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Sad thing is how many people defended CFO actions when it was clear at best he was simply clueless. It was always just a speculation, but considering amount of money that flowed through company at the very least CFO could have sought people with experience. Might have been same result, but at least people wouldn't feel so scammed.
Still great simple way to accumulate leverage to oil, get paid a royalty, until oil recovers.
Problem is now since new management took over from CEO Kugelman shareholders haven't been told anything. Need some news from company or IR to have any real movement. Parks is building one interesting track record.
What other alternative is there ? CEO and President clearly have dug themselves in a hole. Since some hard assets purchased , new management could go through some sort of workout and maybe company could recover.
Could be a turnaround story with new management.
They cant even update website. Time for new management ! Cant be any worse !
To turn company around clearly means new management. Looking at their press releases and latest 10q pretty clear CEO doesn't know much about proper reporting. How on earth can CEO support the production cost he gave without telling us how much oil being pumped ? How cant even update the website ? But if there are real assets maybe new management can do something.
Thanks for input on CEO. Presidents reputation clear from his prior ventures. Their press releases support your comments as they don't release any relevant supporting info. But shareholders can just hope that they put in someone to clean up mess. IR guy seems in the dark like shareholders.
Does anyone know how much oil they are pumping ?
Good advice for CEO and President to be open and file proper reports. Updating website cant be that hard. The IR guy seems experienced , maybe he could talk some sense into them.
Good advice for CEO and President to be open and file proper reports. Updating website cant be that hard. The IR guy seems experienced , maybe he could talk some sense into them.
Well some real news would be certainly welcome. Even considering President seems pretty inept, they did buy some oil assets so there should be some way to turn company around and deal with the convertible debt holders. What is CEO history ?
What is objective ? Would company have shares to do promotion and hopefully some business ? Has anyone ever explained how with no way to raise capital company can survive ? If price has gone down probably because of track record of President, and lack of news updates.
Anyway there must have been some way AS was raised, why waste time. Maybe some loophole.
IMO call IR guy and President (if he answers phone), demand they put out update so shareholders can judge whether they wish to buy or sell stock. A lot more productive.
IMO news is what is needed to answer all questions. And if they file to return to limited status so much the better to improve disclosure.
The simple question is to do business, or do promotion, or have any sort of management there needs to be shares to do any business. I do not understand why a difficult question. Press releases are not free.
According to filings company was a mining exploration company in prior years. Last CEO took over early 2014 but evidently couldn't solve financing issues.
With all respect, I just don't understand with no shares how anyone could expect there to be a business. Maybe stock might go up on speculation for a bit.
Management can simply update website or press release, or have IR guy update shareholders. How difficult can that be ?
If the "peer" has an active business I couldn't see. But I guess your point is less stock more potential for higher price. Demand has to come from some where. I still don't understand how SAGD can do any business without shares.
Rinse and Repeat probably you are right is the plan. So short term spikes is the potential profit. Doubt any long term value.
The company you mention apparently has no business I can see , and looking at one year chart hasn't gone any where. It still hasn't been answered how a company can do business, do promotion, keep the lights on, or have dedicated management, with no shares to issue.???????
You say this is a "peer" to SAGD. Do shareholders really want the SAGD to be an inactive company with a stop sign ? And that is best way for price to go up ??
Right now best way for price to go up is to pound IR guy to get news out !!
If they were pumping a decent amount of oil certainly this management would put out a press release. Market can forgive poor operations in a down oil market, not avoiding key disclosures.
Maybe Management and IR should bite the bullet and update website, and let market know situation on production.
How on earth can a dead company be of benefit to shareholders ? In the scenario of no shares to issue :
- no way to raise capital
- no way to borrow
- no way to do promotion
- no incentive for management
so no business !
I agree Parks has poor track record. But let's deal with reality.
Look at funds to do business vs stock bid price. Even to open Subway shop they would need a lot of shares.
Exactly why company even with poor management needs to have shares to do something. Unless someone can explain how with no shares to issue they can raise capital or provide incentive for management.
