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Re: QPN - Quest Petroleum

That was amazing !!! I offered the idle thought on what might happen if all the buyers at .001 were taken out...

Three hours later that is exactly what has happened !! Currently there are no buyers left for the QPN. 38mill shares sold in 5 minutes. Wonder where that leaves the remaining shareholders ? Should the company make a statement ?
 
Re: QPN - Quest Petroleum


This is really weird. I put an order in today thinking it very unlikely to fill for a long time. Just wanted to be in line incase something changed for the better down the road and I would keep an eye on the placing in the meantime to bail if I got to close and changed my mind. I have a horrible feeling about this.
Anyone know what this could mean??
 
Re: QPN - Quest Petroleum

newanimal said:
you still holding Basillio?
Click to expand...

A small amount. But QPN has cost me heavily overall. Very, very disappointed .

Of course the fact is that absolutely nothing has changed from this morning to tonight. It just seems that a tipping point came when people finally pulled the pin. It is an exercise in lost hope.

I really would like to know just what is happening with QPN.
 
Re: QPN - Quest Petroleum


yep, people noticed buyers were dwindling and pulled the pin at rock bottom while they still could. Having been out of QPN for a while I failed to notice the dwindling buyer factor. Just wanted to get in line for a possible entry with enormous leverage at .001 in case things took a turn for QPN. LER has been compensating me well from my sour experience with QPN but now will have to sell to cover the QPN fill. What a day of calamity and impeccable timing.
Seems the only hope now is that QPN will materialize some light at the end of this tunnel at some point.
 
Re: QPN - Quest Petroleum

Announcement has shed some light on the situation. I guess the good news is QPN is not delisting. My best uneducated assessment is if QPN's plans of operation in S. Sumatra are scrapped after the new administrations environmental impact survey (in case it's a thumbs down) , which seems to be the worst case scenario, QPN is actively pursuing/reviewing other opportunities and other plans are in the works. A better case scenario would be a positive result of environmental survey QPN projects approved by new administration. I haven't a clue about these matters or likelihood of anything. In any case it sounds like more waiting as usual either way. But it would seem something will change for the better eventually and at this ultimate multibagger leverage price which cant get any lower, buyers willing to wait would start coming in. Best I can do.
 
Re: QPN - Quest Petroleum

At least QPN is alive.. The announcement is very ordinary; any activity seems along way off and highly uncertain. QPN almost seems to be in a state of paralysis.
 
Re: QPN - Quest Petroleum

I urge readers to look up my post of 25SEP14, and view it in the light of todays QPN announcement

1/..... the political situation announced today by Milewski and its attendant disruption to progress and plans in the face of corruption in Indonesia and...........

2/..... the push to commence operations in North America, my guess at "over the horizon"

The chances at succeeding in Indonesia, when the heads of their OG departments are either in or facing jail sentences, are pretty remote you would think

Management, despite probably their best endeavors, have probably learned a harsh lesson, hopefully they and we can be recompensed by undertaking operations in North America

The vitriol and slander of management on other sites achieves nothing, unless they have proof of such practices, these writing assailants may well face charges

Svengali
 
Re: QPN - Quest Petroleum

QPN does seem to be a very difficult situation. I suggested paralysis in my earlier post and that appears apt.

It seems very strange that no-one can explore and develop oil/gas resources in Indonesia at the moment? Is that truly the case ? Are other oil companies similarly affected? If it is the case should the company still be trying to work in Indonesia? Is it better to find appropriate partners (which I assume is what they are currently doing).

I think the most troubling situation is that the initial promotion of the Indonesian saga gave absolutely no indication of any problems. QPN had access to very promising areas. They were going to do a couple of easy drills in these prospects and one way or another investors were going to know if there was gas or oil.

It's worth going back to April 2012 to see how confident the company was with it's projections and how this resulted in some very big trades and early winners in QPN.

So how realistic was this story ?
 
Re: QPN - Quest Petroleum

I was wondering what QPN was going to do when the shares hit rock bottom (.001 ) and couldn't even raise a buy at that price.

Well now we know. Buried in the AGM report is the grand plan to reboot the phoenix

The Directors will be issuing themselves and other parties another huge swag of shares in lieu of cash. Actually 1 billion shares or 33 % on the current 3 billion shares in circulation. Very noble of them.

THEN.... just to try and get some liquidity into the company... there will be a 20 to 1 share consolidation and change of company name to boot.

Won't be long before the directors have a controlling interest in a new company with the last $3 million of previous shareholders cash.

And not a single inch of oil drilling ever done with that cash.

Priceless....

http://www.questpetroleum.com/i/pdf/announcements/2014 QPN NOM with proxy.pdf
 
Re: QPN - Quest Petroleum


I have to admit this is new territory for me in my relatively limited trading experience. Does this mean that we, as previous shareholders will own 20 times the # of shares in newly named company amounting to the same value? That would seem to be the case in order to increase liquidity... or do I have it backwards? I'm a little confused about how consolidation scheme works particularly when considering current SP.
 
