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We knew that already, didn't we? The mistaken amount was 5 billion shrs authorized, corrected to 2 billion.
EDIT: hang on. didn't see your note about pg 5
Ha! Those are all Pinedo's companies, aren't they? Looks like he effectively holds 90% of PGPM shares.
Ah, yes. I see it with the help of the internet wayback machine (yes, that's a real thing). https://web.archive.org/web/20170601000000*/http://www.pilgrimpetroleum.com
Maybe they changed the website at the request of the SEC? How lenient are they in allowing companies to correct such discrepancies? Anyway, even looking at the old version of the website, it is not overtly stated that the wells are producing. Admittedly, the information is a bit vague and can perhaps be interpreted either way.
In the interest of accuracy, the $330mm refers the Pilgrim LLC the private company so obviously it's not easy to verify private assets. I did recently have the same realization about how could Raffy have his home foreclosed, etc, if he had a company making such large deals. Something definitely is suspicious, but I'm still anxiously awaiting the results of the SEC's findings (whenever that will be). It could take a while.
I'm not certain, but I think American Petroleum is at least a defunct subsidiary. It was described as a subsidiary in this Bloomberg profile, but only dates that information back to 2005. https://www.bloomberg.com/research/stocks/private/snapshot.asp?privcapid=20592266
Per links provided by PGPM critics, I believe I read that the P-5 expired in 2009. Didn't know what a P-5 was before that, so you can still learn things from the detractors. So, yeah, there's a history there but American Petroleum may have nothing to do with PGPM anymore.
Raffy may very well personally owe Texas money for plugging the wells, but PGPM seems to be very compartmentalized.
Doing more research here. Where are the statements about the wells? I don't believe they mentioned wells in the press releases.
Wow, just wow. I don't know what to make of your writings, but let's just say I think one needs to be ingesting certain mind-altering substances to understand them. Again, for the record I'm long 2MM shares of this thing and I'm not holding my breath about $3.15 share price, let alone $7 or $8. To be clear, I am not suppressing your right to write what you are writing and I do find your words and references amusing and clever, but I've seen you waver from anger to giddiness about this stock. I just don't get it. Where are you coming from?
OK, you're separating the two. Sorry, they were in the same sentence and I assumed you were equating penalties for leaky wells with fraud.
I don't think she said or implied that securities trade at otcmarkets. Skichic wrote, "go to otcmarkets.com and watch the venue changes." otcmarkets is a platform for companies to disseminate information about themselves and they do have "categories" that the stocks are organized into to help alert you to the risk associated based on available info, but as others have written they are not a regulatory body like the SEC and the companies are not beholden to a lot of the reporting standards that "listed" and SEC reporting companies are. For this reason, you have to look into the info on these companies yourself and judge the quality of the information for yourself.
The otc, or over the counter, market is a dealer market where market makers post quotes and act as agent or principal to effect transactions in stocks, thus facilitating the change of ownership of shares in a company.
I can't find a source where it states that a value cannot be assigned to minerals in the ground. I'm assuming this rule applies only to the company. I see evidence that analysts may use Reserves (both Proven and Probable, P90 + P50 aka 2P) to help assign a valuation to a company. Reserves are minerals that are still in the ground, correct? See here:
http://www.investopedia.com/articles/basics/11/common-multiples-used-in-oil-and-gas-valuation.asp
Hit my 15 post limit, couldn't respond sooner!
OK, so basically the reason why you are not understanding me is because of some nuanced oil industry term (rework) that I did not know had a specific meaning. It doesn't matter. My point is still the same. Old, cemented wells can be REVISITED (in the words of Homebound Resources). Call Homebound up and ask if they are defrauding their private investors by putting forth the idea that revisiting plugged wells can be profitable. I'm just trying to give an example of another company that claims to be getting more oil out of wells that were plugged. If you or TD think that the whole idea of getting more oil out of plugged wells is bullshit regardless of which company is claiming that it is possible, then that's your position and it can't be changed I guess. There are people out there who think you can't make money in the stock market, too. It's their right to believe that I guess. Had a friend who 15 years ago scoffed at the idea of Netflix and what it did to make money, called the company ridiculous, but it didn't matter to Netflix what he thought. My father had a career at IBM and, clouded by his loyalty to the company, scoffed at Apple many years ago because IBM sold the stuff that "big business" wanted and Apple just sold to artsy designers in a niche market, but Apple is now worth 5 times what IBM is.
Well, what can I tell you? It's on their website. Obviously whatever they are doing is supporting a team of 6 executives plus a field crew of ??? They say they have one rig, so they don't do a lot of jobs at once, it seems. Maybe their revenues are only a couple of million a year?
Excuse me, but what are YOU talking about? YOU read it again. They are clarifying that the well is not actually "unplugged" but that they drill NEXT to the old plug. Read it again.
Homebound Resources, which I have linked to twice, reworks plugged wells (drills next to the old plug is what they say). They do have a self-described rigorous selection process. They will start with a list of 1000 and narrow it down to 1 target well, but they do claim that they rework plugged wells.
I'm long 2,000,000 shrs of PGPM, but it is important to understand that the news you are quoting is related to Pilgrim Petroleum PLC the private company, not Pilgrim Petroleum Corp which is PGPM.
