Pilgrim Petroleum Corp. (PGPM)

[downsideup]

My interest never changed... just didn't find it useful to post anything...

They still haven't made any improvements here I can see... other than trying to gin up some noise on the P portion of the P&D effort again...

The note issues haven't been clarified... even though the accountant from ACLY reported in the PGPM filings that it was properly still being carried at $40 million by PGPM... ???

They aren't answering questions about ownership... but, ownership records are public information... Would be useful to have some one check out the lease ownership with the counties in which the leases are filed as property...

They've lost their standing with the RRC in Texas... so are unable to act as bonafide operators of any properties. That pretty dramatically limits the range in the potential... at least up until the ACLY and PGPM principles are no longer owners.

Note that Springfield is producing real value from those properties that PGPM used to own... which leaves me thinking that about the best thing I can say about this POS company is that they're likely much better off not being able to run their own business by themselves...

Unless they can tell you who they've contracted with as operators of the "new" leases they're talking about... I'd discount the idea that there is any value possible here, given they're not ALLOWED to be working as operators themselves in Texas right now.

There HAVE been transfers of property... at least in terms of who the operators are. Either Springfield is operating the properties for ACLY/PGPM as the owners... or not.

If the properties WERE sold... what was the value of the deal in which they were sold... and where did the $$$ go ???