Hugo - Hemi is (or was) a real o/g company with real assets like leases and production. The two main shareholders that visited the SEK operations for a lease tour were Kels and BigMur.
The problem, as I see it with HMGP, is that the early PR's foretold 1000 to 1500 bbls per month of oil production from the new SEK leases once HEMI worked their 4th generation oil patch EOR on them. It turns out the production only averaged 150 bbls. a month according to the KGS official website of oil sales from their SEK holdings.
This didn't generate enough cash flow to sustain 4 full time employees and HMGP reverted to selling stock and assets to fund the shortage in cash flow. The dilution caused the SP to decline and the typical death spiral for this pinkie began.
From what we kind of know (through member DD as there hasn't been an official HMGP PR in about a year) is that the Co. has laid off all employees except the CEO (Keith Anderson) himself. He has sold all the leases that had production on them and probably most other assets.
We don't know what happened to the money from the asset sales or even if HMGP is still in operation as he was evicted from his DFW office for failure to pay rent according to a shareholders DD.
Makes you want to get back in doesn't it???
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