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Just sold off a bunch of my other stocks that were doing absolutely nothing...nada...zilch...etc...and threw all the $ from them into GSR.v
May be a foolish mistake but what the heck...nothing been happening with anything I owned for longest time anyway. Best of luck to me and anyone else holding POP and GSR.
Starting vacation tonight and will hopefully be plesently surprised when I return.
GLTA!
Getting really boring watching this lately. Wish GSR would catch back up to POP.
NEWS!!!
Petro One Books Best Case Prospective Resource of 1.8 MMbbl Recoverable Oil
PrintAlert
Petro One Energy Corp (TSXV:POP)
Intraday Stock Chart
Today : Wednesday 14 May 2014
Petro One Books Best Case Prospective Resource of 1.8 MMbbl Recoverable Oil
VANCOUVER, BRITISH COLUMBIA--(Marketwired - May 13, 2014) - Petro One Energy Corp. (TSX-VENTURE:POP) (FRANKFURT:C6K1) is pleased to report that McDaniel and Associates Consultants Ltd. has provided an NI 51-101 prospective resource estimate of 2.48 MMbbl of recoverable oil high case (P90), 1.80 MMbbl bestcase (P50) and 1.125 MMbbl low case (P10) on its J5 Milton property, based on 45 horizontal drilling locations in the Viking. This is in addition to 124,800 bbl of proved plus probable reserves that were reported in last week's news release (May 8, 2014).
"We are very pleased to receive this evaluation of recoverable prospective resources in addition to the reserves on our Milton property", said Petro One President Peter Bryant. "Recent horizontal drilling in the newly discovered Marengo field 3.2 kilometres south of Petro One's J5 property has a 100% success rate, with three month initial production ranging up to 75.5 bopd, and averaging 56 bopd, and licenses for 13 new horizontal wells have recently been issued. McDaniel has identified 45 horizontal drill locations in 10 metre-thick Viking sand with strong oil show confirmed in core, and this bodes well for future production. Petro One's Milton property covers more than 2500 acres, and we look forward to developing this asset with the drill bit."
Pursuant to clause 5.9(2) of NI 51-101, Petro One advises that McDaniel and Associates Consultants Ltd. has consented to the disclosure of the reserves information contained in this news release and to disclosure of its identity as the qualified reserves evaluator having prepared the estimate of reserves, and has advised Petro One that:
i.the effective date of the estimate is April 30, 2014;
ii.the estimate was prepared by a qualified reserves evaluator; and
iii.the estimate was prepared in accordance with the COGE Handbook.
NATIONAL INSTRUMENT 51-101 DISCLOSURE
BOE means barrels of oil equivalent. It may be misleading, particularly if used in isolation. A BOE conversion ratio of 6 Mcf:1 bbl is based on an energy equivalency conversion method primarily applicable at the burner tip, and does not represent a value equivalency at the wellhead.
Oil production during a period is generally expressed in terms of "barrels per day", which indicates the total oil produced during a period divided by the number of hours that the well was in production during that period. "Barrels per day" is indicative of flow rate while a well is in production and does not mean that such well was in constant production during such period.
MMbbl means millions of barrels.
Prospective resources are those quantities of petroleum estimated, as of a given date, to be potentially recoverable from undiscovered accumulations by application of future development projects. Prospective resources have both an associated chance of discovery and a chance of development. Prospective resources are further subdivided in accordance with the level of certainty associated with recoverable estimates assuming their discovery and development and may be sub-classified based on project maturity.
Discovered Petroleum Initially-In-Place (equivalent to Discovered Resources) is that quantity of petroleum that is estimated, as of a given date, to be contained in known accumulations prior to production. The recoverable portion of Discovered Petroleum Initially-In-Place includes production, reserves, and contingent resources; the remainder of the volume is unrecoverable.
Undiscovered Petroleum Initially-In-Place (equivalent to Undiscovered Resources) is that quantity of petroleum that is estimated, on a given date, to be contained in accumulations yet to be discovered. The recoverable portion of Undiscovered Petroleum Initially-In-Place is referred to as Prospective Resources; the remainder is classified as unrecoverable.
The resource described in this document are Undiscovered Petroleum Initially-In-Place. Pursuant to s. 5.9(d)(v) of NI 51-101, the Company cautions that that there is no certainty that any portion of the resources will be discovered. If discovered, there is no certainty that it will be commercially viable to produce any portion of the resources.
Proved reserves are those reserves that can be estimated with a high degree of certainty to be recoverable. It is likely that the actual remaining quantities recovered will exceed the estimated proved reserves.
Probable reserves are those additional reserves that are less certain to be recovered than proved reserves. It is equally likely that the actual remaining quantities recovered will be greater or less than the sum of the estimated proved + probable reserves.
Possible reserves are those additional reserves that are less certain to be recovered than probable reserves. It is unlikely that the actual remaining quantities recovered will exceed the sum of the estimated proved plus probable plus possible reserves.
ON BEHALF OF THE BOARD
PETRO ONE ENERGY CORP.
Peter Bryant, President & Director
For further information, please visit the company's website at www.PetroOneEnergy.com, follow the Company's tweets at www.Twitter.com/PetroOneEnergy and contact Jeff Stuart of King James Capital Corporation, handling Investor Relations for the Company, by telephone at (604) 805 0375 or by email at jstuart@kingjamescapital.com.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward-Looking Statements
Certain statements contained herein constitute forward-looking statements or information (collectively "forward-looking statements") within the meaning of applicable securities legislation, including, but not limited to management's assessment of future plans and operations, including: drilling plans and potential locations; expected production levels; development plans; reserves growth; production and operating sales and expenses; reservoir characteristics; the results of applying certain operational development techniques; certain economic factors; and capital expenditures.
Forward looking statements are typically identified by words such as "anticipate", "estimate", "expect", "forecast", "may", "will", "project" and similar words suggesting future events or performance or may be identified by reference to a future date. In addition, statements relating to oil and gas reserves and resources are deemed to be forward-looking statements as they involve the implied assessment, based on certain estimates and assumptions, that the reserves or resources described, as the case may be, exist in the quantities predicted or estimated and can be profitably produced in the future. With respect to forward looking statements herein, the Company has made assumptions regarding, among other things; future capital expenditure levels; future oil and natural gas prices; ability to obtain equipment and services in a timely manner to carry out development activities; ability to market oil and natural gas successfully to current and new customers; the ability to obtain financing on acceptable terms; and the ability to add production and reserves through development and exploitation activities. Although the Company believes that the expectations reflected in the forward-looking statements contained herein, and the assumptions on which such forward-looking statements are made, are reasonable, there can be no assurance that such expectations will prove to be correct. Readers are cautioned not to place undue reliance on forward-looking statements included herein, as there can be no assurance that the plans, intentions or expectations upon which the forward-looking statements are based will occur. By their nature, forward-looking statements involve numerous risks and uncertainties that contribute to the possibility that the forward-looking statements will not occur, which may cause the Company's actual performance and financial results in future periods to differ materially from any estimates or projections. The forward-looking statements contained herein are made as of the date hereof. The Company does not undertake any obligation to, nor does it intend to, publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. The forward-looking statements contained herein are expressly qualified by this cautionary statement. In addition, readers are cautioned that historical results are not necessarily indicative of future performance.
King James Capital Corporation
Jeff Stuart
Investor Relations
(604) 805 0375
jstuart@kingjamescapital.com
Petro One Energy Corp.
