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Friday, March 11, 2011 10:11:10 PM
Current website is pretty much under construction as the new site gets done.
The company brought their financials up to date in October of last year and what I like more is that they included the letter from their attorney vouching for the financials and the people involved.
Read it here: http://www.otcmarkets.com/otciq/ajax/showFinancialReportById.pdf?id=37697
Reading that only gave me one concern and that was the 10,000,000,000 suthorized shares that could be used by the company to dilute, but then I found this from the Jan 28th 2011 PR:
"CEO Glen Kennedy hopes to clarify any confusion resulting from the Company's most recent press release. Lighthouse is not at this time planning a reverse stock split but management is reviewing a plan to reduce the Company's franchise tax liability to the State of Delaware by reducing its authorized number of shares and lowering the par value on the common stock. Both issues will have to be approved at our next annual shareholders meeting."
Keep in mind there are still only around 280,000,000 shares O/S so the stock should move easily like it did today on little volume.
Now a phone call to the CEO stated that the financials could come out this week. Two good things could come from this
1.) They might have had that shareholder meeting by the time financials are released. If they did and "reduce the number of authorized shares" then it would be positive news.
2.) Another interesting thing to consider is the way assets are valued in an oil and gas exploration company. They are based on what's in the ground and the current value of what's in the ground, which is now over $100 a barrel. I found the following in the company disclosure statement that was released at the same time financials were updated in October 2010.
"The oil and gas industry in the United States has historically
experienced substantial commodity price volatility, and such volatility is expected to continue in the future. Commodity prices affect the level of reserves that are considered
commercially recoverable; significantly influence Lighthouse's current and future expected cash flows"
When the last financials were prepared in October of 2010 oil was $73.79 per barrel. Shouldn't their asset valuation be higher this quarter? Just a thought.
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