Well guys, my wife and I met with the CEO and here is a summary of what we found out:
Current oil production is over 1200 barrels/day with 1500 expected by July
Reserves have increased by 28% since the last report was published (10Q) (He expects this to meet 35% very soon)
Gas production output is up 34% from last 10Q update
All debt has been restuctured through conventional means (Laurus is gone) and will be announced via PR before end of June
Plans to list on AMEX before end of year (he and his attorney working the details as we speak
And here is the kicker, I asked him how he plans to meet the listing requirments for AMEX or NAZ and he said when I release the numbers for 2nd Q, this will fly. While the stock is up, I will announced a 15MM-20MM share retirement (details still being worked). I believe he said he wants the share count around 30MM total O/S.
This guy is truly driven and has an awesome team making all this happen. He is absolutely dedicated to making this company a major player in the Gulf Area. He said we are not XOM, but we are sure trying to follow their lead.
All in all, great guy and if you get the chance, go see him and see the ops.
He never said we couldn't pass this on, but if you want to tell others please do as I am out the rest of the week and really don't have the time.
Glad I kept my shares!
MTex
-------------------- The Mad Texan Right now someone has an appointment with the world's worst doctor. Posts: 34 | From: Dallas, Texas | Registered: May 2007
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MTex holy #&**4 you are the man! everyone should be able to see where this is going if they take a few minutes to DD. And you went way beyond that! ITS BLACK AND WHITE, WE're ON THE WAY TO DOLLAR+ LAND! THANKS MY MAN!!!
Posts: 2794 | From: nyc | Registered: Aug 2005
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this is amazing---> And here is the kicker, I asked him how he plans to meet the listing requirments for AMEX or NAZ and he said when I release the numbers for 2nd Q, this will fly. While the stock is up, I will announced a 15MM-20MM share retirement(details still being worked). I believe he said he wants the share count around 30MM total O/S.
Posts: 2794 | From: nyc | Registered: Aug 2005
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truth, both tex's, and myself... i think we need to be quiet so we can buy more before this catches fire;)
Posts: 2794 | From: nyc | Registered: Aug 2005
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We need volume guys. It will come when Ed starts droping these little bombs. No one is selling. Just checking in, good action.
MTex
-------------------- The Mad Texan Right now someone has an appointment with the world's worst doctor. Posts: 34 | From: Dallas, Texas | Registered: May 2007
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Amex no problem. Actually, what is the MC required for AMEX listing? I think that is what matters more.
If he retires shares, via the way he said he would do it, then there won't be many left considering he owns most himself correct? I thought there was only like 15mm in the float..
The Monster is out of the cage!!!!!
Posts: 793 | Registered: Aug 2004
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56M O/S (no history of dilution for ~ 1.5 yrs)CEO owns 37.5m shares Remember Promethean owns 5,595,460 shares That leaves about 13M in the float!!!
truth & madtex, remember to check out the ihub board, thats where I do most my posting!! (stocksablaze)
I have been keeping up with the I-Hub board and popped over here to be sure it was posted and my old friends had seen it....I sure hope this is the real deal like it appears to be. Not a flipper - this is actually an investment.
Good luck all!
-------------------- Study before you buy, Sell before you think about it.... Posts: 3903 | From: Gulf Coast | Registered: Jun 2006
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Well, that was a sucky day. I am thinking of buying SUTR next week and see that you (JUICE) are in that one. Think I can get shares at 6 bucks? I have a bid in for 10,000 at 6 bucks.
Have a great weekend guys!
MTex
-------------------- The Mad Texan Right now someone has an appointment with the world's worst doctor. Posts: 34 | From: Dallas, Texas | Registered: May 2007
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Ummm, isn't that highly illegal for him to say? Unless it's in a filing or other PR, I wouldn't go around announcing that conversation, or there could be some pretty serious consequences for the guy that said it and potentially anyone who trades based on that info.
quote:Originally posted by juice: this is amazing---> And here is the kicker, I asked him how he plans to meet the listing requirments for AMEX or NAZ and he said when I release the numbers for 2nd Q, this will fly. While the stock is up, I will announced a 15MM-20MM share retirement(details still being worked). I believe he said he wants the share count around 30MM total O/S.
Posts: 5508 | From: Southeastern PA | Registered: Jan 2006
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quote:Originally posted by Mad Texan: Well, that was a sucky day. I am thinking of buying SUTR next week and see that you (JUICE) are in that one. Think I can get shares at 6 bucks? I have a bid in for 10,000 at 6 bucks.
