Sorry it's taken so long and there is so much to read here, but your post needed a real rebuttal. Who said they were unproven? They said "proved undeveloped."
If Forward opened the wells, spent money reconditioning them and they have conducted tests and produced some oil during testing, then the reserves they claim are "proved undeveloped" at a minimum if they can present a reasonable foundation upon which they base their "expectations", they might even meet the definition of "proved".
If Forward hasn't reopened the wells, conducted tests or produced any oil, then MEDT may have a problem, but maybe not, since everything MEDT said is qualified pretty heavily, Forward on the other hand would have a REALLY big problem. However, according to some of the negative posters here (I haven't contacted them myself) the State of Montana confirms that Forward has produced some oil, and some oil, even one barrel, is enough to give someone an "expectation," so the potential for MEDT to have a problem is moot, although that might not be enough for Forward, depending on their deal with MEDT.
All MEDT needs to do to avoid any problem is show that Forward had an "expectation" and they believed them. MEDT isn't even reporting, so these rules don't apply. Its more like, what do they "feel" they can expect. They don't need to prove anything to make the statements they have made. The simple fact that they aren't claiming "proved" and aren't putting out a series of PR's is enough, for me, to indicate that MEDT is conservative in the extreme. If this is a pump, why aren't there more PR's? Why are the PR's they put out so extremely restrained? They have millions of shares of A**T and they can probably pay for everything needed. Why do they condition everything on raising capital and on starting production?
I don't state my opinions as facts. If it's an opinion, I will state it as such. Here's an example. I believe that certain affiliates of that other company are manipulating the market. That's an opinion. My issue with these people come from their own statements here and on the board you moderate, where price target speculation, promotive language and claims to control of 70% of all of the outstanding shares have occurred within single posts. The saddest part is that I don't believe that these people even know that trying to "control the box" is market manipulation. In reporting companies, once you go over 5%, you have to report all your buys and sells for this very reason. There isn't even a question if a group of people get together to buy up 70% of the public float, it isn't public anymore; they own the company and they are affiliates. Affiliates, running around telling people to buy stock and that the stock is going to $4.00 is beyond the pale.
For the record, I never thought it was a good idea for people to run up MEDT on the basis of those PR's. I'm waiting for their next disclosure. By then we will all know if Forward can supply MEDT with the information necessary to make definitive statements, kill the deal, or let shareholders know what more they are looking for before they can make any definitive statements. Until they say, on an unqualified basis, or at least a much less qualified basis, that they have everything in order to make definitive, or mostly definitive statements, (ones that could really get MEDT in trouble, if false) I don't think anyone should rush out and buy MEDT.
This all said, I can't wait until Ari gives back2basics some answers to his questions. They are sane, relevant and need answers.
However, in response to your last post. What has POPT got to do with MEDT? Ari bass came in to clean up the mess some other party made, just like he did for MEDT, and he may be having trouble doing it, or he may have other reasons for not paying PinkSheets their blood money, or he might be waiting until he has something to say, or waiting until he's done fixing MEDT, or maybe he just doesn't want to for some other reason. MEDT is current since Ari took over from Wilson and their disclosures are perfect, concise, easy to read and thoroughly understandable.
Are A**T's? How many shares of preferred stock does management own? What are the terms? How many shares do they convert to? How many votes do they have? Are all of their transactions arm's length? What did they actually pay for "MFWT"? I mean I know they wrote a note, but for how much and to whom? It's not in there. Wouldn't you like to know how far you can get diluted? Go read post 14580 on your board! LMFAO! They publicly stated that one of their new board members is their because he, "...has familiarity with historical transactions of ABOL." What do you think that means? "Management intends to audit all transactions from the Anything Brands past two years, as well as all promised dividends and spin-offs. We are conducting a full audit and accounting of these transactions for the sake and protection of all shareholders and the company itself." If they are so transparent why do they need to do this?
One note of caution, I think Mike Head is basically a decent guy, who knows the logistics business inside and out, (though he needs help in other areas), who, like Ari (He graduated from NYU and Vanderbilt University Law School with a Juris Doctorate), has been handed a colossal mess that needs to be cleaned up, and I think he will do it. Its just really amazing that all of you are willing to give Mike Head massive benefits of the doubt, but Ari gets none. If Ari is such a scumbag, why doesn't he just dump the A**T shares and pay himself a big salary for the next few years, instead of trying to find new lines of business?
Of course, if he's issuing himself tons of new shares and illegally selling them that's another story altogether. Ari should answer whether or not they issued any new free trading shares, or any shares other than the Forward shares (which are restricted per Rule 144) after December 31, 2009. If they haven't, then everything you speculate about his motives being a pump and dump are absolute garbage. investors@medtcorp.com. This is a question we should all be asking.
For your education:
From Rule 4-10 of Regulation S-X:
Proved oil and gas reserves. Proved oil and gas reserves are the estimated quantities of crude oil, natural gas, and natural gas liquids which geological and engineering data demonstrate with reasonable certainty to be recoverable in future years from known reservoirs under existing economic and operating conditions, i.e., prices and costs as of the date the estimate is made. Prices include consideration of changes in existing prices provided only by contractual arrangements, but not on escalations based upon future conditions.
Reservoirs are considered proved if economic producibility is supported by either actual production or conclusive formation test. The area of a reservoir considered proved includes (A) that portion delineated by drilling and defined by gas-oil and/or oil-water contacts, if any, and (B) the immediately adjoining portions not yet drilled, but which can be reasonably judged as economically productive on the basis of available geological and engineering data. In the absence of information on fluid contacts, the lowest known structural occurrence of hydrocarbons controls the lower proved limit of the reservoir.
Reserves which can be produced economically through application of improved recovery techniques (such as fluid injection) are included in the proved classification when successful testing by a pilot project, or the operation of an installed program in the reservoir, provides support for the engineering analysis on which the project or program was based.
Estimates of proved reserves do not include the following: (A) Oil that may become available from known reservoirs but is classified separately as indicated additional reserves; (B) crude oil, natural gas, and natural gas liquids, the recovery of which is subject to reasonable doubt because of uncertainty as to geology, reservoir characteristics, or economic factors; (C) crude oil, natural gas, and natural gas liquids, that may occur in undrilled prospects; and (D) crude oil, natural gas, and natural gas liquids, that may be recovered from oil shales, coal, gilsonite and other such sources.
Proved undeveloped reserves. Proved undeveloped oil and gas reserves are reserves that are expected to be recovered from new wells on undrilled acreage, or from existing wells where a relatively major expenditure is required for recompletion. Reserves on undrilled acreage shall be limited to those drilling units offsetting productive units that are reasonably certain of production when drilled. Proved reserves for other undrilled units can be claimed only where it can be demonstrated with certainty that there is continuity of production from the existing productive formation. Under no circumstances should estimates for proved undeveloped reserves be attributable to any acreage for which an application of fluid injection or other improved recovery technique is contemplated, unless such techniques have been proved effective by actual tests in the area and in the same reservoir.
AI
