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OT: why are you here???
Dear Contractor.
I am a student ( newbe in your terms.) that got a task to describe a public company, make an evaluation and a prediction about the future of the company.
When year starts, present and predict.
When year ends judge the results.
I hoped i'll get some help here with doing my evaluation and preparing my presentation. I'll move on.
I learned a lot, TRRC, digging in 10Q, and much more.
Thanks for your help.
Wish you all Good luck with your invesments, yair
Do your own DD, share if you like.
The terms of the "car loan" have changed since then.
It is now 1-1-2007.
Only 4 month left.
If they don't pay, does all goods from PROCO goes back to PROCO?
Does AMEP have $2,000,000 to pay? ( NOT, according to the 10Q.)
and with the current cash burn rate not much will be left by years end.
Will PROCO agree to convert their convertible debentures into shares? or will they take their "car" back.
the "car" is collateral for the debt.
And if so, look at the terms - 50% of the closing bid price.
Let assume 8 cent a share. 50% of 0.08 = 0.04
$2000000 / 0.04 = 50,000,000 shares.
Lets try 5 cent a share. 50% of 0.05 = 0.025
$2,000,000 / 0.025 = 80,000,000 shares
Does AMEM have 50,000,000 or 80,000,000 shares?
NOT, according to 10Q -
500,000,000 shares authorized
494,170,082 issued
452,870,082 outstanding
-----------
47,129,918 shares left from authorized. ( only 41,300,000 using the issued)
Little bit short, and as they need current shares for day to day expenses.
Is that why posters fear Dilution?
http://www.investorshub.com/boards/read_msg.asp?message_id=12710579
Just my own DD, yair
http://en.wikipedia.org/wiki/Convertible_Debenture
here are the new terms - from the lateset filing
"
On January 5, 2004, the $2,000,000 convertible promissory note (See Note 5 - Debt) was exchanged for a convertible debenture for the same amount and due January 1, 2007. The terms of the convertible debentures include an interest rate of 8% per annum and conversion at any time at the option of the holder or the Company into common shares of the Company at a price equal to fifty percent (50%) of the closing bid price of the common stock on the date written notice is received by the Company of the election to convert.
"
Not completly. ( read all the post.)
The deal has much more to it.
Thanks for your help.
I'll try to figure out.
Have a nice weekend, yair.
Thak you contractor and ctb for your replay, it was very helpfull directing me to figure what is the relation between AMEP and PROCO.
I am not done yet as looking at the sec files starting at 2003 is not and easy task and it will take me some more time to understand ( up to my limits) what was done.
One thing i'm sure of, is that PROCO does not belong to AMEP.
Using the numbers from TRRC published by PROCO as numbers that are AMEP related are to say the least questionable.
What did AMEP actualy acquired from PROCO, what are the terms?
It is my underlines
from the last 10Q June 30, 2006
"On February 20, 2003 (the “Acquisition Date”), the Company acquired from a certain related party assignor, who is controlled by the brother (see Note 5 - Debt and Note 8 - Related Party Transactions) of the Company’s president and a director, an interest in certain oil and gas leases, oil and gas wells located on those leases, surface and underground equipment, pipelines and other property and fixtures in or on the leases, rights of way, leases, contracts and agreements for pipeline compressor stations or boosters utilized in the operations of the facilities by the assignors. The above properties are located in Comanche and Eastland Counties, Texas, in the United States of America. The Company planned to extract and sell oil and gas from existing wells. The consideration paid was a convertible promissory note for $2,000,000 at 6% interest, maturing July 25, 2007. All the leases and wells are collateral for the promissory note."
So, AMEP got into some kind of deal with PROCO ( or what ever they mean by "certain related party assignor, who is controlled by the brother".), what was actually acquired and in what terms, is up to which 10Q you read.
But they did not purchase PROCO.
Keep in mind the convertible promissory note for $2,000,000, it has a life of its own.
for example look at PRI ( in the same 10Q)
"In June 2003, the Company entered into a non-binding Letter of Intent agreement to acquire substantially all of the assets and related liabilities of Production Resources, Inc. (“PRI”) with an option to acquire the outstanding voting common stock of PRI."
.......continue......