604 566 9089
IR: 604 805 0375
www.PetroOneEnergy.com
http://Twitter.com/PetroOneEnergy
You are correct wang, it has found solid support. GSR.v has found it's support at .08 as well. I'm holding both and see GSR giving a better return once it does moves, JMHO but either way, both should move quite well once they do move. Good luck on your investments wang!
GO POP.v GO
GO GSR.v GO
GO *** GO
NEWS! Petro One Energy Corp. Warrants Extended
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Mar 4, 2014) - Petro One Energy Corp. (the "Company") (TSX-VENTURE:POP) (FRANKFURT:C6K1) reports that the TSX Venture Exchange has consented to the extension of the exercise term of 1,922,892 outstanding share purchase warrants by two years. The warrants were originally exercisable until March 15, 2014. Each warrant is now exercisable to purchase one common share for $0.80 at any time prior to 4:30 p.m. on March 15, 2016 subject to an accelerated expiry if the average closing price of the common share is $1.20 or higher for 20 consecutive days.
ON BEHALF OF THE BOARD
Peter Bryant, President & Director
For further information, please visit the company's website at PetroOneEnergy.com, follow the Company's tweets at Twitter.com/PetroOneEnergy.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Petro One Energy Corp.
604 566 9089 or Toll free: 877 566 9089
604 564 8003
www.PetroOneEnergy.com
King James Capital Corporation
Jeff Stuart
Investor Relations
(604) 805 0375
jstuart@kingjamescapital.com
NEWS!!!!
This morning new release.
Petro One and Goldstrike Announce Drill Results from SR-1
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Feb 24, 2014) - Petro One Energy Corp. (TSX-VENTURE:POP)(PINKSHEETS:CUDBF)(FRANKFURT:C6K1) and Goldstrike Resources Ltd. (TSX-VENTURE:GSR)(PINKSHEETS:APRAF)(FRANKFURT:KCG1) have completed drilling the first well of their joint venture announced on November 26, 2013 - the SR-1 vertical wildcat well at South Reston, Manitoba (5-17-6-26W1). Drilling encountered a large Waulsortian mound with a strong oil show in a 20 metre interval at the top of the Mississippian Lodgepole formation, which was the targeted formation. Cuttings from 790 to 810 metres drill depth had medium brown oil stain, vivid fluorescence and fluorescent cut, and emitted a strong petroliferous odor during sample wash. Parameters calculated by an independent petrophysicist for what he has indicated to be a newly discovered reservoir are 17 metres of indicated net pay, 10.34 per cent porosity, 50.89 per cent water saturation, and 0.63 mD permeability.
Due to the low permeability of the zone, Petro One's consulting geologists, engineers and petrophysicist have suggested that horizontal drilling will be necessary to recover oil from the zone encountered in the hole. The SR-1 well has been cased and left standing, and the companies are assessing their options.
ON BEHALF OF THE BOARD ON BEHALF OF THE BOARD
PETRO ONE ENERGY CORP. GOLDSTRIKE RESOURCES LTD.
"Peter Bryant" "Terrence E. King"
President & Director President & Director
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward-Looking Statements
Certain statements contained herein constitute forward-looking statements or information (collectively "forward-looking statements") within the meaning of applicable securities legislation, including, but not limited to management's assessment of future plans and operations, including: drilling plans and potential locations; expected production levels; development plans; reserves growth; production and operating sales and expenses; reservoir characteristics; the results of applying certain operational development techniques; certain economic factors; and capital expenditures.
Forward looking statements are typically identified by words such as "anticipate", "estimate", "expect", "forecast", "may", "will", "project" and similar words suggesting future events or performance or may be identified by reference to a future date. In addition, statements relating to oil and gas reserves and resources are deemed to be forward-looking statements as they involve the implied assessment, based on certain estimates and assumptions, that the reserves or resources described, as the case may be, exist in the quantities predicted or estimated and can be profitably produced in the future. With respect to forward looking statements herein, the Company has made assumptions regarding, among other things; future capital expenditure levels; future oil and natural gas prices; ability to obtain equipment and services in a timely manner to carry out development activities; ability to market oil and natural gas successfully to current and new customers; the ability to obtain financing on acceptable terms; and the ability to add production and reserves through development and exploitation activities. Although the Company believes that the expectations reflected in the forward-looking statements contained herein, and the assumptions on which such forward-looking statements are made, are reasonable, there can be no assurance that such expectations will prove to be correct. Readers are cautioned not to place undue reliance on forward-looking statements included herein, as there can be no assurance that the plans, intentions or expectations upon which the forward-looking statements are based will occur. By their nature, forward-looking statements involve numerous risks and uncertainties that contribute to the possibility that the forward-looking statements will not occur, which may cause the Company's actual performance and financial results in future periods to differ materially from any estimates or projections. The forward-looking statements contained herein are made as of the date hereof. The Company does not undertake any obligation to, nor does it intend to, publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. The forward-looking statements contained herein are expressly qualified by this cautionary statement. In addition, readers are cautioned that historical results are not necessarily indicative of future performance.
Investor Relations
King James Capital Corporation
Jeff Stuart
(604) 805 0375
jstuart@kingjamescapital.com
Petro One Energy Corp.
Telephone: 604 566 9089
IR: 604 805 0375
PetroOneEnergy.com
Twitter.com/PetroOneEnergy
Goldstrike Resources Ltd.
Telephone: 604 681 1820
IR: 604 805 0375
GoldStrikeResources.com
Twitter.com/GoldstrikeRes
Nice movement today. Hopefully we can continue moving up daily in the next short while to get back into at least the .20+ range to start.
GO GSR GO
GO POP GO
Now maybe we can get the HALT removed from GSR.V and get things moving.
More NEWS!!!! TSX Venture Exchange Conditionally Approves Petro One / Goldstrike Joint Venture
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Jan 9, 2014) - Goldstrike Resources Ltd. (TSX-VENTURE:GSR)(PINKSHEETS:APRAF)(FRANKFURT:KCG1) and Petro One Energy Corp. (TSX-VENTURE:POP)(PINKSHEETS:CUDBF)(FRANKFURT:C6K1) are pleased to report that the TSX Venture Exchange (the "TSXV") has conditionally approved Goldstrike's proposed joint venture with Petro One to drill a series of oil wells on leases controlled by Petro One in Southwestern Manitoba and Southeastern Saskatchewan.
Final approval will be subject to TSXV acceptance of the usual filings required under Policy 5.3, "Acquisitions and Dispositions of Non-cash Assets", including (i) a Geological Report on the South Reston property, where the first well is proposed to be drilled; (ii) a Financial Plan or other evidence that demonstrates that Goldstrike has or will have on closing the financial resources to close the transaction; and (iii) evidence of value supporting Goldstrike's proposed financial contribution to the joint venture. Follow-up submissions have been made in respect of those requirements.
The companies are also pleased to report that the Manitoba government has issued a drilling license for the first oil well (Well #SR1) proposed to be drilled at South Reston. The background to the proposed joint venture, the details of the drilling program and information on the South Reston, Kirkella and Milton properties are set out in the joint news release issued by the companies on November 26, 2013.
ON BEHALF OF THE BOARD
PETRO ONE ENERGY CORP.
"Peter Bryant"
President & Director ON BEHALF OF THE BOARD
GOLDSTRIKE RESOURCES LTD.
