quote:Originally posted by JerZeyDeViL: Geez...what's it take for this baby to get some attention, lol. Not a single post all day and we're up 36% on what should be a HUGE week! Wake up people!
and in particular when it will run tommorow too :-))
Posts: 287 | From: prague | Registered: Jan 2006
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posted
Posted by: flybridge Date:8/30/2006 2:04:31 PM Post #of 13801
Just Talked To IR. They Are Working On The PR Right Now. PR (WILL) Be Out Between Now And Tomorrow!
-------------------- The difference between genius and stupidity is that genius has its limits Posts: 10204 | From: NYC | Registered: Mar 2006
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"The Board reports that the due diligence period under the LOI has been extended. The proposed closing is to occur on or before August 31, 2006. The Company's number one business priority is the completion of these transactions."
There have been several confirmations by Investor Relations that the news concerning these Letters of Intent WILL be out latest August 31th.
To get a drift of the importance of these LOI read this (from May 25th PR) :
Lancaster stated, ``This transaction will bring to the company a presence in the oil industry that is highly respected -- an operation with a substantial positive cash flow, ownership in over 200 currently producing wells generating over 7,300 bbls/month of crude oil, leases with an estimated 21.84 million bbls/oil in proven reserves, drilling sites for 12 new wells, with a potential for a substantial reserve position in oil and gas. Further, 125 well sites to rework and capitalize the oil production from in the existing field, and equally important, a fully operating exploration/drilling company with a highly regarded reputation in the industry in Texas which will allow the company to do its own drilling, rework and management of wells.'
Lancaster continued, ``This is the foundation stone being laid for the Company to gather and amass substantial holdings in the oil/gas industry. Today, it is difficult to get a drilling company to perform new well services in less than nine months. This acquisition gives our Company the ability to do its own drilling procedures without reliance upon any other party. That is a definite plus in this industry today.'
The Letter of Intent requires the Company to clear its due diligence on the purchase within 30 days from the above date, enter into final agreements and close the transaction within 60 days of today's date. The Company has already held meetings with its lenders and investment firms and expects it will complete the financing of this acquisition within the time frame of the Letter of Intent. Lancaster concluded by saying, ``Even though my 30 years of business experience was not totally in the oil industry, the contacts I have made in the East Texas oil industry have made this opportunity available to the Company. Hopefully, we will see this transaction come to fruition and the results of the positive cash flow from this operation will impact the Company's financial reporting by the last quarter of this calendar year.'
Now :
Due to the ongoing negociations concerning the LOI's, there has been a full PR stop, including Q10 releases. REAL NEWS to publish therefor has been accumulating for more then two months.
Here is what should be released in the weeks to come (thnx Arch for the summary) :
*** Wednesday, latest Thursday, we get news about the East Texas LOI. The company we are working with has it's own equipment and the projects spelled out in the LOI are not small. The full package gives us the equipment to move over to Grimes or Tubbs and 7M in cash flow from exisiting production.
*** Preliminary flow rates from Grimes #3
*** The following week we hear about Grimes #4.
*** UPDATE for ALL wells including Charring Cross, Grimes 1,2,3,4.
*** 2006 revenue projections from these wells and the late 10Q's are filed.
*** Updates on Grimes next-to-slot 8 wells. Seismic analysis underway, planned completion end 2006.
*** Updates on Tubbs
*** Updates on East Texas projects late September, first well and expected results in $$ I know we have 12 wells to rework in West Texas plus the 150 wells to rework in East Texas.
*** News about the LOI #2 and LOI #3 late September and how projects will progress with those wells and when they are planned to start.
*** Name change and update about becoming fully reporting and moving to the OTCBB in mid 2007.
*** Update on Tyche activities and updates on the share dividend, details about restriction and when stock will begin trading.
-------------------- The difference between genius and stupidity is that genius has its limits Posts: 10204 | From: NYC | Registered: Mar 2006
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