Jeff: If two news releases are coming, my guess would be that one might be about new well acquisitions (the ~170 wells we heard about for the first time a couple of days ago), and the other might be about the MIII deal, which we know about from the 8K, but for which there has not been a news release. Perhaps also notification that the $5 million bond was delivered to STP.
For those who don't know, there were filings with EDGAR on the 14th for an amended 10K and 10Q. After comparing them, these are the only changes I found:
10Q/A
"On August 19, 1996, the Company issued 2,433,950 shares of common stock to acquire 100% of the issued and outstanding common stock of ERFC. On August 19, 1996, the Company also issued 73,277 shares of common stock to a consultant in exchange for services valued at $1.00 per share related to the merger. In September 1996, the Company issued 320,830 shares of its common stock in exchange for $31,995 in cash."
Old 10Q
"On August 19,1996, the Company issued 2,863,544 shares of common stock to acquire 100% of the issued and outstanding common stock of ERFC."
10K/A
"(3) Stockholders' equity The Company has authorized 950,000,000 shares of $0.0001 par value common stock. On September 30, 1995, the Company had 746,483,333 shares issued and outstanding. On August 14, 1996, the Company completed a 1 for 2,095 reverse split of its shares, leaving 356,317 shares issued and outstanding. On August 19, 1996, the Company issued 2,433,950 shares of common stock to acquire 100% of the issued and outstanding common stock of ERFC. On August 19, 1996, the Company also issued 73,277 shares of common stock to a consultant for services valued at $1.00 per share related to the merger. In September 1996, the Company issued 320,830 shares of its common stock in exchange for $31,995 in cash."
Old 10K
"(3) Stockholders' equity The Company has authorized 950,000,000 shares of $0.0001 par value common stock. On December 31, 1995, the Company had 746,483,333 shares issued and outstanding. On August 14, 1996, the Company completed a 1 for 2,095 reverse split of its shares, leaving 429,594 shares issued and outstanding. On August 19,1996, the Company issued 2,863,544 shares of common stock to acquire 100% of the issued and outstanding common stock of ERFC. In September 1996, the Company issued 320,830 shares of its common stock in exchange for $31,995 in cash."
So it's really just a slight change of a few numbers. What struck me, which I hadn't noticed in my first quick reading of the 10K, was that there are 950 million shares authorized. I hope the company plans to reduce this soon. I noticed also there is no mention of authorization for preferred shares. Since it was mentioned to me that financing for STP work to go forward may involve the issuance of preferred stock, the company will also need authorization for that. I don't know though if they need stockholder approval for these changes. Someone might want to ask what their plans are in this regard.
Looking forward to the news releases,
Mike |
