If you read this post I made about two previous agreements PGIE posted on their website you'll see that they may have possibly been played in the past:
You'll notice that the two links in my post were almost immediately taken down by PGIE from their website after I made that post.
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You may also recall two Kentucky oil refineries and a Russian diesel fuel agreement that PGIE had touted early on that all turned out to basically be frauds.
Here is a shareholder letter where PGIE announced that they had closed on the acquisition of the oil and gas refinery with Cynergy Energy:
The Company has just closed on the acquisition of yet another oil and gas asset known as Callahan County Regular Field, which contains 30 producing wells. We entered into a joint venture agreement with Cynergy Partners, Inc who will act as the operator, the joint venture manager and would remain the General Partner for the Cynergy Royalty Income and Development Fund to acquire 50% WI and 50% NRI.
Here is the press release where they announced the joint venture with Osyka Resources:
Houston (February 25, 2011) – PGI ENERGY, INC. OTC Ticker Symbol: (TSAS.PK) announces new joint venture gas development agreement with Osyka Resources, LLC in acquiring a 50% stake of Mustang Island Block 882. The asset is valued at $15 mil
PGIE led investors into believing that both of those joint venture agreements had closed. Here is the now inactive financial report where PGIE falsely listed Cynegy Partners and Osayka as assets valued at $2,500,000 each:
Here is the press release where they finally admit that the two joint venture agreements involving oil refineries never closed and even say that one of the offers was a fraud:
Questions have arisen regarding our contracts for JV partnerships in two previously announced oil fields. We entered into those agreements expecting we could perform upon the terms of the agreements. We still maintain a relationship with the Callahan County Regular Field operator Cynergy Partners, who offered to extend the contact. We terminated the other oil field development agreement because in our final due diligence phase we discovered they were not the actual title holders and were attempting to get us to pay for the purchase of the asset and development under the ruse they already owned the property. Thus, we saved the company from being defrauded.
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Here is the original press release for that Russian diesel fuel commodities deal that was supposed to be a sure thing and would bring in revenues any time:
PGI Energy (Pink Sheets: PGIE) announces Russian Gas Oil contract to sell more than 6,000,000 metric tons of diesel fuel over the next 12 months. Arael Doolittle, the Company Chief Operating Officer, estimates earnings of $650mil. to be derived from the sale of the fuel through PGI Energy Trading, a division of PGI Energy, Inc.
Then from that same shareholder letter also linked above we find out the Russian diesel fuel agreement was also a fraud:
A sale contract in commodities can fall apart as a result of testing the commodity against the specifications for the product and if the specs are not the same as the contract then the buying party has the right to reject the purchase and cancel the agreement. We engaged in a contract negotiated by a highly reputable law firm representing the seller in a transaction where we had an exit buyer for the product. We performed upon the contract and the other party provided false proof of product documents which we are required to verify before consummating the transaction to avoid being defrauded by counterparty. We discovered in that transaction that the law firm provided us with false proof of product documents as verified by third parties. Thus, we did not consummate the transaction.
PGIE never revealed the name of that Russian oil company not even after saying the agreement was off.
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Let's not forget when PGIE misled investors into thinking they had secured financing with AGS Capital and Lead Dog:
“We are equally as excited to have executed a new round of financing with AGS Capital Group in New York.”The closing of this transaction will allow us to report modest earnings, thus increasing value for our shareholders as we continue our growth plan. The number of institutional investors interested in investing in PGI Energy speaks volume to our business model and vision for growth at a rapid pace. ” says, Marcellous McZeal the Company CEO.
PGI ENERGY, INC OTC Ticker Symbol: (TSAS.PK) announces new standby equity commitment agreement with Lead Dog Capital L.P. “This new equity commitment will allow the company to acquire acquisition targets in the oil and gas industry and meet working capital demands as needed,” according to the company’s investment banker Robert Gandy with PYTHAGORAS GROUP, who arranged the financing.
PGIE even went as far as to make investors believe that an S-1 filing was just waiting for approval from the SEC dangling the S-1 filing carrot in front of investors for weeks
Management has decided not to file an S1 and decided to pursue other opportunities that would be less dilutive.
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How many agreements can PGIE be played on before it starts to become too much of a coincidence and you have to start questioning if PGIE isn't involved in putting together some of these agreements knowing they are frauds?
I'm starting to lose track it seems to be happening so often.
PGIE's history of failed and misleading agreements all while the share price continuously dropped makes it very hard to believe anything they say any more.
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Regarding your statement about the intriguing stuff right off the top of the document:
I did a search for that address listed in the header of the letter on the very first page hoping it would help share some more information about our ghost, Ernest Graeme Gill that apparently is the sole officer of our defaulted Nevada business entity that was never assigned any officers - Intertorco USA, LLC:
Graham Ernest Gill Fraud Published : Thursday, August 7th, 2008 Share
In January 2005, Graham Ernest Gill’s fraud caught up with him. He was involved in a £14m investment scam. The elderly York, England man was wanted in the US for an alleged £14m investment scam.
Graham Ernest Gill, 73, was caught at Madrid airport. He was set up in a sting operation set up by the FBI, the Colorado Bureau of Investigation and Interpol.
He was charged with violating Colorado’s crime control laws in which he’d siphoned $28 million in fraud investment schemes. It is now commonly know as the “Graham Ernest Gill Fraud”.
Graham Ernest Gill is now awaiting extradition back to Colorado.
Fraud Funds
The great Graham Ernest Gill Fraud involved taking £175m to create the “Colorado Mint casino” in Black Hawk, which was never built.
“He went to the public, American and European, and promised to pledge his assets as collateral for projects,” Robert Brown, agent for the Colorado Bureau of Investigation, said.
Gill was arrested by the authorities after a sting involving the fake delivery of 370,000 euro.
Graham Ernest Gill, has dual British American citizenship. He was arrested in Spain on January 13, 2005.
Update:
Graham Ernest Gill is now free and lives in Denver. He only served one year in Spain and one in Denver. This is a man who can get out of anything
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So to answer your question - YES I think it is very possible PGIE is getting played yet again
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