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Interesting. I think that popped up on my stock screen once or twice. Good luck, it might be a timely stock now.
stanu78 - sorry that it has been years since checking into message boards. I had to take leave public comments after becoming a board member myself. Let me know how you made out on your endevours and hope everything is working out wonderfully with them.
Hi Ronnie,
CRBO was a longer process than I thought it would be and the results were mixed. The passt board of STLS did work hard on getting the best for the shell, and I have the highest regards for their dedication and skills. Eventually CRBO did reverse merge into STLS as you know, and I all board members resigned to put their directors at the helm, and I wish them the best of luck.
I see you are still around on other boards. For legal reasons I sort of had to abandon any public comments, but maybe I'll catch up with you on some of your favorites. Currently have a 6% position in PFHO - but not seeking a board seat there.
Hope you are well!
I've picked up 360,000 shares at prices of between 15 to 25 cents. I did get a call from the CFO, naturally the conversation was general, but as he pointed out, they can generally get a return of their investment dollars in about 2 years, so they aren't worried as much about the higher priced debt. There is a lot of work that they also do when things slow down because they have to take down everything and it brings in service revenues.
I'd like to see more interest in the company and if they could get this thing listed, it would be great. If it drops, I may buy more, I put in bids from time to time.
I'm a very long term holder, so I'll be here probably for a few years. Good luck to you as well!
Tom, if you go to pinksheets, and click on the financal pages, you'll see their financial reports:
http://www.pinksheets.com/quote/finance.jsp?symbol=LKSC
Last Quarter was earnings of 1.7 cents per share. I've also e-mailed the president and left a message. I did hear from one of their earlier promotors that told me one of the reasons the stock was depressed was because the reverse merger didn't go off the way that they expected (they had hoped to be a reporting company). From what he said, they are just very busy.
I'm just holding it thinking they will get it all together sooner or later. Only thing I don't like is lack of cash and some of the higher priced debt 15%? But on 15MM shares at 15 cents, it's a risk based on good earnings.
Tom, if you go to pinksheets, and click on the financal pages, you'll see their financial reports:
http://www.pinksheets.com/quote/finance.jsp?symbol=LKSC
Last Quarter was earnings of 1.7 cents per share. I've also e-mailed the president and left a message. I did hear from one of their earlier promotors that told me one of the reasons the stock was depressed was because the reverse merger didn't go off the way that they expected (they had hoped to be a reporting company). From what he said, they are just very busy.
I'm just holding it thinking they will get it all together sooner or later. Only thing I don't like is lack of cash and some of the higher priced debt 15%? But on 15MM shares at 15 cents, it's a risk based on good earnings.
Thanks for your insights. From what I understand about private firms, it's very difficult to come up with a fair price to cash out existing shareholders. There would be a fair number of lawyers involved, and the the SEC and other state regulatory agencies scrutanize those deals very harshly.
So, there we are, trading on the Pinks. What they could do, however, is make an offer for some of those shares or just buy back some in the market place. That wouldn't cause any issues as it would be a tender, not a total cashing out, and would have the effect of increasing value for remaining shareholders.
I'm happy with any company that pays a decent dividend to its shareholders. I can live with that. The ones that don't give anything back to their shareholders I do have a problem with.
What I would like to know is how long of a life they figure the mine has? I don't know if another company would be interested in purchasing them or not, but who knows (I believe they were owned by Cheveron, and they do have info on americangilsonite.com, though I don't think they've updated the site for a long time).
Then comes the issue of getting value for shareholders. What I would propose that they do is list their financials once audited and post them. There is no reason they can't do that, and it would keep shareholders informed. Other profitable companies in this same postion (BONL and LKSC) either post it on their website, or if you go to the financials tab on pinksheets.com, you can find them there.
LKSC has earnings of almost 7 cents a share and you can buy it for 20 cents. Go figure. The problem is that no one knows about them. So, unless they decide to sell the company or relist, it's difficult to get noticed. However, if you are like me and can think in terms of years, they could give exceptional returns when either one happens.