What possible benefit can there be for the company to have no shares to do business with ? While management seems poor, the only hope is some strengthening of the stock.
Just a waste of time filing a complaint. How would that help company. Better a change in management.
If on QB it is SEC reporting company. So officers and directors need to report their holdings. So does any shareholder owning over 5%.
Does any one know current shares outstanding ?
We can only go by their press releases , website and SEC filings.
- Website they seem unable to update. Seems months out of date.
- Press releases a bit odd. They claim low debt but 10q shows otherwise.
- 10Q is strange. Report a very low working interest in oil wells. Cash flow statement strange. Wonder what they produced in 4th quarter ?
What does IR person say these days ?
If CEO and President telling the truth that $25 is their product cost- this is meaningful if we knew how much they are producing. Notice CEO avoids mentioning how much is being produced. Plus looking at 10q financial statements hard to see how business is profitable.
More likely President and CEO just guessing.
Well oil and gas will come back in the long run. China and India will have growing demand for some time to come. Great time to buy oil and gas, and suppliers to the industry.
Who knows future. All we have to go on is track record of President ( since no one knows for sure who CEO is ). Track record shows (a) they will get some shares and do a promotion with wacky press releases so the stock probably will spike up shortly (b) dilution will then crash in driving price lower.
Look at DHSM and FCGD boards for how Parks ran/runs other companies he is involved with.
Maybe you put too much on the ask for market to absorb.
Agree that with all the convertible debt on books the price should start dropping very soon, and be under a penny very soon.
The 10q doesn't make much sense if you read it closely. It is clear there are a lot of convertibles coming due.
Again reality is Parks needs shares to make money and do whatever "business" he is planning. His track record at DHSM and FCGD shows how he does things.
Just curious, if Parks doesn't pay himself in shares , how else would he be paid ?
Share increase who knows , but it would seem done to be able to take on convertible debt. That is what President Parks did at DHSM and FCGD.
Acquisition plans ? Maybe but we don't know yet. Maybe Parks will let shareholders know.
Have a look at their 10q financials filed. Several hundred thousand dollars of convertible debt taken on in just a few months. 100 million shares issued each to current CEO ( just do a google search on him !) , President Parks, and former CEO Gates.
One thing is Parks is consistent - he gets involved in company and dilution machine gets cranking, then share price declines.
Parks likes using convertible debt based on his track record. If Asher out of picture that opens door to more convertible debt so he can make money.
Being transparent is not Parks strong point ! Funny someone with communications degree doesn't communicate ! Even IR guy being quiet.
There is so much convertible debt on books that price will drop very sharply , Just compare debt shown on 10q to average volume of stock.
IMO you are right not a buy until convertible debt drops price down to sub penny. Wonder when conversions will start ?
All the convertible debt will start coming due which will push price lower. President did same thing at DHSM until it was halted. CEO puts out press release saying FCGD has low debt. What planet does he live on ?
Well lets make suggestions to "management" for news such as :
* Parks announces that within 4 weeks he can update website
* AS shares are projected to be released sometime before summer
* Shareholders are invited to tell management what business it should be in since management not sure
At least that would be an improvement !!
Actually it seems only people who made money were the toxic debt holders, and whatever share management pulled out. Market makers certainly never built inventory of this stock. Market makers typically make money off trading and the spread. What market maker would risk funds on company like this ? Many urban legends out there about Market Makers.
What for ? If company has no shares it can obviously not fund itself. Better to put pressure on President to put out news.
I guess I don't understand how a company can be expected to operate without any shares to issue. You mention that a share holders meeting costs $1,000 and never an issue. Who will put up the money ? How can company to be funded ?
Price is holding.
Silly press release. 10q shows a lot of convertible debt. How can they say low debt levels ? Price will be approach $.01 and below soon IMO.
As practical matter who would pay for having a shareholders' meeting ? Would a majority vote to increase AS ? Appears simply unrealistic to expect someone like Parks to work without shares. Much better return on investment offer Parks money to pay expense of press releases etc.
Good point. But how does company operate with no shares ?
My question not answered. How is it better for company and shareholders to have no shares to operate with ?