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911 Trade!!!
PGPM CORPORATE UPDATE - JULY, 2011
Everything seems to still be on track with the ACLY Russian acquisition assuming I am being given accurate information. I have now personally assisted with my time and contacts towards this endeavor as it means a great deal of 3rd party equity value for PGPM. Unfortunately, I am unable to publicly disclose specifics due to legal and ethical responsibilities associated with ACLY being a fully reporting SEC regulated company.
PGPM is currently engaged in the selling of an asset in 2 stages. Closing documents should be completed by the end of July. 2nd stage of the sale is to potentially occur within 90 days of execution of the closing documents. Dependant on final 1st and 2nd stage sale price this has the potential to result in either partial or complete liability elimination for the Company.
Assuming no disruptions in cash flow, PGPM intends to remove as many cautionary symbols on OTCMarkets as possible as well as release the 2010 annual statement and the Q1 2011 financial statement within 30 days. This will be contingent primarily on our accounting firm BDS & Co., P.C.
PGPM signed an extension of the note due from ACLY at the beginning of May under the following basic terms: a) $2.4mm Cash still due (of the original $3mm APC Note) which will continue to accrue interest at the original rate set forth in the 2008 note, b) 557,783 shares of ACLY’s Preferred Series A stock convertible at 16 to 1 common and c) an extended maturity date of December 31, 2012. In addition, PGPM is negotiating other benefits from ACLY to potentially include an ACLY board position, a revenue sharing relationship on development of NW Texas leasehold, and immediate cash payments from interest and principal still due from the note extension.
Some companies have contacted PGPM to purchase/acquire the Company’s ACLY equity position. My thought is to wait until there is a substantial increase in ACLY share value in order to maximize this equity position. The ACLY equity position has the potential to be worth between $10mm and $40mm short term assuming the ACLY completion of an audit, Russian acquisition, etc. This equity position in ACLY will be 12 months restricted if ACLY remains pink or 6 months restricted if ACLY achieves a successful up board move. A dividend payment of these shares is also being considered to current PGPM shareholders although I would hate for some smaller shareholders to receive a paltry few shares of ACLY that are not worth converting with their broker.
In the short term (30 to 90 days) my plan for the company is as follows: a) maintain company solvency, b) completion of phase 1 asset sale c) completion of annual 2010 and financials Q1, 2011, d) removal of cautionary symbols on OTCMarkets, e) potential phase 2 of asset sale and f) payment of liabilities to include such items as transfer agent, public wire fees, accounting, etc.
In the long term (90-365 days) my plan for the company is potentially as follows: a) monetize PGPM’s 3rd party equity positions (this will ultimately be affected by overall ACLY share value as well as potential dividend payment), b) acquire oil assets for both deep test drilling as well as shallow marginal well rework with EOR (existing production acquisitions will of course be considered based on merit), c) assist in development of ACLY NWTexas leasehold, d) acquire PGPM outstanding shares either through direct purchase or share exchange and e) continue to provide services to 3rd parties.
Please be aware that the above plans approval is contingent on my superior’s approvals (preferred shareholders, majority common shareholder) that ultimately still retain control of the company.
Upcoming events should be disclosed via public wire upon completion. In the meantime, as always, please feel free to email me (mobryant@bpetroleum.com) or call (214-764-3141) with your questions or concerns. Thank you.
For the bob . . .
12 - 21 - 2012!
LILL!
snafu . . .
en.wikipedia.org/wiki/SNAFU
SNAFU is an acronym that stands for Situation normal: all fucked up. It is sometimes bowdlerized to Situation normal: all fouled up or similar.[1] In simple terms, it means that the normal situation is in a bad state, as it always is, therefore nothing unexpected. It's usually used in jest, or as a sign of frustration. The acronym is believed to have originated in the US Army during World War II.
Thank you . . .
. . . for all your comments and concerns.
Props to Awesome, Rexrick and Dallas . . . Nailed it!!!
Boys, Please let up on the ACLY board, at least for now.
Focus Misfits!!! (sorry, if u pansies take offense to the term . . . toughen up!)
Initial Offer (Draft) from Arcland Energy Corporation:
For the American Petroleum Corporation Note:
16 to 1 conversion ratio Preferred to Common.
557,783 Shares Preferred (note interest + small portion principal) + $2,400,000 Cash by July 31st 2012
Convertible to 8,924,528 Shares Common ACLY!