Thanks for pointing out that other company. I'll take a look at it. So many opportunities.
Be patient and collect some dividends and if the opportunity presents itself, I may join you in buying more. What's not to like?
I like this stock. Huge profit margins, a dividend and earnings. The website usually has the financials, though they don't report to the SEC. Hopefully it will be discovered big time. Earnings and sales have been growing nicely too...
I'm glad someone made this board. It appears to be one of the only penny stocks that have this sort of regular dividend. Haven't seen any announcement about the next dividend which usually comes in February (Bloomberg).
Very interesting tie in with oil and gas and road building. Not sure why it hasn't been discovered yet, it really should remove itself from the pinks though.
I think there is a published handbook on Director's responsibilities etc. I can't discuss STLS, but mostly you take some risk of being brought to court if you don't act in the best interests of shareholders.
In a nut shell, ask all the hard questions of those in management, and be a super advocate of stockholders' trust. Other than that, just make the board meetings, either in person or by telephone etc.
Good luck in your adventure. Glad your still around. I haven't been on line for a while, so I just got your mail.
UNLL, one of my favorites is up 300% today! Nice to see some companies doing acquisitions. I picked up about 67,000 shares when no one wanted any at 50 cents or lower. All I can say is this board is great, and has some very good ideas... just keep patient!
Petroleum Development Corporation to Acquire Unioil
BRIDGEPORT, W.Va., Oct. 20 /PRNewswire-FirstCall/ -- Petroleum Development Corporation (Nasdaq: PETD) today announced that it has reached an agreement with Unioil (OTC Pink Sheets: UNLL), an independent energy company with properties in northern Colorado and southern Wyoming, pursuant to which PDC will make a cash tender offer to acquire all of Unioil's outstanding shares (9,541,469) for $1.91 per share, for a total transaction cost of $18,224,206 (the 'Offer'). Currently, Unioil shareholders who collectively own approximately 82% of Unioil's outstanding shares, have agreed to tender their shares in the Offer. This acquisition is not considered suitable for treatment as 'Like-Kind Exchange' property and funds, as previously announced, held in trust by J.P. Morgan for PDC under Section 1031 of the Internal Revenue Code, will not be used to consummate the transaction.
PDC will commence the Offer no later than November 3, 2006. The Offer will remain open for at least twenty business days pursuant to applicable rules of the Securities and Exchange Commission. The Offer is subject to the satisfaction of certain customary closing conditions. Promptly following the termination of the offering period, PDC expects to acquire any Unioil shares not tendered in the Offer for cash in an amount equal to the Offer price. Upon completion of the merger Unioil will become a wholly-owned subsidiary of PDC.
'The acquisition of Unioil will further strengthen our position in the Denver-Julesburg Basin, and add future development potential for drilling and recompletion work,' said Steven R. Williams, PDC's Chief Executive Officer.
NOTICE TO INVESTORS
This announcement is neither an offer to purchase nor a solicitation of an offer to sell securities. The tender offer for the outstanding shares of Unioil common stock described in this announcement has not commenced. At the time the offer is commenced, a subsidiary of PDC will file a tender offer statement with the Securities and Exchange Commission, and Unioil will file a solicitation and recommendation statement with respect to the offer. The tender offer statement (including an offer to purchase, a related letter of transmittal and other offer documents) and the solicitation and recommendation statement will contain important information that should be read carefully before any decision is made with respect to the tender offer. Those materials will be made available to Unioil's stockholders at no expense to them. In addition, all of those materials (and all other offer documents filed with the Securities and Exchange Commission) will be available at no charge on the Securities and Exchange Commission's Website at http://www.sec.gov.
'SAFE HARBOR' STATEMENT UNDER PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995
Statements made in this press release, including those relating to the expected form and timing of the acquisition, and all other statements in this release other than historical facts, are forward-looking statements and are made pursuant to the safe harbor provisions of the Securities Reform Act of 1995. Such statements involve risks and uncertainties, which may cause results to differ materially from those set forth in those statements. The acquisition (including the Offer and the merger) may not be completed on the terms summarized above or at all. In addition, the economic, competitive, governmental and other factors identified in PDC's and Unioil's filings with the Securities and Exchange Commission could affect the forward looking statements contained in this press release. Neither PDC nor Unioil has any obligation to revise or update these forward-looking statements to reflect events or circumstances that arise after the date of this press release or to reflect the occurrence of anticipated events.
