Dear Mr. Charlton,
I would assume by now it has come to your attention that there are quite a few accusations floating around that what is going on with PGNE is nothing more than a scam based on a complete lack of information as it involves major shareholders ie, Black Sea Energy-70% share holder??, the company's connection to Mr. Scott, $12 million financing through Zuckerman and Partners??phone number please??, SEC filings or lack of, phone number of your offices where someone will actually answer the phone, mutual fund holdings, oil rig company that you have taken over-Dzhebolskoye Chikshino Rig Company???, the company you bought the oil fields from--Kozik Energy??? and even the actual physical address of the company--is it TX or NJ??. There is no evidence anywhere on the internet for any of these names that show up in your press releases except in your press releases. We have also witnessed a string of very questionable PR's showing an amazing ability to drill to depth and report on major oil finds in very short periods of time with success that seems to be too good to be true. Some of these PR's are eerily similar to FDEI and SVSE several years ago--oil companies that are now basically bankrupt but had great oil reports coming out regularly. Are we really supposed to believe that an oil company (Kozik Energy Ltd??) sold PGNE a 40% stake in an oilfield where oil is that easy to drill for and with that many bpd. As the CEO, I would think that you would be very concerned about this negative perception of your company since as any good businessman learns in Harvard Business School, public perception means everything and would want to do everything in your power to set the record straight. Your public silence shows either a blatant disregard for your shareholders or a man who is hiding something from the public. Your PR's have become very predictable--I have guessed correctly on each of the last 2 PR's involving bpd that results would fall somewhere between 900 and 1200 bpd. People have made good money off this stock but if it is a scam, there will be people who will get in late and lose money. If this company is legit, there is no telling just how high it could go and those who have made money will have just seen the tip of the iceberg but I don't believe there is any way that can happen unless you leave your ivory tower and communicate some answers to these very important concerns to your shareholders as well as would be shareholders. I am looking for truth which will upset some because it tramples on their quest for money at any cost but if we discover legitimacy in this company, the sky is the limit for those same shareholders. I have seen too many stories on the nightly news invoving shareholders of Enron and Healthsouth as well as the Bernie Madoff's of this world who leave a trail of pain behind because of their lack of integrity and transparency and it makes me sick to my stomach. If this is a scam, I can already predict how you will shut things down as people get too close to the truth. You will claim that the Russians have taken over the oil fields and have shut down your operation since this has happened several times in the past with foreign oil companies in Russia. It is time to set the record straight. That is your responsibility as CEO. We respectfully await your reply.
