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Chevy56, OOGI has given up on oil, gas, and Texas. The operator plugged the well they had a 10% interest in. All of the commotion with OOGI seems to be the uranium mine in South Africa. Which is interesting since CGHI is a South African miner(?) and Arthur Johnson seems to be the sole officer, director, etc. of both companies.
chevy56 maybe since there is such a small float in OOGI our $60,000,000 worth of stock can't be reflected in our share price. Selling our stock on open market would drive the price to nothing and a private buyer might put a more realistic price on it. I'm not saying there is anything necessarily shady about the share price of OOGI. It is just highly inflated because there are very few shares for sale.
Been reading the OOGI 10K.
As of March 12, 2008, there were 47 shareholders of record of our common stock and a total of 36,097,500 common shares outstanding.
As of March 12, 2008, the aggregate market value of the voting stock held by non-affiliates of the registrant based on a value of $2.40 per share on March 12, 2008 was $17,598,000.
That means there are 7,332,500 in the float.
Arthur Johnson sole officer of CGHI is the sole officer of OOGI.
OOGI paid CGHI 20,000,000 shares for the gas well which was plugged the Jan. of 2008 because it ceased producing.
"During 2007, the Leslie 1 Well of the BBB Area in Wharton Texas underwent various repairs to try and get the gas to start flowing again. The worst possible scenario occurred when it was discovered that the well had a split casing. All the partners in the well decided to allow Ventum Energy, the wells operator, to try and establish a gas pocket about half way up the well to trap the gas and pump it out. None of the repairs worked out the gas pocket did not materialize. On January 15 th , 2008 it was decided to close up the well and abandon it."
"On November 21, 2007 our Board of Directors authorized the purchase (the “Purchase”) of one hundred percent (100%) of a Uranium Prospect known as Springbok Flats in the Bela Bela District of South Africa. The rights are being held through MCA Uranium One (Pty) Ltd, a 49% (forty nine percent) owned subsidiary of Odyssey Oil & Gas, Inc. As a result of the Purchase, the Company issued 5,000,000 shares of the Company’s common stock at a purchase price of $.85 per share. A further 10,000,000 shares of the Company's common stock will be issued on receipt of the mining license and a further 25,000,000 shares of the Company's common stock will be issued within a period of 18 months upon proving up of the Uranium Reserves."
It looks like after all of the shares are issued for the acquisition CGHI will no longer be the majority stock holder. They/we will still own a large chunk of OOGI. I'm not sure who owns the other 4+-million shares of affiliate owned shares.
Found this on the OOGI message board but not under headlines on the OOGI Yahoo page.
Odyssey Oil & Gas, Inc.: Geological Work to Begin on Uranium Prospect
3/4/2008
JOHANNESBURG, South Africa, Mar 04, 2008 (M2 PRESSWIRE via COMTEX News Network) --
Odyssey Oil & Gas, Inc. (OTCBB:OOGI - News) is pleased to announce the appointment of Sean Meadon to undertake certain geological work on the Uranium prospect. The scope of the work will include the supervising of the drilling on the site as well as collecting and evaluating the material samples.
Sean graduated from the University of Natal with a B.Sc (Hons) Engineering Geology and went on to a masters degree M.Sc Economic Geology. Sean has over 20 years of experience in the mining, mineral deposits and energy sector.
Odyssey aims to prove up the uranium reserves and to establish a comprehensive mining program on the Bela Bela site of MCA Uranium One.
Odyssey has been reviewing various other uranium prospects in the Southern African region.
"With energy prices soaring to new heights, and nuclear energy becoming a necessity we are proud to be part of that process." Arthur Johnson, President.
For further information on the company please contact the company at
+27(11) 807-1446
I guess I should have sold my CGHI shares and bought OOGI.
