I spoke with Roger A T Smith a couple weeks ago. He's a real live oil drilling consultant that Mr. Ulsteen appointed to the board in an effort to lend oil credibility to the company. Ulsteen gave him $350 in stock (valued at .001) to be on the board, and then used his name in every next promo.
When I mentioned Mr. Ulsteen's current prediciment, Mr. Smith said he had no previous knowledge of the arrest and charges pending, then said "well I was planing on resigning my board position there anyway... I have my own company to worry about and don't need any problems associated with KABE".
I don't know if Mr. Smith has officially resigned his board position at KABE or not. He said he'd call me back, but I haven't heard back from him yet. He sounded very busy with a drill rig in the north sea that he is consulting on.
I doubt he's going to be interested in taking on the problems of KABE, it sounded more like he was just washing his hands of it.
That leaves two other guys named as directors (not officers) back in 2010:
Stale Werner Nielsen
Bjorn Rene Singdahlsen
AFAICT they are still directors, but who really knows.
Basically, there doesn't appear to be anyone at the helm right now, except Mr Ulsteen's ongoing ability to get converion loans and continue to dilute the stock. Note the latest slug of SC-13G filings. I can't imagine we're done seeing those yet. He still has 1.8B AS to turn into OS, and we know he needs at least $100K to float a $1M bail bond.
As long as the players here are willing to continue soaking up the dilution and paying the bills for Mr. Ulsteen, they may be able to continue running the price up, but historically speaking, everytime (without exception) that I've seen this pattern start to emerge it's just a matter of time before the pos can't get itself off of the .0001 floor.
I hope that's not for a while yet, because I'm still enjoying playing this loser, and I still have a few more 8's and 9's I'd like to get rid of at 10 and 11 (they wouldn't all sell at .0022, so missed a fresh short there... pathetic). ;)
Seeya Tues.
Go Mariners!
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