Daily GPI / NGI All News Access

Vector Goes From Oil & Gas to Dot-Com

Vector Goes From Oil & Gas to Dot-Com

Vector Energy Corp., created just over a year ago through oil and gas asset acquisitions, is leaving drill bits behind in favor of dot-coms and ISPs. "Nobody cares about oil and gas," said Vector Founder and President Sam Skipper. Over the next several years Vector will be either divesting its oil and gas properties or merging them into another company, he said. Meanwhile it's heading for Internet territory, with a letter of intent to acquire one publicly-held Internet Service Provider (ISP) and promises of an agreement with another with 8,000 subscribers.

Skipper said he has additional ISPs in view and will soon be announcing a joint venture for a dot-com start-up. "We have the investment banking expertise, the cash flow and the public company." His new partner will have the technical expertise on the Internet. "We're going to develop a company to interact directly with ISPs, a dot-com type service."

Questioned, Skipper said his shareholders would be happy with Vector Energy's new direction. "The shareholders aren't getting any value for the assets they have now." He said since he got into the energy business in May 1998 "prices have been horrible. Nobody's interested at all." The company's stock closed at 1 and 5/16 in the Over the Counter market Thursday. Its 52-week range is 5/8 to 3 and 1/8. Prior to energy, Skipper said prior to starting up Vector he had been involved in the health care field.

©Copyright 1999 Intelligence Press Inc. All rights reserved. The preceding news report may not be republished or redistributed, in whole or in part, in any form, without prior written consent of Intelligence Press, Inc.

ISSN © 2577-9877 | ISSN © 1532-1231
Comments powered by Disqus