home creek info
(October 12, 2011) HOUSTON--PGI Energy, Inc. (Pink Sheets: PGIE)
PGI Energy Announces Company Update
The executive team wants to take this opportunity to address shareholders regarding its issuance of the preferred stock dividend. We received numerous calls and emails from shareholders regarding the preferred issuance for shareholders with stock held at brokerage accounts. We initially relied upon our transfer agent to file the FINRA Corporate Action forms and were subsequently notified that process has changed, that we are required to file an electronic notice form now. We have begun that process and are working with DTC to complete the issuance process for shareholders holding certificates in brokerage accounts. DTC indicates the shares will be held in “street name” which means issued in brokerage company name for brokerage account holders. We hope this addresses shareholder concerns over the issuance.
The Company has been working with its operator to Home Creek Energy to complete its work over and re-works program on the Reams and Masterson wells. Shareholders have questioned whether we have received the funds generated by the field since our acquisition. We have designated those funds to be used by the operator to complete the development program on the field as there are additional funds needed to complete the work to bring the field to full production.
The Company transportation and logistics division has secured new trucking fleet lease and new client shippers for transportation of products. The trucks will be delivered this week.
PT Rebana Energi Corpindo of Malaysia has not visited PGI Energy for the acquisition of the drilling rigs related to Structural Dynamics Engineering joint venture. The Company will provide further updates regarding this matter as soon as details develop.
The Company has made significant progress in its commodities trading division having secured new trade agreements for Russian products and Chinese companies as buyers. The Company will announce agreements once all terms of the agreements have been performed. We hope to announce significant earnings soon.
The Company has been working with a local hedge fund to acquire proven producing oil and gas assets in Louisiana, Galveston, and West Texas. We are reviewing these various packages for 100% financing. Updates will be released once the agreements have been secured and funding documents are executed.
The company plans to post its third quarter financials today. The Company will release its written business plan with earnings guidance for fourth quarter earnings and through year 2012 later in October. The Company is also considering a stock buyback program to be funded through an institutional investor and will present its plan to the board of directors.
