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Gold/Mining/Energy : Shale Natural Gas, Oil and NGLs and ESA -- Ignore unavailable to you. Want to Upgrade?

To: William JH who wrote (6108)

7/9/2013 6:35:53 PM

From: Glenn Petersen

Respond to of 6160

I have been out of the stock for a while now. . . also at a loss. Management failed to use their public status as a platform to build an integrated services company.

The sales begin:

Item 2.01

Completion of Disposition of Assets

On May 14, 2013 an auction was held at the Registrant’s ST Pipeline offices to liquidate the fixed assets of ST Pipeline. The auction is part of the Registrant’s ongoing restructuring efforts. This sale also satisfies one of the covenants of the forbearance extension previously disclosed. Please see our March 31, 2013 Form 10-Q for more details on the forbearance extension. To the Registrant’s knowledge, the purchasers of ST Pipeline’s fixed assets did not have any material relationship with the Registrant. The gross proceeds from the sale was eight and one half ($8,500,000) million dollars. We had forecasted sale proceeds to be between eight (8) and ten (10) million dollars. Primarily, all net proceeds will go to reduce our outstanding debt with our banking group. Net proceeds will be approximately seven and one half ($7,500,000) million dollars. Our bank debt at April 30, 2013 was approximately twenty-four and one half ($24,500,000) million dollars.

sec.gov