I agree with you 100%. I spoke with Joe recently and he said as much. Until the SEC issue is resolved, I took it that they would not announce anything they would raise any interest.
When I spoke of the 5 wells, he said that there were two announced, Nash-Murphy #1 and Hart #8, and that is all he could talk about.
He said CB would only announce production rates on the wells when he felt comfortable and that he did every thing he could do.
I personally think this is BS, especially treating the shareholders this way. I made the comment, AMEP has not officially announced one production stable well in 2006 or in over a year. Is that a good record or are they holding back? I wonder if he realizes that 2007 is a month away?
I use to have a small position in UPDA, which is a fraction of the company of AMEP. They tanked, but recently with execution and excellent communications, they have built a nice rebound, heading from $.05 to $.14, with over 30m shares traded today. Nearly $4 million trade today to our $60k.
UPDA's market value is almost twice that of AMEP's. That is ridiculous and disgraceful. One-tenth the company, but twice the valuation. Something seems wrong here.