"Terrence E. King"
President & Director
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward-Looking Statements
Certain statements contained herein constitute forward-looking statements or information (collectively "forward-looking statements") within the meaning of applicable securities legislation, including, but not limited to management's assessment of future plans and operations, including: drilling plans and potential locations; expected production levels; development plans; reserves growth; production and operating sales and expenses; reservoir characteristics; the results of applying certain operational development techniques; certain economic factors; and capital expenditures.
Forward-looking statements are typically identified by words such as "anticipate", "estimate", "expect", "forecast", "may", "will", "project" and similar words suggesting future events or performance or may be identified by reference to a future date. In addition, statements relating to oil and gas reserves and resources are deemed to be forward-looking statements as they involve the implied assessment, based on certain estimates and assumptions, that the reserves or resources described, as the case may be, exist in the quantities predicted or estimated and can be profitably produced in the future. With respect to forward-looking statements herein, the Company has made assumptions regarding, among other things; future capital expenditure levels; future oil and natural gas prices; ability to obtain equipment and services in a timely manner to carry out development activities; ability to market oil and natural gas successfully to current and new customers; the ability to obtain financing on acceptable terms; and the ability to add production and reserves through development and exploitation activities. Although the Company believes that the expectations reflected in the forward-looking statements contained herein, and the assumptions on which such forward-looking statements are made, are reasonable, there can be no assurance that such expectations will prove to be correct. Readers are cautioned not to place undue reliance on forward-looking statements included herein, as there can be no assurance that the plans, intentions or expectations upon which the forward-looking statements are based will occur. By their nature, forward-looking statements involve numerous risks and uncertainties that contribute to the possibility that the forward-looking statements will not occur, which may cause the Company's actual performance and financial results in future periods to differ materially from any estimates or projections. The forward-looking statements contained herein are made as of the date hereof. The Company does not undertake any obligation to, nor does it intend to, publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. The forward-looking statements contained herein are expressly qualified by this cautionary statement. In addition, readers are cautioned that historical results are not necessarily indicative of future performance.
Investor Relations
King James Capital Corporation
Jeff Stuart
(604) 805 0375
jstuart@kingjamescapital.com
Petro One Energy Corp.
604 566 9089
604 564 8003 (FAX)
IR: 604 805 0375
PetroOneEnergy.com
Twitter.com/PetroOneEnergy
Goldstrike Resources Ltd.
604 681 1820
604 681 1864 (FAX)
IR: 604 805 0375
GoldStrikeResources.com
Twitter.com/GoldstrikeRes
NEWS!!!!
November 26, 2013 13:27 ET
Petro One and Goldstrike Announce Oil & Gas Drilling Joint Venture
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Nov. 26, 2013) - Petro One Energy Corp. (TSX VENTURE:POP)(PINKSHEETS:CUDBF)(FRANKFURT:C6K1) and Goldstrike Resources Ltd. (TSX VENTURE:GSR)(PINKSHEETS:APRAF)(FRANKFURT:KCG1) are pleased to announce plans for a joint venture to drill a series of oil wells on leases controlled by Petro One in Southwestern Manitoba and Southeastern Saskatchewan. The initial program will consist of up to three test wells to be drilled at South Reston, Kirkella and Milton, and the arrangement provides for a series of success contingent option wells thereafter.
Discussions for the proposed joint venture (the "JV") were initiated due to continuing poor market conditions for junior resource companies. Petro One's geological team has identified numerous highly prospective targets for oil wells on leases controlled by it, but management has been reluctant to turn to the equity markets in the current state, and has therefore focused on farm-outs and potential joint ventures as sources of non-dilutive financing to drill additional oil wells. Petro One has farmed out one property and sold another this year, and it is currently cash-flow positive (exclusive of exploration costs) due to the success of oil wells in the Milton and Bromhead areas of Saskatchewan. However, it will require additional funds to continue to explore and develop its properties, and, accordingly, is in discussions with a number of prospective partners. That business model has led to the proposed JV and a number of other opportunities which are currently the subject of ongoing discussions with third parties.
Background to the Joint Venture
Petro One has a significant investment in Goldstrike in the form of shares and warrants received as option payments on the Lucky Strike and BRC properties in Yukon. Consequently, success for Goldstrike means success for Petro One. When the concept of a JV between the companies was conceived, it quickly became clear that the potential benefit to both companies is considerable and that the downside is limited. While Petro One currently has approximately $900,000 in cash and is generating sufficient positive cash flow to pay its overhead, its available funds will not permit it to drill and complete the proposed additional wells in the near term. The proposed JV will permit Petro One and Goldstrike to drill at least two and possibly three oil wells by splitting drilling costs 50/50, sharing both the risk and potential reward.
For Goldstrike, the JV provides the potential to generate cash flow to sustain operations over the long term without resort to the equity markets. Goldstrike holds properties of significant merit in Yukon, the Plateau South property in particular, and has approximately $1,350,000 in cash. However, that amount will finance only a modest drilling program and management is concerned that if it spends its remaining cash reserves at Plateau South next summer, in the current market it will have difficulty raising the considerable funds needed to move the property to the next level without experiencing significant dilution. In the meantime, Goldstrike's cash reserves will continue to be eroded by overhead costs and it will have no news flow to attract investors. Goldstrike cannot afford to take that risk. Without access to additional funding or significant cash flow from the JV, Goldstrike almost certainly has to look at foregoing a program in 2014 and wait for the market to turn around.
The proposed JV is designed to give Goldstrike a real opportunity to become cash flow positive over the next several months, with potential for significant upside after that. If it is able to achieve financial self-sufficiency, Goldstrike will have the ability to wait out the market and finance its next program at Plateau South in the next year or so, hopefully at a much higher share price and or from potential cash flow from operations in Saskatchewan and/or Manitoba if the JV is successful. The Plateau South claims are currently in good standing with the Yukon Government until March 30, 2021 and 2022, and management is of the view that the prudent course of action is to suspend work there until market conditions improve or the JV results in significant positive cash flow. The JV does not represent a new direction for Goldstrike, but does provide it with the potential for near-term success, significant upside with 19 net drill locations, year round operations and news flow.
The Joint Venture Terms
Terms for the proposed JV are set out in a Letter of Intent ("LOI") settled between the companies on November 22, 2013, and reflect the significant investment made by Petro One in acquiring the three properties which are the subject of the JV and completing comprehensive geological programs on them. Those historic costs are in the range of $3,000,000 in the aggregate, and results of past work include two producing oil wells at Milton and the identification of highly prospective targets at South Reston and Kirkella where the National Instrument 51-101 ("NI 51-101") Report prepared for Petro One in 2010 allocated unrisked prospective resources of 233,000 barrels of oil ("bbl") to South Reston and 231,000 bbl to Kirkella (news release July 15, 2010).
The LOI provides that costs of drilling all test wells will be split 50/50 between the two companies, which reflects Petro One's confidence in the targets it has chosen. The LOI also provides that the costs of completing the first two test wells will be borne 100% by Goldstrike to bring its ultimate investment in the projects closer inline with Petro One's investment to date. The cost of each of those wells is estimated to be approximately $420,000 (drilling) and $440,000 (completion). Since the test wells will only be completed if drill stem tests and open hole core logging indicate significant potential for economic success, the majority of the risk will be shared by the two companies at the drilling stage. Drilling costs include costs of casing and cementing or abandonment, as circumstances dictate. Completion costs include cased hole logging and perforating, and production testing. Each company will have a 50% working interest in each completed well.
