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Liquid Gold from the State the Fuels America- PGSI.OB
Dear Valued Subscribers:
Good Evening to you. We hope you kept a cool head while the markets continued the 3rd day of the blood bath.
Many things are at play here politically and economically all around the world that are putting major pressure on
markets.
One sector appearing as a stable hedge against a weak economy, currency and rising inflation is that liquid gold, OIL.
We have recently initiated coverage on Texas exploration company Pegasi Energy Resources (PGSI.OB)
check out the barchart.com buy rating here: http://barchart.com/opinions/stocks/PGSI
Analytics don't lie! 88% Strong Buy
We decided to profile PGSI.OB on Friday after seeing the slow rise of the stock price and the accumulation of the shares
in the market on a relatively quiet wire. We shared with you that we believe there are things happening that will soon be
revealed possibly in the form of corporate news or some type of media coverage.
A few of the things we suspect are announcements regarding drill results, a possible acquisition or a substantial financing.
In any event, we will keep you posted in real time on all the movements in this intriguing long play and provide the best
research and dd available to the public now.
Keep watching PGSI.OB, you won't be sorry.
Good Luck and Happy Trading!
Your Team at AwesomePennyPicks.com
CapRock initiates research on PGSI assigns buy rating of $1.50!
Got a promo today
Dear Subscribers,
Exciting news in the Oil And Gas world today coming out of Caprock Risk Management by the super energy analyst Chris Jarvis. We found this small press clip and are looking for the entire report to bring to you asap. Everything we have been saying is on target. Looks like he is being conservative in attaching a price but its still almost a nice double from today's price of $.86. Read the snapshot below:
PGSI's Well Positioned to Have a Breakout Year
- We are initiating coverage on Pegasi Energy Resources Corporation with a STRONG BUY rating and with a 12-month price target of $1.50.
- We derived our $1.50 12-month price target by applying a 6.2x multiple to our Next Twelve Months (NTM) EPS estimate of $0.24. Currently, PGSI's shares trade at 3.5x multiple to our forward earnings estimate, a 65% discount to the company's peer group average multiple of 10.2x.
- We estimate that PGSI will become cash flow positive near the middle of the calendar year 2012 generating revenues of $10.957 million and EPS of $0.09 for the 2012 Calendar year.
- For calendar year 2013 (CY21013), we estimate that PGSI's EPS will rise 241% from $0.09 in 2012 to $0.30 in 2013.
- We are confident in our investment thesis that a strong management team with geological experience and expertise in the Rodessa field and ability to accumulate and consolidate acreage will drive and maximize shareholder wealth.
Chris Jarvis
Caprock Risk Management, LLC
From awesomepennypicks.com
nice movements today PGSI up 20 Cents. Something going on.
SEEMS LIKE UNUSUAL PRICE/VOL ACTIVITY IN LAST FEW WEEKS. TRYING TO GET FILLED
Our prayers for the family and friends........
that's too bad. never like to see that
Pegasi Mourns the Loss of Richard Lindermanis
Richard A. Lindermanis
Sr. Vice-President, CFO and Director
Mr. Lindermanis, 65, was employed by Amerada Corp. from 1967 to 1971 in Williston, ND and Lafayette, LA . He joined Louisiana Land & Exploration Co. in 1971 where he was Division Land Manager for the Rocky Mountain Division until 1975. He then joined Patrick Petroleum Corp. as Western Division Manager in Denver and later moved to Jackson, MI as Executive Vice President responsible for Corporate Development, Exploration and Investor Relations. In 1979 Mr. Lindermanis co-founded and became Executive Vice President, Director and a major stockholder of Sandefer Oil and Gas in Houston, Texas. Since then, Mr. Lindermanis has founded several companies. Mr. Lindermanis graduated from Phillips University in 1967 with a BA in History and Political Science.
http://ih.advfn.com/p.php?pid=nmona&article=50992793
Lot of shares traded here around .50 recently...
Still have shares here? Looking better and better
might be about time to get back in on the bid
tell me about it!!!
son of a bitch...I hate it when I get too antsy and sell. Could have made good money here. Bought some in the .20's and sold too early
Pegasi Energy Resources Raises $5,388,900 in Private Placement
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Press Release Source: Pegasi Energy Resources Corporation On Friday July 29, 2011, 2:00 am EDT
TYLER, Texas, July 29, 2011 (GLOBE NEWSWIRE) -- Pegasi Energy Resources Corp. (OTCBB:PGSI.OB - News) (the "Company"), an East Texas based oil and gas exploration and production company headquartered in Tyler, Texas, today announced the closing of its private placement to non-U.S. investors of $5,388,900 in gross proceeds.
