posted
This one has gone straight up but with rumors of news/merger news and discussion of assets it still looks undervalued. Anyone in this?
~Business Description...
King Resources is an independent exploration and production company engaged in the acquisition, drilling and production of oil and natural gas in the United States and overseas. Principal areas of interest are the transition zone of the Gulf of Mexico, Louisiana, Mississippi, Alabama, New Mexico and Romania.
~Outstanding Shares: 76,187,640 as of 2006-04-18
~Approximate float... 8 million
PacWest Transfer, LCC PO Box 393 360 Main Street Washington, VA 22747
posted
Posted by: crossbow In reply to: None Date:5/22/2006 5:04:53 PM Post #of 108
Below is from a 1/15/2001, SEC filing by KING just after they took over ARZA, an oil and gas company. Oil was below $20 a barrel then and some of the properties were felt to unprofitable. KING did buy and reportedly still owns the 160,000 miles of seismic data with a current estimated value of $1000 a mile! What else they have is not known, but I would think that Norris Harris has an inventory of good oil and gas leases. The Gulfport mentioned here was owned at that time by Norris Harris. I would think that he still owns Gulfport:
The Company is in the process of negotiations for the acquisition of 160,000 miles of seismic data. Once this acquisition is completed in the first quarter of 2001, the Company will be in a position to propose a new drilling program to enhance the Company's future values.
West Lavaca River - The Company has a 2-3% interest in approximately 17,500 acres in Lavaca County, Texas. Moose Oil and Gas, the operator, using 3D seismic data are developing the area. The productive formations are the Miocene and Frio. The prospective formations include Yegua, Cook Mountain and Wilcox. The Company's interest is currently for sale.
West Hackberry - The Company has a 10% interest in two leases totaling 152 acres in Cameron Parish, Louisiana. Two wells are completed, shut-in and waiting on gas pipeline connections. Two other wells are being evaluated for remedial work. The estimated date of completion of the gas gathering pipeline and installation of surface equipment is February 1, 2001. At that date the wells will be put on production.
Pelahatchie - On May 25, 1999, ARXA acquired a twenty-five percent (25%) working interest from Gulfport in certain proved undeveloped, non-producing oil and gas reserves below twelve thousand feet in the Pelahatchie Field, Rankin County, State of Mississippi. The acquisition of the oil and gas properties by ARXA was based on a petroleum engineer's appraisal report on the Pelahatchie Field, which estimated proved undeveloped, non-producing oil and gas reserves for three development wells. As of October 31, 1999, the estimated reserves for the three development wells is 12.5 Million barrels of oil and 25 BCF of gas to 100%. The acquisition price was based on proved undeveloped, non-producing oil and
Hawkins Ranch - On November 1, 1999, ARXA announced that a newly drilled well, the Hawkins Ranch No. 1, in Matagorda County, Texas, tested at a daily rate of 1,423 MCF of gas with a flowing tubing pressure of 1,885 psig through a 11/64-inch choke from perforations 6,543 to 6,553 feet. At lease three additional wells are planned to be drilled on the Lewis / Hawkins Ranch in 2000. ARXA has a twenty-five percent working interest back in after payout of the Lewis / Hawkins Ranch Project costs.
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Posted by: crossbow In reply to: None Date:5/24/2006 4:11:23 PM Post #of 125
After many years of trying to speak to an official of KING, I just got off the phone with an officer of the company. I will not name him as I don't think it's proper. I was advised that KING will have a Press Release out very, very soon. I was told that the news was Big, very Big. Elephant Big. In the oil and gas world this means a huge oil field or deal. I was told that it wasn't 5% of a small old oil field. It was called "massive". I was also told that I would be rewarded for my patience. Since I wasn't given any real details, I don't consider this inside information. I was just a stockholder asking about my company. From what I now believe, this stock is very undervalued. I'm buying more at these low prices. Do you own DD!
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King Resources, Inc. Announces Acquisitions, Funding Plans, Management Changes, and Share Re-Structuring May 25, 2006 11:16:00 AM Copyright Business Wire 2006 AUSTIN, Texas--(BUSINESS WIRE)--May 25, 2006--
King (OTC:KING) is engaged in the exploration for oil and gas worldwide. King's management believes that the best way to build shareholder value is through serious exploration conducted by a qualified and experienced team which has unquestioned ability to find and produce oil and gas in conjunction with managing financial affairs properly.