The Joint Venture Program
The JV program provides for an initial test well at South Reston (Well #SR1) as soon as regulatory approvals are received. If that well is successful, the companies will drill a second well at South Reston where 19 net drill locations have been identified on land controlled by Petro One. Goldstrike will have the option to participate in all of those wells subject to industry standard conditions. If the South Reston test well is not successful, the companies will move to Kirkella, where the potential for success is believed to be strong, but where there is space for only one well. If the Kirkella test well (Well #K1) is not successful, Goldstrike will have the right, but not the obligation, to participate in a well at Milton (Well #M1). If a well is drilled at Milton, which will only be the case if the first two wells are both abandoned and If Goldstrike exercises its option, all costs of drilling and completion will be shared 50/50 by Petro One and Goldstrike.
The wells are planned to be drilled that order because the potential for a big producer is greater at South Reston (with multiple targets) and Kirkella, while the potential for economic success at a more modest production rate has already been proven at Milton. The target formations are the Lodgepole (primary) and Tilston (secondary) at South Reston, the Lodgepole at Kirkella and the Lower Viking at Milton. There is also potential for Bakken and Success targets in some of the drill locations identified at Milton. An NI 51-101 report prepared for Petro One in 2011 credited the company with a prospective resource of 798,000 bbl in the shallow Middle Bakken sand located only 140 m below the Viking (news release November 14, 2011). However, if a Milton well is drilled by the JV, the principal focus will be on the target formation with the highest potential for economic success, and that will mean a focus on the Lower Viking target.The JV program may be summarized as follows:
1. Drill Well #SR1 and either:
(a) case and test Well #SR1, and:
(i) if initial production testing indicates a minimum of 30 bbl/day, Goldstrike will be obliged to complete that well and drill Well #SR2, with options to drill subsequent wells at South Reston; or
(ii) if initial production testing indicates a minimum of less than 30 bbl/day, Goldstrike will have the option of:
(A) completing Well #SR1; or
(B) capping/suspending Well #SR1 and drilling Well #K1 at Kirkella; or
(b) abandon it, in which case Goldstrike will be obliged to drill Well #K1 at Kirkella.
2. If the companies proceed to drill Well #K1, they will on completion of drilling either:
(a) case and test Well #K1, and:
(iii) if initial production testing indicates a minimum of 30 bbl/day, Goldstrike will be obliged to complete Well #K1 and have the option to also complete Well #SR2 (by Oct. 15, 2014) if it has been suspended; or
(iv) if initial production testing of Well #K1 indicates a minimum of less than 30 bbl/day, Goldstrike will have the option of:
(A) completing Well #K1; or
(B) capping/suspending Well #K1 and completing Well #SR1; or
(C) capping/suspending Well #K1 and drilling a well at Milton; or
(b) abandon Well #K1, in which case Goldstrike will have the option to:
(i) go back and complete Well #SR1 (by Oct. 15, 2014) if it has been suspended; or
(ii) drill a well at Milton.
3. If the companies proceed to drill Well #M1, they will on completion of drilling either complete the well or abandon it.
Financial Aspects of the Joint Venture
Goldstrike will earn its interest on a well by well basis. If Goldstrike fails to complete any well, it earns no interest in that well. The LOI also provides for a $50,000 payment by Goldstrike to Petro One prior to commencement of Well #SR1 to partially reimburse Petro One for expenses incurred at South Reston. That payment will be refunded to Goldstrike (or applied to Goldstrike's share of costs for a Milton well) if Goldstrike spuds a well on section 22 (Milton) by October 31, 2014 or Goldstrike cannot spud a well on section 22 because Petro One has farmed out rights to such a well to a third party. The LOI also provides that Goldstrike will not be obligated to make any more option payments in respect of the Lucky Strike and BRC mineral claims, but will be deemed to have earned its interest in those two properties as of the rig release date for the second well drilled as part of the JV. In any event, the time for making option payment otherwise due on November 1, 2013 to maintain Goldstrike's option on the BRC property has been extended to November 1, 2016 due to current market conditions.
The respective costs of the JV participants are summarized in the following tables:
I. Costs Allocation Assuming Completion of Two Wells at South Reston or One Well at South Reston and One Well at Kirkella:
Property Petro One Goldstrike
Costs Reimbursement to N/A $50,000
Petro One:
South Reston: Well #SR1 Drilling $210,000 Drilling $210,000
Testing* N/A Testing* $40,000
Completion N/A Completion $400,000
South Reston: Well #SR2 Geophysics, etc. N/A Geophysics, etc. $100,000
OR Drilling $210,000 Drilling $210,000
Kirkella: Well #K1 Testing* N/A Testing* $40,000
Completion N/A Completion $400,000
Total: $420,000 $1,450,000
II. Costs Allocation Assuming Abandonment of all Three Wells:
Property Petro One Goldstrike
Reimbursement N/A $50,000
Payment to Petro
One:
South Reston Drilling/Abandonment $210,000 Drilling/Abandonment* $210,000
Testing N/A Testing $40,000
Kirkella Drilling/Abandonment $210,000 Drilling/Abandonment* $210,000
Testing N/A Testing $40,000
Milton (Optional) Drilling/Abandonment $210,000 Drilling/Abandonment* $210,000
(All Costs 50/50) Testing $20,000 Testing $20,000
Total Excluding $420,000 $550,000
Milton:
Total Including $650,000 $730,000
Milton:
Other Matters Pertaining to the Joint Venture
Petro One will be Operator of the JV. No fees will be charged by Petro One for managing the drilling and completion phases of any program, but a project management fee of 15% will be charged by Petro One after completion of any well. The costs set out in this release are estimates only, but are considered reliable as they are based on Petro One's experience in the area and analysis by its independent engineering consultant. Accordingly, Goldstrike's obligation in respect of any drilling and completion cost overruns associated with any well will be capped at 120% of its estimated share of costs. Goldstrike's earned interest in each well will be from surface to the base of the producing formation, in all a cases subject to government royalties and the gross overriding royalty payable to previous owners (see MD&A). The benefit of all royalty holidays will also be shared ratably.
Conditions Precedent to Commencement of the Joint Venture
Goldstrike's obligation to proceed with the JV is subject to execution and delivery of a definitive agreement acceptable to Goldstrike and completion of due diligence to its satisfaction by November 30, 2013. Petro One's comprehensive geological analysis and seismic and other surveys have been provided to Goldstrike's independent geologist carrying out due diligence for Goldstrike. There can be no assurance that the JV or any other financial arrangement for drilling Petro One properties will be concluded.
The proposed JV is subject to acceptance of required filings by the TSX Venture Exchange, and will constitute a Fundamental Acquisition by Goldstrike under the Policies of the Exchange. Petro One and Goldstrike have one director in common. However, the proposed JV will not be a Related Party Transaction under Multilateral Instrument 61-101. Further developments will be announced as they occur.
Goldstrike's Ron Stack Wins Prospector of the Year Award for Plateau South Gold Discovery
Goldstrike also takes this opportunity to report that the 2013 Yukon Prospector of the Year Award went to Ron Stack for his discovery of the "Goldbank Trend" on Goldstrike's Plateau South property. Goldstrike recognized the importance of Ron's contribution to the project, when it named the "Ron Stack Zone" in his honour. Ron has been a valued member of Goldstrike's field team. The Award was presented to Ron at the 41st Yukon Geo-Science Forum Awards Banquet. Congratulations Ron.
National Instrument 51-101 Disclosure
BOE means barrels of oil equivalent. It may be misleading, particularly if used in isolation. A BOE conversion ratio of 6 Mcf:1 bbl is based on an energy equivalency conversion method primarily applicable at the burner tip, and does not represent a value equivalency at the wellhead.
