Loran Connection Corp (OTCMKTS:PTRA) aka PetroTerra Corp has continued to lose ground in recent weeks on growing volume. The stock popped big last month to a high of $1.75.
The promotion on PTRA was significant with a landing page established at newoilprofit.com from ”James L. Rapholz’ ECONOMIC ADVICE” with a preposterous $58 long term recommendation. The disclaimer is missing lots of information including how much XXXXXXXXXX, Ltd. paid James L. Rapholz’ ECONOMIC ADVICE.
PetroTerra Corp (OTCMKTS:PTRA) is an independent oil and gas exploration company based in Colorado Springs, Colorado. The Company is engaged in identifying, evaluating and developing early stage onshore oil and gas opportunities in the domestic US.
PTRA strategy is to focus on a step-by-step approach to evaluate assets that are located in high potential, proven basins and to then prudently develop and manage those assets to create maximum value for shareholders. The Company’s current focus is on the Sevier and Beaver Oil Project in west central Utah. The Company owns a 100% working interest and 80% net revenue interest in the project.
On February 25 PTRA announced it has completed the initial stages of its technical analysis at the Sevier Oil Prospect. The publicly available gravity and magnetic data reviewed in Phase One and the high-resolution gravity survey acquired through Phase Two have been analyzed and delivered to PetroTerra.
Phase One: Gravity and Magnetic AnalysisThompson Solutions LLC (“Thompson”) was engaged to process both the public domain gravity and aeromagnetic datasets that currently exist over the Sevier Prospect. Phase One of the project was completed in late 2014. Thompson also provided digitally enhanced files and maps which allowed the Company to focus on prospective trends and leads in the area. PetroTerra is now intending to proceed to the next phase of technical analysis in order to help explore the potential of hydrocarbon accumulations.
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Phase Two: High-Resolution Gravity Survey and Interpretation Magee Geophysical Services LLC (“Magee”) was engaged to conduct a proprietary, high-resolution gravity survey beginning in November 2014 and completed in December 2014. A total of 737 new gravity stations were acquired on a nominal quarter mile (400 Meter) grid. The new data was merged with the re-processed public domain data, which included 630 stations located in and around the main grid.
CEO John Barton said ”We are continuing to move forward with our step-by-step approach to identify potential drill sites, the data from both phases demonstrated the presence of a gravity anomaly at our Sevier Prospect and that it lies within the thrust belt structure trend. Our next steps will require working with geologic consulting firms to integrate the gravity and magnetic data with surface, subsurface well control and existing 2D seismic to develop a geologic model of the subsurface conditions that is not limited to just gravity and magnetic data.”
The promotional material found on newoilprofit.com is way over the top exclaiming ”777% gains or more in the great oil and gas stock explosion.” it goes on to say ridiculously that ”PTRA’s initial target could hold as much as $6.1 billion in yet to be tapped oil.”
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Currently trading at a $20 million market valuation PTRA has $4,487 in the treasury, no revenues to date and rising short term debt. But PTRA looks like promo here with an over the top landing page at newoilprofit.com already up and running. Short term PTRA could easily go way higher, long term the stock lacks fundamentals and could drop big once the promo dollars run dry. We will be updating on PTRA when more details emerge so make sure you are subscribed to Microcapdaily so you know what’s going on with PTRA.
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Disclosure: we hold no position in PTRA either long or short and we have not been compensated for this article.