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Louisiana Central Oil & Gas Co. Message Board

  • ramoswyandotte ramoswyandotte Feb 9, 2014 3:08 PM Flag

    Steps to Obtain Financial Information on LCNTU

    Sorry about the second post--I tend to be a little long-winded…The last known address of LA Central was in Irvine, Texas on North O’Connor Blvd. (from fifteen years ago; source is OTCMarkets). It now appears to be home of Pioneer Natural Resources Company. Pioneer was formed through the 1997 merger of Parker & Parsley Petroleum Company and MESA Inc. (remember this was T. Boone Pickens’ company?).

    Pioneer could be holding onto to the existing land in Monroe by production (which gives them the right to any future development). From their website, Pioneer serves as General Partner in four Parker & Parsley oil and gas partnerships. A shareholder could call the number for Parker & Parsley limited partners to see if Pioneer is also serving as the General Partner of Louisiana Central Oil and Gas: (972) 969-3583.

    If this is a Delaware corporation as it appears, shareholders have the legal right to inspect the company’s books and record (which has been supported many times in Delaware courts). As a limited partner, you are probably getting K-1s evidencing your distribution for tax returns, so a reasonable request to the filing company would be to provide you a copy of the supporting tax returns. Thus, a written request to the transfer agent, Compushare in Massachusetts, might prove fruitful.

    I will not try this if I don’t own shares. First, I don’t contact any company under false pretenses. Secondly, when I have made inquiries to the companies I already own for financial information, invariably they ask for documentation of my ownership (a trading comfirm or brokerage statement usually does the trick). If you tell me the amount the annual distributions, I might buy a share or two and try to accumulate a position and more knowledge over time, as I have with several other obscure companies. Right now I don’t know enough to pay over $2,500 to buy a unit.

    Regards,
    Ray

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    • I responded to your message and it got erased. Second shot: I have 10 units and received $1495.11 in Feb of 2013 and $1,589.61 in August. In Feb this year I got $1434.41. Hope that helps. Cheers, John

      Sentiment: Hold

      • 1 Reply to fulmar47
      • OK, got it that time. Nice looking yield. I will look for an opportunity to buy a share. I'm not a big fan of limited partnerships because I do my own taxes. But there are some opportunities that are worth the headaches, and this may be one of them. Thereafter, it may take awhile to research and fully understand, which gives the basis for expanding the position. Eventually, ownership + tact + persistence seems to bear fruit even with the most obscure issues. Thanks again, Ray

    • My turn to apologize. I missed your post and appreciate the effort you made in looking up details of LCNTU. My dividends come in as regularly as clockwork and I'm a bit concerned in rocking the boat with inquiries. My stock is in street name at a brokerage house so I never receive information on the company. LCNTU rarely trades and as you can see, the spread is huge...2400bid -2895 asked. You've got me thinking about what I own. If I do anything, I'll let you know. Thanks.

      • 1 Reply to fulmar47
      • Happy to help. This one is a riddle, wrapped in a mystery, inside an enigma. Any chance you would feel comfortable sharing last year's income and distributions?. On Schedule K-1, Box L, for income you would divide "Current Year increase (decrease)" by the number of units you hold. Similarly, you would divide "Withdrawals and distribtions" by the # of units. I might put in a bid if I knew those two things. Hard to enter a game when the blind bet is a $2,600 ante. Regards, Ray

 
LCNTU
1,650.000.00(0.00%)Dec 19 3:57 PMEST

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