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even though gas prices are down, the company own cbm wells, they last 30 years. the prices will come back up.
naturnal gas falling fro m14 dolars down to 4 doller level now. here it cold day in history where i living and naturanl gas is cheapeswt it been in look time at well head.
i saw where c going spilt into 2companies, good bank and bad bank. i try from where i read it and post it here.
it not my secret investment. the first buy was 4-27-06 47.20 and i been buy as tank. the ship that does know when to sink. i forgot buy when it was a dollar. i bought more today.
bought more today. when things better this will lead the pack. it got growing pain from buying merrill lynch bad assets. they badder than they though. more turf more to bailout bank America.
bought more this morning
that more moe money than i got.
just talk on phone to another company spoke person and this person was telling me that natural gas at well head was 4 dollars now. last year it 14. the cold year of year and lowest price in years.
had talk with Paul Richards, all last well are on line now. it was yesterday. look like ch 31 for reserve report come out. the come does own any money and has cash flow from 8 wells. gas is goingfor 4 dollars a cubic foot now. the coldest time in year and low prices.
what are they going do with all plan to import natural gas? i know to place that are importing natural gas port now and they expecting them to handing lot of gas and gas companies e increasing the number of storage tanks to increase peak and supply of natural gas.
maybe fall over. going get more today.
a trillion is million billions. 1,000,000,000
that good idea. sharing the wealth.
if the man took 4 or 5 month off and went on long trip, he had access to the money. he was going to do the deal when he got back from the trip. the money there if we get well drill.
now if tom say it over, then it over. till turn the lightoff, we still kicking.
getting be good buy plaCE WILL check out price tomorrow and see if it at buying price again.
john if you going hold your breath, who do you want as your pallbears, jl, Neely, Mario or rest of jl hoods.
when the wells are drill, then there can be pipe line. 20 wells and money there for pipe line to be built. eldorado shares would be worth 40 cent a share in the ground. the invewstor took long r and r trip and was going 4 or 5 month after talking to tom about the deal.
we will see. if she does not sink, will you eat crow again?
remember that FDIC said a bank fail by it capital level. the bank has to have certain % of capital. that why jpm had ipo after they bought the bank from FDIC and raise alot money to increase the capital level of chase bank. who wa mu will be a part of.
now if you feel that way, then it time for you to move on.
AT THIS PRICE OUR STOCK A STEAL.
JMP RAISE TON OF MONEY STOCK OFFERING AFTER THEY BOUGHT THE BANK AND THINK THEY GOT 25 BILLION IN TARF MONEY TO.STOCK WAS RAISE IT CPAITAL FOR BANK AND TRAF MONEY WAS FOR SOME BAD ASSET IT GOT FROM US.
BB&T CEO elected to Federal Reserve Bank of Richmond board
WINSTON-SALEM, N.C., Jan. 14 /PRNewswire-FirstCall/ -- BB&T Corporation (NYSE:BBT) today said that Chief Executive Officer Kelly S. King has been elected to serve on the nine-member board of directors of the Federal Reserve Bank of Richmond.
King was elected to a three-year term as a "Class A director" by the stockholding member banks of the Fifth Federal Reserve District, which is served by the Richmond Fed.
"This is certainly an honor, but also an important responsibility, particularly during these difficult times," said King, who succeeded John Allison as chief executive officer on Jan. 1. "Monetary policy is critically important. As a representative of BB&T, I'm looking forward to doing whatever I can to contribute to a meaningful dialogue around the economic issues facing us."
The Federal Reserve Bank of Richmond is one of 12 District Reserve Banks that, together with the Board of Governors in Washington, D.C., make up the Federal Reserve system. The Fifth Federal Reserve District includes North Carolina, South Carolina, Virginia, Maryland, most of West Virginia and Washington, D.C.
King, 60, joined BB&T in 1972 after graduating from East Carolina University. He was appointed chief operating officer in 2004 before his promotion to CEO.
As an executive management team member since 1983, King has been an instrumental figure in BB&T's transformation into one of the largest -- and highest performing -- financial services companies in the nation.
