Good morning KB thanks for the post. I will shed some light on what I know and how I know it and if you go back and read my previous posts from Feb. The pieces may start to fit together better for you. First let me give you and some others my professional background ,as many have asked me, in private messages...Some on this board I have a personal relationships with and they know my background and it also might explain why I sometimes sound a little snippy and impatient at times with others here,for that I'm sorry.
I have my law and finance degrees and started my Wall St. career in 1983 and worked as a global energy trader for a large and well noted investment bank and in 1988 was promoted to VP of global energy trading for the firm and remained in that position until 1996. I left my position and helped a long time friend start a energy company. We started acquiring distressed oil assets in the Illinois basin, along with drilling some new wells. The company now has over 2,000 oil wells, 50,000 acres in the Marcellus shale play in Pa. and over 180,000 acres total with a market cap to date of around 500 million. I still advise this company, but no longer serve on the board. I currently serve on the board of a Regional bank in Pa. as well as a E&P company in Houston,own and operate 237 reconditioned wells in the Permian Basin. I have a construction company that is currently doing businesss or negotiating contracts with companies like Haliburton, Key Energy Services,Helmerich & Payne, Range Resources and Stone Energy. So, as you can see, I have a good handle on the business and the metrics involved.
Now about EGOH.. Theses are FACTS as I know them and are previously posted.
1) EGOH @ Jan 4th 2011 had approx 40,000,000 shares issued and 800,000 in debt.
2) EGOH now has somewhere north of 83,000,000 shares issued. That came directly from Manhatten Transfer 2 weeks ago as per Mr.Wilmot.
3) EGOH currently has debt somewhere very close to 300,000. paid down in large part by the issuance of convertables as per Mr.Wilmot.
4) KB,you are right, 300,000 or 800,000 is not a lot of money,but if the creditors are at the door and knocking and they were very much at his door and you have no money... Sunshine, it is a problem. Bills and debt must be kept current.
5) I know the associated costs,problems and uncertainties associated with this type of project and it's not as easy as Mr. Wilmot wants you to believe it is. He is not a oilman.
6) In Feb.I personally offered Mr. Wilmot any help in any way that I could give, because he is not a oilman. He declined.
7) I also caught Mr. Wilmont in quite a few big and small white lies as outlined in previous posts.He was very upset that I caught him and held him accountable.
8) I am BULLISH on EGOH, only because he does have a nice asset that he does not realize the full potental of yet... That is only my opinion from speaking to him countless times and because he is not a oilman.
9) EGOH needs to partner with or hire a experienced oilfield service contractor or the chance of success will not be realized or realized to the full potential. Oil in the ground that can't be produced is not worth much.. That is reality,like it or not.
NOW SOME EXCITING NEWS AND VIEWS!!
I will fill you in on NITRO CAPITAL in a later post as I am still on a fact finding mission. If Mr. Wilmot does what I think he is going to do with NITRO and EGOH.... Well, it could be a very exciting and highly profitable opportunity to be a part of and in some ways, I'm very suprised the ole boy thought a plan out like this.... I'm actually smiling and admiring his shrewdness!...LOL!!! The best part for you, as a little guy investor ,is that the market has completely ignored what he is doing and even discounted it. There are still a few things that need to come together yet and in all honesty, I think they will..In any event, the next few weeks should be interesting and I will post more of my findings as I have them..Remember ,I said.. even a blind squirrel finds a nut once in a while... I ONLY POST FACTS HERE AS I KNOW THEM TO BE, IF IT IS MY OPINION, I SAY IT IS.... Take care till next time. I am buying!