Oil production during a period is generally expressed in terms of "barrels per day" ("bbl" or "BBL"), which indicates the total oil produced during a period divided by the number of hours that the well was in production during that period. "Barrels per day" is indicative of flow rate while a well is in production and does not mean that such well was in constant production during such period.
Proved reserves are those reserves that can be estimated with a high degree of certainty to be recoverable. It is likely that the actual remaining quantities recovered will exceed the estimated proved reserves.
Probable reserves are those additional reserves that are less certain to be recovered than proved reserves. It is equally likely that the actual remaining quantities recovered will be greater or less than the sum of the estimated proved plus probable reserves.
Possible reserves are those additional reserves that are less certain to be recovered than probable reserves. There is a 10% probability that the quantities actually recovered will equal or exceed the sum of proved plus probable plus possible reserves.
Prospective resources described in report and in this document are "undiscovered resources" as defined in the Canadian Oil and Gas Evaluation Handbook. Undiscovered resources are defined as those quantities of oil and gas estimated on a given date to be contained in accumulations yet to be discovered. The estimates of the potentially recoverable portions of undiscovered resources are classified as prospective resources. Prospective resources are defined as those quantities of oil and gas estimated on a given date to be potentially recoverable from undiscovered accumulations. They are technically viable and economic to recover. Pursuant to s. 5.9(d)(v) of NI 51-101, the Company cautions that that there is no certainty that any portion of the resource will be discovered. If discovered, there is no certainty that it will be commercially viable to produce any portion of the resource.
The estimates in this release have been prepared by independent qualified reserves evaluators in the form of reports under National Instrument 51-101 ("NI 51-101") in accordance with the Canadian Oil and Gas Evaluation Handbook. The reserves evaluators having prepared the reports have consented in writing to the disclosure of information derived from the reports and set out herein.
Pursuant to s. 5.2 of NI 51-101, the Company advises that the estimates have been made assuming the development of the referenced properties will occur, without regard to the likely availability to the Company of funding required for that development.
ON BEHALF OF THE BOARD
PETRO ONE ENERGY CORP.
Peter Bryant, President & Director
ON BEHALF OF THE BOARD
GOLDSTRIKE RESOURCES LTD.
Terrence E. King, President & Director
For further information, please visit the companies' websites, follow the companies's tweets or contact the Jeff Stuart of King James Capital Corporation, handling Investor Relations for the Company, by telephone at (604) 805 0375 or by email at jstuart@kingjamescapital.com.
Read more at http://www.stockhouse.com/companies/bullboard/v.gsr/goldstrike-resources-ltd?postid=21942906#dWHwmx61ZzIH45EX.99
Going to be a long winter I see. ZZZZZZZZZZzzzzzzzzzzzzzzzzzz
NEWS! Petro One Credited with 100,000 BBL of NI 51-101 Reserves
ih.advfn.com/p.php?pid=nmona&article=58133998&symbol=TSXV:POP
Personally and my honest opinion...I say a big yes!
GSR had a nice little run yesterday and the 2 seem to mimic each other within a few days of each other it seems. I have both POP and GSR in my portfolio. I actually just picked up 25K of shares in GSR last week @ .23 and sold 10K yesterday @ .30
I picked up more POP yesterday @ .18 and am hoping to see it have a "POP" of its own soon too.
Will buy back more GSR today as well if I can get some for around the .24 area.
Been playing these 2 stocks back and forth for the past few years and have made a few $. Hopefully now that I have a larger position in both that they both do well sooner than later.
Not saying to invest in any of these 2 stocks I mentioned but so far they have worked out for me.
GLTY!
Any upside to buying into this stock? Seems sleepy - but that's when I like to get in, before it wakes up.
POP News: J10 Bromhead Well Averages 107 BOPD
Petro One Energy Corp. (TSX VENTURE:POP)(PINKSHEETS:CUDBF)(FRANKFURT:C6K1) is
pleased to report that the Frobisher well recently drilled by its farmout
partner at Bromhead, Saskatchewan averaged 107 bopd and produced 5,883 barrels
of light oil during its first 1320 hours (55 days) of production.
"Based on the excellent oil volumes recorded thus far, this new well should
substantially increase Petro One's cash flow and daily oil production, and add
significantly to the Company's reserve base," said Petro One President Peter
Bryant. "Petro One is encouraged by the prolific, long term production that has
been demonstrated by producers in the immediate area in the Frobisher. We look
forward to the potential development of the remaining sections of the 100%
controlled J10 property."
As a result of drilling and completing the Bromhead well, as discussed in the
Company's January 21, 2013 news release, the farmee has earned a 100% working
interest in the Bromhead well spacing unit (2 LSDs - 80 acres) subject to a 10%
GORR that Petro One has the option to convert to a 30% working interest
following payout. Another prime horizontal development drilling location is
indicated on the two earned LSDs west of the discovery well. If the farmee
drills this location in future, Petro One will benefit from the same 10% GORR
or, if it has exercised its conversion option, be entitled to a 30% working
interest. The farmee has elected not to exercise its continuing option on other
Petro One land at J10 at this time, so Petro One retains its 100% interest in
the remaining 87.5% of the Bromhead property (14 LSDs - 560 acres). The
Company's geological team is of the view that the correlation between seismic
tests, other data and the strong results of the first well indicate that
multiple prime drilling locations remain on the 100% controlled Petro One land.
The new Bromhead well is producing oil from the Frobisher Beds, a porous
limestone unit that is widespread in southeast Saskatchewan. The Frobisher is
being extensively developed with horizontal drilling in many areas, resulting in
long-lived production at good rates. Limited Frobisher drilling has been done in
the J10 area to date, but a former vertical Frobisher producer 220 metres
downdip from the property yielded more than 100,000 bbl of oil from the
Frobisher with a one month IP of 95.6 bopd, as well as more than 407,000 bbl of
oil from the overlying Midale Beds, with a one month IP of 146 bopd. The oil in
this former producer is light, with an API gravity of 28.1.
Petro One looks forward to releasing the three month IP rates, and updated
reserve status as soon as they become available.
NATIONAL INSTRUMENT 51-101 DISCLOSURE
Oil production during a period is generally expressed in terms of "barrels per
day" or "BOPD", which indicates the total oil produced during a period divided
by the number of hours that the well was in production during that period.
"Barrels per day" is indicative of flow rate while a well is in production and
does not mean that such well was in constant production during such period.
ON BEHALF OF THE BOARD
Peter Bryant, President & Director
For further information, please visit the company's website at
PetroOneEnergy.com and follow the Company's tweets at
Twitter.com/PetroOneEnergy.
FOR FURTHER INFORMATION PLEASE CONTACT:
King James Capital Corporation
Jeff Stuart
Investor Relations
(604) 805 0375
jstuart@kingjamescapital.com
I-BOX updated to include GSR.v charts.
Nice to finally see some movement with GSR.
MERRY CHRISTMAS! Safe and happy holidays everyone!
WOW! A 1.5 mil block of GSR.v just went through.
GSR looking good now. Indicators are positive. Can't say the same for POP. Loaded up on GSR the other day. Ready for any kind of mini run. GLTA
NEWS!!!!
