To: Tim Davies who wrote (6441 ) 5/21/1999 11:37:00 AM From: Dilution Read Replies (1) | Respond to
Tim Davies, at Pinnacle what you had was a brilliant scientist who developed the technology, but not being an oil and gas person, did not have a clue as to how to get started. The SFD was, like most inventions, I think accidental. I do not think this started out as an idea to build a oil and gas black box. Once he realized the application for the SFD, he had no idea of where to start. I think this is rather typical of scientists. Combine that with the "scam a minute" and "black box frauds" that inundate the oil and gas industry and you can see why Encal, Renaissance, etc., etc. were not exactly giving George hugs and kisses as he walked through the front door and announced he had an SFD to show them. Somehow the GDM guy found George before anyone else and, in my opinion, probably did not care whether the SFD worked or not because making bizarre claims linking GDM with a black box would be enough to pump GDM's stock up significantly, not to mention suck in a lot of investors into GDM private placements and filling up those coffers. Money for the taking. In what is surely going to be looked upon as bizarre twist of fate, the SFD WAS FOR REAL! GDM could have had the brass ring, but instead looked upon George and the SFD as a way to some quick cash and... <poof> ... the money was gone. George warned major GDM investors about what was going on over at GDM and they did not listen. Eventually George calls the VSE and GDM is halted, never to open again. George sues everyone at GDM because he realizes they had just trashed his good name and his "baby," the SFD. From there he realizes he needs real business help and this is where Dirk Stinson comes into play. Pinnacle is formed and eventually a geologist in Calgary, hearing of these bizarre claims, asks to run his own tests. He is stunned, calls friends at Encal and the old Pinnacle Resources (Renaissance acquisition last summer.) Matt Brister and the boys at Pinnacle Resources never really take the SFD and run with it like Dave Johnson and his boys at Encal do. Renaissance at this point steps in and asks to test it and Pinnacle Resources is dropped like a hot potato. (Another company for the history books that had the golden goose in their hands and dropped it!) After two years of testing, and testing, and testing, the rest is history. George now has his own company Pinnacle Oil International; Renaissance, Encal, and CamWest as partners; Stephens Group as his third largest shareholder (third largest producer of natural gas in the U.S. and controller of Stephens Investment Bank of Little Rock); commercial wells are underway; and he has in place and continues to build a real oil company with Dan Topolinski and Jim Ehrets, two heavyweights, leading the charge. George and his SFD have come a hell of a long way from his garage and the GDM debacle.
