posted
This had a great day today, closing at the high of the day at $.066 after busting through a 9 MM ask wall at 060. Looks to me like next chart resistance is in the .08 range, then to .11 easily. With oil/energy stocks running just about every day (QOIL, TNOG, AMEP, etc...) this looks to be next. At least I think so. I got in today at .058 before the break. Any other thoughts on this one?
-------------------- No one ever lost money taking a profit. Remember that.
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ITEM 8.01 OTHER EVENTS On June 28, 2005 the Registrant entered into an equity line credit agreement with Dutchess Advisors, LLC ("Dutchess"). Pursuant to this Agreement, Dutchess shall commit to purchase up to $25,000,000 of the Company's Common Stock over the course of 36 months ("Line Period"), after a registration statement of has been declared effective ("Effective Date"). The amount that the Company shall be entitled to request from each of the purchase "Puts", shall be equal to either 1) $100,000 or 2) 200% of the averaged daily volume (U.S market only) ("ADV") multiplied by the average of the 3 daily closing prices immediately preceding the Put Date. The ADV shall be computed using the ten (10) trading days prior to the Put Date. The 5 consecutive trading days immediately after the Put Date. The lowest closing bid price of the Common Stock during the Pricing Period. The Purchase Price shall be set at 95% of the Market Price. The date that the Investor receives Put Notice of draw down by Company of a portion of the Line. There are put restrictions applied on days between the Put Date and the Closing Date with respect to that Put. During this time, the Company shall not be entitled to deliver another Put Notice.
The Registrant shall automatically withdraw that portion of the put notice amount, if the Market Price with respect to that Put does not meet the Minimum Acceptable Price. The Minimum Acceptable Price is defined as 75% of the closing bid price of the common stock for the ten (10) trading days prior to the Put Date.
In connection with the equity line, the Registrant has agreed to pay U.S. Euro Securities, as placement agent, two percent (2%) of the gross proceeds from each Put to a maximum ten thousand dollars ($10,000).
ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS. (c) Exhibits
10.1 Investment Agreement with Dutchess Private Equities Fund, II, LP
10.2 Registration Rights Agreement with Dutchess Private Equities Fund, II, LP
10.3 Placement Agent Agreement with U.S. EURO Securities, Inc. and Dutchess Private Equities Fund, II, LP
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posted
EGPI Firecreek (EFCR) Confirms up to $25,000,000 USD Equity Financing Arrangement with Dutchess; Will Assist Company's Plans For Oil and Gas Project Development Jul 6, 2005 11:27:00 AM Copyright Business Wire 2005 SCOTTSDALE, Ariz.--(BUSINESS WIRE)--July 6, 2005--
EGPI Firecreek, Inc. (OTCBB:EFCR) confirmed today that it has executed an Investment Agreement with Dutchess Private Equities Fund II, L.P. for up to USD $25,000,000 in equity financing. This financing can be drawn over a 3-year period and becomes available following U.S. Security Exchange Commission approval and effectiveness of EGPI Firecreek's recently submitted SB-2 registration statement.
During the drawdown period, EGPI/Firecreek can receive funds by selling shares of its common stock to Dutchess Private Equities Fund, II L.P. Dutchess is required to purchase the shares as specified in the Investment Agreement.
EGPI/Firecreek feels that shareholder value is protected by this Agreement. Through the Equity Line financing arrangement with Dutchess, the Company now has a back-up reserve financing plan, which can serve to bridge gaps in and supplement its additional strategic financing channels, and further can be implemented by EGPI Firecreek's directive in a controlled, efficient and cost-effective manner.
EGPI Firecreek Inc. through its Firecreek unit is focused on oil production with an emphasis on acquiring existing oil fields with proven reserves, the rehabilitation of potentially high throughput oilfields, resource properties and inventories on an international basis.
For more information about EGPI Firecreek, Inc. go to:
David Christian http://davidchristian.us/bio.asp This release contains statements that constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements appear in a number of places in this release and include all statements that are not statements of historical fact regarding the intent, belief or current expectations of EGPI Firecreek, Inc., its directors or its officers with respect to, among other things: (i) financing plans; (ii) trends affecting its financial condition or results of operations; (iii) growth strategy and operating strategy. The words "may," "would," "will," "expect," "estimate," "can," "believe," "potential" and similar expressions and variations thereof are intended to identify forward-looking statements. Investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, many of which are beyond EGPI Firecreek Inc.'s ability to control, and that actual results may differ materially from those projected in the forward-looking statements as a result of various factors. More information about the potential factors that could affect the business and financial results is and will be included in EGPI Firecreeks' filings with the Securities and Exchange Commission.
posted
Dang, EFCR is shooting up more! What do others think of this stock? I wonder if some big news is going to come out this summer with their deals they are working out in other countries....
I respect everyone's input on this stock. I wish I would have bought a bunch of shares a couple of months ago when it was around .02
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posted
EFCR maybe leaving the "under .10 cents" penny picks.... there must be folks who know something about this stock.... possible the possiblity of the promising oil and gas developmental areas in Kazakhstan.
I don't know, but as I was writing this this stock briefly hit .10
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posted
Damn, looks like I was dead on with my original statement about the .08 resistance, then flying to .11. That's exactly what it did today, although it popped up over .11 very shortly on huge momo.
Too bad my timing was off, and I sold my .058 shares for only a small profit the day after my original post after I saw it was heading back down. I never got back in. Oh well...
-------------------- No one ever lost money taking a profit. Remember that.
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