Vector Energy Corp., created just over a year ago through oiland gas asset acquisitions, is leaving drill bits behind in favorof dot-coms and ISPs. “Nobody cares about oil and gas,” said VectorFounder and President Sam Skipper. Over the next several yearsVector will be either divesting its oil and gas properties ormerging them into another company, he said. Meanwhile it’s headingfor Internet territory, with a letter of intent to acquire onepublicly-held Internet Service Provider (ISP) and promises of anagreement with another with 8,000 subscribers.
Skipper said he has additional ISPs in view and will soon beannouncing a joint venture for a dot-com start-up. “We have theinvestment banking expertise, the cash flow and the publiccompany.” His new partner will have the technical expertise on theInternet. “We’re going to develop a company to interact directlywith ISPs, a dot-com type service.”
Questioned, Skipper said his shareholders would be happy withVector Energy’s new direction. “The shareholders aren’t getting anyvalue for the assets they have now.” He said since he got into theenergy business in May 1998 “prices have been horrible. Nobody’sinterested at all.” The company’s stock closed at 1 and 5/16 in theOver the Counter market Thursday. Its 52-week range is 5/8 to 3 and1/8. Prior to energy, Skipper said prior to starting up Vector hehad been involved in the health care field.
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