Mr. Ajootian,
An acquaintance urged me to look at BPZ Energy, Inc.
At first glance I was not interested due to its listing as a "pinkie". Then they told me that the company will be AMEX listed on 10/1/06.
I would appreciate your observations. Here are a few things I found out thus far:
Corporate site --
bpzenergy.com
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Form 10-K --
sec.gov
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Excerpt from recent Press Release, summarizing corporate strategy --
Houston-based BPZ Energy, Inc. is an oil and gas exploration and production company with properties in northwest Peru and southwest Ecuador. It is executing an integrated gas-to-power strategy which includes generation and sale of electric power in Peru and sales of gas into Ecuador for third-party power generation. BPZ has exclusive rights and license agreements for oil and gas exploration and production covering approximately 2.4 million acres in four properties in northwest Peru. It also owns a working interest in a producing property in southwest Ecuador.
biz.yahoo.com
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BPZI announced 7/6/06 that it completed a private placement of common stock for proceeds of $12,325,500. The company sold 4,482,000 shares to eight institutional and accredited investors at a price of $2.75 per share. There were no warrants or dilutive securities issued to the investors in connection with the offering. The offering was placed directly by the Company and there were no placement fees. However, the Company issued warrants to purchase 150,000 shares of the Company's common stock to Morgan Keegan & Company, Inc. in consideration for their financial advisory services. The warrants shall have an exercise price of $3.00 per share and have a five year term.
sec.gov
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Wellington Management owns 15% --
sec.gov
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Thomas Kelly of Midland, TX owns 10%--
sec.gov
{from Google search} Thomas Kelly graduated with a Bachelor of Arts degree in business from Baylor University in 1977 and co-founded Baytech, Inc., an oil and gas exploration and production company with primary operations in West Texas and Oklahoma in 1981. Mr. Kelly managed all aspects of prospect development, exploration, and fundraising for the company. Baytech drilled over 200 exploratory wells, acquired various producing assets and was sold to Energen Corporation, a publicly held company, for $205 million in cash and stock in 2002. Since September 2004, Mr. Kelly has been a Director of BPZ Energy, Inc., a publicly held company, an oil and gas company with interests in Peru and Ecuador. He has been Chairman of United Fuel & Energy Corporation, a publicly held company, the largest provider of fuel and propane in West Texas since its inception in January 1999. Mr. Kelly joined Lothian's Board of Directors in 2004 and currently serves as the Chairman.
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Yahoo! Finance Summary
finance.yahoo.com
BPZ Energy, Inc., a development stage company, focuses on the development and production of oil and natural gas in South America. It has rights and licensing agreements for oil and gas exploration and production, covering a total of approximately 2.7 million acres in three blocks in northwest Peru. The company also owns nonoperated working interest in a producing oil and gas property located in the southwest region of Ecuador. BPZ Energy was founded in 2001 and is headquartered in Houston, Texas. |
