RE: ajootianUnbelievably there is no mention of the Halliburton agreement in the year-end filings that BPR just filed with SEDAR on Oct. 10. The news release announcing Halliburton was named operator came out 9/18. That was after year-end but is a material subsequent event and should have been mentioned in the filings.
In the meantime, they issue more stock (probably to their buddies) at $1.05 and $.88. I will be willing to bet you that the investors in those placements knew a lot more than we did.
I would propose that we all join in filing a class action lawsuit against BPR and the investors in the recent private placements. Does anyone know a good lawyer?
Or maybe they ended up with such a bad deal that they are ashamed to announce what the terms are.
The company has something like 2.6 M warrants out with a strike price of $.56, that expire a year from now. If they needed some cash, why didn't they make a deal with those warrantholders to induce them to exercise a year early? That would have resulted in far less dilution than issuing more shares at $.88.
Halliburton has already not shown good faith in their dealings with BPR. The news release on 9/18 said the following:
"Halliburton will immediately begin working on site to evaluate the past work and status of the 19 test wells and core holes that were completed by the Company's former partner and Project Operator. From this evaluation, Halliburton will develop a recommendation and engineer a specific program to move the project forward."
If they really were serious it wouldn't have taken them more than a month to do the above evaluation.
As I said in my earlier post I have stopped selling for now and have no plans to resume until I see what the news is. Maybe we will be hearing of the results of that evaluation and plans to start drilling.