Goldstrike Resources Ltd. (TSX VENTURE:GSR) (PINKSHEETS:APRAF) (FRANKFURT:KCG1)
is pleased to report a fire assay of 9.92 grams per tonne gold, in a grab sample
of decomposed bedrock from its Solomon's Summit property, located in the Selwyn
Basin, 160km northeast of Ross River, Yukon. The high grade sample was taken in
an area of limited outcrop from a north-south mineralized structure that has
been traced on the ground for 400 metres and remains open. A total of five rock
grab samples that include quartz vein material and breccia have now been taken
from exposed bedrock along a 10 metre gold mineralized segment of the same
structure that is drill ready and remains open. New assays from this segment
include 9.92 grams per tonne gold, 8.7 grams per tonne, 2.78 grams per tonne
gold, and 1.8 grams per tonne gold, in addition to 5.3 grams per tonne gold
reported in the Company's November 2, 2011 news release. This gold-mineralized
zone was discovered by Goldstrike's team in the summer of 2011 on a ridge known
as Solomon's Summit, and cuts calcareous sandstone, limestone, limestone
breccia, and siltstone. The gold shows a close spatial association with
pathfinder elements arsenic, antimony, mercury, and thallium.
A strong multi-element geochemical anomaly 2,000 metres long, and up to 800
metres wide, extends northwest along Solomon's Summit, and remains open. This
geochemical anomaly coincides with the hinge zone of a northwest-plunging fold
mapped by government in lower Hyland Group clastic and calcareous sediments,
below a cap rock of maroon and green shale typical of the Upper Hyland Group. A
rock grab sample taken close to the trace of the fold hinge 1 kilometre
northwest of the main showing area assayed 1.4 grams per tonne gold. A total of
88 anomalous soil samples taken along the ridge contained between 25 and 100
parts per billion gold, and 15 soil samples returned values between 100 and
500.8 parts per billion gold.
The gold anomaly on Solomon's Summit covers a large area with limited outcrop
with high grade bedrock samples taken to date of 5.3, 8.7 and 9.92 grams per
tonne gold within a well defined gold mineralized structure that remains open.
The geological age, host lithology, structure, and geochemistry resemble ATAC's
recent description of its Conrad zone, and Goldstrike's team believes Solomon's
Summit has many indicators for a significant new gold discovery. Trenching and
diamond drilling is planned.
A total of 140 rock grab samples, 235 soil samples, and 4 silt samples were
collected on the Summit property in 2012. Rock samples ranged from below
detection level to 9.92 grams per tonne, soil samples ranged from below
detection level to 508.2 parts per billion, and silt samples ranged from below
detection level to 29.4 parts per billion. There are no samples outstanding.
To view the figure associated with this press release, please visit the
following link: http://media3.marketwire.com/docs/SOLOMON-SUMMIT.jpg
LUCKY STRIKE PROPERTY (WHITE GOLD DISTRICT, YUKON)
GOLDSTRIKE SAMPLES 41.687 GRAMS PER TONNE GOLD (1.216 OUNCES PER TON GOLD) ON
410 METRE GOLD MINERALIZED STRUCTURE THAT REMAINS OPEN
Goldstrike has just received fire assay results of 41.687 grams per tonne (1.216
ounces per ton) gold from a rock grab sample taken from bedrock on its Lucky
Strike property, Yukon. The high grade sample was taken along a gold-mineralized
structure that trends east-northeast for 410 metres and remains open. This new
discovery has been named "Lucky Shot". The Lucky Shot structure was discovered
by follow up prospecting of strong gold in soil anomalies .The structure was
traced in an area of little outcrop using high resolution ground geophysics that
confirms it passes through the mineralized outcrop and beyond. The Lucky Strike
property contains widespread gold soil anomalies over a 7 kilometre strike
length, returning values up to 703.7 parts per billion gold to date. These gold
anomalies coupled with high resolution airborne geophysics indicate excellent
potential for additional gold-mineralized structures to be discovered on the
property.
The Lucky Strike property is located in the heart of the White Gold District. It
is contiguous with the Kinross Golden Saddle property, 12 kilometres
south-southeast of Comstock's QV property, and 30 kilometres north-northeast of
Kaminak's Coffee Creek property. The gold-mineralized Lucky Shot structure has
the same east-northeast orientation reported for the Golden Saddle deposit, as
well as Comstock's recently announced trench intersections (3.31 grams per tonne
gold over 95 metres, and 3.74 grams per tonne gold over 75 metres), and many of
the main mineralized zones at Coffee Creek.
The new 41.687 gram per tonne (1.216 ounces per ton) gold sample consists of
sheared, brecciated felsic schist, with strong silica, sericite, and pyrite
alteration and contains finely disseminated dark grey sulphides. The assay
record shows elevated values of silver, molybdenum, antimony, lead, and arsenic,
all of which are also reported to be anomalous on the Golden Saddle property
(Underworld Resources NI43-101 Report).
Goldstrike is very excited to have already established such a strong drill
target in exposed highly gold-mineralized bedrock on the Lucky Shot structure.
The host rock, gold mineralization, geochemistry, and structure closely
resembling those on the Kaminak, Kinross, and Comstock properties. The Company
looks forward to a program of additional high resolution ground geophysics and
trenching, in order to define the full lateral extent of this new gold
mineralized structure, and a drill program to define the full geometry of the
gold mineralization to depth and along strike. The company is also planning a
program of follow up prospecting on multiple gold soil anomalies along a 7 km
strike.
A total of 37 rock grab samples, 44 soil samples, and 2 silt samples were
collected on the Lucky Strike property in 2012. Rock grab sample assays ranged
from below detection level to 41.687 grams per tonne, soil samples ranged from
below detection level to 71.2 parts per billion, and the silt samples ranged
from below detection level to 7.2 parts per billion. Assay results for 5 soil
and no rock samples remain outstanding.
Big One Property, Yukon
Fifty-one follow-up soil samples taken on Goldstrike's Big One property in 2012
have returned values ranging from 1 to 400.8 parts per billion gold, including
four samples that returned 76.9, 99.3, 237.2 and 400.8 parts per billion gold,
and two others that were also over 50 parts per billion. Rock samples returned
values ranging from below detection level to 0.34 grams per tonne gold. The new
samples were taken over a soil anomaly that was discovered by first pass
exploration in 2011.
The Big One property is located 15 kilometres southeast of Solomon's Summit, and
covers a series of northwest trending folds in a sedimentary sequence of
sandstone, grit, quartz pebble and lithic conglomerate, shale, phyllite,
limestone, and quartzite that show varying amounts of hydrothermal alteration,
silicification, quartz veining, and stockworks. Sulphides are mainly
disseminated pyrite, arsenopyrite, pyrrhotite, galena, and stibnite. This
geological setting closely resembles that seen on Goldstrike's Plateau and
Summit properties, and the silicified sedimentary units seen at Big One are
considered highly prospective because of their lateral extent. A tight spaced
soil grid and mapping is planned for follow up.
Goldstrike looks forward to receiving drill results from its flagship Plateau
property in the immediate future. Based on overall results from the 2012 season,
the Company is planning an aggressive exploration program including trenching
and diamond drilling on the Plateau, Lucky Strike and Summit properties.
The Company is also pleased to report it has accepted an invitation to speak on
its Selwyn Basin prospects at the Yukon Geoscience Forum, to be held in
Whitehorse November 18 to November 21.
