We have been expecting things to happen here for a while now. Matt's last email to me was 90 days *fingers crossed* that the ACLY lease issue would be resolved. (His fingers being crossed, not mine)
And don't worry about the ticks up and down between 0.0002 and 0.0005. That will continue until the ACLY lease issue is resolved.
For those that don't know about the lease issue - our previous CEO, Ralph Pinedo helped transfer much of our leases to another company years ago, General, then Lariat, and finally ACLY in an arms length deal. This company was reverse merged into to get the company somehow onto the big boards, AMEX if I remember correctly. We, PGPM shareholders got a restricted dividend of 1 share of ACLY for every 1711 shares of PGPM we owned by a certain date.
There were some that contended that Pinedo was going to buy all of our PGPM shares and give us ACLY shares with PGPM still operating but having us shareholders now owing the then $40M price tag of the leases instead of us remaining as PGPM shareholders and being owed the money. That fell through and we have been trying to get some resolution on the leases since then without any word from Pinedo. Matt came along and started giving us answers to lots of questions while trying to get the leases back or money for them or some deal worked out.
We are in legal dealings with ACLY and have been since the 3rd quarter or thereabouts of last year. Since ACLY stopped reporting we don't know what is going on with the leases. Matt states that the wells are in poor condition but with enough flow of money we can get them up and running.
There were also some issues with ACLY when it was reverse merged into that caused more problems and I don't know where that stands.
Hopefully that clears up some confusion to the newbies here thinking that we are going to take off with the price of oil. I believe we do have some wells but the bulk of them are with the lease that ACLY holds and won't give back without a fight. They are in a prime area, I believe.
Any old timers here can correct anything I said that was not factual. I personally have been here probably 5-7 years and been cost averaging my shares as it dropped. I just need 0.0015 to break even now and that could easily be broken with some good news on the lease. Just don't be too quick to think the current price matters since no one knows the worth of PGPM right now and that is why it is hovering above its lowest price.
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