6 Comments

1. verlan, In reading the 10K amended i am cutting and pasting their information. Blair is not the only one who got a good deal. On stock for debt 46,000,000 shares for less than 1 cent? No wonder the stock can not take off the market is priceing in dillution.. Here is their info take it for what it is worth.
   * Loss on settlement of debt. Loss on settlement of debt increased in fiscal 2008 to $9,885,309 from $309,612 in fiscal 2007. In fiscal year 2008, the Company’s issuance of 46,900,000 shares of its common stock in exchange for canceling $101,900 of indebtedness as compared to its issuance of 2,900,300 shares of common stock in exchange for cancelling $4,400 of indebtedness. The loss represents the difference between the prevailing market price of the shares on the date of issuance and the conversion price of the related indebtedness. Subsequent to this filing, this note obligation has been satisfied in full.

   Net Loss. The Company incurred a net loss of $16,165,889, or $.31 per share, in fiscal 2008 as compared to a net loss of $1,151,457, or $0.06 per share, in fiscal 2007 (most of this was paper loss). The increase in the net loss is largely due to increased general and administrative expense (most was attributed to stock issuances to management), increased interest expense, adverse changes in fair value of derivative liability (subsequently no longer exist), and an increased (non-cash) loss on settlement of debt.

   If the company keeps loosing 0.31 cents per share the stock will nerver go up.

   yours truly

   Concerned Investor

   Editor: Guys- I’m not sure why everyone is so concerned about these trailing issues. A bet on this stock has nothing to do with this history. The market cap is about $14 million, which is the main issue. Is the company going to be worth more than $14 million ? The first quarter of revenues is going to be Q3 of ‘08, which is due out in mid November. In the interim, the company seems to be willing to disclose weekly revenue figures. They have publicly stated there is about $1/2 billion in reserves, which based on the new pricing could be now down to about $300 million.  Owning this stock is not a bet on what happened in the past- it’s a bet on the revenues that just started to flow about July 1st. If they’ve really got it, the stock will trade better at some point in the future. That’s your bet, and that’s what you should be concerned about in my view.

   Comment by Concerned Investor — 7/30/2008 @ 6:18 pm

2. I saw where their auditor is expressing doubts the company can continue as a “going concern”. He filed this report on 7/17/08. Have you seen it?
   Thanks,

   Editor: That is pretty standard accountant language for all companies in the microcap space that aren’t profitable. If the data the company is publishing on their operational wells is accurate, that statement should go away over the next 2 quarters. I think the stock has probably over reacted a bit to the drop in nat gas prices, but that’s the nature of the markets. 

   Comment by Lisa Turner — 7/29/2008 @ 1:21 pm

3. Any update on the seemingly questionable common stock for cash loan question asked on 7/9?

   Editor: I’m not sure if that’s relevant to the numbers- they are either going to deliver them, or they aren’t. 

   Comment by JD — 7/22/2008 @ 6:56 am

4. Verland,

   Did you get a chance to talk to Blair??
   What is up with the gift or earnings of stock to Blair?? the Pres.
   I guss you can look at it two ways one he just dilluted the stockholers by 20% or Two He thinks that the stock is under valued and he wants more for the future??? Is this a scam or can the stockholders trust that the company and the board explain how we can trust and with confidence keep investing in this company.

   Editor: I don’t believe this issue is meaningful. They are either going to start kicking up the earnings, or they aren’t. According to the company, cash flow is going to be strong. 

   Comment by Concerned Investor — 7/21/2008 @ 9:02 pm

5. Editor, are you loading up on this one, or are you still waiting? I have a little capital I just don’t know which one to put it in….. in this crazy market. Your advice would be greatly appreciated.

   Editor: If you have read my disclosure, you will see I own one million shares by virtue of representing the company. These are not tradeable shares, and won’t be for six months. If the stock does well, I do better. If the stock does poorly, I make less towards our profits and running the operation. Once free trading, I will sell some to cover my overhead, all if I think the company is grossly overvalued, some or all if they aren’t delivering on promised results. For a little bit of money in the current market environment, I like this one. I like others as well, but this one is in a sector more likely to trade well if the company does well. 

   Comment by Verland — 7/16/2008 @ 12:13 pm

6. Blair meriam the president of PLTG just recently issued himself 20,000,000 of common stock equivelent. for a $20,000 loan when the stock is trading at 13.5 cents.
   I can not belive that!! Can You??

   Editor: Very good question. I will look into that and let you know what I can find out. Check back to this question for an update in a day or two. 

   Comment by Concerned Investor — 7/9/2008 @ 7:41 pm

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