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For all you newcomers on the board, just take a look at the last 10-Q posted a couple weeks ago. Notice the number of shares given to vendors, auditors and employees in lieu of payment or cash compensation, and that is just the last quarter. The reality is, every time this stock begins to run, these inviduals, companies, or whatever you call them, smack the ask down every time - because they want to get PAID. All you have do is notice the 19 million shares that have been on the ask at .0031 for the last month, and pretty much trace that many shares back to payment of their auditor/accountant. It was there today for those who noticed. So for those of you who say there is no dilution - WAKE UP - this stock won't push past .0031 until enough day traders come in and soak up about 50 - 75 million shares lurking around .0031.
you wanna bet?
Yes, nice volume. A third of it was probably day traders, the rest was continued dilution by the company. That's why it really never took off. This level of volume should have sent this up by 50% or more, and stayed at those levels.
I thought it was interesting they reposted the asset sale in todays news release. Anyone have any insight on this?
Update on West Virginia Asset Sale
As noted in the Company's 10Q which was filed with the Securities and Exchange Commission on August 22, 2011, the Buyer of the Company's West Virginia assets requested a thirty day extension past the July 29, 2011 closing date. As of today, the Company has neither agreed to the extension nor to close upon the original terms. As such, the Company will continue with its plan of placing the wells acquired in the Wilon Resources acquisition back into production. Currently, the Company has placed 61 of these wells into production.
Looks like the party's over.
There's 19 million shares for sale at .0030 so this stock needs to plough through it to move higher.
News won't push this stock up, unfortunately. The company dilutes into every price move upward. What we need are tanigible plans that translate into tangible growth, and that will produce a tangible movement of the stock up. Look back at the cluster of news releases in early August - this stock dived in response.
I hope you're right and I'm wrong.
they need to either discover some large oil pit or generate revenue on their existing wells for this stock to move up.
It would be nice if it really were our week.
I checked up on "Northwest Florida Operations,Inc." to see if they are a legitimate company with the resources to buy the assets mentioned. Interestingly, the business appears to be a one woman shop (just my take). I called their telephone number and got an answering machine with a woman's voice that sounded like she was out partying all night. The owner has under her name a variety of disconnected business in Destin, Florida, and who knows whether they are real, make money or what they are. Makes me wonder what's going on with UNGS and what their strategy really is.
Anyone else have a different perspective of what is going on?
I'll guess we'll park the car here for a while until she decides to move.
lurking around .0031, or near...I'm sure her head will pop up soon!
Yea, he's back. And until someone pays him $58,665 for all 18 million shares, he won't leave. Probably someone who did some work for the company and now wants his money, and selling the stock is the only way to get it. Consider it a lien...we're not going anywhere until he gets paid. He may even have an "all" or "nothing" bid, which makes it more difficult to move up.
Don't see anyone loading up at the bid, but see a dump load at the ask.
I hope the 18 million on the "ask" at .0031 is the not beginning of the 300 million more dilution.
Wow! Have over 5 million shares, unfortunately at a much higher price. So I think I'm entitled to my opinion whether you like it or not. As far as pay grades go, try me, you might be surprised.
This thing is so limp!
If the dilution stops, and we see some increased revenue on the 10-Q, then I would say yes, we all get promoted!
Pump that oil and sell it, for cryin out loud!!!
with 500MM shares authorized, the company can dilute 5M per day for the next 60 trading days (200MM already outstanding)....technicals mean nothing until the company stops diluting
Technically you're probably right. However, evertime this stock tries to break out it's met by massive selling, which many of us believe is the continued dilution by the company. They just authorized up to 500 million in common stock to help fund their operations.
Any uptick is met with massive dilution by the company. Until that stops, we'll stay in the .002's
the company is selling into every rally
which means more dilution.
It's dilution that's killing this stock.
It's dated July 12, 2011.
He talked about the share buyback program which I thought was funny since they are diluting the hell out of this thing. They talked about more upcoming acquisitions, and about the KY production of 500 BOM. Nothing however, about the impending sale of WV assets, which makes sense since this is somewhate, I imagine, confidential.
I don't think they've stopped diluting. I hope I'm wrong. But it seems like every large buy is met with a half million shares on the "ask".
If they quit dilluting the common like they've done the last 6 months, and the deal on July 29 helps their cash position to the point they can generate some meaningful revenue, I think seven to ten cents is realistic in a year. Otherwise, we stay right around a penny.
Bought 4 million shares the last year on a haunch this might payoff. We shall see in the next couple months:)