About Petroleum Development Corporation
Petroleum Development Corporation (www.petd.com) is an independent energy company engaged in the development, production and marketing of natural gas and oil. The Company operations are focused in the Rocky Mountains with additional operations in the Appalachian Basin and Michigan. During the third quarter of 2004, the Company was added to the S&P SmallCap 600 Index. Additionally, PDC was added to the Russell 3000 Index of companies in 2003.
Certain matters discussed within this press release are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Although PDC believes the expectations reflected in such forward- looking statements are based on reasonable assumptions, it can give no assurance that its expectations will be attained. Factors that could cause actual results to differ materially from expectations include financial performance, oil and gas prices, drilling program results, drilling results, regulatory changes, changes in local or national economic conditions and other risks detailed from time to time in the Company's reports filed with the SEC, including quarterly reports on Form 10-Q, reports on Form 8-K and annual reports on Form 10-K.
Well, the pain was short lived!!! What a DAY! Up over 300%!!!!
Petroleum Development Corporation to Acquire Unioil
BRIDGEPORT, W.Va., Oct. 20 /PRNewswire-FirstCall/ -- Petroleum Development Corporation (Nasdaq: PETD) today announced that it has reached an agreement with Unioil (OTC Pink Sheets: UNLL), an independent energy company with properties in northern Colorado and southern Wyoming, pursuant to which PDC will make a cash tender offer to acquire all of Unioil's outstanding shares (9,541,469) for $1.91 per share, for a total transaction cost of $18,224,206 (the 'Offer'). Currently, Unioil shareholders who collectively own approximately 82% of Unioil's outstanding shares, have agreed to tender their shares in the Offer. This acquisition is not considered suitable for treatment as 'Like-Kind Exchange' property and funds, as previously announced, held in trust by J.P. Morgan for PDC under Section 1031 of the Internal Revenue Code, will not be used to consummate the transaction.
PDC will commence the Offer no later than November 3, 2006. The Offer will remain open for at least twenty business days pursuant to applicable rules of the Securities and Exchange Commission. The Offer is subject to the satisfaction of certain customary closing conditions. Promptly following the termination of the offering period, PDC expects to acquire any Unioil shares not tendered in the Offer for cash in an amount equal to the Offer price. Upon completion of the merger Unioil will become a wholly-owned subsidiary of PDC.
'The acquisition of Unioil will further strengthen our position in the Denver-Julesburg Basin, and add future development potential for drilling and recompletion work,' said Steven R. Williams, PDC's Chief Executive Officer.
NOTICE TO INVESTORS
This announcement is neither an offer to purchase nor a solicitation of an offer to sell securities. The tender offer for the outstanding shares of Unioil common stock described in this announcement has not commenced. At the time the offer is commenced, a subsidiary of PDC will file a tender offer statement with the Securities and Exchange Commission, and Unioil will file a solicitation and recommendation statement with respect to the offer. The tender offer statement (including an offer to purchase, a related letter of transmittal and other offer documents) and the solicitation and recommendation statement will contain important information that should be read carefully before any decision is made with respect to the tender offer. Those materials will be made available to Unioil's stockholders at no expense to them. In addition, all of those materials (and all other offer documents filed with the Securities and Exchange Commission) will be available at no charge on the Securities and Exchange Commission's Website at http://www.sec.gov.
'SAFE HARBOR' STATEMENT UNDER PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995
Statements made in this press release, including those relating to the expected form and timing of the acquisition, and all other statements in this release other than historical facts, are forward-looking statements and are made pursuant to the safe harbor provisions of the Securities Reform Act of 1995. Such statements involve risks and uncertainties, which may cause results to differ materially from those set forth in those statements. The acquisition (including the Offer and the merger) may not be completed on the terms summarized above or at all. In addition, the economic, competitive, governmental and other factors identified in PDC's and Unioil's filings with the Securities and Exchange Commission could affect the forward looking statements contained in this press release. Neither PDC nor Unioil has any obligation to revise or update these forward-looking statements to reflect events or circumstances that arise after the date of this press release or to reflect the occurrence of anticipated events.