Sample analysis and assaying for all of Goldstrike's projects are being
conducted by Acme Analytical Laboratories Ltd in Vancouver, BC and AGAT
Laboratories Limited in Mississauga, Ontario, both of which are ISO 9001
accredited. Soil samples are dried at 60 degrees C, reduced to 100 grams, and
sieved to -80 mesh. A 15 gram charge is then dissolved with a 1:1:1 aqua regia
digestion, and analyzed by a 72-element combination ICP-MS and ICP-AES package
that includes gold. Rock samples are crushed, split, and 250 gram samples are
sieved to 200 mesh. 30 gram charges are then assayed for gold using fire assay
fusion and ICP-ES, and in addition, 0.5 mg charges are dissolved with a 1:1:1
aqua regia digestion, and analyzed by 37-element ICP-MS that also includes gold.
Rigorous procedures are in place regarding sample collection, chain of custody
and data entry. Certified assay standards, duplicate samples and blanks are
routinely inserted into the sample stream to ensure integrity of the assay
process.
Note: Grab samples are selective by nature, and are unlikely to represent
average grades on the property.
Trevor J. Bremner, P. Geo., Senior Consulting Geologist and Advisor to
Goldstrike's Board, is a qualified person, as defined by National Instrument
43-101, for Goldstrike's Yukon exploration projects and supervised the
preparation of the technical information in this release.
For more detailed new information and maps on Summit and Lucky Strike
properties, see Goldstrike's web site at GoldstrikeResources.com.
ON BEHALF OF THE BOARD
Terrence E. King
President and Chief Executive Officer
For further information, please visit Goldstrike's website at
GoldstrikeResources.com and follow the Company's tweets at
Twitter.com/GoldstrikeRes.
Setting up nicely.
Earnings out on Tuesday the 28th.
Holding tight till then GLTA!
Looks like GSR hit a pay zone drilling to continue.
Petro is starting to make a break out just need a news release
or an update to get the wheels in motion.
Also if anyone is reading these post keep an eye on XOP on the venture.
A deal with Exxon mobile is going to be announced for block 13 in
Liberia.
Exxon- Mobil acquiring 70 percent and COPL 30 percent of said block.
I am hoping my timing is on the money in these plays.
GLTA!
Sold Jag to buy all I can of POP
Should explode soon.
I am all in this one.
Looks like Aug 28th is D day.
Holding tight.
GLTA!!!
Need to get the charts and intro updated.
Fair bit of volume today. I can see a pop happening soon, but don't know if this will signal a change in direction or not. I'm looking for at least hitting .3 soon. JMHO though.
Good luck to anyone still in this. Me, just holding very small position now. Sold off most of my shares back at .67 and bought into GSR. That fell quite a bit since I bought into it but at least it's holding its own for now.
Heading towards the 2 year low at this rate.
This sure isn't doing as well as most had hoped. May need to make some changes to the board soon.
Really thought this would keep it's momentum going after it finally moved after such a long time of nothingness.
Getting a bit more volume lately. That's a good sign.
Been long while since posting but been quite sick as of late. Been recovering from heart problems (finally got a diagnosis after spending months of going in and out of ER). Doctors thought I had everything else but heart problems. They almost killed me with trying to cure me for everything else but what the actual problem was. Good thing I have a lot of patience and good REAL GOOD sense of humor.
Need something to get this going again.
Mostly selling happening now.
Double bottom in.
can you for the life of yourself,,,,maybe give me a theory as to why this is going south,,,,on such 'good' news about the new oil find?
is the company in debt,,and needs 'cash' for equipment etc?
what do you think,,,and would you buy more...now since it's this much cheaper?
Wow !!!! Goldstrike hits it BIG......
Today's PR says asseys at 18.5 grams per ton. And the claim is right where I said it would be..... just north/east of Underworld (between them and ATAC....... (see my earlier post). This is 4 times what Underworld averaged. ATAC topped out at $9.00+ pps at it's height (although having dropped after the market crash).
There is the usual sell off after a great PR for what ever reason.... but after it stabilizes, it should climb like a chinese rocket)...
We're in the money, we're in the money.......
I am impressed POP has held the pps fairly well considering the lack of volume and the bid/ask spread. With nothing but good news coming from the additional wells coming on line, I am curious why so many are dumping at bid instead of waiting for the buyers to come to them. People buy a stock for only one reason, but sell for a multitude of reasons (fear in the market for one).
I do wish they would keep up the interest with more press releases to increase the dismal volume.
I am invested in about a dozen jr mining companies (gold) who seem to be lazy this year (last couple of years). I plan on getting out of all of them by end of year (tax deduction) save only two companies.... POP and GSR.......
I may exchange the money into more of these guys (IF they start creating more market interest with more PR's)......
No news is NOT good news in some cases......
.
.
For those that come here to read about the two sisters POP and GSR, there are two good boards running over at stockhouse with good DD.
I attempted to get some chatter going here, but not enough back and forth.
These are two significant stories.
Welcome, expect a steady rise this week in anticipation of significant news late in the week or first of following. News will outline six cased wells, flow rates, and from that we will see revenues. Most of the sellers have left the building, and the stock has consolidated nicely here.
This next leg up could be interesting with such a small float.
hi guys i am new to this site,but not new to stocks,rough time lately,anyway,i will stick to my guns,i have petro one energy,and a lot of it,from what i read on it,it should go up but when lol.
Petro One Market Commentary
I have been doing my best to simply observe and record the poaching on POP over the past few days, and now it is time for a report!
A quick snapshot of the last 10 trades speaks 1000 words. This is a textbook case of cycling. The best thing to do is simply sit on your hands or buy alongside at the bottom edge and sit on what you get.
Recent Trades - Last 10 of 212
THESE DO NOT PASTE WELL....GO TO STOCKHOUSE TO SEE FULL POST
POP’s bid last week was very strong and rallied all the way through a sullen market. Millions of shares traded hands and the stock moved up smartly. There’s no way that was retail money, it was sophisticates with deep pockets.
Today’s POP market smacks of the same, in reverse. The trades shown above are miniscule in terms of volume and dollars. However, because the stock is so tight, and retail investors remain jittery, it is a great time to “shake the tree”. As we see above, 8400 shares changed hands between the same parties at an average price of $1.52. That’s about $12,768. The loss on these trades was about .06 cents per trade. This represents a total dollar loss between these players of *ahem* $500 bucks, a meaninglessly small number to any power player (!)
The gambit is real simple: Retail investors look at L1 on Stockhouse or their E*trade account, see the stock is down a few pennies over a few days (never mind the massive run-up on large volume last week) and they fret, put in stop losses, and / or sell. This is the idea environment for powerful players, with a much higher degree of sophistication and professional traders to come in and accumulate what they want, at the price point they want.
Pros want stock as cheap as they can to sell as high as they can. If they wanted the stock last week, they had to buy it through us. This sure isn’t their preferred method. Folks, they’re here to make money, not help you. They don’t mind sacrificing a few hundred bucks to get you to flee. When this is going on, we need to stand strong like a crack Civil War Era brigade: Either hold the line, or better yet—advance in lockstep. Don’t let them scatter you.
You are all being tested right now. They want to know if you have guts. They want to see if you have conviction.
If you do, the best thing to do is sit on your hands or buy along the bottom edge. If you are waffling, call the company and read the corporate presentation and make up your mind. And if you can’t hack it, get your jacket, so the bold can march forward together.
Petro One Oil Exploration and Development Update
WTI oil is $84 / BBL and POP’s costs are projected to be $4 /BBL. The news of July 28, 2011 clearly states that POP has at least 6 more targets in addition to the discovery well that have as much or greater potential than the discovery well. That suggests a potential 7 wells with of at least the same quality.