Of course current valuation of ACLY is $0.34 with current bookable assets only. With Gustavson NW Texas Leasehold $0.35 to $5.00 and . . . with Kumskaya Neft Acquisition $5.00 to $70.00???
Awaiting formal documentation. Will post final documents in data room when presented.
Tax liabilities can wait till tax time.
Pushing for Board position ACLY to monitor Pilgrim's investment.
Is it worth it? or shiv em!!!
Talk to me!
Going on family vacation for the coming week. Please refrain from bashing me or the company during this time.
Thank you.
Matt
Please Sticky.
Post #10878.
Thanks to the moderators.
PGPM DATA ROOM
apetroleum.com/index.php/data-room
Please visit the PGPM Data Room for information concerning the company and its activities.
Data Room will continue to be updated.
ACLY Settlement.
I have been informed that ACLY must settle its obligation to PGPM in order to complete an ACLY audit and to secure an ACLY underwriter for the Kumskaya Neft acquisiton.
Please understand that there are severe tax implications to PGPM with the settlement of ACLY's financial obligations to the company.
The only non-taxable event to PGPM would be the acquisition of shares of ACLY that are then distributed as a dividend to PGPM shareholders.
My preference is to accept a combination of cash and stock; however, ACLY at this time lacks the funds to provide cash to PGPM due to funding being needed to finalize the Kumskaya Neft acquisition.
This solution could ultimately result in continued cashflow problems for PGPM.
I am awaiting formal documentation as to the ACLY conversion rate with interest and the tax implications associated with the settlement.
Please understand that it is my duty as an officer and shareholder of PGPM to negotiate the best financial outcome for PGPM and its shareholders.
ACLY KN Acquisition Data.
I have written a short assessment of the Arcland Energy Kumskaya Neft Acquisition:
www.apetroleum.com/images/arcland_documents/kn assessment draft 1.doc
I will modify the document as time permits.
PGPM DATA ROOM
apetroleum.com/index.php/data-room
Please visit the PGPM Data Room for information concerning the company and its activities.
Data Room will continue to be updated.
Shareholder Conference Call (Update)
Someone logged into the conference call number over 2 hours early so it killed the previous number.
New number:
Conference Dial-in Number: (605) 562-3000
Participant Access Code: 840607#
Apologies. I will dial in now to make sure it stays active.
Shareholder Conference Call
7pm CST March 10th 2011
Conference Dial-in Number: (610) 214-0000
Participant Access Code: 282034#
I am holding it after hours to give more people an opportunity to participate.
Discussions will be limited to publicly disclosed information and strategies.
Future conference calls may require an executed NDA and will be by email invite only.
Updates to time or dial in number will be posted here.
It was a combo . . .
. . . of 2 things.
That prick Muammar Abu Minyar al-Gaddafi bombing his own people in a top African oil producing nation (It also has Africa's largest proven oil reserves) and the price of oil getting so high that Goldman Sachs was panicing everyone by saying that oil was going to run to $220/bbl.
and . . .
Some MM that got in this stock in the old days deciding to take matters in thier own hands. It looks like they are buried in the CEDE & CO listing from the transfer agent. Only have an idea of who from the L2's
*sigh* If I had know this was going to happen I would've had three honest PR's ready to launch and the symbol off yield on OTC Markets.
Lesson learned! What a day!
Board Abbreviations Explained
lol = laughing out loud
lmao = laughing my a** off
lmfao = laughing my f****** a** off
imo = in my opinion
imho = in my honest opinion
gl = good luck
glta = good luck to al
noob (newbie) = inexperienced
RP, JF, EM = Former Management, Etc.
soon = someday
in the process = whenever we feel like it
Trading Info.
Total Trading Volume: 152730589
Daily Short Volume: 26205747
Avg. Price of Shorts Today: 0.001
Short %: 17.16
Volume at Offer: 100283956
Buy%: 65.660
Volume at Bid: 52446633
Sell%: 34.340
Shares Crossed: 0.000
Cross%: 0.000
Net Buying vs. Selling: 47837323
Price Change: 0.00030
Friction Factor: 1594577433
Letter to OTCMarkets.
Via:
Email & FedEx
To:
xxxxxxxxxxxx
Issuer Services
OTC Markets Group, Inc.
304 Hudson St
2nd Floor
New York, NY 10013
From:
Matt O’Bryant
President
Pilgrim Petroleum Corporation
4553 Jimmy Doolittle Drive Suite 6
Addison, Texas 75001
Re: Caveat Emptor status change of Pilgrim Petroleum Corporation’s stock symbol
February 24th 2011
Mr. xxxxxxxxxx,
Pilgrim Petroleum Corporation must strongly object to the placement of our stock symbol PGPM to Caveat Emptor status on OTC Markets.
