpetroleum.com) in a timely manner will protect me legally.
Matt O'Bryant
President
Pilgrim PEtroleum Corporation
A polite request from the President of Pilgrim Petroleum:
I have been following the posts on this forum for the past few months. Some users of this forum tend to post negative comments about the Company and its business dealings.
Please let this represent a polite request for these sorts of posts to stop.
I am very sympathetic to the users of this forum and empathetic to their frustration as to the way this Company was run in the past.
With the progressing change in management of the Company, I feel it is time for all parties involved to let go of the past and look to the future.
Negative comments made by users of this forum produce the following effects:
1. Difficulty in securing growth capital for the benefit of Pilgrim Petroleum and its shareholders.
2. Difficulty in securing new shareholders of Pilgrim Petroleum’s equity.
3. Difficulty in securing Joint Venture relationships in Hydrocarbon project offerings.
4. Harm to the employees of Pilgrim Petroleum who are trying to obtain a fair wage to provide for their families.
5. Harm to the reputation of Pilgrim Petroleum within the Oil and Gas industry as a whole.
Thank you for your consideration in these matters.
Matt O'Bryant
President
Pilgrim Petroleum Corporation
Thank you for the clarification masc2279.
I guess I will just have to sit here and have members of this forum make false accusations against myself and my company.
While you are in a post removing mood, it would be courteous of you to also remove post # 15374.
I would also appreciate it if you could PM me some contact info for you masc2279 so if any issues arise in the future I could contact you directly and avoid the board drama.
Thank you.