I dunno, pokerdv8. It seems that PBLS never misses an opportunity to state carefully qualified "expected"/"estimated"/"gross" revenue figures while at the same time going out of its way to avoid any hint of how much it spends in order to bank those amounts. The PRs and shareholders' updates always are full of big revenue numbers taken out to the penny, yet no cost information. The company tells us that "we grossed a little over $3,000,000.00" in 2004 but gives no mention of how much it net. Even the 2004 Consolidated Balance Sheet (note: unaudited) shows that about 80 percent of the company’s assets are non-cash items of unverified value (basically the mineral rights to the leased pit and other land/access), and there is no cashflow statement accompanying it to show how much it will cost to realize that value.
Yesterday's PR makes the incredible statement that "total unrealized value of the Company's total estimated oil reserves now exceeds $3.5 Billion USD," and that's less than three months after making their first O&G acquisition. Doesn't it strike anyone as odd that PBLS could enter the O&G sector during its hottest period in over 20 years and be profitable right off the bat? Isn't there even a chance that the naive (yet sincere) management here is getting taken advantage of by experienced oilmen who can spot an easy mark three states away? Get rich quick oil schemes (and those who peddle them) rank right up there with Florida land deals and selling the Brooklyn Bridge. Isn't anyone the least bit curious to know how much has been spent (cash, dilutive shares) for all these paper promises PBLS has accumulated during the unprecedented buying spree of the past 90 or so days?