As explained verbally by you, the justification for you to place our Company on this status level was based on your claim that our symbol had excessively high trading volumes, while in the past, we have had higher trading volumes while under stop status but at that time were not moved to the Caveat Emptor classification.
Pilgrim Petroleum Corporation must also strongly protest OTCMarket policy on failing to notify our Company in advance of the Caveat Emptor status change. This policy is in our view highly unethical as your company had accurate contact information and Pilgrim Petroleum could have easily corrected your grievances prior to causing our company financial damage.
Please be aware that no Board Member, Officer or Employee of Pilgrim Petroleum Corporation was involved in the trading activity that occurred. We were not even aware that the symbol had even traded for the day until approximately 1pm EST.
For your review I have provided copies of our past two quarterly financial statements as well as an OTCMarkets application and a check for reinstatement. We wish to have this issue resolved as quickly as possible in order to control financial damages to our company, post our quarterly financials and release a PR statement clarifying current operations at Pilgrim Petroleum Corporation.
Sincerely,
Matt O’Bryant
President
Pilgrim Petroleum Corporation
/s/
Bad News!
Regrettably, today at approximately 4PM CST Pilgrim Petroleum Corporation's stock (PGPM) was placed in Caveat Emptor status by OTCMarkets due to high trading volume.
Pilgrim Petroleum Corporation is in the process of appealing this decision with OTCMarkets as well as moving forward with the necessary steps to have the company moved back to limited status.
Please be aware that Pilgrim Petroleum Corporation feels that this action by OTCMarkets was unjustified and that we are aware of the importance of getting this situation corrected in a timely manner.
Thank you.
Matt O’Bryant
President
Pilgrim Petroleum Corporation
PGPM Contact Info
214-764-3141
(This number is not answered but messages are sent to officers)
My email:
mobryant@bpetroleum.com
Public float is 400 to 500 million shares.
I would have to re-review to get an exact number.
I believe its around 470,000,000.
Not sure how many total shares among the misfits.
Matt
Not trying to be offensive Masc . . .
but bring it.
I'm clean as a whistle.
Can't comment on others.
Of course any court case (for properties or otherwise) could shatter our hopes for a ROI.
Matt
"Information above may be speculative, based on mis-information, contain inaccurate data, be entirely tongue-in-cheek, depending on how much liquor I consume, how litigious and degree of stupidity / gullibility exhibited by the poster/reader I respond to."
Yes, that info should be updated.
That is the whois record from when the url was originally registered.
I just never got around to changing the contact info.
I can assure you JF is long gone.
Beautiful . . .
Props to Nick.
I am adopting this disclaimer on all future posts . . .
"Information above may be speculative, based on mis-information, contain inaccurate data, be entirely tongue-in-cheek, depending on how much liquor I consume, how litigious and degree of stupidity / gullibility exhibited by the poster/reader I respond to."
NCPTI. Please modify if needed for permanent corporate disclaimer!
Matt
LOL! Sorry I had to respond.
I have not witnessed anything being signed by JF. Please show me evidence.
Everyone would fall out of their chair if they knew what JF was up to these days.
Shares might be restricted, depends on negotiation, and yes there is always the potential to get screwed again.
The consensus seems to be get cash now. But . . . what if the company doesn't have much cash.
Or . . . what if they need the little cash they have to punch holes in the ground to actually pay out the full amount of cash owed.
Sorry, my intention wasn't to offend.
This is a complex situation.
Questions answered . . .
From Laz . . .
(1) who legally controls pgpm (i.e., who owns the majority of shares) - us (the misfits) and other outsiders, or r.p. and the former management? i.e., who do you ultimately answer to?
The majority of shares are held by one person 471,000,000. I know who it is and given cash flow I can buy this person out. It's not RP!
(2) same questions for acly?
I dont know and have no access to that info.
(4) is there a basis for personal liability against any prior principals which could and would be pursued if none of this works out (on what basis, who, and are they collectible)?
No personal liability. They have sheltered themselves very well.
(5) what does acly have that pgpm needs to assure its survival and viable operations/return to shareholders? is there anything of real and current use and value? if the answers to (4) and (5) are "no" and "nothing" respectively, i have just wasted the time it took to type all of this.
Time is never waisted towards a common goal. ACLY has shares but no money. Future share value of ACLY is is the only thing that PGPM could use to score big!