"At June 15, 2004, the full consideration was paid by the Company and in accordance with the rules of a BDC; the $800,000 purchase price for the capital stock of PRI was recorded as an investment in affiliate - majority-owned."
or Oil America Group ( plain & simple.)
"effective November 2004, the Company acquired Oil America Group..."
or Bend Arch
"As of June 30, 2006, the Company had made $3,956,688 of net advances on behalf of its majority-owned affiliate, Bend Arch Petroleum, Inc., (“Bend Arch”)."
There is no such statement regarding PROCO. that is why PROCO is not in the AMEP majority owned affiliates list.
I hope this clears the ownership issue.
Now why would you think that PROCO will report to TRRC about production that belong to AMEP ( or one of its affiliates.)? and if they do so for what ever reason, which wells and what presentage is going to AMEP?
Will wait for any comments.
thanks contractor and ctb for your help and guidance,
I'll go digging, alot to learn.
yair.
IT IS JMHO, do your own DD, share if you will.
Thank you for your replay contractor10940.
Yes i am a newbe. Still i am trying to learn.
And i am thankfull for what ever i will learn.
What is reality here?
from RB -
By: fish1031
14 Aug 2006, 06:25 PM EDT
Msg. 88622 of 88856
Jump to msg. #
Can any one tell way PROCO not on this list?
or are they a part of Bend Arch? thanks FISH
By: doc726
14 Aug 2006, 06:34 PM EDT
Msg. 88626 of 88856
(This msg. is a reply to 88622 by fish1031.)
Jump to msg. #
Fish..Proco is not part of AMEP. Independently owned by Johnnie Bitters who is Charlie's brother.
By: fish1031
15 Aug 2006, 09:56 AM EDT
Msg. 88715 of 88856
(This msg. is a reply to 88626 by doc726.)
Jump to msg. #
DOC! just got the phone with CB and you are right.
FISH
Thanks again, i'll keep digging. ( may be i'll hit some oil/NG _
GLTA, yair
just trying to figure out, do your own DD, share if you like.
CORRECTION
What is there to like? they might have some thing coming from the frac job they did ( from a post i saw here.), but current numbers doesn't look to good.
Please check the numbers, I did the best i can.
I used the instructions from post #10182.( which now i think are partly wrong.)
PRI (Production Resources, Inc.)
2006.....Oil
Jan......324
Feb......434
Mar......741
Apr......570
May......434
Jun......343
Oil America Group, Inc. - Not found on TRCC
Bend Arch Petroleum, Inc. - NO production reported to TRRC.
PROCO - NOTHING TO DO WITH AMEP
just my take, GLTA, yair
CORRECTION
It is my bad for not checking the information published on this board.
As for proco TRRC #679595 , I cann't conect them to AMEP, the only reason i did so is because of post #10182 ( and a few more that led me to think there is a connection.)
I will repeat - THERE IS NO CONNECTION THAT I KNOW OF BETWEEN AMEP AND PROCO OPERATOR.
I will correct my 2 posts to reflect this mistake.
Investee list from the last 10QSB
Production Resources, Inc.
Oil America Group, Inc..........NOT FOUND ON TRRC
Bend Arch Petroleum, Inc.
AMEP Strategic Investments, Inc.
TRRC RECORDS http://www.rrc.state.tx.us/divisions/og/ogdirectory/
PRODUCTION RESOURCES, INC. 680845
1077 COUNTY RD 342
HONDO TX 78861
(830) 426-4081 CORPORATION
BEND PETROLEUM CORP. 064129
204 N WALNUT STREET
MUENSTER TX 76252
(940) 759-4029 CORPORATION
****NOT AMEP*******
PROCO OPERATING CO., INC. 679595
P O BOX 170
GRAFORD TX 76449
(940) 682-1140 CORPORATION
****NOT AMEP*******
IT IS ALL MY TAKE ON REALITY, DO YOUR OWN DD
I know the AMEP story, what i was trying to understand is why the numbers reported to the TRRC don't match the numbers in the 10Q.
I hope u'll be able to help me with that.
Lots of numbers, i hope i got them right.
