Just went through the 10Q
Huge increase in shares outstanding, up 10 million in 1 year, ouch!
On the bright side
"During the nine months ended September 30, 2007 the Company repurchased and cancelled 302,800 shares of its own stock on the open market at prices ranging from $0.25 to $0.31 per share. The total cost of these shares was $83,145. This program was determined to be ineffective by the Company, and will no longer be pursued."
Haleluah(sp?)! On the downside, they bought all of their shares at high prices in relation to recent pricing!
I'm still mulling over the purchase of the drilling and service rig company, which seems good, but can't get my head around the 50% purchase price. At least we get dedicated use and supposedly at lower overall cost (did they factor the purchase price into the operating cost when doing their calculations?). However, they did leave this off the NR regarding the purchase of the oil service rig company:
"In addition, the Company will issue an 8 % promissory note in the principle amount of $500,000 to Texoma payable in five payments of $100,000, with the final payment along with any accrued but unpaid interest to be made no later than November 1, 2008.
The Agreement also has a purchase price guarantee, whereby the Company agrees that if the fair market value (FMV) of its common stock on the OTC BB or other market in which the Company’s common stock is trading on October 31, 2009 is not equal to or above $1.00 per share, then the Company will purchase at the Seller’s option that number of shares (up to 2,000,000) as shall equal $2,000,000 paid for at the FMV on October 31, 2009. “FMV” shall mean for shares traded on the OTC BB, the average between the bid and the ask on the 20 trading days prior to the date in question and if traded on an exchange, then the average closing price on the 20 days prior to the date in question."
So could be more than the 4 million shares total, all depends on share price on 31 October 2009. So, the company is giving themselves a couple of years to get to $1, unlike others on this board. Good to be conservative.
NO mention of current production for the entire company or any specific field. They did mention that there are 2 producing wells on the Salt and one at Biamante.
The only encouraging aspect of this 10Q, at least for me, is the cancellation of the share buyback program, it was a complete WASTE of money, especially when they are issuing shares faster than they can buy them back, incredible!!
Oh, and this is from their web site regarding San Juan in New Mexico, which seems to have fallen off of the company's radar:
"Currently, this property is undergoing re-works. Upon their completion, Powder River Basin Gas Corp plans to start drilling an additional 20 wells. It is anticipated that this property will be in full production by the end of 2007.
Did anyone ask about this property at the shareholders meeting?
Pretty much agree with Estock, not good or bad. Still holding and waiting for that next quarter, which seems to be always the case.
GLTA
Cheers,
Oxyurid
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