Investors purchased units priced at $1.00. Each unit consisted of two shares of the Company's common stock and a warrant to purchase one share of the Company's common stock, exercisable for three years at a price of $0.60 per share.
Beaufort International Associates Limited, a UK registered broker-dealer, acted as the placement agent for this offering. The proceeds from the offering will be used to drill horizontal oil wells, to acquire additional oil and gas leases and to cover general operating costs for the Company's Cornerstone Project. Affiliates of the Company, who hold all the Company's senior debt, have agreed to a four year stand still on the debt as a condition of the private placement.
The area of the Cornerstone Project has produced over 400 million barrels of oil and more than 2.3 trillion cubic feet of gas to date. Pegasi will now apply proven horizontal drilling and multistage frac technology for the first time in the Cornerstone Project area, which it believes will result in substantial additional oil and gas reserves from relatively untapped shale formations.
Mr. Michael Neufeld, President and CEO of Pegasi said; "We are pleased with the success of this offering. These funds will help us to fulfill the Company's drilling plans and realize the potential of the significant oil resources in the Cornerstone Project Area where we now hold approximately 26,617 gross acres. We believe that our drilling program will enhance the stock value by both adding to our existing reserve base and proving the viability of the significant resources identified by the Company on its Cornerstone acreage."
About Pegasi Energy Resources Corporation
Pegasi Energy Resources Corporation is an organic growth-oriented independent oil and gas exploration and production company, headquartered in Tyler, Texas. Pegasi is focused on a repeatable, low geological risk, high potential project in the active East Texas oil and gas region. The company's strategy is focused on establishing a portfolio of drilling opportunities to exploit undeveloped reserves to grow production, as well as undertaking exploration to grow future reserves. Additional information concerning Pegasi Energy is available at www.pegasienergy.com.
The Pegasi Energy Resources Corporation logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=4682
Cautionary Note to U.S. Investors
Effective January 1, 2010, the United States Securities and Exchange Commission (SEC) permits oil and gas companies, in their filings with the SEC, to disclose not only "proved" reserves (i.e., quantities of oil and gas that are estimated to be recoverable with a high degree of confidence), but also "probable" reserves (i.e., quantities of oil and gas that are as likely as not to be recovered) as well as "possible" reserves (i.e., additional quantities of oil and gas that might be recovered, but with a lower probability than probable reserves). As noted above, statements of reserves are only estimates and may not correspond to the ultimate quantities of oil and gas recovered. Any reserve estimates provided in this press release that are not specifically designated as being estimates of proved reserves may include estimated reserves not necessarily calculated in accordance with, or contemplated by, the SEC's latest reserve reporting guidelines. Investors are urged to consider closely the disclosure in the Company's Annual Report on Form 10-K available from the Company at 218 N. Broadway, Suite 204, Tyler, Texas 75702 (attn: Investor Relations). You can also obtain this report from the SEC by calling 1-800-SEC-0330 or from the SEC's website at www.sec.gov.
Forward Looking Statements
The statements in this press release regarding Pegasi Energy's expectations with respect to the timing of testing and drilling operations, transportation of crude oil, and the construction of the pipeline, the ability of Pegasi Energy to plan a full field development, including additional drilling, facilities and pipeline to handle new production as appropriate through 2011, and the expectation as to sources of funding, are 'forward-looking statements' within the meaning of Section 27A of the United States Securities Act of 1933, as amended, and Section 21E of the United States Securities Exchange Act of 1934. Although these forward-looking statements reflect the good faith judgment of management, forward-looking statements are inherently subject to known and unknown risks and uncertainties that may cause actual results to be materially different from those discussed in these forward-looking statements including, but not limited to, in the case of these forward-looking statements: unexpected delays in drilling or pipeline or other transportation infrastructure completion due to equipment failure or other unforeseen reasons; unforeseen events, such as unexpected difficulties in drilling or unexpected discoveries, may cause Pegasi Energy to reallocate resources, which may delay drilling, surveys, design plans, transportation infrastructure development and production or alter the mix of development drilling and exploration drilling in Pegasi Energy's portfolio; and unexpected costs may decrease funds available to carry out Pegasi Energy's plans described in this press release, which could delay or prevent execution of these plans. Readers are urged not to place undue reliance on these forward-looking statements, which speak only as of the date of this release. Pegasi Energy assumes no obligation to update these forward-looking statements to reflect any event or circumstance that may arise after the date of this release, other than as may be required by applicable law or regulation. Additional information on risks and other factors that may affect the business and financial results of the Company can be found in the filings of the Company with the U.S. Securities and Exchange Commission at www.sec.gov. If one or more of these risks or uncertainties materialize, or if the underlying assumptions prove incorrect, Pegasi Energy's actual results may vary materially from those expected or projected.
