Howard, NESS last traded at around $0.33, and Hayseed continues to sell shares
Date Shares Stock Transaction ADVERTISEMENT
2002-04-16 -
2002-04-30 *272,000 NESS.OB Sale at $0.38 - $0.44 per share.
(Proceeds of about $112,000)
2002-03-11 -
2002-03-26 *152,500 NESS.OB Sale at $0.54 - $0.58 per share.
(Proceeds of about $85,000)
2002-02-12 -
2002-02-28 *124,000 NESS.OB Sale at $0.57 - $0.65 per share.
(Proceeds of about $76,000)
2002-01-08 -
2002-01-30 *145,000 NESS.OB Sale at $0.58 - $0.71 per share.
2001-12-27 *600,000 NESS.OB Planned Sale
(Estimated proceeds of $384,000)
2001-12-03 -
2001-12-31 *52,950 NESS.OB Sale at $0.62 - $0.805 per share.
2001-11-27 *6,800 NESS.OB Sale at $0.83 - $0.86 per share.
(Proceeds of about $5,746)
2001-09-25 *466,000 NESS.OB Planned Sale
(Estimated proceeds of $442,700)
2001-09-04 -
2001-09-27 *128,500 NESS.OB Sale at $0.92 - $1.23 per share.
2001-07-05 -
2001-07-20 *195,600 NESS.OB Sale at $1.05 - $1.35 per share.
2001-06-22 *637,000 NESS.OB Planned Sale
(Estimated proceeds of $668,850)
2001-06-22 -
2001-06-27 *22,200 NESS.OB Sale at $1.05 - $1.15 per share.
(Proceeds of about $24,000)
2001-05-14 *63,000 NESS.OB Planned Sale
(Estimated proceeds of $100,800)
2001-05-01 -
2001-05-14 *255,000 NESS.OB Sale at $0.58 - $1.5 per share.
2001-04-02 -
2001-04-23 *90,800 NESS.OB Sale at $0.545 - $0.605 per share.
(Proceeds of about $52,000)
2001-03-16 -
2001-03-29 *206,250 NESS.OB Sale at $0.61 - $1 per share.
2001-03-01 *500,000 NESS.OB Planned Sale
2001-02-01 *140,000 NESS.OB Planned Sale
(Estimated proceeds of $100,520)
2001-02-01 -
2001-02-27 *11,300 NESS.OB Sale at $0.58 - $0.74 per share.
2001-01-22 -
2001-01-31 *137,000 NESS.OB Sale at $0.687 - $0.843 per share.
2000-12-05 -
2000-12-29 *100,500 NESS.OB Sale at $0.81 - $0.9 per share.
(Proceeds of about $86,000)
2000-11-01 *412,500 NESS.OB Planned Sale
(Estimated proceeds of $412,500)
biz.yahoo.com
Evidently their sister company HESED lost the lease in Israel. Evidently there was some kind of arrangement between NESS and HESED (this is from last years 10K)
secinfo.com
(e) The Registrant has an agreement with Hesed whereby it
has the opportunity to acquire a 45% interest in both the Hesed
and Metzada Licenses. Both working interest agreements are oral
at this point but the parties intend to commit them to writing
in the near future.
Since Hayseed controls NESS and HESED, maybe he was talking to himself when he made that oral contract!
There must have been some confusion about the exact date, because it made NESS's their frequently asked questions list.
When did the lease expire?
The license expiration date for the Metzada acreage was December 3, 2001. However, Ness Energy chose to relinquish the Metzada License #292 back to the Petroleum Commissioner on November 18, 2001, because our labors to obtain adequate funding had not been completed. However, because of potential funding endeavors and commitments given to Ness, being in the best interest of Israel, a verbal agreement was given for an additional twenty days, should they solidify. Though efforts continued, it became evident they would not coincide with this time line.
nessenergy.com
Last year, according to their latest 10-K, NESS spent $2.1MM on general and administrative expense. Over the past two years, they have spent $4.0MM on general and administrative expenses. This is against revenue for 2001 of $21 K and for 2000 of $27k.
They are now looking for oil in Texas, however, when statements such as the following appear on the audited financial statements, it is never a good sign. From this year's 10K secinfo.com
The accompanying financial statements have been prepared assuming that the
Company will continue as a going concern. As discussed in Note 1 to the
financial statements, the Company is in its development stage and has
insignificant operating revenue. In addition, the Company has limited capital
resources and has initiated a new phase of activity, all of which raise
substantial doubt about its ability to continue as a going concern. Management's
plans in regard to these matters are also discussed in Note 1.
...
Note 1
...The financial statements have been prepared on a going concern basis, which
contemplates realization of assets and liquidation of liabilities in the
ordinary course of business. Since the Company is in the development stage,
it has limited capital resources, insignificant revenue and a loss from
operations. The appropriateness of using the going concern basis is
dependent upon the Company's ability to obtain additional financing or
equity capital and, ultimately, to achieve profitable operations. The
uncertainty of these conditions raises substantial doubt about its ability
to continue as a going concern. The financial statements do not include any
adjustments that might result from the outcome of this uncertainty.
Management plans to raise capital through the private placement of company
stock, debt, and, eventually, through public offerings. Management intends
to use the proceeds from debt or any equity sales to further develop oil
and gas reserves in the United States and in selected foreign countries.
The Company believes that these actions will enable the Company to carry
out its business plan and ultimately to achieve profitable operations.
In January 2003, NESS could have to come up with a couple of million to pay back that loan from Hayseed. If they can't come up with the cash, he might take it in NESS shares. Given the dilution, the the price would be under downward pressure.
Last time I looked, it was over $1. Please advise. |
