Well, we lost another 25% of the few pennies we had left today. Take a look at this from the June 1st news release:
<<Currently, in Nebraska, the gas gathering system construction is complete. Natural gas is being sold from two wells, and eight of the Porter Field wells are in the process of being hooked up to the
gathering system to sell natural gas. Financing commitments have been obtained such that the longer term plan may be accomplished. On June 15, 1998, the drilling of three additional wells in Nebraska will commence. As soon as the driller can begin thereafter, fourteen more wells will be spudded. The Rother well will be reopened in late June as the beginning of the Southeast Colorado Project.
As for the future, the Board of Directors is currently doing, and will continue to do everything possible to make sure that the company survives and prospers- and most importantly that the Shareholders' interests are preserved. The Company is being run according to very proper and conservative principles. Information from the company will be provided via press releases and will be extremely factual. There are many issues and problems that need to be resolved. To resolve
them takes time, patience and the understanding of you, the Shareholders. The Board of Directors is currently working to put a top caliber management team in place so that together with your support,
we will have a growing and prosperous Company that rewards you, the Shareholder. Please do not forget, the members of the management team are Shareholders too.>>
First they said this:
<<Information from the company will be provided via press releases and will be extremely factual.>>
So the statements they made are supposed to be factual? How about this?
<<On June 15, 1998, the drilling of three additional wells in
Nebraska will commence. As soon as the driller can begin thereafter, fourteen more wells will be spudded.>>
Has that happened yet? I doubt it. How about this?
<< The Rother well will be reopened in late June as the beginning of the Southeast Colorado Project.>>
And this:
<< Financing commitments have been obtained such that the longer
term plan may be accomplished.>>
And this:
<<The Company is being run according to very proper and
conservative principles.>>
I would say proper principles would be to inform shareholders of developments as they happen and of delays also and the reasons for the delays. Also releasing audited financials would be in line with the statement they made about running the company according to conservative and proper principles. After all they said the news releases will be very factual. All I see is more of the same and more of it than before. IMO the reverse split is a tactic to hold off Paul E. from getting a shareholders meeting by calling his shares into question. And then making him prove his rightful ownership and maybe even dragging it out in court. Months of stalling to keep control of the company. That's what the reverse split is all about. Certainly not to add value to our investment. So far the company has been completely in character, very disingenuous. Nothing has changed as far as I can see and I have lost 98% of what I had left when Stamm booted or accepted the resignation of (whatever happened) Paul E.
Dr. Stamm, your credibility is gone. We don't believe you. I challenge you to redeem this company and it's image if you can. If I am wrong then prove me wrong by performing as we would expect and doing what you said you would:
<<As for the future, the Board of Directors is currently doing, and will continue to do everything possible to make sure that the company survives and prospers- and most importantly that the Shareholders' interests are preserved.>>
I paid more for my shares than you did for yours, or that the new board will pay for theirs if they exercise their options. After the reverse split I have paid $33.00 per share for my shares and the board will pay pennies for theirs. You paid nothing. If you think you didn't screw us I would like to know why you think that. You owe us a progress report on the alleged new drilling in Ne, the status of the UPR project, the flow rates for the connected wells with revenue estimates, reserve estimates for the Ne fields, status of financing spoken of in June 1st press release, and a full disclosure of the financials of the company. That would be a good start. Anything short of that is going to be just what we have been getting all along and will show conclusively that you are and always have been the road block to us finding out anything.
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