Contact:
Investor Contact: Richard Lindermanis
(713) 824-0895
ral@pegasienergy.com
F
I sold this one at .35 and made some pretty good $$. I may get in again soon though If I can get in around .20
Hell yes bigdog!?$&
news out plano
Am I the only one making money here. People need to wise up here. Look at the last PR they put out. The day they get financing to drill all those proven reserves I will throw a party!!
get some buys at the ask and it drops...hmmm. I was going to sell at .35 now i'm holding them
This one is hard to hit without jacking up the pps
The have some debt so that figure is a bit high. True this is going to get noticed soon though. If they find financing to drill some more then we should be golden here at these levels
The press release is sinking in. My quick calculations from the press release. Just the proven reserve #s are 3,024333x $25.00 in ground oil price divided by 34mm share comes to $2.22 per share.
Strong buy
Couple of hits today...nice to see that
Taken from Rigzone online
http://www.rigzone.com/news/article.asp?a_id=107519&hmpn=1
Pegasi Energy Resources Announces Oil and Gas Reserves of 91.4 Million Barrels of Oil Equivalent in All Categories
Pegasi Energy Resources Corp. (OTCBB:PGSI), an East Texas based oil and gas exploration and production company headquartered in Tyler Texas today released net oil and gas reserves as of December 31, 2010.
The Company is reporting total net proved reserves of 3,024,333 Barrels of Oil Equivalent (BOE), net probable reserves of 610,339 BOE and net possible reserves of 10,620,722 BOE as of 12/31/2010. A 6,000 CUFT ratio to one barrel of oil is used to equate BCF to BOE. In addition, Pegasi has internally estimated its unrisked total Contingent Resource potential of 77,130,240 BOE bringing the total unrisked plus risked reserve to 91,461,463 BOE. The contingent resource evaluation was performed by utilizing the data presented in the Engineering Study and Economic Analysis for the Cass and Marion Development Program prepared by James E. Smith and Associates.
All of the reported oil and gas reserves are from the Company's Cornerstone project located in Marion and Cass counties in northeast Texas and are based on independent engineering by James E. Smith and Associates. The Company has a 40% to 80% working interest in the project.
The area of the Cornerstone Project has produced over 400 million barrels of oil and more than 2.3 trillion cubic feet of gas. Pegasi is focused on applying new horizontal drilling and multistage frac technology to recover substantial additional oil and gas reserves which remain in place.
Here is the press release
Pegasi Energy Resources Announces Oil and Gas Reserves of 91.4 Million Barrels of Oil Equivalent in All Categories
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Press Release Source: Pegasi Energy Resources Corporation On Thursday May 26, 2011, 6:30 am EDT
TYLER, Texas, May 26, 2011 (GLOBE NEWSWIRE) -- Pegasi Energy Resources Corp. (OTCBB:PGSI - News), an East Texas based oil and gas exploration and production company headquartered in Tyler Texas today released net oil and gas reserves as of December 31, 2010.
The Company is reporting total net proved reserves of 3,024,333 Barrels of Oil Equivalent (BOE), net probable reserves of 610,339 BOE and net possible reserves of 10,620,722 BOE as of 12/31/2010. A 6,000 CUFT ratio to one barrel of oil is used to equate BCF to BOE. In addition, Pegasi has internally estimated its unrisked total Contingent Resource potential of 77,130,240 BOE bringing the total unrisked plus risked reserve to 91,461,463 BOE. The contingent resource evaluation was performed by utilizing the data presented in the Engineering Study and Economic Analysis for the Cass and Marion Development Program prepared by James E. Smith and Associates.
All of the reported oil and gas reserves are from the Company's Cornerstone project located in Marion and Cass counties in northeast Texas and are based on independent engineering by James E. Smith and Associates. The Company has a 40% to 80% working interest in the project.
