Questions answered . . .
From Laz . . .
(1) who legally controls pgpm (i.e., who owns the majority of shares) - us (the misfits) and other outsiders, or r.p. and the former management? i.e., who do you ultimately answer to?
The majority of shares are held by one person 471,000,000. I know who it is and given cash flow I can buy this person out. It's not RP!
(2) same questions for acly?
I dont know and have no access to that info.
(4) is there a basis for personal liability against any prior principals which could and would be pursued if none of this works out (on what basis, who, and are they collectible)?
No personal liability. They have sheltered themselves very well.
(5) what does acly have that pgpm needs to assure its survival and viable operations/return to shareholders? is there anything of real and current use and value? if the answers to (4) and (5) are "no" and "nothing" respectively, i have just wasted the time it took to type all of this.
Time is never waisted towards a common goal. ACLY has shares but no money. Future share value of ACLY is is the only thing that PGPM could use to score big!
(6) what would be the cost and time frame of putting any wells into operation, and what is the calculated return?
3 months per well to drill and complete. At 100bbl per day, $3,285,000 per well per year at current bbl prices.
From Dallas . . .
So Pilgrim does currently have some kind of cash flow?
Yes, very little but in the next 12 months hopefully $360,000+ for the year.
The plugged ACLY wells...are they our original wells?
Yes, almost all have been plugged due to ACLY neglect. I've toured the leases myself. Very few wells still exist!!! Also, very little hope for my technology to be applied with no existing shallow wells.
If we take back the leases....who is responsible for the fines?
Fines are ACLY/RP's problem. However, NO leases can transfer ownership either back to PGPM or others until fines and lease cleanup has been resolved.
what would/could be the cost and time to clear the red tags and have the wells viable again if we took them back?
Cost would be around $25,000 to clear fines and another $25,000 (at least) to clean them up. Not factoring court costs and landman cost to reassign them back to PGPM.
IF we were to re-acquire the leases...how responisble would it be to keep them and invest for a viable return...or possibly dangle them on the end of a stick and see what kind of offers from a "real" company might come in?
No company wants to touch the leases or the wells. Trust me, I've tried that angle for months. It is all a big headache to a company looking to expand. Hence the reason a $40 million booked asset was originally only worth $10mm on the street. Now, That $10mm street value is reduced down (due to ACLY neglect, fines + plugging) to more like $2.5mm.
Based on the "original" Pinedo valuation of $40 million value, it appears we sacrificed 75% of the "value" for a $10 mil note.
It's worse than that. See above.
AI