(6) what would be the cost and time frame of putting any wells into operation, and what is the calculated return?
3 months per well to drill and complete. At 100bbl per day, $3,285,000 per well per year at current bbl prices.
From Dallas . . .
So Pilgrim does currently have some kind of cash flow?
Yes, very little but in the next 12 months hopefully $360,000+ for the year.
The plugged ACLY wells...are they our original wells?
Yes, almost all have been plugged due to ACLY neglect. I've toured the leases myself. Very few wells still exist!!! Also, very little hope for my technology to be applied with no existing shallow wells.
If we take back the leases....who is responsible for the fines?
Fines are ACLY/RP's problem. However, NO leases can transfer ownership either back to PGPM or others until fines and lease cleanup has been resolved.
what would/could be the cost and time to clear the red tags and have the wells viable again if we took them back?
Cost would be around $25,000 to clear fines and another $25,000 (at least) to clean them up. Not factoring court costs and landman cost to reassign them back to PGPM.
IF we were to re-acquire the leases...how responisble would it be to keep them and invest for a viable return...or possibly dangle them on the end of a stick and see what kind of offers from a "real" company might come in?
No company wants to touch the leases or the wells. Trust me, I've tried that angle for months. It is all a big headache to a company looking to expand. Hence the reason a $40 million booked asset was originally only worth $10mm on the street. Now, That $10mm street value is reduced down (due to ACLY neglect, fines + plugging) to more like $2.5mm.
Based on the "original" Pinedo valuation of $40 million value, it appears we sacrificed 75% of the "value" for a $10 mil note.
It's worse than that. See above.
More information . . .
Thanks for the input. Keep it coming.
I don't work for ACLY but here's what I know:
1. They've asked to renegotiate
2. They've asked PGPM/Me to consult on geoscience for hydrocarbon target identification.
3. RP is cleaning up his operators with the TXRRC.
I'm guessing the following:
1. They are prepping to sell the properties, or . ..
2. They are prepping to drill
Based on my guesses:
1. They won’t have the money right now to pay out the notes.
2. They might have money to pay it out within the next 12-24 months, assuming property sale or drilling.
3. I could probably get shares ACLY which might be worth something in the near future (if they drill and are successful)
What I might do with the monies gained:
1. Dividend to shareholders.
2. Buy back outstanding shares to bring share count out down.
3. Buy oil/gas properties that are good investments
Also, I'll try and answer questions later today or early tomorrow.
I first have to get through Laz's constructive input/monster post.
If I think of anything else I’ll post again.
Matt
Also . . .
I can negotiate a divedend of ACLY shares to PGPM shareholders.
Let me know. Quick.
Matt
I shouldn't be doing this but . . .
I need a focus group of shareholders.
OK Misfits, listen up!
Disclaimer: All statements forward looking and speculative. Blah blah blah.
Here is the info.
1. Pilgrim has almost no cashflow currently.
2. Next 12 months maybe $360,000+
3. Most Arcland wells have been plugged due to neglect.
4. Heavy Arcland severance fines have accumulated due to neglect.
5. Court case to get properties could last for months if not years.
Arcland is asking to re-negotiate the notes.
My options are the following:
1. Ask for original 10mm cash + interest.
2. Ask for 10mm shares preferred ACLY + interest.
3. Ask for combo cash and ACLY shares + interest.
3. Re-negotiate new notes with new terms.
If I re-negotiate, what are the terms.
1. How long? 2 years. 4 years, 6 years?
2. For same amount of cash/shares or reduced amount?
3. Cash, stock or combo?
I've got very little time to make this happen so all opinions would be appreciated on the quick.
Matt
Happy 2011 to all.
Here's to my 101st undeleted post.
Call me with your questions or concerns.
214-764-3141
Matt
Looks like were going back to stop on otcmarkets.
Due to conflicts.
Guess I'll have to gear up for court.
Sorry, I'm not a premium member. No Private Replies allowed.
Call me anytime. I'll call you back promptly.
214-764-3141
PROVE ME WRONG !
Email me directly.
I'll feel more comfortable responding.
. . . and I can put some BS disclaimer on the bottom of my email and I won't have to worry so much.
mobryant@bpetroleum.com
And another hater suddenly appears.
Agreed 100%. Show some results.
Please be aware that I have been following the shareholders recommendations since the beginning.
. . . and I doubt he or you or anyone else on this forum knows more about oil or capital markets than I do. (apologies to the supporters)
Yet another person hiding behind a computer screen.
