Allstocks.com's Bulletin Board Post New Topic  New Poll  Post A Reply
my profile login | register | search | faq | forum home

  next oldest topic   next newest topic
» Allstocks.com's Bulletin Board » Micro Penny Stocks, Penny Stocks $0.10 & Under » KING...HUGE ALERT..HUGE NEWS JUST OUT..CANCELS R/S SPLIT + MORE

 - UBBFriend: Email this page to someone!    
Author Topic: KING...HUGE ALERT..HUGE NEWS JUST OUT..CANCELS R/S SPLIT + MORE
superman7
Member


Member Rated:
4
Icon 1 posted      Profile for superman7         Edit/Delete Post   Reply With Quote 
i dont know why my post was deleted, but here it is again

King Resources Cancels Reverse Stock Split and Announces Offshore Gulf of Mexico Exploration Play
Thursday June 8, 9:54 am ET
3-D Seismic Analysis Indicates Potential Gas Reserves of 250 Billion Cubic Feet
First Investor Conference Call To Be Held the Week Of June 19, 2006


AUSTIN, Texas--(BUSINESS WIRE)--June 8, 2006--King Resources (OTC:KING - News), announced that it has executed a Letter of Intent with Capco Energy, Inc., whereby King will operate and earn a 50% working interest in Vermillion Blocks 112 and 113 by drilling a wildcat well to a total depth of 15,000 feet. Due to the acquisition of the prospect and other exploration opportunities, along with the company's small public float, a decision was made to rescind the previously announced reverse split. Management recognizes the confusion regarding the reverse split, however, it is important to note that King's management sees new opportunities on a daily basis.
ADVERTISEMENT


Vermillion Blocks 112 and 113 totaling 10,000 acres are located in federal waters approximately 30 miles off of the Louisiana coast in 40 feet of water. The seismic stratagraphic analysis of the prospective zones in this prospect exhibit a thick sand section with stacked amplitude anomalies which suggest potential multiple pay zones. The presence of gas, condensate and oil is expected based upon cores taken from a well in Vermillion Block 109, four miles to the northwest.

Geological and geophysical data based upon 3-D seismic indicate the probability of multiple gas, oil and condensate reservoirs down to a depth of 15,000 feet or deeper, with the possibility of potential reserves of approximately 250 billion cubic feet of gas. King will receive 75% of the net revenue until payout of the first well. Thereafter, all revenues and costs on this and subsequent wells will be shared on a 50-50 basis. The leases have a 20% royalty and override, leaving an 80% net revenue interest to King and Capco. The estimated drilling cost for the first well is $6.5 million with a projected total cost of $100 million to develop the field if the projected reserves are correct, of which $55 million of the total cost will be allocated to King.

King's team has extensive offshore exploration experience in drilling, designing production platforms and production. King's team has evaluated and developed projects in the Gulf of Mexico, the North Sea, offshore Nigeria, and other areas.

Meet Management Conference Call

Management would like to invite all shareholders and interested parties to participate in a "Meet Management" conference call which will be accessible live, both by telephone and webcast. In addition to meeting management, current and future plans and projects will also be discussed. Management will make a formal presentation which will then be followed by a Question and Answer period. A Slide Show which will augment the presentation will be available for download on the day of the call from the Company's website. Management is currently coordinating the scheduling of the call with a Web conference call provider and intends to schedule the call during the week of June 19. Further details will be forthcoming.

About King Resources

King Resources is a development stage Exploration and Production company. King's senior management and corporate advisors have over 130 years oil and gas experience. Three members have each held senior management positions in other public companies, including CEO positions in one NYSE Company and one AMEX Company, CFO positions in three NYSE and one NASDAQ companies, and Exploration & Production management in two NYSE companies.

In addition to the offshore blocks mentioned above, major assets include 170,000 linear miles of 2D Seismic along with over 1,000 old well data packages in Texas, Louisiana, and Mississippi, 100% working interest in approximately 2,700 acres in the Fayette Field, Jefferson County, Mississippi, a Joint Venture agreement under which it acquired a 50% interest with Carpathian Energy Companie Petroliera, SRL, in the Calinesti Field, in the Alexandria block, 100 kilometers southwest of Bucharest, Romania. The block covers 475 square kilometers (189,000 acres), and is south of the Hirlestti field complex and surrounds the Ninciulesti and Buzescu gas fields, and other areas of interest.

Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: Except for historical information, the forward-looking matters discussed in this news release are subject to certain risks and uncertainties in the Oil and Gas industry which could cause the Company's actual results and financial condition to differ materially from those anticipated by the forward-looking statements including, but not limited to, the Company's liquidity and the ability to obtain financing, the timing of regulatory approvals, uncertainties related to corporate partners or third-parties, competition, and the early stage of exploration and development, as well as other risks indicated from time to time in the Company's filings with the Securities and Exchange Commission. The Company assumes no obligation to update or supplement forward-looking statements that become untrue because of subsequent events.

King Resources can be contacted by calling Foster Hagen of Investor Relations at 512-334-6500, or Investor Relations at investorrelations*kingresources.net, or www.kingresources.net .


Contact:
King Resources
Foster Hagen, Investor Relations, 512-334-6500

--------------------------------------------------------------------------------
Source: King Resources


Email Story
Set News Alert
Print Story





Sponsor Results
Credit Repair Advice
Get 501 (c) (3) tax exempt status for your credit repair, credit counseling, or debt counseling organization. We know how to do it. Thompson & Thompson, PC.
www.t-tlaw.com
Credit Repair Information and Secrets
Learn how to repair your own credit, without using an outside source. By becoming a member you will have full access to over 375 pages of credit repair information and secrets. Join today.
www.whynotfixyourcredit.com
Credit Repair Services
Credit repair services and information are provided. Learn about professional credit repair, and how your repairing your credit report helps your credit score.
www.creditreportrepair.net

(What's This?)

--------------------
please dont trade stocks on my alerts, do your dd first.

Posts: 5265 | From: Alberta | Registered: Jan 2006  |  IP: Logged | Report this post to a Moderator
superman7
Member


Member Rated:
4
Icon 1 posted      Profile for superman7         Edit/Delete Post   Reply With Quote 
big buys are coming at .23(thats where i bought)

and the bid u/t to .22

this is sweeet news

--------------------
please dont trade stocks on my alerts, do your dd first.

Posts: 5265 | From: Alberta | Registered: Jan 2006  |  IP: Logged | Report this post to a Moderator
superman7
Member


Member Rated:
4
Icon 1 posted      Profile for superman7         Edit/Delete Post   Reply With Quote 
.223 by .23

--------------------
please dont trade stocks on my alerts, do your dd first.

Posts: 5265 | From: Alberta | Registered: Jan 2006  |  IP: Logged | Report this post to a Moderator
Loki
Member


Member Rated:
4
Icon 1 posted      Profile for Loki     Send New Private Message       Edit/Delete Post   Reply With Quote 
Where are you thinking this one is going to land?

--------------------
Though the luck may be gone and the brain shot, the liqour we still got! - Doug Coglan

Posts: 140 | From: Sweden | Registered: May 2006  |  IP: Logged | Report this post to a Moderator
superman7
Member


Member Rated:
4
Icon 1 posted      Profile for superman7         Edit/Delete Post   Reply With Quote 
no idea loki, it hasent been here since 2001, and at that time it was trading at $2+ so i dont know i guess if we can breakout from here it can run alot...but it can also drop fast as this is as high as it has been in some while!

--------------------
please dont trade stocks on my alerts, do your dd first.

Posts: 5265 | From: Alberta | Registered: Jan 2006  |  IP: Logged | Report this post to a Moderator
IwantMore$
Member


Icon 1 posted      Profile for IwantMore$     Send New Private Message       Edit/Delete Post   Reply With Quote 
quote:
Originally posted by Loki:
Where are you thinking this one is going to land?

A 1 for 2 R/S on june 14
Posts: 106 | From: SC | Registered: Dec 2005  |  IP: Logged | Report this post to a Moderator
Jo4321
Member


Icon 1 posted      Profile for Jo4321     Send New Private Message       Edit/Delete Post   Reply With Quote 
Your post wasn't deleted. It's over here:
http://www.allstocks.com/stockmessageboard/ubb/ultimatebb.php/ubb/get_topic/f/2/ t/012260.html

The reverse split stuff is confusing. Has it been cancelled or just "postponed"?

--------------------
"Great Day for Up!"....Dr. Seuss

Posts: 3387 | Registered: Mar 2006  |  IP: Logged | Report this post to a Moderator
superman7
Member


Member Rated:
4
Icon 1 posted      Profile for superman7         Edit/Delete Post   Reply With Quote 
.23 is getting hit hard!

