Hi Ed. I would rather had you drop PPX.V at .35, as I mentioned before I believe that both WRN and SKB are ripe for some good moves in January.JMO.
I had other picks that had potential back then but 3 is enough.
Good luck to all.
Gene
tscn.com
Rigs sold for $3m
Westrend Natural Gas Inc WRN
Shares issued 18,885,569 Jan 12 close $0.50
Tue 13 Jan 98 News Release
Mr Mark Roberts reports
Taylor Riggs LLC has sold and is currently completing construction on seven
rigs for a total sales value of $2,989,000.
Rig C1, a 250 series swab unit has been sold for $263,600 and the delivery
date was 11-1-97; rig C2, a 350 series service unit has been sold for
$588,000 and the delivery date is 1-31-98; Rig C3, a 550 series drilling
unit has been sold for $572,600, and the delivery date is 2-15-98; rig C4,
a 350 series service unit has been sold for $588,000 and the delivery date
is 1-31-98; rig C5 is a 350 series service unit and has been sold for
$588,000 and the delivery date is 1-31-98; rig C6 is a 4-axle custom
carrier and has been sold for $254,800, the delivery date is 1-16-98; and,
rig T1 is a 3-axle custom trailer, sold for $35,000 and the delivery date
was 11-15-97. Total sales value of the rigs is $2,989,000.
The third quarter ending October 31 1997 did not reflect any of the
revenues attributable to the above contacts due to the accounting method
used for Taylor Rigs sales on Westrend's consolidated financial statements.
The company's auditing firm accounts for Taylor Rigs using a completed
contract method. This means that until the rig is entirely financed and
shipped, the contract is not completed and therefore cannot be reflected in
the company's books. Since the management of Westrend feels that this does
not accurately reflect the current financial status of the company, it has
asked its auditing firm to change the company's accounting practice to a
percentage of completion form of gap accounting. The company will have an
answer on this accounting question this week and will keep the shareholders
informed on this situation with a further press release.
The company's rig order from Indonesia was confirmed by the operator on
January 12 1998. The operator will be ordering six of the ten rigs now and
has requested the company sell it one of the rigs under construction. The
company is in negotiations on this issue in order to finalize the transfer
of finances. Each one of these rigs sells for approximately $630,000 with
the first two being delivered in three to three and a half months and two
per month thereafter.
Taylor Rigs has bid on two 350 series service rigs for Caltex Pacific, Int
of Indonesia. Caltex is a joint venture of Texaco and Chevron and the
nation of Indonesia. It holds the majority of all of the concessions in
Indonesia and awards contracts for services to operators in Indonesia to
perform specific oil and gas services.
|
