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SandGravel called and talked to Mike today this is what he said.
Posted by: sandandgravel In reply to: hitemp who wrote msg# 7764 Date:12/19/2005 6:35:59 PM Post #of 7785
Spoke to Mike today.I was told the management approved another billion in A/S but had to take it back because they dont have a majority of shares and they couldnt do an increase on their own.SO IT MEANS THEY TRIED BUT DIDNT GET IT..They will need share holder vote to increase A/S now.I was upset at my take from conversation that the float might be equal to or greater than 500 million.Again Mike is as appraised of going ons as us.Again this is my take from the conversation,so anyone is free to call Mike
Posts: 6008 | From: phoenix az | Registered: Mar 2005
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Saying they will inform you in a PR means very little, if anything. This is a Pink Sheet Company, they don't have to tell anybody anything. Haven't you seen this show before? Why should you have to wait? What is so difficult and complicated about getting all the information together. They know exactly what this acquisition cost them, and the structure of the deal. Publicly it cost $4.5M, in cash, (probably to raised from sales of shares), restricted stock, and preferred stock. No real breakdown of the "deal". There is potential to hide a lot of shares and $ in preferred stock. What are the terms of those shares? Here's an example of a deal that included preferred shares. It's just an example and has nothing to do with PBLS It serves as an example of the terms or conversion rate of this given company when issuing preferred shares for payment :
5.1. Right to Convert. The holder of any shares of Series A Preferred Stock shall have the right, at its option at any time after the date of issuance of such share, to convert all or a portion of the Series A Preferred Stock held by such holder into three hundred (300) fully paid, nonassessable shares of Common Stock (the "Conversion Rate").
quote:Originally posted by bond006: Dose anybody remember the last pr here is the part about share count
CEO, Paul Alonzo commented, "We are confident in our ability to dramatically increase the scale and net income margins for ProGas' business going forward, particularly when coupled with our existing Oil & Gas operations and acquisition targets we are currently considering." He continued, "We are also in the process of getting all the information updated so as to make it available in the public domain so that our shareholders can access up-to-date information on select company data, including all share-related data, through any number of online investor-related resources, including Pheonix's corporate website."
So the transparency is indeed coming... congrats to us longs, rewards cometh in 2006!
-------------------- A million seconds is 13 days. A billion seconds is 31 years. Posts: 4893 | From: Burbank IL USA | Registered: Feb 2004
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Will, You make a very good point and you are right I do not trust them 100%. All I can do is read and post what they say. I am invested in this stock and like a lot of people I look for the positive side of things. I hope they live up to there word. glta Also after today I am not in a great position in it,so I hope it turns around
Posts: 6008 | From: phoenix az | Registered: Mar 2005
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Looking for the positives and hoping for the best does nothing to change reality. The real story is there has been an aquisition PR'd. Since, there has been 76M, (25.3M/day), shares traded in 3 days in a company that YTD daily average is 6.2M. SCHB is pounding sells at the ask. There has been a 37% decline in the PPS since the PR.
Someone, (a supporter of PBLS), on the other thread calculated there should be 202M shares of dilution to do the deal. He divided up the $4.5 and assigned value to the cash, (in common shares), the restricted shares, and the preferred shares. I think his calculations were done at .02, (which isn't accurate, but give him the benefit of the doubt). There is still another 130M shares to go, and the PPS has fallen 37% already. Where does this all point? Sorry, it doesn't look favorable to me.
-------------------- A million seconds is 13 days. A billion seconds is 31 years. Posts: 4893 | From: Burbank IL USA | Registered: Feb 2004
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they definately over inflated the balloon on this one...
-------------------- Wide diversification is only required when investors do not understand what they are doing W.Buffet Posts: 565 | From: War Eagle | Registered: Jun 2005
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Will, What is your point and are you a share holder. If you mean that the stock is being diluted I would have to say yes and I think at this point most would agree. I am in it and I have to make the best of it. I hope that the dilution justifies the assets. That all and so far the management says yes it does. If you want my opinion I would at this time wait and see.
Posts: 6008 | From: phoenix az | Registered: Mar 2005
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I last bought on the 12/15/05 PR and sold about an hour after.
PBLS hit my unusual volume list back in early Sept when the price was about .0033, before the BIG run. I have played it a couple of times. I do not have a position now. One does not have to be a shareholder to have an opinion, or an interest in a stock. I liked the company, but because of what I am seeing now I don't trust it at all.
My point is that the company is not being forthright and forthcoming with facts, and things will probably get worse before they get better.
Please don't take anything I say personal, it isn't meant to redicule you or anyone else. It is just the interpretation of information the way I see it. This is a pink sheet stock, it is not unheard of for companies to not make all the facts available, matter of fact, it should be expected with a pink. I could be 100% wrong, but the preponderance of evidence, and the increasing volume with the decreasing price supports my opinion right now.
