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Thursday, August 11, 2022

PetroGas Co (OTCMKTS: PTCO) Steady March Northbound For Texas Oil Miner

PetroGas Co (OTCMKTS: PTCO) is making a powerful run up the chart in recent weeks starting on February 8, the stock has been rising steadily averaging about $1 million in dollar volume per day and reaching a high of $8 per share.  PTCO started this week with a massive shakedown to lows in the mid $3s range before moving back over $5 and upwards from there. While the Company has not put out a press release the stock trades significant volume and has strong support with each new level reached.  

PTCO filed a 10QSB on January 14, showing little assets and just $600k in total liabilities. As of March 15, PTCO had just 1,007,903 free trading shares as the remaining 20,040,537 of the 21,048,440 OS is restricted. As per last filing the Company has not divested its 3 oil leases covering 714 acres situated in Atascosa and Frio Counties, Texas, located in the Eagle Ford Shale formation – the Jane Burns “C” (“Burns”), the Theo Rogers “C”, and the Theo Rogers “A” & “D” (“Rogers”) Leases. PetroGas acquired a 99.5% working interest (74.625% net revenue interest) in each lease. The Burns and Rogers Leases provide exploration and production opportunities in the Kyote Field pay zone, very near the Eagle Ford Shale play with access to available rig crews and other vendor-servicers, due to their close proximity to San Antonio, Texas. The Burns and Rogers Leases hold collectively seven (7) oil wells, but none of which are operating wells.  

PetroGas Co (OTCMKTS: PTCO) operating out of Houston, Texas is an oil and gas exploration and production company focused on the acquisition of properties in areas with significant oil reserves and drilling potential. The Company’s growth strategy includes the acquisition of oil fields from distressed third parties at a substantial discount to value, and development of fields whose potential has not been fully maximized. 

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PTCO

 

On June 12, 2015, the Company acquired three (3) producing leases covering 714 acres situated in Atascosa and Frio Counties, Texas, located in the Eagle Ford Shale formation – the Jane Burns “C” (“Burns”), the Theo Rogers “C”, and the Theo Rogers “A” & “D” (“Rogers”) Leases. PetroGas acquired a 99.5% working interest (74.625% net revenue interest) in each lease. The Burns and Rogers Leases provide exploration and production opportunities in the Kyote Field pay zone, very near the Eagle Ford Shale play with access to available rig crews and other vendor-servicers, due to their close proximity to San Antonio, Texas. The Burns and Rogers Leases hold collectively seven (7) oil wells, but none of which are operating wells. Although our company’s management and industry professionals believed at the time that they were acquired that our company could double or triple previous production on these wells, depressed oil prices indicate that the cost to bring these wells online an uneconomical venture. 

Microcapdaily reported on PTCO back in 2018 stating at the time: “Last year PetroGas announced it has acquired interests in oil and gas mineral rights in Terry County, Texas. The interests consist of a minority stake in two large sections of three different surveys in the county totaling 1,600 acres. Terry County has over 3,600 drilled wells with top producing operators including Apache Corporation and Exxon’s XTO Energy. Terry is a proven oil and gas production area…The Permian Basin is the largest petroleum-producing basin in the United States and has produced a cumulative 28.9 billion barrels of oil and 75 trillion cubic feet of gas. Currently, nearly 2.8 million barrels of oil a day are being pumped from the basin. It has been estimated by the EIA that the remaining content was 43 billion barrels of oil and 18 trillion cu. ft. of gas; however, some experts claim the content is much bigger than expected, half a trillion barrels or even 2 trillion barrels. Eighty percent of estimated reserves are located at less than 10,000-foot (3,000 m) depth.” 

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PTCO is making a powerful run up the chart in recent weeks starting on February 8, the stock has been rising steadily averaging about $1 million in dollar volume per day and reaching a high of $8 per share.  PTCO started this week with a massive shakedown to lows in the mid $3s range before moving back over $5 and upwards from there. While the Company has not put out a press release the stock trades significant volume and has strong support with each new level reached. PTCO filed a 10QSB on January 14, showing little assets and just $600k in total liabilities. As of March 15, PTCO had just 1,007,903 free trading shares as the remaining 20,040,537 of the 21,048,440 OS is restricted. As per last filing the Company has not divested its 3 oil leases covering 714 acres situated in Atascosa and Frio Counties, Texas, located in the Eagle Ford Shale formation – the Jane Burns “C” (“Burns”), the Theo Rogers “C”, and the Theo Rogers “A” & “D” (“Rogers”) Leases. PetroGas acquired a 99.5% working interest (74.625% net revenue interest) in each lease. The Burns and Rogers Leases provide exploration and production opportunities in the Kyote Field pay zone, very near the Eagle Ford Shale play with access to available rig crews and other vendor-servicers, due to their close proximity to San Antonio, Texas. The Burns and Rogers Leases hold collectively seven (7) oil wells, but none of which are operating wells. We will be updating on PTCO when more details emerge so make sure you are subscribed to Microcapdaily so you know what’s going on with PTCO.

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Disclosure: we hold no position in PTCO either long or short and we have not been compensated for this article

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