Production for Jan-Mar 2006 PRI+proco ( reported to TRRC)
Oil...3684 X 50=184200 ( X 70 = 257880)
NG...23763 X 5 =118815
Production for Apr-Jun 2006 PRI+proco ( reported to TRRC)
Oil...2400 X 50=120000 ( X 70 = 168000)
NG...16597 X 5 =82985
* there are no numbers for june for proco i used 250 bbl and 4800 mfc.
First to notice is the decline which I understand as the lack of frac work done during the 1&2 Q and the hart #8. ( As you explain very well in your kind reply.)
But how come PRI revs went up while the reported numbers to TRRC went down? production went from from 1499 bbl to 1347 bbl while revs went from $67172 to $182109.( oil prices didn't triple during this 6 month.)
Second they report in the 10Q -
Jan-Mar 2006 PRI+proco
Revenue 67,172+391,328=458500
Apr-Jun 2006 PRI+proco
Revenue 182,109+611,361=793470
Revenew - production
Jan-Mar
458500-303015= $155485
Apr-Jun
793470-202985= $590485
Where is this money comming from? - $745970??
Even if i'll use your 70$ per bbl i still don't get where 745970 - 121680 = $624290 came from.
There is some thing i'm missing here, thanks in advance for any help.
GLTA, yair
( I have a guess that lots of AMEP "Qualified investors" are getting their share out of the investie revs, but how can i find where this "Qualified investors" report? Do they report seperatly to the TRRC?
I just got to understand that proco and Bend Arch Petroleum, Inc. are not the same thing so where do i find Bend Arch Petroleum, Inc. numbers.
does proco have any thing to do with AMEP?)
IT IS ALL MY TAKE ON REALITY, DO YOUR OWN DD
What is there to like? they might have some thing comming from the frac job they did ( from a post i saw here.), but current numbers doesn't look to good.
Please check the numbers, I did the best i can.
I used the instuctions from post #10182.
PRI
2006.....Oil
Jan......324
Feb......434
Mar......741
Apr......570
May......434
Jun......343
Proco
2006....Oil .. Gas
Jan.....796 .. 7702
Feb.....716 .. 8978
Mar.....673 .. 7083
Apr.....542 .. 6478
May.....261 .. 5319
Using this number gives "No Matching Results".
Thans for the help, yair
Thanks for the link Contractor.
I think i found Proco & PRI but no luck with "Bend Arch".
Do they have some other name? are there any others?
TIA, yair
NG jumps on Draw.
NG for Aug +31.3C to $7.20/MMBtu
Storage decline first ever Seen In Jun, Jul Or Aug
Getting hot?
Care full, Do read Before investing.
http://sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001200268&owner=include
Todays PR "hide" this one.
Best of luck,
yair
hope one of you can go and take a look
i'm to far away
have a nice day in the sun
http://biz.yahoo.com/pz/060425/97929.html
From Euroland
Time Last Volume
11:27:09 0,15 6500
11:03:31 0,13 100000
10:32:48 0,12 9000
10:19:15 0,12 2230
09:59:00 0,15 13500
09:16:25 0,10 6000
http://www.euroland.com/SiteFiles/company/company.asp?GUID=839FA4B37719FD4D921CE18209D89B2F&Isin....
I'm new to this thing so be care full with my saying, will be thankfull for any advice.
PTSC have anounced yesterday (4-12-06) that -
"The Company requires additional time in order to adequately analyze appropriate accounting and disclosure matters related to transactions occurring during the quarter."
they requested -
"10-QSB or portion thereof will be filed on or before the fifth calendar day following that prescribed due date"
And that after the 15 day extention, I think that is the reason for the drop in price. ( and a time frame for the following action.)
I wonder what happens if they dont file at all - delisting/PK???
Any thought about the reason for not filling on time?
It's like a habit for them to do so.
My 2 cents - they gone file a bad last Q as opposed to the curent Q which probably is very good and they want to file them as close together as they can. so the first will bring another drop ( either one of the gaps you guys talk about.) the second one will fill the gap. ( for a later use
JMHO, yair
link - http://sec.gov/Archives/edgar/data/836564/000114420406014873/v040313_nt10q.htm
http://sec.gov/cgi-bin/browse-edgar?company=patriot+sci&CIK=&filenum=&State=&SIC=&am...