--------------------
please dont trade stocks on my alerts, do your dd first.

Posts: 5265 | From: Alberta | Registered: Jan 2006  |  IP: Logged | Report this post to a Moderator
superman7
Member


Member Rated:
4
Icon 1 posted      Profile for superman7         Edit/Delete Post   Reply With Quote 
the r/s is cancelled no??? thats what it says in the pr, i think? let me know

quote:
Originally posted by IwantMore$:
quote:
Originally posted by Loki:
Where are you thinking this one is going to land?

A 1 for 2 R/S on june 14


--------------------
please dont trade stocks on my alerts, do your dd first.

Posts: 5265 | From: Alberta | Registered: Jan 2006  |  IP: Logged | Report this post to a Moderator
IwantMore$
Member


Icon 1 posted      Profile for IwantMore$     Send New Private Message       Edit/Delete Post   Reply With Quote 
quote:
Originally posted by Jo4321:
Your post wasn't deleted. It's over here:
http://www.allstocks.com/stockmessageboard/ubb/ultimatebb.php/ubb/get_topic/f/2/ t/012260.html

The reverse split stuff is confusing. Has it been cancelled or just "postponed"?

Thanks.. The new date is the june 14
Posts: 106 | From: SC | Registered: Dec 2005  |  IP: Logged | Report this post to a Moderator
MB
Member


Rate Member
Icon 1 posted      Profile for MB     Send New Private Message       Edit/Delete Post   Reply With Quote 
RS is cancelled. DO some DD this company is going to be great. Lots of experienced management.
Posts: 908 | Registered: Dec 2004  |  IP: Logged | Report this post to a Moderator
superman7
Member


Member Rated:
4
Icon 1 posted      Profile for superman7         Edit/Delete Post   Reply With Quote 
yes an i heard the float is really low something like 14 mil or so

--------------------
please dont trade stocks on my alerts, do your dd first.

Posts: 5265 | From: Alberta | Registered: Jan 2006  |  IP: Logged | Report this post to a Moderator
IwantMore$
Member


Icon 1 posted      Profile for IwantMore$     Send New Private Message       Edit/Delete Post   Reply With Quote 
Reverse Stock Split

On June 14, 2006, King's trading symbol will change, reflecting the reverse split, resulting in 74,219,902 shares outstanding. Each holder of King common stock will receive one share of common stock for each two shares of common stock held, with any fractional shares rounded upward.

Posts: 106 | From: SC | Registered: Dec 2005  |  IP: Logged | Report this post to a Moderator
IwantMore$
Member


Icon 1 posted      Profile for IwantMore$     Send New Private Message       Edit/Delete Post   Reply With Quote 
Hey mb What does that mean?
Posts: 106 | From: SC | Registered: Dec 2005  |  IP: Logged | Report this post to a Moderator
MB
Member


Rate Member
Icon 1 posted      Profile for MB     Send New Private Message       Edit/Delete Post   Reply With Quote 
Business Description...

King Resources is an independent exploration and production company engaged in the acquisition, drilling and production of oil and natural gas in the United States and overseas. Principal areas of interest are the transition zone of the Gulf of Mexico, Louisiana, Mississippi, Alabama, New Mexico and Romania.


~Outstanding Shares: 76,187,640 as of 2006-04-18

~Approximate float... 14 million

PacWest Transfer, LCC
PO Box 393
360 Main Street
Washington, VA 22747

Contact information:
540-675-3129 (O)
540-675-3281 (F)
laurel*yourtransferagent.com


~Contact Information...

Address:
701 Brazos
Suite 500
Austin, TX 78701
USA
Phone: 512-334-6500


INVESTOR RELATIONS
King Resources
Foster Hagen, 512-334-6500;
investorrelations*kingresources.net;


Officers:

D. James Fajack, CEO & CFO
Michael Wright, Pres.
C. Douglas Smith, VP Exploration & Production


~Recent press releases...

*King Resources, Inc. Announces Details of Previously Announced Reverse Split
Wednesday June 7, 11:33 am ET

http://biz.yahoo.com/bw/060607/20060607005662.html?.v=1

*King Resources Inc. Announces Upcoming Conference Calls and Gives Details of Previously Announced Reverse Split
Friday June 2, 2:40 pm ET

http://biz.yahoo.com/bw/060602/20060602005493.html?.v=1

*King Resources, Inc. Announces Acquisitions, Funding Plans, Management Changes, and Share Re-Structuring
Thursday May 25, 11:16 am ET [/B]

http://biz.yahoo.com/bw/060525/20060525005489.html?.v=1

*King Resources Updates Shareholders
Monday April 17, 2:48 pm ET

http://biz.yahoo.com/bw/060417/20060417005744.html?.v=1


~Chart...