Have a great weekend guys!
MTex
def bro think you could get it. great stock. been in since 3.75 and 4.00 flipped at 8.10, bought some 6.66's for fun haha and 6.14's this week.....
Posts: 2794 | From: nyc | Registered: Aug 2005
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quote:Originally posted by PCola77: Ummm, isn't that highly illegal for him to say? Unless it's in a filing or other PR, I wouldn't go around announcing that conversation, or there could be some pretty serious consequences for the guy that said it and potentially anyone who trades based on that info.
Just about all of it was previously disclosed information (via past p/r's & filings). Everyone who is thinking about buying NCEY can read through the filings. Its all there, almost black and white. Its soooo obvious that 2nd Q numbers will blow all other Q's out of the water just based on the price of oil and nat'l gas alone-DeStefano just confirmed that progress.
He mentioned AMEX, thats always the place to aim for, and we won't be otcbb for much longer once numbers are reported and pps catches up-no surprise there...
This is the first mention of share buyback I've heard, and as of right now just an intention (and a great intention may I add), and it may happen who knows-if anything it indicates the positive direction of management to protect shareholders moving forward. (if history is any indication, not a single diluted share for 1.5 yrs, so maybe a buyback? or conversion to preferred shares to reduce O/S)
Again, like you said, nothing is set in stone until confirmed via filings and public release as New Century moves forward...no worries, and best of luck to you PCola!
Posts: 2794 | From: nyc | Registered: Aug 2005
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Would be curious to know how they got Lauras out of the picture.
But good to know they were able to restructure the money owed. Lenders must trust them, and I guess their business model shows that.
Posts: 793 | Registered: Aug 2004
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truth-we should find out in a few weeks. im excited to hear about the 2 new wells completed this week... should hear news very soon, by sometime next week or end this week imo. New Cent Energy is real deal and we will see very significant gains from here imo
Posts: 2794 | From: nyc | Registered: Aug 2005
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It's obviously a lot higher, and the production has increased, what?? Double and now maybe more.
I hope there is no games here, I agree, this one is more in control of their gameplan than others, and damn, if KYUS hit $4 recently, then this should be able to do it too. And even the KYUS drop is still better than NCEY right now....
Posts: 793 | Registered: Aug 2004
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bro check out PDO vs NCEY!!! new one brought to our attention on ihub. PDO was around 2 something, and made its way to 29.00 when it was found (look at the chart). But get this--> our revenue is about 4 times as much using those 95.00 oil figures!!! yes 95, just imagine with oil steady in the 130s and natural gas around 13 how this quarter will look!!!
Posted by: OptionMonster Date: Tuesday, June 17, 2008 10:19:09 PM In reply to: notoriouskeef who wrote msg# 3911 Post # of 3957
LOOK AT THIS!!
Pyramid Oil Company (PDO) Announces Strong Revenue and Earnings Growth in First Fiscal Quarter
BAKERSFIELD, CA today announced financial results for its first fiscal quarter ended March 31, 2008.
Revenue increased 92% to $1,589,896 versus $826,180 in last year's first quarter. Approximately 81% of the increase was due to higher oil and gas prices, which were up by $38.50 per equivalent barrel of oil versus the first quarter last year. Approximately 12% of the increase was due to higher production and sales levels. Pyramid's first quarter net revenue share of crude oil production increased by approximately 1,800 barrels compared with the first quarter last year. ------------------------------------------------------------- NOW LOOK AT NCEY
New Century Energy Announces Record Operational and Financial Results
New Century Energy Corp. (OTCBB:NCEY) announced record financial and operational results for the three months ending March 31, 2008. Edward DeStefano, the Company’s CEO, stated, “The strong first quarter results are a direct result of our continuing success in our drilling program in McMullen County, Texas. We are maintaining high production levels into the second quarter and during April we also completed a new oil well in Wharton County making 80 BOPD.” NCEY’s first-quarter revenue was $5.9 million for the three months ending March 31, 2008, a 100% increase from $3.0 million for the first three months of the prior year; Total net oil production for the three months ended March 31, 2008 was 50,387 barrels of oil on Company operated properties; which is up 48% from 34,032 barrels in the first-quarter 2007; Total net gas production for the three months ended March 31, 2008 was 144 MMCF of gas; Total proved reserves at year end 2007 equaled 2.1 million barrels of oil equivalent (BOE); Approximately 76% of New Century’s proved reserves are oil, with the remaining 24% natural gas; Gross acreage under lease as of March 31, 2008 equaled 20,726 gross acres, compared to 17,214 gross acres as of March 31, 2007; and Adjusted EBITDA for the first-quarter of 2008 was $3.8 million, compared to $1.7 million reported in the first-quarter of 2007
Posts: 2794 | From: nyc | Registered: Aug 2005
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You know rarely do i get that little tingly feeling about something I know is a sure thing.