EVERYBODY KNOWS THEY HAVE AT LEAST 3 WELLS CASED ON J5 RIGHT NOW AS THIS HAS BEEN FULLY DISCLOSED BY SASKATCHEWAN GOVERNMENT, AND PETRO ONE IS WORKING ON MANY MORE.
POP wouldn’t case a well unless it is going to drive significant cashflowing production. News is of course coming soon.
So let’s do the math:
3 wells * 60 BOE / day = 180 BOE / day
180 BOE / day * $80 BBL profit = $14,400 revenue / day
$14,400 * 30 days = $432,000 revenue / month
$432,000 * 12 = $5,184,000 annual revenue
*AND THIS IS IF POP NEVER FINDS ANYTHING EVER AGAIN ON J5 OR ANY OF THEIR REMAINING 17 SECTIONS OF LAND, EACH WITH 16 WELL POTENTIAL*
How many juniors ever achieve revenue like this, let alone within months of getting started on their very first drill program?
GSR Deals and News Update
Yesterday, GSR announced that they believe they are about to drill on what could be another Coffee Creek. Petro One has a 30% carried interest in this property and millions of shares in GSR on this deal. Best of all POP paid nothing for this project, and will pay nothing to advance it. Clearly, POP’s management has a strong eye for value and knows how to crystallize it. The GSR deals have already meant about $9 million dollars of cash and shares to the bottom line at no cost to POP. Let’s do the math on this one too:
Lucky Strike Claims 70% optioned to GSR:
· Petro One receives $500K cash, 2 million common shares of GSR on closing, 5 million common shares over 5 years, and 4 million warrants @ .25 more over a five year period.
BRC Claims 100% optioned to GSR:
· Petro one receives 2 million common shares of GSR and 3 million warrants @ .70 on closing, with another 1 million shares and 3 million warrants @ .70 in November 2012.
Most conservative total value of Yukon deal with GSR at today’s stock price:
· $500,000 cash
· 10M shares @ .70 cents = $7,000,000
· 4M warrants @ .25 is =.45 cents residual value * 4M = $1,800,000
= $9,300,000
Setting the $9.3M dollar current value aside, the sum total of these two transactions is $500K cash and 20 million shares of GSR at end of the 5-year period.
GSR has 24 excellent Gold projects in every major exploration camp in the Yukon. They will be actively drilling on all key targets this season. We are now in an environment of $1850 Gold. Just imagine if they hit on POP’s grounds—or any of their other targets, for that matter.
Fundamental Investment Case Update
The Saskatchewan Government has telegraphed POP has been successful on at least 3 more wells on J5. News is certainly pending on these wells. If the independent experts at Chapman are right, and I expect they are, then it is likely Petro One could soon be driving nearly half a million dollars a month cash flow from these 3 wells alone. This is an excellent accomplishment in such a short period of time and I cannot recall when I have seen a junior oil company advance so efficiently and quickly.
At the same time, Petro One’s Yukon Gold claims, optioned to GSR are the closest claims to the Underworld / Kinross Golden Saddle discovery, with all the geological and structural earmarks of significant deposits, now confirmed by the news of significant Gold numbers in silicified schist, taken from felsenmeer, which is precisely how Coffee Creek got started. Risks and costs associated with Yukon Gold exploration have been divested to the experts at GSR in exchange for bare-minimum $9 million dollars value, and a 30% carried interest. GSR is well funded and already executing a significant exploration program.
I restate Petro One Energy as my number one pick. Anyone who gets bumped off it at this time does so at the peril of their portfolio!
Happy hunting,
James Hudson, AlphaFlight Portfolios Inc.
Seriously, you really live it up in the summer....:)
Glad you are on the mend, solid news on GSR and POP yesterday, so I envision you having a great fall....
Sounds good my friend. Once I have the time I will try and update this board to include GSR.
Feeling great today but am off to the hospital shortly for a few more tests. This is the first day in 2 months that I feel fantastic. I have been noticing over the last couple of days that I was not feeling as bad as I had been and have actually slept through the night last 2 nights. I think I am on the rebound... and fast I might add. Saw the Dr. the other day and told him I think I'm on the mend and he said impossible to be feeling better this fast. LOL. Last 2 months I developed and had the following:
Asthma, bronchitis, pneumonia, issues with electrolytes, mild heart attack and found out that my heart is now enlarged with fluid around it and in and around my lungs. Specialists have a bunch of test lined up to figure things out but as I said I think I’m almost cured. Guess I’ll find out after the tests are done.
Sorry to rant but can’t help it since I feel so good. Anyhow, better get going to the hospital for my next set of tests.
Later!
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Corporate Office and Administrative Office (Rouyn-Noranda) | |
Address: | 101-A Avenue Principale Suite 200 Rouyn-Noranda, Quebec J9X 4P1 Canada |
Telephone: | (819) 797-4354 |
Fax: | (819) 797-2454 |
Website: | www.orexexploration.ca |
Email: | orex@cablevision.qc.ca |
Transfer Agent and Registrar: Computershare Trust Company of Canada Inc. | |
Address: | 1500 University Street 7th Floor Montreal, Quebec H3A 3S8 Canada |
Telephone: | (514) 982-7888 |
Auditors: Raymond Chabot Grant Thornton | |
Address: | 50 Avenue Dallaire Rouyn-Noranda, Quebec J9X 4S7 Canada |
Rock Type | CIL Recovered Grade | Assayed Grade |
Greywacke | 1.00 g/t Au | 1.00 g/t Au |
Slate (graphitic shale) | 2.64 g/t Au | 2.82 g/t Au |
Quartz vein | 16.18 g/t Au | 6.15 g/t Au |
Vein | 33.62 g/t Au | 36.37 g/t Au |
The gold distribution at Goldboro is subject to a “nugget effect”. In the case of Goldboro, gold appears as large nuggets, fine disseminations within or bordering arsenopyrite crystals and fine gold grains associated with carbonaceous material. This particular distribution of gold grains may explain the fact that regular assaying methods (e.g. fire assays) yield lower gold values than a metallurgical balance from mill-tests.
As outlined in the 2006 43-101 technical report, a comparative analysis of metallurgical tests done in 1989, 1990 and 2005 and historical fire assay (FA) results showed that the assays significantly underestimated the recoverable gold content and the Mineral Resources due to the nugget effect brought on by assaying smaller size core samples.
Date | # of Samples | Composite Weight | Assayed Gold Grade | Metallurgical Gold Grade | Ratio |
---|---|---|---|---|---|
April 1989 | 425 FA | 1,284 kg | 1.06 g/t Au | 15.41 g/t Au | 14.54 x |
November 1989 | 66 FA | 5 kg | 2.94 g/t Au | 9.21 g/t Au | 3.13 x |
April 1990 | 153 FA | 6,000 kg | 1.96 g/t Au | 3.00 g/t Au | 1.53 x |
April 1990 | 153 FA | 5,000 kg | 1.27 g/t Au | 4.00 g/t Au | 3.15 x |
August 2005 | 285 FA | 1,440 kg | 1.94 g/t Au | 2.85 g/t Au | 1.47 x |
Total | 1,082 FA | 13,729 kg | |||
Weighted Average | 1.62 g/t Au | 4.51 g/t Au | 2.78 x |
SEDAR
www.sedar.com
Nova Scotia Department of Natural Resources
www.gov.ns.ca/NATR/
Natural Resources Canada
www.nrcan-rncan.gc.ca
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