~About the management...

From one of the old 10K's, here is some previous bio information about CEO Norris R.Harris. Pretty impressive imo...

ITEM 9. DIRECTORS, EXECUTIVE OFFICERS, PROMOTERS AND CONTROL PERSONS;
COMPLIANCE WITH SECTION 16(a) OF THE EXCHANGE ACT

Norris R. Harris, age 66, has been the President , CEO and a Director of
Gulfport Oil & Gas Inc., a private oil and gas company that he formed in
January, 1999. He had been an independent oil and gas operator and consultant
to various independent oil and gas companies from 1993 to January 1999. Mr.
Harris was Founder and President of Centex Oil and Gas Inc., (Name changed to
Cenergy) which was listed on the NYSE and was Founder and President of Basin
Exploration Inc., a subsidiary of Basin Petroleum Corp., (American Stock
Exchange). Mr. Harris previously worked with Mobil Oil Corp., in the
international division and worked in the North Sea, Libya, Turkey, the Hague,
Austria, Nigeria and in Mobil Exploration's headquarters in Dallas, Texas where
he worked on Africa, Southeast Asia and Latin America exploration projects. He
is the father of Jonathan G. Harris.

Norris R. Harris was instrumental in the development of numerous oil and gas fields in Nigeria for Mobil Oil company where he developed seismic techniques, which drastically reduced the risk of drilling unsuccessful wells. Mr. Harris was the founder and president of Centex Oil & Gas, in Dallas which was later sold to Conquest Exploration in Houston for over $ 100 mm.
Norris R. Harris' 45 years of experience in the industry and his experience in West Africa will help ensure the success of Ranjit K. Das who will be responsible for exploration and production. Their combined experience using the most advanced geophysical and geological methods will ensure that the optimum amount of oil will be produced from this permit. Ranjit K. Das has 21 years of experience worldwide in the exploration and development of oil and gas fields.

Source: Bridge News via Newspage
http://www.gasandoil.com/goc/company/cna11201.htm


It is further announced that D. James Fajack, MBA, CPA has been retained to review the company's financials and to assist in the preparation of a new business plan for the company including participation in the negotiation of a financing package for the company.

Some background information on new CEO...

Mr. Fajack was, for 15 years, an executive and Chief Financial Officer of Remington Oil and Gas Corporation and its predecessors, highly successful oil and gas exploration and refining companies. He was instrumental from its inception, in helping to build Box/Remington into a profitable and viable oil and gas company....

D. James Fajack - Director and Chairman. He began his career with Ernst and Young. Had responsibility for Standard Oil of Ohio (SOHIO) and Ashland Oil Company. He is a CPA, with an MBA, and has served as Director and officer of several publically traded companies.

C. Douglas Smith has been appointed Vice President for Exploration and Production for the company.Mr. Smith was responsible for geophysics in the North Sea for Mobil Oil. Mr. Smith also evaluated and executed exploration and production opportunities for Mobil, including the North Sea and Egypt. Mr. Smith served as Vice President for Exploration and Production for Centex Oil & Gas Inc, a subsidiary of Centex Corporation (NYSE). Centex Oil & Gas revenues in the fourth year of operations were approximately $80 million per year and the company was ultimately spun off to Centex Corp shareholders as Cenergy onto the NYSE.

Posts: 908 | Registered: Dec 2004  |  IP: Logged | Report this post to a Moderator
superman7
Member


Member Rated:
4
Icon 1 posted      Profile for superman7         Edit/Delete Post   Reply With Quote 
iwantmore$, yes there was a r/s scheduled but there is a new pr today...and here is the headline:


Press Release Source: King Resources


King Resources Cancels Reverse Stock Split and Announces Offshore Gulf of Mexico Exploration Play


so i am pretty sure the r/s is cancelled





quote:
Originally posted by IwantMore$:
Hey mb What does that mean?



--------------------
please dont trade stocks on my alerts, do your dd first.

