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Has anyone here ever dealt with a reverse merger before, I understand the concept but have nevre been involved with one before. Do we get a percentage based upon the value of FAVE before the merger subtracted from the Combined SIMU? Anyone know the relevative value of SIMU before the merger? With Billions of share authorized I am a little hesitant on aquiring more shares. I beleive that this company is well run and looks good I just worry about the owners of our now parent company running all the shots and bullying us around as we are the shareholders of a remenent that they used to go public. I would imagine that they as the original investors of a successful private company really dont like us the residual holders of a unprofitable company that go in on there deal. I am not trying to sound negative just voicing my concern if anyone has any info they would like to share I am all ears. Thanks
Anyone know what the situation is with the EEZ rights? Equator claims to have the right to 100% of two of their choosing and I recently read that more blocks were going up for sale soon.
One more thought... can anyone identify the finaceer of Equators JDZ blocks that is stirring up the idea of a merger?
Anyone know what happenend to the Wells in Wichita and Henderson, Tx. I remember seeing a pr on a well in the states and was wondering if anyone knew anything about this.
My god, I am Out. Tried for years to stay in for the long haul but that is the most pathetic report I have ever seen and is enough for me, good luck to you all.
-Too much Bs Pr's
-All assets sold off (majority at least)
-No market movement
-No real #'s
-New mysterious address
-No stock buyback
-the reputable evualating company was the only real positive news I've seen in a while
I am a fist time poster long time investor and was just wondering if we are partnered with Habanero Inc. In every indever. I ask because they are never mentioned but there website has the exact same maps as Menv and say that they are beginning a possible development in one of their/our properties. Let me know if you can find anything.
according to that their annual compensation is 7times the market cap of the company? now why are people selling at .0005 its a sellers market with insiders picking up huge chunks of the company why sell so low.
That is a good point and a reputable company, My biggest nagging question is in regard to the multimillion dollar deal that went on and what PGPM now holds in compensation. What percentages and on the books what it is worth.
I agree, no real #'s in PR's, and no buyback, no OTC bid, Anyone have any idea on actual prduction? maybe you can figure it out from the % in increase. Any Texas shareholders? anyone seen anything tangible? clearly no progress in Germany. A little frusterated and could use some answers. I also wonder what kind of toilet paper the debt from the unknown company was printed on when they got a huge chunk of our properties, they can have my shares at $.10 as they beleive there worth (haha if only). Anyone who could answer any of these questions please do.
I think this company is finally making some smart moves, their trying to get reserves and production up (which is currently quite low) there releasing PR's more frequently though most are bs at least we are kept more in the light now as compared to before. And finally the canceling of the LOI based on a low share price shows that they truely beleive that this company is worth more than it is currently priced. I plan to hold for a while, complain for a while and most likely smile in the end. I cant see us going anywhere in the near future but with high gas prices our properties are only becomming more economically viable and profitable so I can't see this stock going anywhere but up in the long run.
"Stock set to finally leave the pit between .02-.03 on information released on canadian operations and newly developed wells"
- Penny Stock Expert
Take it as you see fit
Were back on track, if you want to get out I'l gladly take your shares call me crazy
With a buy in instead of a buy out one of the companies trying to get in (any of the numerous speculted) gets a large percentage of our shares without the burden of taking on the liability of the investigation. From all I have heard the investigation is comming to a close soon and that combined with the new partial ownership spells a huge gain for us. (Forgive my inexperience, I have never had to dig so deep into legal aspects as I have with this one). Just trying to piece this one together
Thanks for the info and criticism, Good to know their are no real legal ramifications involved in this "deal". I wonder in to years from now who will contorl the gulf of guinea and get the protection of the U.S. Navy. Should be interesting to see, as its been a long and uneventful year thus far
How is it possible for Offer to sell his shares while under investigation??
I would love for it to to be Marathon attempting a buy in. They know the region and have thus far done a good job with their african assets. That and I dislike the idea of the ultra giants getting ahold of this little minnow before it becomes a whale
I personally think that it will be one of those three, but i wont rule out any others because this is after all offshore drilling, its all about risk so anyone could be looking at us
Would a buyin mean a chance for real management?
Marathon does have 2.8 Billion in cash and is in the area. I have no idea if they are the company though, just a guess
Maybe our old partners Noble? I know that Marathon oil has a some interests in Eq.Guinea and Angola. Not sure if they have any in nigeria, but they are American
Is it possible for Offor to sell while still under investigation? I am hoping for the best this week, everything seems to be adding up
If we get posted in the German Exhcange will that stop me from being able to trade the stock on scottrade, being that it would no longer be an american exchange?
This is the most frusterating stock and board.... No one posts anymore and I cannot understand why Pgpm is tanking nothing new has happened except reports of increases in production and revenue. Anyone emailed management recently? Oils back up we are still down, I got nothing to explain that exccept the perpectuation of fears and uncertinty that sprang up from nowhere.