King has acquired a 100% working interest in approximately 2,700 acres in the Fayette Field, Jefferson County, Mississippi, where the company plans to begin drilling the first of a 10 well development program by August 1, 2006, subject to rig availability. The initial well to be drilled is on the same structure with a Humble (Exxon) well which produced over 630,000 barrels of oil and 2.5 billion cubic feet of gas. Proven undeveloped reserves are estimated at 22 bcf of gas and 440,000 barrels of oil valued at seventy million dollars, discounted at 10%. Probable and possible reserves will be determined after a 30 square mile 3D seismic survey is completed the third quarter of this year. The second well will not be drilled until the 3D survey is interpreted. There should be numerous pay zones on this structure ranging from 3,000 to 20,000 feet, which have not been mapped previously because of poor seismic data quality.
King has entered into a Joint Venture agreement under which it acquired a 50% interest with Carpathian Energy Companie Petroliera, SRL, in the Calinesti Field, in the Alexandria block, 100 kilometers southwest of Bucharest, Romania. The block covers 475 square kilometers, and is south of the Hirlestti field complex and surrounds the Ninciulesti and Buzescu gas fields. A 10 well drilling program will commence when the company's drilling rig, which is being shipped from the port of New Orleans by August 1, 2006, arrives in Romania. The proved reserves on this structure are 24 bcf of gas, with probable and possible reserves of 46 bcf of gas. The company has the right to several other redevelopment opportunities in Romania. For numerous reasons, exploration in the country has been neglected since World War II.
King also announced that it intends to raise five to eight million dollars by sale of its common stock and warrants to certain institutional and accredited private investors. The net proceeds are expected to be used in establishing a presence in the Gulf of Mexico, Texas, Louisiana, Mississippi and Romania. King is also reviewing exploratory opportunities overseas in Australia, Turkey and Nigeria.
The company's executive officers have extensive experience in the energy industry. D. James Fajack was recently appointed Chief Executive Officer and Chief Financial Officer. Mr. Fajack has served as CFO and as a director for several oil and gas companies that have been listed on major exchanges, including the NYSE.
C. Douglas Smith has been appointed Vice President for Exploration and Production for the company. Mr. Smith was responsible for geophysics in the North Sea for Mobil Oil. Mr. Smith also evaluated and executed exploration and production opportunities for Mobil, including the North Sea and Egypt. Mr. Smith served as Vice President for Exploration and Production for Centex Oil & Gas Inc, a subsidiary of Centex Corporation (NYSE). Centex Oil & Gas revenues in the fourth year of operations were approximately $80 million per year and the company was ultimately spun off to Centex Corp shareholders as Cenergy onto the NYSE.
King is negotiating to hire additional personnel. In the interim, consultants will be used whenever possible.
King also announced that it will implement a one-for-two reverse stock split, resulting in approximately 74,219,902 shares outstanding after the reverse split, the acquisitions mentioned above, and debt reduction, currently with a public float of approximately 14,170,000 shares. Pursuant to the reverse split, each holder of company common stock will receive one share of common stock for each two shares of common stock held. Shareholders can contact King's Transfer Agent, PacWest Transfer, at 540-675-3129, regarding their certificates.
King has relocated from Gulfport, Mississippi to Austin, Texas after Hurricane Katrina destroyed its offices. King's 170,000 miles of seismic data and approximately 1,000 well files were stored in a separate building and are undamaged. These records are being shipped to the Austin office.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: Except for historical information, the forward-looking matters discussed in this news release are subject to certain risks and uncertainties which could cause the Company's actual results and financial condition to differ materially from those anticipated by the forward-looking statements including, but not limited to, the Company's liquidity and the ability to obtain financing, the timing of regulatory approvals, uncertainties related to corporate partners or third-parties, product liability, the dependence on third parties for manufacturing and marketing, patent risk, copyright risk, competition, and the early stage of products being marketed or under development, as well as other risks indicated from time to time in the Company's filings with the Securities and Exchange Commission. The Company assumes no obligation to update or supplement forward-looking statements that become untrue because of subsequent events.
King Resources can be contacted by calling Foster Hagen of Investor Relations at 512-334-6500, or Investor Relations at investorrelations*kingresources.net, or www.kingresources.net
Source: King Resources, Inc.
---------------------------------------------- King Resources Foster Hagen 512-334-6500; investorrelations*kingresources.net; http://www.kingresources.netPosts: 908 | Registered: Dec 2004
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By: tchauncy 25 May 2006, 12:30 PM EDT Msg. 1283 of 1283 Jump to msg. # Interesting watching the ignorant mullets dumping their 5000 share pieces after this PR. Scared out by a little 1-2 reverse split. If only they even had a clue about how to value a real Oil company they might not be crying in their beer six months from now when the stock is trading above $2.
Quickie asset breakdown.
Mississippi field - $70 million.
Rumania- At least another $70 million (BTW As anyone can see, this crew has tremendous International Experience)
170,000 miles of seismic. $1000 a mile, $170 million.
That totals around $310 million dollars, or around $4 a share post reverse split.
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