King earned his bachelor's and master's in business administration degrees from East Carolina. He is a graduate of the Stonier Graduate School of Banking at Rutgers University.
With $137 billion in assets, Winston-Salem, N.C.-based BB&T Corporation is the nation's 12th largest financial holding company. Founded in 1872, it operates more than 1,500 financial centers in 11 states and Washington, D.C. More information about the company is available at http://www.bbt.com/ .
I WOULD THINK GAS PRICE WOULD BE RAISE DUE TO ALL THE COLD WEATHER. OIL PRICE Vary. it how much gasoline the barrel of oil will make when t crack. Louisiana and pennsylvania get more for that oil than all the other state. more gasoline per barrel. north slope is low value THAN TERXAS LIGHT OR SWEET.
HOPE THINGS WORK OUT GREAT FOR US.
yes. you said that edex was NOT drilling a well and that tom said spud well was a scam. as for being A DRY HOLE, THERE ARE OTHER FORMATION BELOW WHERE BITE STOP. THESE FORMATION HAVE NOT BEEN TEST IN THAT PART OF THE STATE. UNTILL EDEX COME BACK IN AND WASH OVER THIS WELL BORE, AND TEST THE OTHER FORMATION, IT NOT A DRY HOLE. IT HOLE THAT RAN OTHER OF MONEY. THE ONLY THING THAT PIP DOES NOT SHOW IS HOW DEEP TO DRILL. THEY LOOK THE WELLS AROUND THE WHERE THEY DRILL AND HOW DEEP THESE WELLS ARE. THE COMPANY THAT TALK ABOUT THE EARTH TALK TO THEM, BUT THEY ALSO USED 3D TO TELL 3D TO TELL THEM HOW DEEP AND TO COMFIRM WHAT PIP SAID TO THEM. WE DO NOT HAVE THE MONEY YET TO DO 3D. ARE YOU EATING CROW NOW?
great find
dog, now you been there, are you going to say you where wrong on the last well not being drill and eat crow because you say that?
i have the power.
- Current report filing (8-K)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of Report: December 31, 2008
(Date of earliest event reported)
QUEST ENERGY PARTNERS, L.P.
(Exact name of registrant as specified in its charter)
Delaware 001-33787 26-0518546
(State or other jurisdiction (Commission (I.R.S. Employer Identification
of incorporation or organization) File Number) Number)
210 Park Avenue, Suite 2750
Oklahoma City, Oklahoma 73102
(Address of principal executive offices, including zip code)
(405) 600-7704
(Registrant’s telephone number, including area code)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Item 4.02 Non-Reliance on Previously Issued Financial Statements or a Related Audit Report or Completed Review.
On December 31, 2008, the board of directors (the “Board”) of Quest Energy GP, LLC, the general partner of Quest Energy Partners, L.P., a Delaware limited partnership (the “Partnership”), determined that the following financial statements (the “Affected Financial Statements”) should no longer be relied upon:
• the Partnership’s audited consolidated financial statements as of December 31, 2007 and for the period from November 15, 2007 through December 31, 2007;
• the Partnership’s unaudited consolidated financial statements as of and for the three months ended March 31, 2008 and as of and for the three and six months ended June 30, 2008; and
• the Predecessor’s audited consolidated financial statements as of and for the years ended December 31, 2005 and 2006, as of November 14, 2007 and for the period from January 1, 2007 through November 14, 2007. These financial statements represent the carve out financial position, results of operations, cash flows and changes in partners’ capital of the Cherokee Basin Operations of Quest Resource Corporation, the Partnership’s parent (the “Parent”), and reflect the operations of Quest Cherokee, LLC (“Quest Cherokee”) and Quest Cherokee Oilfield Services, LLC, formerly owned by the Parent located in the Cherokee Basin (other than its midstream assets), which the Parent contributed to the Partnership at the completion of its initial public offering on November 15, 2007 (the “Predecessor”).
As previously reported, a joint special committee of the Board, the board of directors of the Parent, and the board of directors of the general partner of Quest Midstream Partners, L.P. (the “Special Committee”), was appointed to conduct an internal investigation (the “Investigation”) of certain questionable transfers, repayments and re-transfers of funds from Quest Cherokee and another entity that is a subsidiary of the Parent to entities controlled by the Partnership’s and the Parent’s former chief executive officer, Mr. Jerry D. Cash (the “Transfers”).
