Universal Energy Corp (UVSE)

[mikeyk]

2 things, your math may be different on earnings, but is that figure based on 2 months production or 3? The company lost 1 month of production due to the hurricane damage, so if your using their production figures, your only going to have 2 months worth of production data to work with, just making sure we're on the same page.

2nd thing - A second offering - same thing went through my head the last couple of days. They could have sold an additional 10 million shares when the stock hit $2.55 a share 17 months ago and paid off all their debt and have additional cash available for drilling. But, and this is all a big but, it depends on how the financing terms were set up in the original CD, they may not have been allowed to sell additional shares. I know Raley was not allowed to buy any for himself, the company was not allowed to buy any back, and they were also not allowed to seek conventional financing. So that may be a possibility, but not verified by myself. I'd have to dig WAY WAY back and find the original 8K's of the original 3 CD financings and then read them all until my eyeballs bugged out to find out what was in them.