Pinnacle Activity Ticker
irce woke up today with a volume of 400,000 shares trading from a low of less than a penny a few weeks ago to settle at 6 cents today with a high of 0.10. The old bankrupt company was bought out and shares retired to form the new company, which bought the pipelines, and oil wells that interline owned. Old info"
Interline Resources (IRCE) is a twenty year old midstream, natural gas and oil development company. Interline’s current assets include a twenty eight (28) mile pipeline commonly known as the “well draw gas plant field gathering pipeline system.”
The pipeline is located in Converse and Niobrara counties Wyoming. Interline also owns four shut in oil and gas wells in the region. The region also includes significant shale exploration. Interline will investigate the viability of the pipeline to service the shale exploration in the region.
In November 2010, the Company’s, the sole remaining board member and only executive and employee, Mr. Mike Williams, appointed a new three member board of directors to take control of the company. Thereafter, Mr. Williams resigned from the board of directors and as the only executive of the Company. Additionally, Mr. Williams sold his shares as the largest percentage shareholder.
The new board consists of an experienced oil and gas engineer, an MBA, CPA and a business attorney. A new president and treasurer now serve the company. The new management compiled information on the existing assets and liabilities and immediately paid the most pressing liabilities.
The company’s immediate plans include retaining a qualified firm to inspect the pipeline to determine its viability for repair to transport natural gas. The company expects the pipeline to be pressure tested and a report issued to guide the company on how best to use the asset.
Additionally, the company expects to retain qualified personnel to examine the oil and gas wells to determine their capacity to be reworked and the costs associated with bringing the wells on line and up to production.
The Company looks forward to learning more about its assets and their viability. The new management plans to exhaust all liabilities, minimize overhead and maximize the existing assets." AGAIN this is old informtion, but we have new management.