While it's GREAT! the ProGas Deal is 'Officially DONE'...
I expected a LOT more from today's PR than what we got...
According to the initial PR put out about this deal, it clearly states we 'should have' been given more 'meat on this bone':
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Phoenix Associates Land Syndicate Enters Into Binding Letter of Intent to Acquire ProGas, Inc. Completed Acquisition will Add $190 Million in Revenues for FY 2005
Phoenix Associates Land Syndicate (Pink Sheets: PBLS) announced today that it has signed a binding letter of intent to purchase Covington, Louisiana based ProGas, Inc. The deal, which is expected to close on or before November 30, 2005, will add significant production and distribution capacity to Phoenix's energy business, as well as a mature and growing business portfolio complimentary to the company's existing Oil & Gas operations.
According to ProGas audited financial statements, the acquisition when closed, is expected to add in excess of $190,000,000 in annual revenues to Phoenix. While specific information on the acquisition will be made available when the transaction closes, the Company did release that transaction consideration will consist of a combination of cash, restricted and preferred shares.
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I also agree that the 'Clarification' of the screw up on the NV Lease PR should have come at another time in a separate PR...
This is a case of 'The Good New Is:' (but it's not all we promised the shareholders), and here's some 'Bad News' to go with it...
As usual, they really need to improve the quality of their PR releases IMO...
The messed up PR including the "15K BBLS/DAY" issue should NEVER have been released like that IMO...Paul should be a LOT more careful about what he releases to the Public before something like this happens again...
We should get a little 'pop' from this PR, but I doubt if this PR will be the catalyst for a Rally that lasts more than one or two day...I hope I'm wrong about this...
Good Luck to ALL ;^)
