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Um, product not tested yet, simply a pricing bid now they have to prove it.
Lets see, ESPI has shocked me today. I'm gonna let y'all in on news before they even announce it. ESPI was just awarded a small contract with a major in South Texas. This came directly from the customer so good job ESPI. LOL
I have them a nibble at least. RESEARCH GUYS
Lol, yep I sure did and there's always a reason why I would say something like that. You MUST always keep in mind the legal aspects of ones public comments.
Remember, I know nothing. Lol
No don't tell me I never tried to help. Lol
I'm just speculating, but may check out Fieldwood Energy. I can not confirm this for yall.
Well the offshore business is just a test pilot program, the customer is still using their regular service company at this time as well. ESPI offered the product so cheap that they jumped all over it and so far it's not working as they said it would. I don't see it lasting.
Customer
ESPI, has been informed that the new 108 well package that they had just received a few short months ago has been taken and awarded to another vendor due to poor chemical & service performance.
Well said Free, I think some on here work or have a personal connection somehow as well.
Guys guys guy ( johnny) ESPI is not looking up, and you are being very naive about ESP, but hey your money your call. I have tried to give as much info as possible and what each of you do with it is your call. There are still things in the back ground that not many are aware of and at this time can not speak about due to legal issues. I understand that my be difficult for you to understand but when all is said and done I'm sure you will look back and see we were right.
Internal Revenue Service
The Internal Revenue Service (“IRS”) has alleged ESP Ventures, Inc. and ESP Petrochemicals, Inc., the Company’s subsidiaries, have failed to pay certain of their payroll taxes. The subsidiaries are working with the IRS to reach a mutually beneficial agreement.
Got to love your optimism johnny. Lol
In April, 2014 the Company reached preliminary agreement with the former owner of Turf Chemistry. As part of the agreement the company agreed to consideration of $150,000 of which $75,000 will be paid on or before April 25, 2014, the remaining payment will be $7,500 per month starting on May 1, 2014 through February 1, 2015. In addition the Company agreed to pay the remaining amount of a loan on one of the Turf assets, net of proceeds from the eventual sale of that same asset and up to $5,000 for closure costs of the Turf entity. The Company estimates the net contingent payable of $181,437 and had recorded a settlement of lawsuit cost of $150,000 for the period ended December 31, 2013.
It's in the last filing they did.
That's pretty sad when your own brother sue's you.
Aww, see we do know what we are talking about (a little)
Walter Landrum is the HR specialist they hired for the downsizing, and JP is not JP, sorry was Gerard P, owner if Turf Chemistry TP brother. Sorry for the type o.
Dragonfly, in not gonna sit here and fit over it, if it comes out Thursday then great and the numbers will tell, if not, well you take it however you would like.
Why don't you think about the legal side of it dragonfly
Traffic was between TP, DD, Walter Landrum, JP(tony brother).
Oh, I would give anything to have them, but the second it would be posted my inside track would be gone. There are only 5 individuals that the email traffic was between, so if they see it they will know who put it out there.
I would be really surprised to see a 10q anytime soon with the frantic calls and emails that have been going out.
Lets just say that, that comment came from management and according to him Based on current revenue ESPI will miss their projections as they currently are off pace by about 500k.
It may be more, as of this week that's where they are as of now. Emails and phone calls are going crazy.
If they put out earnings, I know for a FACT that revenue is down almost 500k and they are scrambling.
ESPI HAS ALREADY STARTED LOSING PART OF THE 108 well package that they started on. The customer has reported a new vendor is already setting up new chemical installation do to ESPI chemical no performance and the lack of service.
WRONG, nope. I can promise I know the inner workings of this company more than you ever will. Don't take this as me trying to beat them down, but as me just supplying info period. If TP & DD could pull a rabbit out of the hat and save it, then so be it. As of now with what I know of the financial workings and operations of the company and customer base they don't have a prayer of surviving much longer. When the investors stop supporting ESPI they are done. The upcoming events that will put an end to ESPI is under way by an outside firm and will take a couple of months to complete and then the walls will come tumbling down.
If only YOU knew what I Know about this company and TP and DD. All of their FRAC guys have quite on them last week and the rest of the employees are looking for other jobs. Most have been promised the world and TP& DD have not and can not provide it. There is also a MAJOR lawsuit about to come forth that has nothing to do with any vendors and when this brakes ESPI will have to file bankruptcy and PRAY to god that they don't go to jail. You don't buy in to all the negativity, that's ok. I'm just sitting back a waiting for ESPI (TP DD) to face the music. Look into the lawsuit from overseas and the domestic suit that is coming forth very soon that ESPI will be blindsided with, that one will level ESPI.
The so called 108 wells is NOT THE TRUTH! In FACT it's only about 30 to 40 wells that ESP set chemical on and at this time already the customer is looking at a new vendor due to the local office and TP setting chemical on wells that should of not been set. The revenue is no where close to the 650k but only 200k a year. You will see ESPI crashing very hard around the end of the year.
Johnny, what I was told by a inside source, the offer was on assets only. The total assets where about 3.5 million based of a audit, but TP & DD turned it down and asked for total debt assumption plus a cash amount in their pockets and the buyer walked away with no counters.
I know that ESPI has been offered a buy out, but they rejected it about 6 months ago. I have also been told that they are doing some funny stuff with the books and new business that they have picked up to try and make the next filing look good. I have been told the new business is not worth much (250k gross yearly) and they are still trying to collect on the receivables and then clam it all in the next filing so they can use it to try and attract new investors by padding the next filings, the initial sales for the new business is always high with the tanks, pumps, parts and chemical sales (5k per new well) but then the total sales will drop to about 10k to 15k a month on this customer. I don't seem them last much longer and I think Tony P will take a offer soon.
Here what I know for sure about ESPI in South Texas.
1: New Business
Wapiti Energy
Wells: 90-110
sales: $250.000 Yearly gross sales
GM: ESTIMATED 40%
Field Location: 2.5hrs from Victoria, TX office
2: Anadarko Petro
Wells: 6
Was treating for paraffin, and program has failed
Has ben cut off by all local supply vendors for pumps, parts and tanks.
HIS CELL# IS 337-356-5633
Does anyone have Tony P number?
If I am right, doesn't ESPI have investment money of 1mil that starts repayment in 2014 quarterly? If this is the case then the so called 600k new business just went out the window.
Mr spencer had designed microbial bugs to work on paraffin in oil wells. He became partners about 1 1/2 to 2 years with ESPI and sounds like they backed out of the contract with him when they started the cost saving measures.
I did some checking in to the 100 plus well package they are taking over. The field is a OLD pumping unit field and production is very low and the current chemical provider is only generating about 250K a year off this field. I believe ESPI revenue statement is way over exaggerated for this field. I think they are still trying to pump up their stock with highly over exaggerated revenue projections.
I don't think the woodlands office is open anymore, I think they Ed all lines to Lafayette. I was also told that they shuttered the Mexico deal do to the fact they are unable to meet the supply demands.