American Liberty Petroleum Corp. Being touted by the same group as Lone Star
Market cap $185 MILLION, but according to their latest quarterly...
"To date, the Operator has spent approximately $731,110 on the exploration and production of..."
Planned expenditure for the next 12 months: General/Administrative: $200k Exploration: $300k
"As of January 31, 2012, we had negative cash on hand of $1,072"
"We have not earned any revenues to date. We do not anticipate earning revenues from our activities in the foreseeable future."
"Future Financings In February 2012 the Company completed a private placement of equities to New World that resulted in gross proceeds of $150,000."
If you're wondering where the money is going, the company has paid $164k so far this year to stock promoting newsletters (from what I've counted).
But Jeebuz, $185 MILLION for a company with net debt, no production, no oil reserves, a promise to spend a few thousand on exploration, and a lease on land that supposedly adjoins a region that's produced millions of barrels of oil in history past. Brilliant...
