BNX.A/B.V - BNP Resources - Page 58

Just got the proxy form in the mail for BNP, i guess i better read it tonight.

Quote:

Originally Posted by HOUNDOG 

Just got the proxy form in the mail for BNP, i guess i better read it tonight.

HD, once you read the proxy form, can you please give us an update(if there is one). I'm still out of town and wont be back till after the AGM, so I wont be able to see it.

Quote:

Originally Posted by thedude4599 

 

HD, once you read the proxy form, can you please give us an update(if there is one). I'm still out of town and wont be back till after the AGM, so I wont be able to see it.

Yeah an update would be wicked.. i just got home and checked the mail and nothing for me... hopefully tomorrow

Quote:

Originally Posted by thedude4599 

 

HD, once you read the proxy form, can you please give us an update(if there is one). I'm still out of town and wont be back till after the AGM, so I wont be able to see it.

 IM me your email address and I can send you guys a PDF

Quote:

Originally Posted by TheBoomShow 

Yeah an update would be wicked.. i just got home and checked the mail and nothing for me... hopefully tomorrow

 Boom the same for you, you can IM me here or at PennystockChat, I will be there most of the day.

anything to report guys?

tons of shares on the ask now at 5 cents

Got my proxy in the mail today.

Just read a copy that was sent to me.

Everything is the same except it says "voting on option to issue upto 30 million shares in one or several private placements/convertible debentures over a 12 month period". So if we are getting Jensen going by ourselves, I dont think $1.5 million is going to cut it(30mil @ 5c). I think we need to at least get back to 10c or higher and raise more funds. Unless we do have a JV partner, than $1.5 million is possible as per BNP's half.

Looks like were going for the long route sadly. But at the same time if Bilcox and Doody feel we can get more for doing this, then might as well wait. It's painful but I still believe its worth it. Either we are doing a JV and need to cover half the costs, or were doing this play alone now.

Doesn't make sense that Bilcox and Doody have been buying this whole time just to dilute the stock from other shareholders. After all this waiting, the least they could do to assure us is taking all or most of the those new shares themselves. I'd feel a little more at ease if that happened. Well im pretty sure Bilcox will after selling $129k at 6c to that private investor. But Doody might have been waiting all this time to buy into one large pp because he hasn't purchased shares since December 2011. But their very well could be a new large player/company that wants to get in via shares. Were going to have to wait and see what happens.

it seems thats all this stock is, waiting and waiting...was going to pull the trigger on my shares next week but im done buying officially now. This has been a the most frustrating stock i have owned to date, just gonna let my shares sink or swim..cheers and nice weekend to all of u

Quote:

Originally Posted by LOOPY84 

it seems thats all this stock is, waiting and waiting...was going to pull the trigger on my shares next week but im done buying officially now. This has been a the most frustrating stock i have owned to date, just gonna let my shares sink or swim..cheers and nice weekend to all of u

Pretty much sums it up. Just going to let them ride and hope something happens sooner than later. It will pay off but theres no point paying attention until something concrete occurs.

financials out today... at least whenever they decide to post them online

2012 Q1 Highlights:

Not much, but there were a couple things. One of their shut in gas wells were abandoned, so the ERCB limit was reduced, maybe we get those funds back? Also, the professional fees increased

substancially( bnx's books) in Q1 this year. Not sure why they would considering the company has been limiting costs over the past few years:

Professional fees(Per Year):  2009 - $129k, 2010 - $4,500, 2011 - $91,000 2012(Q1) - $56,000

My hope is the increase in fees is going towards getting Jensen up and running or sold. Makes sense to why BNX's G&A went up $70k as posted below. This is in direct relation to the increase in the Q4 pp that went from $100k to $170k. Now we know where the funds went, and if Doody paid for these additional "fees", they had to be important imo.

