The BOD will be held accountable for their actions or lack there of. They will say that the PPS drop is attributed to the negative talk on the boards. That is not the case.
The stock was set to move strongly upward on Monday, June 11th with the announcement of 3 significant things:
1) Initial production numbers for Padgett #11, which were $1.2 million annually. This one well nearly replaced all the annually revenues of AMEP's existing inventory of 200 wells. POWERFUL announcement.
2) That Padgett's #11 & #12 H were drilled, completed and ready to turn on. POWERFUL news, especially Padgett #12 H being completed.
3) That AMEP was moving to investigate the Mississippi high formation under Murhpy-Nash #1. Possibly the biggest of the 3 pieces of information. Powerful announcement.
This news followed the Injection well announcement that AMEP just recently released. Another POWERFUL piece of the puzzle.
AMEP knowingly killed the market with its DEF14 filing, June 8th, just 3 days prior to their first new well production numbers in years.
Here we sit July 4th, 26 days later and no news. No SEC status. No Business Plan supporting the R/S. No production numbers on Padgett #12 H. No nothing. Only side conversations with CB or JC, which smacks of arrogance and a complete lack of concern for all the common shareholders values. In fact, CB said yesterday, to one shareholder, that the SEC has already responded and had no problem with the DEF14 filed. So what's UP CB, why no news?
Something is not right here. All we sit here with is the possibility of a 1:25 R/S, coupled with CB getting 262.5 million common shares, or 30% of the company, since his Preferred series is protected from the R/S. He is the head of the BOD, he is calling all the shots and look who benefits most.
Are they intentionally suppressing the stock price for their own personal interest? The BOD can be held accountable for suppressing the PPS just like they can be held accountable for inflating the PPS. Are they intentionally suppressing shareholders value? What if one had to sell this past month, for whatever reason, while management played its games? They lost big time.
The BOD is put in place to represent and protect the interest of all the shareholders and to monitor the company's activities. Are they doing their jobs?
I would be willing to bet that better than 60% of the individuals shareholders, which represents in excess of 50% of the common shares, are concerned or outraged. Why is the BOD not reaching out to selected key members of the shareholders group, such as GEH, Nelderand, and a few others, to get their support, hear our concerns or to explain these outrageous actions?