Re: QPN - Quest Petroleum


Wrong way around New animal. The 4 billion shares will be consolidated to 200 million. You will get one new share for 20 old shares. It's what companies and governments do when they have inflated the hell out of their currency.

Nominal current value of the shares is less than .001c. Multiply by 20 and you would get something less than .02c. I believe the company has around $3m in the bank. Be hard to say what the shares in the company will start at. I reckon around .01c which is effectively half of the non value they have at the moment...

It will be interesting to see how much of the new company is now effectively owned by directors and associated parties in lieu of "services"

In 2013 the Managing Director received $338,465 in salary and fees. In the current year he is taking $1300 US a day mostly as scrip. And exactly what has he done for that money ? What a gig...

I see a fantastic Month Python skit in this.
 
Re: QPN - Quest Petroleum

thanks for the clarification. I thought it would amount to a further shafting for shareholders. Makes sense. Can't believe how I blundered my way back into this company. In their self-awarding wisdom, you might think the directors would want to change their personal names along with the company name.
 
Re: QPN - Quest Petroleum

.001 sellers almost completely taken out . Why the sudden massive interest? Any thoughts?
 
Re: QPN - Quest Petroleum

newanimal said:
.001 sellers almost completely taken out . Why the sudden massive interest? Any thoughts?
Click to expand...

Yes, bargain hunters wanting an out and out gamble...double or bust. Hardly massive interest. $30,000 worth of shares at $0.001...can't get cheaper I'll give you that. Will they be trading shortly, ask yourself that.
 
Re: QPN - Quest Petroleum

Porper said:
Yes, bargain hunters wanting an out and out gamble...double or bust. Hardly massive interest. $30,000 worth of shares at $0.001...can't get cheaper I'll give you that. Will they be trading shortly, ask yourself that.
Click to expand...

I don't know too many folks that throw $10K+ down a hole on a bad gamble at one time (but then I don't hang with elite types).
Volume has suddenly multiplied exponentially for the past three days.
 
Re: QPN - Quest Petroleum

Rise of the Phoenix !!. Who knows what is happening.

Wonder if there will be a question from ASX given the doubling of the SP ? It does seem to point to something afoot.

It seems a bit fishy to me. If in fact there is some significant news and this buying reflects that it is certainly insider trading. If there is nothing new then spending $30k seems crazy ?
 
Re: QPN - Quest Petroleum

Ok lets speculate.

The AGM is coming up on Friday 28th Nov. The Board intending to distribute another 1billion shares in lieu of services and then proposes a 20 to 1 share consolidation.

I suggest that undertaking such an action with a totally moribund SP wouldn't go down well. In that context stirring up the pot with some strong buying could encourage current punters to believe the parrot is indeed still alive.

There is still $2.7m in QPN accounts and perhaps some valuable leases...
 
Re: QPN - Quest Petroleum




AGM one week away, twice (in the last two Quarterly statements) the Company has said they are actively pursuing targets in North America and have played down the activities in Indonesia, it is speculated because of the uncertainty there due to corruption in the highest echelons of O&G. Politically you would assume QPN's management cannot talk about its' activities in dealing with Indonesian authorities for perhaps fear of retribution. It seems to me Indonesia is a non event for the present

So why posters here continue to rabbit on about Ranau is beyond me, from my point of view like most projects in Indonesia it is in abeyance and a waste of oxygen to contemplate

I have said twice before, "look over the horizon".............. to the USA or perhaps Canada, that may be where something could happen

If posters believe that the Directors and Staff are crooks, as has been insinuated in these columns, then SELL UP immediately (as there are buyers looking to pay .001 cents before the consolidation)

If posters believe that these self same Directors and Staff are positioning QPN for a positive future, hang in there or BUY UP, the shares have been to .012 cents before, if they do that again it will represent a 12 bagger from >001 cents

To quote Dirty Harry "ask yourself, are you feeling lucky"

Svengali
 
Re: QPN - Quest Petroleum

Well Svengali that is certainly another point of view....

I'm not sure how "crooked" the management of QPN is. Frankly they are probably on par with a host of other small oil explorers and miners.

I think my biggest beef was the way the value of the Ranau leases, the ease of drilling, the confidence in the then known fields completely disappeared after the capital raising in 2011. Investors were initially told this was a potentially excellent opportunity with the fair provisos that until you drill and see whats down there you can't be sure.

They never drilled. As I said earlier the two possibilities (or a combination) are

1) The story they fed the investors to raise capital was totally overblown or
2) They actually didn't know what had to be done or had a reasonable picture of the situation.

Take your pick here - reckless promotion, ignorant research or both.

And by the way when Dirty Harry was asking the perp if he was feeling lucky - it was not intended to encourage optimism.

_____________________________________________________________

I also have a serious question about appropriateness of a CEO drawing $338k in fees or share equivalent in what was a moribund company. I just cannot see the work or value he achieved for that money. The net result seems to be that as the SP fell the remaining cash assets of the company flowed back to the managing core via share issues.
 
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