The Parent transferred the membership interests in Quest Cherokee to the Partnership in connection with the closing of the Partnership’s initial public offering.
The Investigation was initiated when the Parent and the Partnership received an inquiry from the Oklahoma Department of Securities regarding the Transfers.
Management of the Partnership has concluded that as of the closing of the Partnership’s initial public offering, Quest Cherokee had funded Transfers totaling a net amount of $9,000,000 and that such Transfers had indirectly resulted in Quest Cherokee borrowing an additional $9,500,000 under its credit facilities prior to November 15, 2007. The Parent repaid this additional indebtedness of Quest Cherokee at the closing of the Partnership’s initial public offering. The Partnership has no obligation to repay such amount to the Parent. The terms on which Quest Cherokee’s membership interests were contributed to the Partnership did not contemplate that Quest Cherokee would have other than minimal cash immediately following the closing of the Partnership’s initial public offering. In view of the foregoing, management of the Partnership has determined that the activity represented by the Transfers was not part of the ongoing Cherokee Basin operations of the Parent that were intended to be transferred or that were transferred to the Partnership at the closing of the Partnership’s initial public offering. As a result, management of the Partnership has concluded that the Affected Financial Statements should be restated to exclude any effect of the Transfers. The restated financial statements to be prepared for the dates and periods covered by the Affected Financial Statements are referred to in this report as the “Restated Financial Statements”.
2
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Management has concluded as of the date of this report that the effect of excluding the Transfers from the Restated Financial Statements will reduce the Predecessor’s cash balances and partners’ equity by a total of $9,500,000 as of November 14, 2007 and the Partnership’s cash balance and partners’ equity by a total of $10,000,000 as of December 31, 2007 and June 30, 2008. The Transfers began in June of 2004 and continued through July 1, 2008, but as a result of certain repayments and the amounts involved, the Predecessor’s cash balance and partners’ equity as reported on the Predecessor’s consolidated balance sheet as of December 31, 2004 were not materially inaccurate as a result of the Transfers made prior to that date.
The following table shows the net increase in the amount of Transfers that occurred in each of the following periods:
Annual
Increase in
Affected Period Net Transfers
Year ended December 31, 2005 $ 2,000,000
Year ended December 31, 2006 6,000,000
January 1, 2007 through November 14, 2007 1,500,000
November 15, 2007 through December 31, 2007 500,000
The cumulative Transfers will decrease the reported cash balances and the reported partners’ equity at year end for each of those years and as of June 30, 2008. The cash balances and partners’ equity previously reported as of March 31, 2008 excluded the effect of the Transfers. The Partnership’s or the Predecessor’s net cash provided by (used in) operating activities in the affected periods will be reduced by the amount of the net increase in the Transfers during such periods as a result of excluding the Transfers from the Affected Financial Statements. Excluding the Transfers from the Restated Financial Statements will have no effect on the statements of operations included in the Affected Financial Statements.
In connection with a further management review of the Affected Financial Statements, other material errors have been identified in the Affected Financial Statements relating to the manner in which the Predecessor and the Partnership accounted for certain non-cash items, including (1) derivative instruments (which were incorrectly accounted for as cash flow hedges; the correction of the error will result in the change in derivative fair value that was included in other comprehensive income for each period being included in the net income (or loss) for such period), (2) stock compensation cost (amounts reported in 2006 and 2007 are likely to be overstated), (3) depreciation, depletion and amortization (amounts reported in 2006 and 2007 are likely to be overstated) and (4) impairment of their oil and gas properties (impairment recorded in 2006 is likely to be overstated). The Partnership is still evaluating the impact of these errors on the unaudited consolidated financial statements for the three months ended March 31, 2008 and the three and six months ended June 30, 2008.