CTigerHDragon, I thought he meant high 20s as in $.28. They are just beginning exploratory drilling at Naboom. It will be a year or maybe even several years before they finish all of the exploratory drilling they need to do before they start mining. Maybe wewantrips was referring to PMCI profits from other sources when he was talking about a buyout which I have never heard about. What has been reported under PMCI news is that they might make a larger investment for a larger stake in Naboom if the initial drilling is successful and indicates promising mineralization. Until the exploratory drilling is done the leases at any mine, including Naboom, aren't worth much. It is a shame the CGHI web site is not still operating. It had a report on Naboom from a qualified person that said essentially the same thing. $5b is a number Dale Paul put to Naboom. He tried to sell the lease for $2 million and was unsuccessful.
Wewanttrips, PMCI is partnering on Naboom to do exploratory drilling there. There would be no profits from Naboom until mining actually started. What I remember reading is that if initial exploratory drilling is successful PMCI will consider increasing its investment for a larger stake.
mybluezx3, two things have happened to this company last fall that have been reported publicly, but not in direct connection to or by CGHI. OOGI, a subsidiary of CGHI, is buying in to a uranium mine in South Africa and PMCI is partnering with Majormatic that CGHI owns at Naboom.
Here is a link to the OOGI news http://biz.yahoo.com/e/071121/oogi.ob8-k.html
here is a link to the PMCI news
http://www.iii.co.uk/investment/detail?code=cotn:PMCI.L&display=news&it=le
'CTigerHDragon' I copied the blurb below from the 13G filed by the Laurus Fund in Feb.2007 for the shares issued by CGHI for the $3 million they sank into the failed attempt to gain the partnership in the Cook Inlet leases. I don't know what the float is but the O/S appears to be over 200 million. I remember when they issued all of those shares to acquire their mine claims. The $1 million market cap you saw listed on pinksheets.com must have not been revised since the stock was trading at 1/2 a penny. At two cents the market cap should be about $4 million.
* Based on 210,816,321 shares of common stock, par value $0.0001 per share (the "Shares") of Centurion Gold Holdings, Inc., a Florida corporation (the "Company") outstanding, as represented by the Company's Quarterly Report on Form 10-Q for the quarterly period ended December 31, 2005. As of February 1, 2007, Laurus Master Fund, Ltd. (the "Fund") held (i) a Secured Convertible Term Note (the "Term Note"), in the aggregate initial principal amount of $3,000,000, which is convertible into Shares of the Company, at a floating conversion rate equal per Share to seventy-five percent (75%) of the five (5) lowest closing prices of the Shares during the ten (10) trading days immediately prior to conversion in respect of the first $200,000 principal amount converted thereunder together with interest and fees related thereto (subject to a floor of $0.015 per share), and $0.30 per Share for all other amounts converted thereunder, subject in each case to certain adjustments; (ii) a warrant (the "September Warrant") to acquire 1,000,000 Shares, at an exercise price of $0.90 per Share, subject to certain adjustments; (iii) a warrant (the "February Warrant" and together with the September Warrant, the "Warrants") to acquire 3,750,000 Shares at an exercise price of $0.34 per Share, subject to certain adjustments; and (iv) 9,934,300 Shares. The Note and Warrants each contain an issuance limitation prohibiting the Fund from exercising or converting those securities to the extent that such exercise would result in beneficial ownership by the Fund of more than 9.99% of the Shares then issued and outstanding (the "Issuance Limitation"). The Issuance Limitation under the Note and Warrants may be waived by the Fund upon 75 days prior notice to the Company and shall automatically become null and void following the occurrence and/or continuance of an event of default (as defined in and pursuant to the terms of the applicable instrument). The Fund is managed by Laurus Capital Management, LLC. Eugene Grin and David Grin, through other entities, are the controlling principals of Laurus Capital Management, LLC and share sole voting and investment power over the securities owned by the Fund reported in this Schedule 13G, as amended.
CTigerHDragon, you are not the biggest bagholder. I have about a 32 cent average price. I had a bunch at 32 cent average but have sold some for tax loss. I had started buying at $3.60. Last purchase was when they were still assuring us that they were selling the company for 60 cents a share, which turned out was supposed to be in stock shares in a company whose market cap wasn't that big. I held on because of the Cook Inlet fiasco. Then it was so cheap it wasn't worth selling except as needed for tax loss.