OK, I appreciate the discussion. I'm hearing you out on everything, expecting the worst, and hoping for the best for PGPM. Clearly you have a very negative viewpoint of the company, but the current situation being what it is there is only one possible direction now for the stock to go and many of us have already stared into the face of the 5-eyed beast ($0.0000). I feel bad for those who went overboard and sunk a lot of money into this. In the past (quite awhile ago, actually) I have written about not putting life savings into a stock like this and to plan for possible 100% loss. I wish people would learn to manage their risk better. Hmmm, maybe iHub has a message board discussing trading techniques and risk management -- very important! Problem is, there will always be new market participants that need to learn the old lessons and you need a license to drive a car but you can open a brokerage account merely by filling out a form and just depositing your money.
Absence of evidence is not evidence of absence. When night comes and the sun "disappears" we know it really is still there. If they can provide some kind of proof of assets that satisfies the SEC, then the assets exist. I understand that they are not allowed to put a value on unrecovered oil, but maybe they can state the value of the land if they are landowners? Is mineral rights considered an asset?
I'm sure there are plenty of depleted wells out there, but there are companies that rework plugged wells. See my message here:
https://investorshub.advfn.com/boards/read_msg.aspx?message_id=132470029
Have you heard of Homebound Resources? Are they legit? They seem to solicit private investors to fund their projects.
I wonder what happened to F. Douglas Mehle, the person who filed a SC-13G back on March 29, 2011. He was a 5% owner (more than 5% actually) with 173,300,000 shares held. The home at the address in the SEC filing was sold in May 2016, so it appears he no longer lives there. I posted about this shareowner several days ago (note I'm replying to PAI's message from 2011). I had thought (Mr.?) Mehle accumulated the shares on the open market, but looking again at the chart the volume on March 21, 2011 thru March 29, 2011 does not support this assumption. He could not have become a 5% or greater owner through public transactions because the open market volume adds up to only about 12.3 million shares in that date range (you have 10 days to file the SC-13G after acquiring more than 5%). Even if he had 4.99% of the shares, and assuming all 2 billion shares outstanding, therefore holding 98,000,000 before going over the 5% threshold, the reported volume of 12.3 million is enough to force the SC-13G filing but not enough to reach the 173.3 million shares total shown in the filing. Just curious...Damn, should have asked new CEO about it!
Good to see you still have your sense of humor, Bob!
Yeah, just being a bit humorous to lighten up these rough times
It's holding its price at 0039
Well you can save your cash and build up a stake again over time, but I would suggest looking into money management for traders. I would not have put more than 10 or max 20% of my total investment capital into it. With higher risk you should invest a smaller dollar amount as opposed to less volatile/risky stocks. IE: $10,000 invested in GE means $1,000 to $2,000 invested in PGPM. Google turtle traders money management. I was reading an article about them and it refers to rules for currency trading so the numbers may not be an exact fit, but you've got to have rules to keep you out of trouble. I did not put more than $2000 into my original stake in this stock. JMO
I think the distinction here is that you are saying fraud and some prefer the term alleged fraud. The investigation is ongoing. Why don't we just eliminate the judicial system and let the cops decide who is guilty and who isn't?
I understand your frustration. I'm holding 2 million shares of this stock. I don't think anyone should be making absolute statements either way. If it's an opinion it should be represented as such. I looked up the SEC bulletin on suspensions and here's an excerpt:
Thanks, Dallas. Much appreciated.
Cool. Thanks, TD.
Bah! Maybe I should ask Mr Christian instead.
Challenge to Janice, Pepe, TDBowie, etc.
Previously asked questions of mine that remain unanswered:
1) Regarding TRRC judgements against Raphael Pinedo, what does "docket closed" mean?
2) Regarding same, how can it be known if the amount due has been paid or is still outstanding?
Whatever
Wait. It's trading right now? And who's buying during this suspension?
This all seems quite nuanced, but I'm not an attorney and I'm just going by what I see. The SEC's search results page in the link below has text that reads, "Click on CIK to view company filings" and is not asterisked.
https://www.sec.gov/cgi-bin/browse-edgar?company=Pilgrim+petroleum&owner=exclude&action=getcompany
So it is a filing, right?
Hi again, 1manband. And what does "Docket Closed" mean? I've seen differing information online when searching about closed dockets. Additionally, how do we confirm that these debts are still outstanding?
You mean literally go to the courthouse? Is there an online resource?
How do you verify property ownership?
I thank you for taking the time to clearly explain all of that. I've been in this stock for about a decade now and still had no idea about any of those requirements for "proven reserves." I'm not an accountant but I did pick up on the fact that the "revenues" in the quarterly reports were classified as unrealized investment gains/losses on the claimed assets and that they were apparently derived from a "mark-to-market" of the price of oil as it changed from quarter to quarter. I wish someone who knew accounting would have commented on it when I posted my discovery. What I find amazing is that they were apparently never barred from presenting the Gustavson report as legitimate for a decade now. Why?!
Edit: PS, the Gustavson report is still included in the intro on this board. Is that appropriate?