The Partnership has not completed its review of the Affected Financial Statements and is in the process of discussing these errors with its prior independent accountants and therefore is not able to provide an estimate of the magnitude of these errors at this time. The Restated Financial Statements will reflect the correction of these errors as well as any other errors that may be identified. However, the Partnership does not believe that these non-cash items will affect the amount of the previously reported net cash provided by (used in) operating activities.
As a result of matters identified in the Investigation and other identified errors in previously issued financial statements, the Board of Directors concluded on December 31, 2008 that the Partnership has material weaknesses in its internal control over financial reporting, including its entity level controls, controls related to accounting for derivative instruments, controls related to the determination of impairment and the calculation of depletion of oil and gas properties and controls over the accounting for equity based compensation. A material weakness is a deficiency, or a combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of an entity’s annual or interim financial material weaknesses precludes a conclusion by management, that an entity’s internal control over financial reporting is effective.
Under the management services agreement between the Partnership and Quest Energy Service, LLC, a subsidiary of the Parent, financial reporting services for the Partnership are provided by Quest Energy Service. The Parent has advised the Partnership that the Parent is currently in the process of remediating the weaknesses in internal control over financial reporting referred to above by designing and implementing new procedures and controls throughout the Parent and its subsidiaries, including the Partnership, and by strengthening the accounting department through adding new personnel and resources. The Parent has obtained, and has advised the Partnership that it will continue to seek, the assistance of the Audit Committee of the board of directors of the general partner of the Partnership in connection with this process of remediation.
The Partnership intends to issue the Restated Financial Statements as soon as practicable after the conclusion of the Investigation and the preparation and completion of the Restated Financial Statements.
3
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At this time, however, the Partnership cannot accurately predict when the preparation of the Restated Financial Statements will be completed.
The foregoing information is based on facts obtained from the Investigation and the reviews of previously issued financial statements of the Predecessor and the Partnership to date. Additional information could be discovered through the remaining work to be conducted in the Investigation or as a result of the preparation of the Restated Financial Statements. Such information could result in the Partnership having to make additional adjustments to one or more of the Affected Financial Statements, or identifying and having to remediate other material weaknesses in its internal control over financial reporting.
The Board and management of the Partnership have discussed with UHY LLP, the Partnership’s current independent registered public accounting firm, the matters discussed in this report. In addition, management has discussed these matters with Murrell, Hall, McIntosh & Co., PLLP, the Partnership’s independent registered public accounting firm for the years ended December 31, 2007, 2006 and 2005 and the quarter
On January 5, 2009, the Compensation Committee of the Board of Directors of Quest Resource Corporation (the “Company”) terminated the Long-Term Management Compensation Program (the “LTI Plan”). The LTI Plan was an incentive compensation program established to promote the interests of the Company by providing to employees of the Company and its affiliates incentive compensation awards for superior performance that are based on shares of the Company’s common stock. The Company has determined that the LTI Plan no longer fits within the Company’s long-term compensation strategy and believes it is in the best interests of the Company and its shareholders to terminate the LTI Plan effective as of January 1, 2009. The Company’s named executive officers were participants in the LTI Plan. No payments will be made to plan participants for 2008. The Company will continue to evaluate the merits of similar LTI Plans in the future.
it going take time and trustee will have to do his thing and when it happen, hold on to your seat. 3 month to year.
i also like wa mu preffered and grcp. at his price, the stock a steal.
you never seem his TV commercial on TV before? it the same thing as using gas in cars. the trouble there not many place you gas up you car or truck using gas. the gas company where i live, it been using gas to ran it fleet for years and years. when i was young, i car blowup. it develop at gas leak. it worse than gasoline leak . on gasoline leak, you see the leak.
now i can not tell you when it going rain money, but it will come .
the reason oil most cost here, i got this inform ation from frieds and i should have remmber, the oil here, you get more gasoline from it when you crack it.
that nothing new. that boom talkng about his idea to make money. he own plays in big oil and gas companies that have large natural gas plays.
Total Cash & Cash Equivalents 4,262,555,609
page 8
http://www.nqb.com/edgar/GetFilingHtml?FilingID=6333610 that know much money wa mu has.
i can understand why this is not taken off, but i can wait and i know i hit the mother load this time. as i get more extra cash, i keep buying more of this at this levels.