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Yes, panlprofits, I could have stated that better.
As long as the process is begun, I will be satisfied. Delays, for any reason, will give me cause to loose confidence.
I do not believe they will let me down, they never have.
Nice to see green for a change, hope it holds.
xray44b9, thank you for the confidence, I will do my best to uphold my end.
I have found management to be trustworthy and responsive to ideas and suggestions. I know they have worked very hard to make something of this company and have fought many battles to get to where they are now.
They have faced many adversities and have been able to assemble the correct people to pull through them.
They are also human. Like all of us, they make their share of mistakes and fix them.
I do not believe them to be "scamming" or "conning" us. They have had plenty of opportunities to walk away and leave us holding the bag. Remember, too, this company was originally listed on the NASDAQ when I bought my first round of shares. I am sure management passed the SEC litmus test then, and will probably have to pass it again to get re-listed.
Most importantly, they learn - a lot - with each undertaking. I personally think it was wise to walk away from the FEMA work. Rumor has it, the large contractors with the direct contracts are making all of the money with only small profits sent down to the companies actually doing the work.
I have no idea how to value a business. I bought my first shares at .055 with the only asset of the gravel pit and its antiquated equipment. Assuming the oil reserves are correct and the A/S stays at 997,000,000, my best guess would be about $4.00 per share - leaving a huge margin of error by not considering any aspect of the other operations.
One of the original three partners told me they hoped to build a company that would trade in the mid teens. I think we are on our way there.
I hope that current management brings on new blood with the ability to propel this company to the next level. Do not misunderstand; current management is quite capable of growing this company now and well into the future. I would like to see some more in depth experience to accelerate the process.
I think it is ridiculous for a company this size to trade on Pinks. I have asked, but not had an answer, if there is a limit to the size of company that can trade on the Pinks. This would be the indication of the future of Phoenix.
I think the limit of my patience will be tested if there is no migration from the Pinks in the first quarter of 2006.
Sorry for the long post, but you asked for my opinions.
At the risk of bringing up very old bad news, Phoenix was authorized to do a reverse split many years ago while in bankruptcy. The reverse split never happened.
This indicates to me managements severe opposition the the reverse split idea.
And, to restate the facts, Phoenix was discharged from bankruptcy without prejudice nearly five years ago.
As I have stated before, I have been here a long time, before, during and after the bankruptcy. I added to my possition during the bankruptcy and still have not sold a share either.
I agree with many of you, I would not vote to allow an increase in A/S either. My patience here is great, but not without limit. It is time for the longs to be rewarded for their loyalty.
I might reconsider my position on the A/S if the PPS were considerably more in line to what I think the company is worth. But, this is a long way away.
I am sorry, I have been out of it for a few days.
Could someone please tell me where the 2 Billion A/S came from? TIA
My opinions for pondering and disscussion:
I think we are seeing the final downside of the rollercoaster that started after Hurricane Katrina. IMO, we will be subpenny again, briefly.
I think today's action is the MM's final covering of shorts. Another poster, apologies - I do not remember who, posted the company will change its name and trading number. This would force the hands of those who have shorted as has been heavily discussed here.
Does anyone know if there are any limitations on trading on the Pink Sheets? Seems to me, this company is getting too big to be here and we know they do not want to be here. Input on this topic is greatly appreciated.
The pressure is now on management to keep this together. I suspect they are doing everything possible to keep moving forward and get off the Pinks.
I am amazed at some of the demands posted to management. We all need to remember that we invested in a non-reporting company. They do not have to tell us anything, yet they do.
I believe management is trustworthy and diligently working to get fully reporting as quickly as possible. At the same time, I feel they are doing last minute deals and projects they do not wish to disclose prior to becoming fully reporting.
I do not want to insinuate they are being felonious. An example is the stock buyback. If they do it before becoming fully reporting, they do not have to answer any questions about the status. This could catch many shorters off guard and force them to answer for their actions.
My prediction, for what it's worth, is briefly subpenny. Followed by name and cusip change then board change. Finally, a steady rise to a price more in line with what the stock should be.
Many have speculated $4 (one poster claimed $35, I hope his joke is the winning number!) or more per share, my prediction is between $2-$3 per share for a time then another increase as management proves itself to another set of investors.
These are my opinions. I have been in this stock for many years and will wait another 120-180 days to see what happens. It is important for us longs to hang in there; not for PBLS, but for ourselves. We need to support each other to resist the temptation to cut losses and have our own meeting in Las Vegas - with or without PBLS management!
I theory for consideration...
Apologies if this was posted before, but if the company released shares, 100,000,000 for example, in the run to .12 and is now buying them back and retiring them to treasury at approximately .02-.025 would that not generate the cash needed for these acquisitions with money left over?
