Hello Bob:
I have complained on this board about many of the same issues that you have raised in your most recent retort. Big deal. None of what you have said is news to anyone who has been seriously following this stock. If you don't like investing in a non-reporting company, don't. It is really quite simple. This is part of the risk/reward ratio. So, the reality is that I can't verify how much money they have in the bank. Since you seem to forget important details let me remind you that they have secured the services of Deloitte Touche to expedite the process of their becoming a reporting company. At some point in the future, under the ledership of Paul Ebeling, we will know exactly how much money they will have. Now what would have happend with Peter Boonen?
Do you remember him? You and Hunter were quite buddy buddy with him. This individual with whom you were so enamored three or four months ago was responsible for practically bankrupting NAMX. He ruined eleven Australian companies. According to his former wife, he is barred from serving as an officer of a company in Australia. We are extremely fortunate to have survived his tenure. The fact that both you and Hunter were in his corner indicates to me that your credibility is at issue and so I tend to consder both of your opinions with a very jaundiced eye. I would love to see the report documenting Mr. Boonen's malfeasance while he served as CEO.
I have spoken with MS of UPR and learned his opinion of the two wells. I also spoke with their PR manager. I would assume that the reason for the independent analysis of the wells is a result of MS's lack of enthusiasm concerning them. We shall learn soon enough.
Tell me, do you really feel that UPR is going to discourage companies from exploring in this field? I sure don't. Does MS have a favorite drilling company? You bet he does. The business is one of relationships and NAMX is the new guy on the block. I believe that is what we call human nature. NAMX is going to have to hit several resources before the bean counters begin to take notice. And once that plant is operating in June of 98, the beancounters of the world will be begging companies like NAMX to fill their pipelines. Right now, they don't need them.
I have sent a correspondence to Dr. Stamm in the past and received a reply from Paul Ebeling. I have also corresponded with Mr. Bates and did receive a reply. I was not aware that Mr. Bates was no longer serving as counsel for Patroclos.
Elias has never told me that they have a well that is producing 1100 bar. a day. Also there has never been a press release that stated such. As you may or may not be aware, the information in press releases is legally binding so, yes, I do tend to give them quite a bit of weight. Much more than any verbal discourse.
Here is a good rule of thumb. If you don't believe the officers of the company, then don't invest in their company. Again, this is easy. I happen to believe Paul Ebeling. Why? This is simple too. Just about everything that he has told me, about NAMX has come to pass. I am still waiting to learn about the float, the number of shares issued and agreements between parties. If you had reviewed my past posts, you would have known this, but you conveniently forgot. If you don't believe him, then take your money elsewhere and invest in another vehicle.
And isn't it interesting that despite the great revelation of Hunter's that UPR had no relationship with NAMX/Patroclos, these two companies are in fact drilling a third well for UPR on UPR property while discussions on a fifty well agreement is under way. And as stated in the ill-fated NAMX release that mentioned UPR without getting approval, NAMX is indeed planning to fly a survey over other UPR sites just as stated. It sounds like everything mentioned in that disputed release is going to come to pass. Now isn't that interesting?
As for Patroclos and Zurich Holdings, they are Swiss companies and I sincerely doubt that you, or I or anyone else will ever learn anything about them since the Swiss permit a high degree of anonymity. That's the real world.
As far as misleading investors, we all must do our own research. We also all have different time lines for investing. It is my opinion that the next three months will be very interesting for NAMX. Your time horizon sounds like it is about three days, or maybe three hours when you daytrade. Personally, I don't see NAMX moving over $0.30 over the next month.
In summary, I like where NAMX is right now. You and Hunter are picking at it again which is always a good contrarian sign. Their most recent release shows me that they are serious about meeting the requirements of their largest customer, UPR, by providing an independent analysis of Rother 1 and Carroll 1. They are taking serious steps regarding accounting, engineering and marketing; they are extending their alliances to other owners and they are drilling again in a LNG/HE/Oil rich area. Who knows, we may just luck out?
BTW, Bob, if you don't want to play, then don't. My chips are still on the table.
Respectfully yours,
marty |
