I think that time line is realistic.
However I recomend everyone read the notes to their financial statements to understand where this company is at.
Call the company to obtain them. The future is what is obviously
most important, but for educational purposes here are some highlights:
"The Company, founded in September 1992, is an independent oil and gas exploration and production company which was operating in the Panahndle Field, north of Amarillo, Texas, through Oct 1997, and
continues to operate in eastern central Penn."
"The Company also owns one gas well in Holmes County, Miss, which is temporarily shut-in due to technical problems."
In the front letter it was explained that a production operation in
the area was closed. EMPE was considering buying that plant according to the letter from April of 1997.
"Effective Oct 1, 1997, the Company sold its producing properties
in the Baker 39 lease in the Texas Panhandle for $220,000 cash
and granted an option to sell its leasehold interest in the remaining approximate 13,5000 net acres for approximately $540,000."
"In Oct 1993, the Company aquired a 100% working interest in approximately 7,000 gross acres on leases on the Brent Ranch in Moore County, Texas. This lease was abandoned in 1995 after the drilling of three well which were determined to be non-comercial."
"The Company has entered into a definitive agreement to aquire the
interests from a company in the related field ... to purchase an @
20% working interest (21% net revenue interest) in two producing oil and gas fields in Zanola and Frio Counties, Texas, as well as an @ 20% net revenue interest in 4,979 leasehold acres (same counties).
This apreement is subject to the DD of both parties and is scheduled to close Dec 15, 1997. The total consideration for this transaction is $230,000." I am wondering what is the status of that agreement.
I can print more later. Other topics include: Agreements with Westar Energy and Lyon Operating Co., and the Company's ownership of
26% of Texoil Energy's common stock and all of its 6% Series A preferred stock.
I am not knowledgeable about how the oil industry works, though
I worked in DP for firm like EMPE at one time. (EMPE is much smaller.) I bought on technical factors like float and behavior of the volume and price. Since then I have studied the fundamentals the best I can. My impression is that the management seem honest, conservative (cautious) and have a proven track record. However, IMHonestO, they have had some struggles that seem to get glossed over on chat lines . The good news is, like they said in past letter, things seems to be turning the corner. So technically this could jump fast, but to ever stay up and get listed it will take at awhile longer.
I hate to guess how long.
One last point - investor relations is a little weak I would say.
They seem nice, Mr. Ling sometimes answers the phone, but
they could be promoting this better IMO. They may be interested
in big investors mainly, as they said to me about the faxes they
sent out "we are getting them in the hands of those who count."
They seemed puzzled that small investor would be calling them.
That's how I read it. That could be good though, longer term
investors, less pump and dump internet traders. I wish they
had one person to call that could answer questions, not the secretary and not Mr. Ling (I feel he needs to be getting deasl finalized like crazy.)
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