United Energy Corp (UNRG)

[DWillie]

Background for newcomers.. When UNRG ran last year to over $.50, we were looking at a custodian play. All the info we had at the time was the new custodian of UNRG, Douglas Disanti, took possession via the courts. The theory was that Disanti was using this shell to put his hedge fund into it, ala GRNF. THAT's what made this run to .50, because it was right about the time DCGD (GNRF) made its run over $2.00 and it was hyped by the pumpers to great effect. DCGD 2.0, it was called.

Turns out, Disanti took control of the shell to sell to Sam Smith, owner of Rigworx, for the purpose of his company to go public and raise funds for expansion (which we're seeing now with an LOI to acquire 100 wells in TX). Rigworx and United Energy completed the merger last month. Their audits are done and about to go SEC current with filings.

Sam Smith has been in the oil biz a while. He was part of another company, Pilgrim Petroleum, that ultimately failed due to corruption from its CEO and CFO. Sam was named CEO of that company after those two guys were forced out by the board, but he was not in charge of that company at that time. If you read this board's past posts, a few ass hats accuse Sam of being the corrupt mastermind of Pilgrim. It's not backed up by facts as the dates don't match up. I only mention this to because it's part of the history. It is not part of the future.

From what I can tell, Rigworx, now United Energy Corp, is looking to grow by acquiring assets. Either from buying troubled companies or through liquidation. There should be ample opportunity to do so as oil prices has really put a hurt on small players. I expect a lot of bankruptcy sales and buyouts happening all over, especially shale assets. Perfect time to snatch them up. If you look at some of the people working with him, there's a lot of experience there, though this could be an old bio page, but all are still there from looking at recent filings.
https://rigworxinc.com/about-us

If I got anything wrong, sorry. This was all from memory, which is not always the sharpest. lol