NCEY is giving it to me, and I am trying to remain patient.
The other gas play, HTOG is totally stumping me..
Looking a the revenues of these companies all around, there are some that have less shares in the float, and triple the income, and trade for pennies, or way less.
After 15 years of this same MM crap, I wonder when I will quit this....
I wish the dot com days would return...
Posts: 793 | Registered: Aug 2004
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As shown in the accompanying consolidated financial statements, New Century incurred recurring net losses of $562,701 and $2,156,065 for the three months ended March 31, 2008 and 2007, respectively, and has negative working capital of $22,040,140 and an accumulated deficit of $33,433,715 as of March 31, 2008.
The Company has maintained a satisfactory credit relationship with the primary lender over the past 33 months, as it has made its principal and interest payments when due, or has successfully negotiated amendments to its various loan agreements providing more flexible terms if and when needed. The Company has successfully financed four of its five acquisitions with borrowings from this primary lender, Laurus Master Fund, Ltd. (“Laurus”), with the remaining acquisition being a cash purchase. Accordingly, the Company is uncertain that it will be successful in meeting its working capital requirements through the end of 2008, including the successful negotiation of a refinancing of both its $11.1 million balloon payment under the $15 million Secured Convertible Term Note, due June 30, 2008, and the $6.4 million balloon payment under the $9.5 million Secured Term Note, due July 1, 2008.
Our growth and continued operations could be impaired by limitations on our access to the capital markets. In the event that we do not generate the amount of revenues from our oil and gas properties which we anticipate, and/or we decide to purchase additional oil and gas properties and are required to raise additional financing, we may be forced to scale back our operations which would have a material adverse impact upon our ability to pursue our business plan. We have no commitments from officers, directors or affiliates to provide funding. There can be no assurance that capital from outside sources will be available, or if such financing is available, it may involve issuing securities senior to our common stock or equity financings which are dilutive to holders of our common stock. In addition, in the event we do not raise additional capital from conventional sources, it is likely that our growth will be restricted and we may need to scale back or curtail implementing our business plan.
The conditions described above create substantial doubt as to New Century’s ability to continue as a going concern. The consolidated financial statements do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets or the amounts and classifications of liabilities that may result from the outcome of this uncertainty.
** All in the 10-Q report. Might want to pay attention to wether or not they renegotiate before end of month.
Posts: 16 | From: FL | Registered: Jun 2008
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This is precisely what most of us are watching.
there was some talk already about debt being carried over. And Lauras being out of the picture.
Not sure exactly, but with no dilution from this company in 18 months, it doesn't sound as dire to me. You would think they would dilute to raise money, and face it, they aren't going to just walk away from their oil.. They haven't yet..
Posts: 793 | Registered: Aug 2004
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quote:Originally posted by LuvThaCash: NOTE 2 - GOING CONCERN
As shown in the accompanying consolidated financial statements, New Century incurred recurring net losses of $562,701 and $2,156,065 for the three months ended March 31, 2008 and 2007, respectively, and has negative working capital of $22,040,140 and an accumulated deficit of $33,433,715 as of March 31, 2008.
The Company has maintained a satisfactory credit relationship with the primary lender over the past 33 months, as it has made its principal and interest payments when due, or has successfully negotiated amendments to its various loan agreements providing more flexible terms if and when needed. The Company has successfully financed four of its five acquisitions with borrowings from this primary lender, Laurus Master Fund, Ltd. (“Laurus”), with the remaining acquisition being a cash purchase. Accordingly, the Company is uncertain that it will be successful in meeting its working capital requirements through the end of 2008, including the successful negotiation of a refinancing of both its $11.1 million balloon payment under the $15 million Secured Convertible Term Note, due June 30, 2008, and the $6.4 million balloon payment under the $9.5 million Secured Term Note, due July 1, 2008.
Our growth and continued operations could be impaired by limitations on our access to the capital markets. In the event that we do not generate the amount of revenues from our oil and gas properties which we anticipate, and/or we decide to purchase additional oil and gas properties and are required to raise additional financing, we may be forced to scale back our operations which would have a material adverse impact upon our ability to pursue our business plan. We have no commitments from officers, directors or affiliates to provide funding. There can be no assurance that capital from outside sources will be available, or if such financing is available, it may involve issuing securities senior to our common stock or equity financings which are dilutive to holders of our common stock. In addition, in the event we do not raise additional capital from conventional sources, it is likely that our growth will be restricted and we may need to scale back or curtail implementing our business plan.