I have been around a little while, and am probably a pin-in-the-ass to most people who like a stock in a problematic situation, like we see here. I don't brand it a scam, but it does have some shortcomings that are being exposed right now. I might even purchase this again, who knows? If I do it will be when I think dilution is over and more facts are available.
At least you were kind enough to restrain from calling me a basher. You might go check the PLNI thread, go back to early November, you might find some similarities, between PLNI and PBLS.
-------------------- A million seconds is 13 days. A billion seconds is 31 years. Posts: 4893 | From: Burbank IL USA | Registered: Feb 2004
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Will your opinion is always welcome and you present it well I just like to know who I am talking to to thank you for the post you are obviously speaking with wisdom and experience lol bond
Posts: 6008 | From: phoenix az | Registered: Mar 2005
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I used .02 because the price was .022 when the deal hit the wires and fell to an avg of .018 for the following days. I don't know when the dilution started though and you don't either.
I would think it is pretty well done by now.
You cannot figure the actual shares because no one knows which part of it came from cash on hand vs dilution. My 202 million would not be knowable and was theoretical.
Transparency
I was able to figure the 202 million off of what the company revealed, so they were very transparent. It bugs me when people slam a company for hiding stuff when they are open enough for you to figure it out. I would think 202 million would be close to the max.
Future Buying
If the dilution is worth the assets then this dip is actually a good buying opportunity. You will have to read the charts to see when the MM's accumulated shares and at what price, then it will run up. When you get in is a chart readers specialty.
Listen to them.
Long Term
When they start drilling this will go up on speculation. If they hit oil it will hit a dollar because they will be one of the first companies to hit oil in a new field in Nevada. They will be able to buy more because they will know if there is oil and others are just waiting for news.
They can make money with what they have now, but if they hit in Nevada this will be worth a pretty penny.
Where they are at
They bought the property after several tests were done with some new and sophisticated equipment. I looked for the post but couldn't find it, they used new satellite and Microbic techniques. I am not sure which was used but I read about one process that is now 90% accurate. What it told me was the company was furthur along DD wise than most people realize.
I bet they hit oil of some kind. The question is how much and is it economically feasible. Another company hit oil not far from them this year. It is said to be moderate but the company refuses to release results. It isn't unusual to keep such stuff secret for a couple of years, mainly because they will buy more land if it is viable. Sometimes what happens is they swab the drill and test it, even if it isn't a gusher they confirm oil just from the bits used. A swab doesn't tell you amounts. The other companies pr just said a swab revealed oil.
Posts: 660 | From: Kansas | Registered: Mar 2005
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quote:Originally posted by bond006: Will, What is your point and are you a share holder. If you mean that the stock is being diluted I would have to say yes and I think at this point most would agree. I am in it and I have to make the best of it. I hope that the dilution justifies the assets. That all and so far the management says yes it does. If you want my opinion I would at this time wait and see.
bond. I can hear the frustration in your post. And perhaps all would love to hear the "Pumpers" agree that, yes we have and are witnessing dilution. And you've said it best here with "Justifies the assets" And we are not talking QBID dilution here.
I truely believe it will be justified. JMO but, going to stick with my gut on this one. It may come down even more but, I'm gonna' keep adding. Again, Just the DD locked in my head showing me the bigger picture. Not going to try and convience anyone to hold or buy more but, Just stating what I'm going to do.
GLTA! I'm HERE! and Staying!
-------------------- Lil,
Dont LOSE more than you can afford to invest....LOL
I'm buying low and selling into the run... Posts: 8024 | From: Joisey....see attitude above | Registered: Jan 2004
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It goes under .01, and I might join you again, lil ??? Send me an email when SCHB backs off the ask for one full day.
-------------------- A million seconds is 13 days. A billion seconds is 31 years. Posts: 4893 | From: Burbank IL USA | Registered: Feb 2004
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Yeah I havent jumped in yet either, but would like to when this dilution is over..sure would be nice to risk at least $100 at .01 or under..
Posts: 0 | Registered: A Long Time Ago!
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Thank you Will you have helped me to keep an eye open to a nother possibility Posts: 6008 | From: phoenix az | Registered: Mar 2005
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To think things over there are some things worse than dilution, like an R/S and another diluting
Posts: 6008 | From: phoenix az | Registered: Mar 2005
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Looks like we might have bottomed. I hope so it sure has been a lousy trip to the toilet
Posts: 6008 | From: phoenix az | Registered: Mar 2005
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Just got in ;see it's up....where was it when we sarted to fly.....and if this only been going for 20 minutes, no news; could there be a leak of news? Anyone's thoughts.....just a quick bounce.....3 day run?
-------------------- EVERY Day ABOVE GROUND is a GREAT DAY!!! Posts: 2086 | From: Long Island New York | Registered: Aug 2004
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quote:Originally posted by one2watchny: Just got in ;see it's up....where was it when we sarted to fly.....and if this only been going for 20 minutes, no news; could there be a leak of news? Anyone's thoughts.....just a quick bounce.....3 day run?
I think something was leaked. This is a big run for no news and no reason.
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