posted
I think BIGN has more potential as an oil company but im in pgpm since 0.25 and im down haha , but bign has been making me happy ,especially with the divy coming out on june 2nd 1 share for every 30 you own of bign
Posts: 61 | From: USA | Registered: May 2006
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posted
Okay, there are some serious questions here. Why did the PR this morning use a price of $10? If it was a gross error, why didn't this PR SAY it was a gross error? Why did they simply restate the price without comment on the earlier price they reported?
Also, they are using a price of $65 a barrel, but the landowner gets a percentage of the gross so that isn't accurate either...
Posts: 42 | From: Kentucky | Registered: Mar 2006
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posted
In case you're wondering, your friend repo is over at HSM continuing to bash PGPM. I think he was banned from this board.
Posts: 136 | Registered: May 2006
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quote:Sigma, the stock market looks forward for potential.
Exactly. Or lack therof. It's got little to nothing to do with assets. The fact that PGPM continues to attempt to value their company so blatantly in PRs is an attempt at misleading at best. Assets are all they've got. Fixed assets that will run out of oil. That's why things like the China deal are much better for PPS, they show potential. And it's potential that values a company much moreso than assets.
Posts: 59 | Registered: May 2006
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Someone likes this stock enough to throw $22grand into it? Hmmm, makes ya wonder....
Posts: 5508 | From: Southeastern PA | Registered: Jan 2006
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quote:Originally posted by PCola77: That's a big number...
Someone likes this stock enough to throw $22grand into it? Hmmm, makes ya wonder....
You dont throw 22g's into a pink for the heck of it! It does make you wonder!
Posts: 957 | From: grand rapids, MI | Registered: Feb 2006
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posted
News Story bellwetherreport.com: The Bellwether Report take time to Dig a Little Deeper into Pilgrim Petroleum Corporation
Wednesday May 31 2006 13:45:56 EDT
May 31, 2006 (M2 PRESSWIRE via COMTEX) -- Pilgrim Petroleum Corporation (OTCPK: PGPM), is a company that our research team will be tracking over the ensuing weeks. They recently came out with a significant corporate development, causing a market stir. The BWR Research Team will continue to bring its subscribers cutting edge research tools, and second to none customer service.
Pilgrim Petroleum Corporation an independent oil and gas company, this morning announced an exclusive contract with Basic Energy Services Basic Energy, headquartered in Midland, Texas, is the nation's third largest well servicing contractor providing well repair, workover and completion services.
Effective today, Basic Energy will be providing general services on approximately 20 to 60 wells on four of our more important leases (Hooks, Lockrige, Climax, Morgan) and the reactivation of the White Meldon lease. We would like to increase our current production with an additional up to 60 currently non-operated wells. This will create extraordinary revenue income, in addition to increasing our proven reserves in a short amount of time.
This morning the company announced results and explanation of Gustavson preliminary resource report, in addition to future plans to further valuate our properties. Pilgrim Petroleum's initial estimation of potential resources was based on an early or "pre-development" stage, in which estimates are restricted to volumetric calculations under predeterministic methods.
According to Gustavson, Pilgrim Petroleum's portfolio of properties presents a high probability of drilling success, namely about 2 out of 3 exploratory wells are likely to discover oil or gas in amounts of 1 million barrels of oil or the equivalent in gas (4-6 BCF). Therefore, it is most likely that 4 fields (3 drilling targets on two land positions at 2/3 success) will be found. The P50 resource estimate is therefore 4 million barrels of oil equivalent. They also provided a rough estimate of approximately $10 million for the exploration/drilling campaign, through seismic, drilling and completion towards finding 4 million BOE with a market value of about $40 million. Gustavson's preliminary report, is available at our website: www.apetroleum.com.
Rafael Pinedo, CEO of Pilgrim Petroleum Corporation, commented, "Our next step is to start an economic evaluation under SEC rules, and immediately bring those values to our financial statements for the second quarter 2006, while we continue more selective acquisitions and partnerships, the value of the company is our highest priority. Pilgrim has a bright horizon. We plan to continue working with Gustavson Associates for future prospect domestic and international acquisition assessments."
Following this announcement Pilgrim Petroleum Corporation shares took a dive as they fell over 35% on huge volume as investors unloaded shares in hopes of finding better opportunities. Pilgrim is a great opportunity as they are still very fresh and have a lot of potential for a significantly successful future, as they currently only trade for $0.09.. The BWR Research Team will continue to follow the market sentiment on this company and numerous others.
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-------------------- GOD BLESS AMERICA, THE UNION, AND ALL OF OUR VETERANS!!!!!!! Posts: 464 | From: ILLINOIS | Registered: Feb 2006
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posted
Finally got around to reading Gustavson's report. Pretty clear. Pilgrim has EXTREMELY mature(depleted) leases. No production from Archer county, next to NOTHING from Wichita county,even with the new leases.However,as Gustavsons report explains, they do have POTENTIAL for pinnacle reef reservoirs on their leases. But,they will have to DRILL FOR THEM. They will have to locate and pinpoint any that might exist with 3D seismic($500,000), and DRILL!!!!!Key word DRILL!The 40 million comes from the costs ect of GETTING it out and sold. Seismic,rig costs,pipe,cementing and completion costs, tank battery,trucking,saltwater disposal, the list goes on. Not nearly as much profit as the talking heads and politicians would have you believe.Royalty owners have to be paid, and remember, PGPM only has a 20% interest. The other lease owners have to come on board.Again, the valuation is for PGPM's part.Ive worked pinnacle reef prospects. The small ones were tuff to hit with the bit back then. Today, with the precise directional tech we have, they can be nailed. Pinedo keeps TALKING about drilling wells for well over a year,reworking wells,ect. Cant find any evidence they have done much of anything,except run pumps and scam. Maybe now they have enough money to actually DO something!heh. It wont happen overnite or anything like it. Take quite a bit of time,if at all. Contractors like to GET PAID for their work! And not in pink shares.
-------------------- It takes a lot of attaboys to make up for an aww chit Posts: 483 | From: OK | Registered: Aug 2005
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posted
not so bad close.. i wonder when the next PR would be.. prolly take a while to get their 2nd quarter stuff together.. hopefully we'll start seeing more deals.. since Gustavson valuation, maybe China will be interested.. we need to see some revenues so they can get some of that oil
-------------------- lostone Posts: 2666 | From: san jose,ca usa | Registered: Sep 2002
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1 share for every 30 you own of bign
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