Posts: 5265 | From: Alberta | Registered: Jan 2006  |  IP: Logged | Report this post to a Moderator
MB
Member


Rate Member
Icon 1 posted      Profile for MB     Send New Private Message       Edit/Delete Post   Reply With Quote 
King Resources Cancels Reverse Stock Split and Announces Offshore Gulf of Mexico Exploration Play; 3-D Seismic Analysis Indicates Potential Gas Reserves of 250 Billion Cubic Feet; First Investor Conference Call To Be Held the Week Of June 19, 2006
Jun 8, 2006 9:54:00 AM
Copyright Business Wire 2006
AUSTIN, Texas--(BUSINESS WIRE)--June 8, 2006--

King Resources (OTC:KING), announced that it has executed a Letter of Intent with Capco Energy, Inc., whereby King will operate and earn a 50% working interest in Vermillion Blocks 112 and 113 by drilling a wildcat well to a total depth of 15,000 feet. Due to the acquisition of the prospect and other exploration opportunities, along with the company's small public float, a decision was made to rescind the previously announced reverse split. Management recognizes the confusion regarding the reverse split, however, it is important to note that King's management sees new opportunities on a daily basis.

Posts: 908 | Registered: Dec 2004  |  IP: Logged | Report this post to a Moderator
MB
Member


Rate Member
Icon 1 posted      Profile for MB     Send New Private Message       Edit/Delete Post   Reply With Quote 
Management recognizes confusion but R/S is CANCELLED.

It was only a small R/S anyway designed to help get them to a higher exchange. They obviously feel that with this new acquistion the current share structure is sufficient to get to AMEX qualifying standards.

Posts: 908 | Registered: Dec 2004  |  IP: Logged | Report this post to a Moderator
superman7
Member


Member Rated:
4
Icon 1 posted      Profile for superman7         Edit/Delete Post   Reply With Quote 
this one sure does look good the...the last time it got to this level was in 2005 and at that time it got to $2+

--------------------
please dont trade stocks on my alerts, do your dd first.

Posts: 5265 | From: Alberta | Registered: Jan 2006  |  IP: Logged | Report this post to a Moderator
IwantMore$
Member


Icon 1 posted      Profile for IwantMore$     Send New Private Message       Edit/Delete Post   Reply With Quote 
Thanks.. My bad.
Posts: 106 | From: SC | Registered: Dec 2005  |  IP: Logged | Report this post to a Moderator
superman7
Member


Member Rated:
4
Icon 1 posted      Profile for superman7         Edit/Delete Post   Reply With Quote 
the bid is getting stronger...once .23 breaks this should really run

--------------------
please dont trade stocks on my alerts, do your dd first.

Posts: 5265 | From: Alberta | Registered: Jan 2006  |  IP: Logged | Report this post to a Moderator
Johnwayne
Member


Rate Member
Icon 1 posted      Profile for Johnwayne     Send New Private Message       Edit/Delete Post   Reply With Quote 
Man the ask on this puppy is thin.

--------------------
Thanks Matto. Thanks Juice.

Posts: 2945 | From: USA | Registered: Feb 2006  |  IP: Logged | Report this post to a Moderator
superman7
Member


Member Rated:
4
Icon 1 posted      Profile for superman7         Edit/Delete Post   Reply With Quote 
.23 back on the ask again!!

if we can breeak this it will be a nice runner imo

--------------------
please dont trade stocks on my alerts, do your dd first.

Posts: 5265 | From: Alberta | Registered: Jan 2006  |  IP: Logged | Report this post to a Moderator
PCola77
Member


Member Rated:
4
Icon 1 posted      Profile for PCola77     Send New Private Message       Edit/Delete Post   Reply With Quote 
Interesting, I put a bid of .21 like 15 minutes ago and it never showed up. I just pulled it, and now a bid at .21 shows u and the ask drops to .22.

I hate crap like that.

Posts: 5508 | From: Southeastern PA | Registered: Jan 2006  |  IP: Logged | Report this post to a Moderator
   

Quick Reply
Message:

HTML is not enabled.
UBB Code™ is enabled.

Instant Graemlins
   


Post New Topic  New Poll  Post A Reply Close Topic   Feature Topic   Move Topic   Delete Topic next oldest topic   next newest topic
 - Printer-friendly view of this topic
Hop To:


Contact Us | Allstocks.com Message Board Home

© 1997 - 2019 Allstocks.com. All rights reserved.

Powered by Infopop Corporation
UBB.classic™ 6.7.2

Share