Also, as for the worry of dilution, IMO, should you not count on and base your calculations on the authorized shares and not the outstanding shares? After all, can't these shares be issued at any time by the company?
My humble position is as long as the price goes up, I am not overly concerned with my percentage stake in the company. However, if the number of authorized shares is increasing, then I would have a problem.
One last thing, once all information is audited and submitted to the SEC, if PBLS posted this information publically, would this cause the stock price to rise? maybe prove the credibility we believe to exist?
Just my thoughts and opinions, I can't wait to see the responses to my thoughts on dilution!
I know, Cowboy.
My apologies for any offense, none was intended. As my poor memory serves, you have posted with knowledge of the oil industry and it is appreciated.
My concern is that less informed readers/posters might get some bad ideas about how the industry works.
Cowboy
Watch that directional drilling. I know a situation where a large, well known oil company (will not disclose names) drilled across a lease to get to another deposit.
In the process, they choked an existing well on the lease they drilled across and now pay that well owner well in excess of six figures, MONTHLY.
I hear what you are saying, but it can be tricky.
My thoughts exactly. At $3 I wont need a job, at $1 I can cut back to two days a week.
PowerPole - whenever you are ready.
RIGATONI, I agree.
Bottom line, the best advise I ever received on investing in the stock market was from a friend of mine who was a margin alayst: "Only invest what you can afford to lose."
I think this holds true even today. I cut PBLS a lot of slack because they were not always a pink and are trying to return to former glory.
PowerPole
I understand your frustration with the PPS. I too have what I consider to be a sizable stake in PBLS.
I read threads on this board about how this comapny might be a scam and other comments.
Well all I can tell you is I started buying shares in 1999 at .055 when the company was traded on the NASDAQ board. It seems to me that if there was any doubt about this company, they would not have been listed on the NASDAQ board initially.
There is a well documented series of events that gets us to where we are now. No need to go into them again.
Like you, I also convinced family to invest in PBLS. They were lucky enough to get in shortly after I did at .02-.025. They are breaking even while I am still down, that's irony for you!
Believe me, I put up with my share of comments about how I got them involved in this. Truth be told, I exposed them to this company but they made the decision to buy. I am sure this is similar in your family, too.
My point is, I have been a believer in this company for six years, and I still am. I know where they have been because I owned stock at the time. I can see where they are going.
I see great hings ahead for this company. I see people posting they will get out at $1, I only hope I have enough cash to buy their shares. Personally, I have this much time invested I am waiting around until $3.00.
Many people have calculated the pre ProGas value of the stock at $2.67. I do not believe I am far off.
In any event, my personal message to you is keep a stiff upper lip in the face of you family and they will thank you later.
I invite you to PM me, but I can not reply in kind as I am a "FREE" member. If you choose to, please include an e-maill address or phone number and I will be happy to get in touch with you to discuss further.
Hauling debris may pay more than hauling sand, but there are no dumptrucks left hauling in New Orleans. At least I did not see any on my last several trips to town.
Acording to the rumor mill, and we all know what that means, the dump trucks are gone, along with the heavy equipment used to load them, because they were not getting paid by the people with the direct FEMA contract.
So, while hauling debris may pay better, hauling sand and gravel is collectable.
All I saw still in the city were pick up trucks with dump trailers and small Bobcats loading them.
Sounds like a better plan than going to New Orleans area.
Probably more fun at this time also.
There will be plenty of time to visit PBLS when Katrina is cleaned up.
Bring a tent, you are welcomed to the lawn, that's about all I have left after housing displaced friends.
You still have not solved the long drive to PBLS though.
robinhood, I agree.
There is no reason to go to New Orleans at this time. Many areas that have electrical service do not have buildings capable of accepting the power.
I am not aware of the natural gas being restored either. This means not hot water and no heat, if it is needed, in many buildings.
The French Quarter is alive and well, sort of. Foot traffic is down considerably.
There is no reason for tourists to go around the City (excepting the French Quarter). I have been in several times helping friends salvage belongings.
As for your travel plans, New Orleans should be a day trip for you. You really want to stay in the Covington/Mandeville/Madisonville area if you are hoping to visit PBLS.
I am told accomodations in that area are hard to come by. Many hotels booked with claims people and relief workers. Things chage daily, do not be discouraged, just keep trying to get accomodations.
As a "local", I would encourage the visit to PBLS if you can find the accomodations.
ne14atrade, hang in there from one hurricane veteran to another! My most recent in the long list was Katrina/Rita.
Many posted support for me then, now my turn.
Looking forward to your full return and informative posts.
I agree, many good things in the future. You may want to aim higher than $1.00,though.
All my opinions.
Last I heard, there are over 3,000 stock holders. Can anyone call to confirm this?
Any idea why it is moving down?
What is a normal time table to become fully reporting? What do you know of the process?
I am new to this and trying to learn.