The conditions described above create substantial doubt as to New Century’s ability to continue as a going concern. The consolidated financial statements do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets or the amounts and classifications of liabilities that may result from the outcome of this uncertainty.
** All in the 10-Q report. Might want to pay attention to wether or not they renegotiate before end of month.
yes of course, always a concern. However there is actually less defecit on 10Q then there was last year-> it was at 68Mill.. now around 50mill and not a single share sold!
and this is promising--> Company has maintained a satisfactory credit relationship with the primary lender over the past 33 months, as it has made its principal and interest payments when due, or has successfully negotiated amendments to its various loan agreements providing more flexible terms if and when needed. . . And this is not at all a concern because we expect 2nd qtr revenues to blow away every expectation that there could be out there--> (I expect revenues upwards of 10Mill for 2nd qtr alone!) In the event that we do not generate the amount of revenues from our oil and gas properties which we anticipate, and/or we decide to purchase additional oil and gas properties and are required to raise additional financing, we may be forced to scale back our operations which would have a material adverse impact upon our ability to pursue our business plan. . . all that other literature is common place in a 10Q...
Remember -oil in previous quarter was being sold for aroun $96/barrel. Now we're talking $120's minimum, and lately hovering in $130s! Also nat'l gas (which makes up 24% of their revenue stream) was around $7. it just cracked $13.00 over the last few days! NCEY is directly benefiting from these price increases.
Not to mention our reserve value not including nat gas $220,000,000.00! and nat'l gas adds another $21-27 Million..We are SO close to having a proven reserve value of 1/4 of a BILLION bucks! That's insane for a .23/stock, with more revenue then PDO(25.00) and AEZ(4.00) combined!!!!!
We will hear more on financing/debt conversion within next few weeks. There should also be news regarding 2 additional wells sometime next week.
As with any stock, nothing is certain, but this is one of the best bets on the market right now imo.
Believe me, I don't get all excited and DD a stock this much if I don't think its worth the time. I've spent countless hours making sure I've read through every filing, and agree there are some legitimate concerns over deficit/debt, however NCEY has not diluted a single share while decreasing deficit, they're putting more wells online, we are hearing Laurus is going to be out of the picture very soon, and they are making a whole lot more cash then ever before... this has no where to go but up!!!
Posts: 2794 | From: nyc | Registered: Aug 2005
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To be inline with its peers, NCEY needs to trade at +/- 4x revenues. Based on approx $20mil annually, that puts the market cap at $80 mil, or 6-7 times the current market cap.
With expanding production, the market cap could easily see $100mil+.
Target price is $1.80 per share. Buy 'em while they are cheap.
Posts: 2794 | From: nyc | Registered: Aug 2005
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quote:Originally posted by TruthLiesWithin: Hey Juice...
You know rarely do i get that little tingly feeling about something I know is a sure thing.
NCEY is giving it to me, and I am trying to remain patient.
The other gas play, HTOG is totally stumping me..
Looking a the revenues of these companies all around, there are some that have less shares in the float, and triple the income, and trade for pennies, or way less.
After 15 years of this same MM crap, I wonder when I will quit this....
I wish the dot com days would return...
I hear ya... market is a funny place. But I definitly have the tingles here! It's gonna take patience, but the story will unfold and NCEY will be found.. and then well, we're rich of course
Posts: 2794 | From: nyc | Registered: Aug 2005
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hey happy, yes looking great! .24x.245 now shares in demand! NO where to go but UP
Posts: 2794 | From: nyc | Registered: Aug 2005
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.27 stacked, should scare off some buyers... but every L2 wall has been thin, this trades so great. Bid has been UTing all day too which tells you there is a growing demand for shares.
Posts: 2794 | From: nyc | Registered: Aug 2005
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Finally settled on a stock here...got in on Friday for .21...great pick so far!
Posts: 51 | From: Upstate ny | Registered: Jun 2008
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nice greenteam! hold them puppies tight. its going to be a wild ride this summer!!
Posts: 2794 | From: nyc | Registered: Aug 2005
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I see that...I mean I've always heard make a certain percent and get out...but I've been doing some DD and reading what you guys have here...and it sounds like this is only the beginning for this one
Posts: 51 | From: Upstate ny | Registered: Jun 2008
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