Thanks Oceanaut1, as I said the guy who said the CGHI assets were turned over to Dale Paul in exchange for their debt he held can't supply any corroboration and I can't find any. Of course when I try to search sec.gov they say there is no company matching the cghi.pk symbol
Oceanaut1, there is a poster on the Ragingbull message board who claims Dale Paul now owns all of CGHI's assets. The only corroboration he can provide is an email address for Dale Paul. Personally I wouldn't accept an answer from Dale Paul as fact. I can find no filings at sec.gov though I will look again. Most of the time when I do a search for CGHI filings it comes up no such filer.
Glencairn, or Primrose, mine was sold to Hart for 1 million Rand last year, but the Naboom transfer, of which I can still not find any confirmation, was supposedly to Dale Paul in exchange for loans he made to CGHI.
CTIGERHDRAGON, the mines that were "sold" were transfered to settle debts owed to those persons. There is no cash from their transfer. The last cash CGHI had was $3 million they raised to put down on the Alaska leases which they lost when they failed to pay the balance because the IPO failed. I have no reason to suggest why this stock price is going up except that it is perceived that they still own some potentially valuable, however unproven mine claims.
Chartman, how old might that data be on Majormatic? My only information on the transfer to Dale Paul comes from the Ragingbull message board. Indications are that Majormatic was transferred recently to Dale Paul to settle debt owed him by CGHI. So far nobody's emails have been answered when inquiring of the company about this.
Chevy, I don't think CGHI owns Nabooom anymore. I've pasted a message from the Ragingbull message board below. I have not confirmed it yet.
By: reapper
04 Jan 2008, 02:57 PM EST
Msg. 9597 of 9602
(This msg. is a reply to 9596 by joobe.)
Jump to msg. #
The Platinum project has been removed from CGHI this belongs to The Daros Trust (Dale Paul) to pay his loan account .The person that can confirm this is Arthur Johnson he is the only person left on the board everybody has jumped ship there has been so much insider trading between The Daros Trust and CGHI
Tex, CGHI owns no Alaska dig rights. They never went forward with the IPO to raise the money to pay Escopeta and they never found a private source. I suggest you read the information at the top of this message board. Arthur Johnson says they wasted $2.5 million with nothing to show for it.
Somebody must think CGHI is worth .0006 bigtime. eom
Did we hit bottom or is this a dead cat bounce?
Billmoney, we are still waiting on the report of the results of the re-analyis of the sample from the back of the adit which was only reported as extremely anomolous when the rest of the results were announced. The company said they wanted the analysis confirmed before they revealed the results. We are also waiting in the radiometric readings from some old bore holes.
Wonder what happened at the meeting they were supposed to have March 15th. Should be over by now if in Africa. Market doesn't seem to like it.
Started buying CGHI at $3. Yes I should have sold many times for a loss, but averaged down instead until I just couldn't put any more money into it. Yes, I believed they were going to be bought out at $.60. Should have been buying USGL then instead. I would have made 10 times my money. Would have, could have, should have.
Primrose was still producing at a loss when they sold it to get out of the labor troubles last Dec. As for Naboom you guys should really read the competent person's report available through the CGHI web site. Some of the highlights are; it has not been mined since the '20s, there is no way to appraise the mineral potential until an extensive drilling exploration program is complete which can take years if they can raise the money, and there is the possibility it will never be granted a license to mine because of tourist attractions in the area.
I AM NOT A BASHER. I am long 100,000 shares at an average price of $.32. I could not afford or justify averaging down anymore. I have been posting on the Raging Bull board. Was drawn to this board by neilhk's post which was brought to my attention by ragingbull94mtx.
The one bright spot to remember is they do have tin and chrome to mine. They also have some other claims which we do not know the value of and they have not received licenses to prospect yet. They did receive their license to mine the tin mine last year. We have been awaiting news of income from this over at the Ragingbull board for awhile. I fear they did not have the money to proceed with this project because of their financial involvement with Arrik energy and Escopeta. Good Luck To All