As of March 31 2012, the company was negative $10k until that recent pp. So their not wasting any funds, everything being raised is spent pretty much right away. I forgot to post something from the Annual Info, but it just showed Bilcox's salary as the only full time employee. In 2011 Bilcox earned $120,000, same as 2010, and $40,000 in 2009. So for him to be putting a good chunk of his salary into these pp's, its rather risky unless he's 100% certain about getting the money back. Wonder how Doody feels about funding Bilcox.

An average Q1 2012 daily production rate of approximately 8.9 BOE/D.

_ Exited March 31, 2012 without any bank debt.

_ BNP continues to investigate strategic alternatives going forward that include joint

ventures, debt and equity financings, merger opportunities and asset dispositions

during these difficult times.

Subsequent to March 31, 2012, BNP:

_ On April 19, 2012, BNP announced the final closing of the non-brokered private

placement announced on March 1, 2012 that has closed for gross proceeds of

$144,499.96 representing 2,416,666 Class A shares at $0.06 per share. The final

closing has received all the necessary approvals with proceeds to be used for

general corporate purposes.

_ On May 15, 2012, BNP abandoned the 8-1-27-13 W4M shut in gaswell. This will

further reduce BNP’s ERCB LMR liability by approximately $20,000.

Gross general and administrative (“G&A”) costs were $104,525, and $34,397 for the three

months ended March 31, 2012 and 2011, respectively. The increase in G&A costs of $70,128

for the three months ended March 31, 2012, compared to 2011 was because of the recovery of

accounts payable, the increase in professional fees, and offset by other day to day cost

reductions.

lets start taking some predictions...i think it will take off 2018 price is right rules at that!

I dont even know what to say anymore...i initially thought i was in for a 6-8 month play...but its been a year, im losing money on the deal, and I havent heard of substantial progress
 

my prediction is pretty much PP after PP until the surrounding plays finish drilling and all proven up then maybe a JV or takeout. With all this wait, the OS will increase which makes the value of the stock dirt cheap if a takeout was an option in the future.

1.5million is not enough to drill anything.

bilcox unloaded big time and i think doody might be the next one to unload. anything is possible however I hope this will not happen.

My prediction is that you will all keep bitching wining and complaining that you didn't buy the winning lotto ticket with BNX.. continue to let TheDude do all of the DD on this play.... and pretend that you didn't know the risks of the stock market.

hey PIMP do you know how hard/impossible it would be for him to unlaod all his shares on a stock that barely trades 10k in volume?

Hey Boom. i think many are upset bc its been a year for some and this company really hasnt provided us with sh1t all and left us in the dark...The professionalism shown by management is non-existant. As I said, i will sink or swim with this now, even if i wanted to sell who the heck is gonna buy my shares anyway. Will continue to wait patiently

well said boom. hope i didn't get the wrong message across.

I got into this for the long haul and will continue to hold and support it. I haven't sold a single share as I am waiting for the pay day :)

TheDude did a great job with the DD as well.

Quote:

Originally Posted by LOOPY84 

hey PIMP do you know how hard/impossible it would be for him to unlaod all his shares on a stock that barely trades 10k in volume?

Hey Boom. i think many are upset bc its been a year for some and this company really hasnt provided us with sh1t all and left us in the dark...The professionalism shown by management is non-existant. As I said, i will sink or swim with this now, even if i wanted to sell who the heck is gonna buy my shares anyway. Will continue to wait patiently

Correct Loopy.. Doody has 18million shares.. if he sold now he could sell just over a million for a 65% loss...... Bilcox sold shares privately and it could have been as simple as moving accounts or for tax reasons...

The company has given us all of the information that they need to fulfill their duties with the TSX.. its a gamble putting your money into the stock market.. if you are not willing to take a loss or have your money locked up for an extended period of time... don't buy stocks. especially penny stocks which are completely unpredictable.

Quote:

Originally Posted by pimpcorolla 

well said boom. hope i didn't get the wrong message across.

I got into this for the long haul and will continue to hold and support it. I haven't sold a single share as I am waiting for the pay day :)

 

TheDude did a great job with the DD as well.

Not at all pimp. I think all of us are in it for the long haul, and frustration is normal with plays like this.