Since this is the first time I've seen you on this board how about you contact me directly to voice your opinions.
I would particularly enjoy a phone call.
My contact info below:
214-764-3141
mobryant@bpetroleum.com
Cheers!
Nothing from Bud Fox!
No emails, No phone calls, Nothing!
Either he was just too busy or I scared the crap out of him.
Or maybe a combo of the two.
One last thing.
I have been advised that I shouldnt post on these forums by both professional contacts and legal contacts.
So if shareholders flood me with questions in the future, I'm not ignoring you I just have to be careful.
I try and check these boards about once a week to get a pulse for what the shareholders want.
It would probably be best if people posted here what they expect from the company and send questions to me directly at mobryant@bpetroleum.com
You can also call me at 214-764-3141 and I will return your calls in a timely manner although anything I say on the phone will be based around items stated via public wire.
Responses below:
Don't mean to bust your balls......but.......In general, if you can openly answer some question.......
Anytime. Some statements forward looking.
Since it looks like the leases will revert back to PGPM (and saying this for lack of information otherwise)......and the time line for the drop dead date has expired...and lawyers in a "good way" are in action.....and they (leases) are in shambles..etc...
What is the plan to get them in shape for sale or use??
It will require money either generated internally or from a capital source. The money will be spent on geoscience and bringing wells and leases back into production and compliance.I do not want to use Company equity at this time because it is too expensive.
In lieu of the monetary compensation that the original deal encompassed, and lease revert...what will become of the stated paid study that Gustavson did a few years ago that was not PR'ed by ACLY?
The study might be able to be used by Pilgrim, but it will take some work to get all the appropriate documentation from Arcland/RP.(essentially an audit will be needed)
Should that (Gustavson report) be property of PGPM now, and will it be publicized?
I will put it on the website after re-evaluation. Although I'll probably post it in the data room which will require a user account on the website.
With the re-possession of the leases will the company (PGPM) acquire any fines associated with the leases, or does it remain with the company involved at the times of levy?
The fines are against the subsidiary American Petroleum and will probably come home with the leasehold, unless I can get creative.
What is involved in getting the leases current with the TRC?
Pay the fines, clean the leases up, bring wells back to active status and file appropriate documentation with the TXRRC.
If (leases are) back on the books for PGPM...what does that mean for company worth and how will the reporting change...that is shortly due?
An Asset value will revert back to Pilgrim and the tax liability will go away. Because of two years of neglect the value (both book and street) has probably declined but I wont know for sure until after the transfer.
Any plans to lift the PinkSheets Limited????
Yes, but this costs money and there is a long list of things that will need to be paid such as judgements, fines, geoscience, lease rework, well rework, and promotional PR.
Also, I am always trying to bring the highest value for the lowest cost to the Company. The way RP structured some of the business dealings I often have to get creative and think several steps ahead fbo the shareholders. I have a plan but everyone will have to wait to see what happens.
I should apologize.
I have no problems with answering legitimate questions concerning the Company.
Shareholders should feel free to call or email anytime and I will respond in a timely manner.
However, when people attack my ethics, my work ethic, and/or my professional credibility I tend to get a little upset.
Shareholders have been emailing me directly asking me to handle budfox and his negative posts for quite some time.
. . . and no he hasn't contacted me yet but he did state he would be in Dallas all week so I will give him a fair amount of time to contact me.
Bring it! Don’t sing it!
Name the time and place!
What's beautiful about it, is finally some ahole being a c*** sucker on the web won’t be able to hide behind a computer screen while they're mouthing off to me.
My experience is much more in depth then some bull**** posting on a social networking website.
And when you meet me face to face, watch your f***ing mouth.
You can reach me anytime at mobryant@bpetroleum.com or 214-764-3141
I get off on this s***.
Let's hope you got the balls.
Oh and BTW the leases are in shambles thanks to two years of neglect by that other company and the idiots running it.
I'm the only hope you misfits have left so S*** on it!
Matt O'Bryant
Funny story . . .
EM and a partner of his contacted me wishing to run a promote of PGPM.
They asked for 1 billion shares of the company.
I asked if they had an example of their work. They told me to check out Thresher Industries Symbol: THRR
www.otcmarkets.com/stock/THRR/quote
investorshub.advfn.com/boards/board.aspx?board_id=7756
I politely turned down their offer and they began treating me rudely saying, "I had no other choice!!"
To think PGPM could have looked like THRR, talk about grounds for an investigation.