Wednesday, September 07, 2011 11:59:49 AM
That appears to be correct - the text of the lock-up agreement (see below) of all OriginOil PPMs specifically rules out lifting restrictions before 1 year:
"Subscribers in this Offering will be subject to a lock-up for a period of one year after each Subscriber’s purchase of Shares in this Offering. Each subscriber will be required to agree not to, without the prior written consent of the Company, offer, pledge, sell, contract to sell, grant any option for the sale of, or otherwise dispose of, directly or indirectly, the Shares purchased in this Offering as may otherwise be permitted by Rule 144 promulgated under the Securities Act and consents to the placement of a legend, with respect to the foregoing, on each certificate representing the Shares purchased in this Offering."
"Subscribers in this Offering will be subject to a lock-up for a period of one year after each Subscriber’s purchase of Shares in this Offering. Each subscriber will be required to agree not to, without the prior written consent of the Company, offer, pledge, sell, contract to sell, grant any option for the sale of, or otherwise dispose of, directly or indirectly, the Shares purchased in this Offering as may otherwise be permitted by Rule 144 promulgated under the Securities Act and consents to the placement of a legend, with respect to the foregoing, on each certificate representing the Shares purchased in this Offering."
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