I think that it most people share your worries, which is why we are stuck in this rut. I overwhelmingly beleive this company to be true and real. I do however beleive that our management is just finally begining to understand how to run things. The reasons as to why I don't see this as a scam are the Wallstreet interview, The partnership with Basic, and the repurchase program. I beleive that this stock is undervalued but at the moment I am a minority in my thinking. I have come to realize that management has no idea about finicials, their Billion barrel reserve or and the more recent Estimated stock value of $1.05 were hyper inflated. It is my beleif that they are in fact trying to get us on a new exchange to gain credibility but are still novices and have a lot to learn. If we hold on we will make money, People's minds shall change once real #'s are put up, the best way of acheiving this would be to flood Pindeo's mailbox with questions and demand answers, afterall that is his job. My advice to you would be to be prepared to hold for several months I don't see a huge turnaround comming soon but think that we shall slowly inch up to the $.05-$.06 range and then increase dramatically when management shows us all out assets both here and in Canada.
I think we'll make $.05 once the Canadian Info. is released.
Does Pilgrim actually do anything? Basic covers all the servicing and actual production. GHS Energy looks for more properties for us to buy, And American Capital does the books. So Pilgrim simply buys the properties? I don't understand all the need for so many partners
So it would appear Basic Energy Services would be the answer to the transportation question. I'l post the response to my email when I get it or if I get it.
I think one of the brilliant moves by this company was the timing in which it got its leases, from what I have gathered most were shut down due to a price of $30-$40 a barrel in the 2003 area, Not only is pilgrim producing oil from those fields at $60 a barrel but Texas' tax exemption when oil goes below $40 a barrel http://www.house.state.tx.us/news/release.php?id=1624 was huge and means that former plugged wells will most likely remain viable and our properties value as such increases.
After looking at the financials Pilgrim is making a descent amount of money. We still have way too many shares out, a problem the $1.5 million buy back will help. It is a bit odd however how little Pilgrim spends on transportation of it oil. This leads me to beleive that we are not producing nearly enough oil or are using some third party which is incredibly cheap, I have no experience in that area so really have no clue. In the even that we do get our production up to our quota in our various leases we should break out of this price range. I emailed the company about the climax lease and am awaitng a response, once I get an idea of what we are actually paying for our properties (which I doubt to be all that high given that they were purchased upon their suspension due to low oil prices IE $30 a barrel) I think that we will have this mystery figured out.
Climax Lease in Archer County Texas; Production through the last two weeks in of a total of 105 bbl, an increase of 50 percent will be expected on the next few weeks, however issues with the water disposal, among others items which is currently being addressed, have prevented the field from maintaining highest levels of production. (9/16/06) Did we overcome these "water disposal issues"? and why was the lease suspended in 03' If anyone knows I'd love to hear your response
The Climax lease suspended production in December 2003, producing =
an average of 156 BpM
2003 = $30-$40 a barrel
Now = $60 a barrel
Big difference
Racer Whats your take on "Pilgrim Petroleum Corporation announced today the company's projected EPS (Net Earnings / Outstanding Shares) $102,370,000/358,841,164 of 0.29 based on Pilgrim's Future Net Revenues estimations. Thus, the resulting EPS multiplied by a sustainable growth rate of 25% and multiplied by the average industry P/E ratio of 14.79 (Reuters), Pilgrim's intrinsic value or estimated stock value should be worth $1.055 per share. " Anyone have any idea how much Pilgrim payed for the Climax lease? Is 50 bpd worth it? even if the do increase it to 300 as they beleive this could be a long hall to make money on the lease. 50bdp @ $60 = $3,000 a month - all fees
300bpd = $18,000
Is $216,000 a year worth the lease?
They may be increasing production but are they actually making money.......
NYSE? a bit of a stretch. AMEX would be more possible, can't see an Offor company on a real stock exchange at least in america. Lot of promise with canadian exchanges, does Offor have his hand in any company that isnt part of some scandal.
Do people here really beleive that Offor really cares about us and is trying to help us? He has done everything for this company we haven't really done anything.
Good news Thanks Racer
Not the right time for that statement on ERHC, but I agree that if you dont own any shares you should keep your posts to companies that you do. Pilgrim is nothing like ERHC and shouldnt be compared in any way.
Yeah could be unbeleivable would love to get in that game, only worry would be a possible mass influx of refugees or foreigners if Sao Tome does strike it rich, Perhaps no longer going to Cape Verde and to Europe. Sao if they do strike it rich will have to do something about immagration, I could see that to be a possible problem.
Wish I could buy real estate in sao Tome..... Next Kuwait?
What is the deal with managements inability to answer emails? I actually think that they are on the right track but wonder why the hell they don't bring in the auditors and it solves all our problems. No more worry about this company being a fraud, no more worries as to a possible exchange move, actual #'s behind the % increases in revenue and production. They got the cash, unless they spent it on their "top secret" canadian ventures. Any one got any ideas?
Fair enough, I think both are flawed but I think that other sources of info are never a bad thing. I have never really been a big fan of Oilphants influence though so I am biased. Both have been wrong but provide good info that most of us were unaware of.
This post just got torn apart by On the Move. Honestly I like the post but put much more faith in Joe Shea than Oilphant. A man who has consistently had more info than anyone else and has a face to back up his info.