Pilgrim Petroleum Corp. (PGPM)

[downsideup]

I agree... still, we knew what some of the PGPM assets were, but have no idea what happened to those that moved into the black box at Lariat...

We do know that PGPM traded the assets they had left for IMVS, aka ACLE, aka ACLY shares... that the 12.5+ million IMVS/ACLE shares are now 1.25+ million ACLY shares post reverse... which does at least set a floor in the numbers of ACLY shares per x # of PGPM. That doesn't mean we know anything about what they plan to do next in living up to the PR's, but they have done a pretty good job to date in doing what they said they would do, if not doing it WHEN they said they would.

We know that PGPM held a $40 million note from Lariat for the assets transferred to them...

We see the Gustavson report on the webpage, can weigh it and what it claims as a value, and read between the lines a bit on what EOG resources is doing accumulating 250K acres in the same area... which doesn't mean anything is proven... Gustavson purposefully says no Barnett resource value was attributed to the leases studied, but also points out that the report didn't cover all the leases, not recent acquisitions, which it mentions without defining in scope or location.

Could all be an elaborate ruse, paired with a move up market ? Sure, it could...

If it is a scam instead of what it appears it might be ( a case of a new find in a new area being kept deliberately quiet using some rather extreme measures ) it sure is a well structured effort that has at least captured a very high level of plausibility. We've pointed out the massive complexity, which is also a red flag... complexity often being purposed only to facilitate the shell game... while simplicity is vastly better for properly risked recognition of value.

But, we don't really know yet what WILL come out of the black box... that management says is worth $0.30 per PGPM share ?