About Petroleum Development Corporation
Petroleum Development Corporation (www.petd.com) is an independent energy company engaged in the development, production and marketing of natural gas and oil. The Company operations are focused in the Rocky Mountains with additional operations in the Appalachian Basin and Michigan. During the third quarter of 2004, the Company was added to the S&P SmallCap 600 Index. Additionally, PDC was added to the Russell 3000 Index of companies in 2003.
Certain matters discussed within this press release are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Although PDC believes the expectations reflected in such forward- looking statements are based on reasonable assumptions, it can give no assurance that its expectations will be attained. Factors that could cause actual results to differ materially from expectations include financial performance, oil and gas prices, drilling program results, drilling results, regulatory changes, changes in local or national economic conditions and other risks detailed from time to time in the Company's reports filed with the SEC, including quarterly reports on Form 10-Q, reports on Form 8-K and annual reports on Form 10-K.
It was mentioned in a filing and a PR. I think if you look at otcbb.com and go to sec filings, it's there. Or, try SEC.gov and there is a filing and an 8k that held their PR.
The stock has been hammered with the rest of the industry. But, if you look at what just happened at UNLL, a company with the same balance sheet style as PDO, it really shows what value some of these small cap plays can do.
What's worse, I was sold 5 shares at .56 the other day... just 5 shares! Add the commission to that and my cost is about $2.56 on those shares :( Figure that one out!
UNLL (UniOil) had a nice earnings report of 3 cents for the quarter, and retired some shares through litigation. It is a fully reporting company, so I still don't understand why it's not on the OTCBB yet. Maybe the float is too tiny?
It was a nice 10Q, it looks like they have ample acerage to explore as well. The company even at $1 is trading at only 3 times book, which isn't bad compared to many of the other small E&P companies. The earnings of 3 cents for just one quarter gives it a nice low PE as well.
Nice that they got back a large block of stock as well. I think this company could really go places if they would get off the pink sheets! No reason why they can't as they are fully reporting.
Interesting lines in the 10Q about selling the company and maximizing shareholder value. A must read. Sounds like something is cooking!
PYOL going to the AMEX! They earned 10 cents (they didn't adjust for the split shares on the comparison to last year, so it doesn't look as good as it really is).
From the 10Q:
Management is pleased to announce that Pyramid Oil Company has qualified and
been accepted to trade on the American Stock Exchange (AMEX) under the new
symbol PDO. The Company begins trading on the American Stock Exchange, Monday
August 21, 2006 (AMEX symbol PDO).
I think PYOL has the potential to do just about anything. It may be a sleeper today, but I hope a listing on an exchange will give its stock value a higher currency mark up if they ever wanted to do a purchase of another company etc.
Thanks for the links, very good info here. Stock looks very undervalued no matter how you slice it.
Posted a link on Raging Bull that you may enjoy.
I've had a few do reverse mergers, and that's a pain, but, I usually don't trade on splits, so, it's not an issue. There is always a letter of transmittal that goes along with it. Forward splits are not an issue 2 for 1 etc. It's cumbersome, but, most of my stocks usually just collect dust :)
Looks like they have to do something sooner or later. No assets, 33 mil shares outstanding. I'll keep an eye on it.
The certs being delivered help take them away from the broker who can use them to "hypothocate" or use them for anyone to short the stock. I hate those games, but other than having a pretty peice of paper, not much good comes from it.
The other problem with certs is that some brokers make you wait until the cert clears DTC so, there is always an issue selling the stock. You'll note that isn't a problem for me, because I usually keep my stock for a long time, which is why I don't mind paying extra today for something that I want to make sure I can own.
