In case you missed this post:
Badge here is something for you to digest since both of these companies have been discussed in relation to Hemi Energy, are competitors of Hemi Energy and one is located right there in Woodson County (Piqua).
Quest, based a couple of former employees considered as sub-contracting services to help Hemi and Petrol Oil which just happens to be right there in Woodson County as I would venture to say is a competitor of Hemi Energy??
My point is that maybe this is one of the reasons that Hemi take a very cautious and calculating approach with the development of its SEK leases, does not create any debt and moves forward in a monthly cash flow positive manner. And based on how competitive it can become and based on how competition may not always play by the book, Hemi continues to stick to a very straight forward business plan and strategy.
Check out these two recent Pr's from two of Hemi competitors Quest (QELP) (qrcp) and petrol oil and gas (PIOG) and draw your own conclusions and start connecting some of the dots with the recent developments regarding Hemi and those that are so desperate to draw such a negative picture of Hemi.
Kels
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Quest Announces Resignation of Jerry Cash
David Lawler Named President
Boards Form Joint Special Committee to Conduct Investigation
OKLAHOMA CITY — August 25, 2008 — The boards of directors of Quest Resource Corporation (NASDAQ: QRCP), Quest Energy Partners, L.P. (NASDAQ: QELP) and Quest Midstream Partners, L.P. announced they have accepted the resignation of Jerry Cash, as Chairman and CEO of all three entities, effective immediately. The resignation followed the discovery, in connection with an inquiry from the Oklahoma Department of Securities, of questionable transfers of company funds to an entity controlled by Mr. Cash. Initial indications are that the amount in question appears to involve about $10 million.
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and
This SEC filing
Entry into a Material Definitive Agreement, Financial Statements and Exhibit
Item 1.01 Entry into a Material Definitive Agreement
On April 30, 2008, Petrol Oil and Gas, Inc., Neodesha Pipeline, Inc. and Coal Creek Pipeline, Inc. (collectively, "Petrol") entered into a Foreclosure-Related Agreement (the "Agreement") with LV Administrative Services, Inc. ("LV"), administrative and collateral agent for Laurus Master Fund, Ltd. ("Laurus"), Valens Offshore SPV I, Ltd. ("Valens Offshore"), Valens U.S. SPV I, LLC ("Valens US"), Calliope Capital Corporation ("Calliope") and Pallas Production Corp. ("Pallas", and together with, Laurus, Valens Offshore, Valens US and Calliope, the "Holders").
Petrol is in default of certain obligations to its Holders under its Secured Convertible Term Note, dated October 28, 2004, in the principle amount of $8,000,000; its Secured Term Note, dated October 31, 2005, in the principle amount of $10,000,000; its Secured Term Note, dated March 31, 2006, in the principle amount of $5,000,000; and its Secured Term Note, dated May 26, 2006, in the principle amount of $10,000,000 (collectively, the "Notes," and all other obligations of Petrol together with the Notes, the "Outstanding Obligations"), and has received from LV and the Holders a default and acceleration notice with respect to the Outstanding Obligations. The aggregate amount due and owing to the Holders as of April 30, 2008 is approximately $35.7 million.
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