Been picking up shares under 50 cents. I think this stock, if you compare to PYOL and others that have a good balance sheet and similar revenues should be higher than that. But, my opinion and what do I know?
Hello Ronnie,
My stocks do have very low outstanding share counts, it's the only way to value a company if someone were to take one over. The other thing that I look for is no dilutive stock options or converting debt. Thus, when you buy shares, you know your percentage ownership won't change much over night. Basically, market caps of less than $10 million.
I've found it hard to find profitable companies at that level, though there are a few. So, a couple of these shells look interesting now.
I don't know anything more than anyone else on this one. I just liked the fact that the options were exercised at nearly double the price of the stock, meaning, there is some confidence in what is going on here.
I'll look at ZNNC for sure... I also filed a 13D on BMLS as well yesterday. Always looking for a turn around.
I filed a 13d on the company this AM.
Sure, this is from the annual report (unaudited)
12/31/05
Total Assets 3.5Million
Current assets 3.493 Million
Current liabilitis 2.079 Million
Stockholders' equity 1.459 Million
Shares outstanding 3.235 Million
2005 sales 6.193 Million vs. 04 sales of 7.906 Million
Net loss 2.833 Million or -35 cents per share in 05 vs -28 cents in 04.
Looks like all but 12k in options are underwater.
It is interesting stock but hard to buy into. Now that it is over a buck just about, you can only get 500 shares for sure at the offer. I've been trying to pick up some, it's interesting just on a shell basis. The tech stuff is not my bag, so if anyone has some ideas as to what they do and it's prospects, I'd appreciate their input, good or bad.
Dream, I agree. They did have a remarkable rise in revenues and they took a hit on short term expenses. Now is the time to do it IMHO. I think the fact that they filed also helped get the stock in gear. It's a small float, and we came close to $2 in one day. Amazing trading. I think some short term profits were taken, but it is a good company.
UNLL - had a big pop today, though I tried to buy some more shares today, it got away on me. Profitable oil company with much of the outstanding held by insiders. Anyone follow it here (or anywhere?).
They had a reverse 1 for 10 split recently that I think has helped. I have a board open on it if anyone does follow it or know anything about it. Called them a few days ago, everything is in the 10k/qs.
Nice to see it over $1. Very thin trader, but unless you look at a stock screener and most of them won't show this company, it's totally undiscovered. Maybe another PYOL in the makin' if held long enough.... I can only hope, but it doesn't look like it will be easy to buy in more shares.
Thanks for looking at it!
Stanu, the company claims it stopped filing because of the large costs in doing so. That is true, but in the long run, they will need to begin filing again to recoup shareowner value.
The company needs to survive right now.... if it does that, we'll be cool. If not, well, I guess it really doesn't matter then.
The company just issued their last annual report which the company was kind enough to mail to me. They had a bad year last year, and I think the net shareholders' equity is about 1.4 Mill. Naturally, I think there is value in the shell and some other assets, but, will they survive? Who knows.
Dragonfly, actually, if you own 5% of a stock you HAVE to file a 13D. If you're close, I always figure it's best to make yourself known. I've done this with PYOL and MLDS as well.
ORFR, rrufff, I'm totally into that stock. I agree, I think it is totally undiscovered and have loaded up.
Stock price has been rising. I own over 80,l00 shares now, and I think it's undiscovered. Anyone close to this company?
I filed a 13D the other day... just for disclosure sake.
Thanks guys, now, I think if we get listed on an exchange, that would be better. The Amex would be my guess, as the Chairman already has a company listed there and many O&G players are also there, but I really don't know.
Eitherway, things are looking much brighter, and I haven't sold any..
stanu, PYOL, news shocker! I'm really very excited about this, one of the best producers in the county? AND WE ARE TOTALLY UNDISCOVERED YET IMHO! Getting listed on an exchange and that attention if/when they do will give us credibility to not only investors but other O&G players I think.
TriValley must really be jealous too... they have been telling us about good plays, PYOL has delivered! I'm stoked, and thanks for the congrats... this is for all us little guys!!!
Thanks stanu! I appreciate that... it's one for the little guys!!!