The area of the Cornerstone Project has produced over 400 million barrels of oil and more than 2.3 trillion cubic feet of gas. Pegasi is focused on applying new horizontal drilling and multistage frac technology to recover substantial additional oil and gas reserves which remain in place.
Management Comments
Mr. Michael Neufeld, President and CEO of Pegasi said: "This report certainly demonstrates the large amount of recoverable oil and gas in the Cornerstone Project. We are actively seeking partnerships and capital to properly exploit these resources and doing so represents an achievable growth opportunity for Pegasi."
About Pegasi Energy Resources Corporation
Pegasi Energy Resources Corporation is an organic growth-oriented independent oil and gas exploration and production company, headquartered in Tyler, Texas. Pegasi is focused on a repeatable, low geological risk, high potential project in the active East Texas oil and gas region. The company's strategy is focused on establishing a portfolio of drilling opportunities to exploit undeveloped reserves to grow production, as well as undertaking exploration to grow future reserves. Additional information concerning Pegasi Energy is available at www.pegasienergy.com.
The Pegasi Energy Resources Corporation logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=4682
Forward Looking Statements
Cautionary Note to U.S. Investors -- The United States Securities and Exchange Commission ("SEC") permits oil and gas companies, in their filings with the SEC, to disclose only proved reserves that a company has demonstrated by actual production or conclusive formation tests to be economically and legally producible under existing economic and operating conditions. We use certain terms in this press release, such as probable, possible and potential, that the SEC's guidelines strictly prohibit us from including in filings with the SEC. U.S. Investors are urged to consider closely the disclosure in our Form 8-K, filed with the SEC or available from us at our principal executive offices at 218 N. Broadway, Suite 204, Tyler Texas 75702. You can also obtain this form from the SEC by calling 1-800-SEC-0330.
The statements in this press release regarding Pegasi Energy's expectations with respect to the timing of testing and drilling operations, transportation of crude oil, and the construction of the pipeline, the ability of Pegasi Energy to plan a full field development, including additional drilling, facilities and pipeline to handle new production as appropriate through 2010, and the expectation as to sources of funding, are 'forward-looking statements' within the meaning of Section 27A of the United States Securities Act of 1933, as amended, and Section 21E of the United States Securities Exchange Act of 1934. Although these forward-looking statements reflect the good faith judgment of management, forward-looking statements are inherently subject to known and unknown risks and uncertainties that may cause actual results to be materially different from those discussed in these forward-looking statements including, but not limited to, in the case of these forward-looking statements: unexpected delays in drilling or pipeline or other transportation infrastructure completion due to equipment failure or other unforeseen reasons; unforeseen events, such as unexpected difficulties in drilling or unexpected discoveries, may cause Pegasi Energy to reallocate resources, which may delay drilling, surveys, design plans, transportation infrastructure development and production or alter the mix of development drilling and exploration drilling in Pegasi Energy's portfolio; and unexpected costs may decrease funds available to carry out Pegasi Energy's plans described in this press release, which could delay or prevent execution of these plans. Readers are urged not to place undue reliance on these forward-looking statements, which speak only as of the date of this release. Pegasi Energy assumes no obligation to update these forward-looking statements to reflect any event or circumstance that may arise after the date of this release, other than as may be required by applicable law or regulation. Readers are urged to carefully review and consider the various disclosures, including the risk factors, made by Pegasi Energy in its reports filed with the Securities and Exchange Commission, in particular under the caption "Risk Factors" of its 8-K filed on March 24, 2009, which attempt to advise interested parties of the risks and factors that may affect Pegasi Energy's business. If one or more of these risks or uncertainties materialize, or if the underlying assumptions prove incorrect, Pegasi Energy's actual results may vary materially from those expected or projected.
Contact:
Investor Contact: Richard Lindermanis
(713) 824-0895
ral@pegasienergy.com
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33,660,801 common stock outstanding as of May 11, 2011.
check out todays news!! Definatly under the radar. They get money for drilling we are golden!!
Just heard about this company. I am digging into the 10Q and past K's any reason the stock is off from the recent high.
10Q out...havent read it yet. Just saw it
I took a small position last week, I'm hearing some good things about this. How do you come across this play?
Think I might take a small position here. Seems like the Q comming up might be nice. They still have a IR contract too which means news will be published sometime in the future(or plans to).
This is interesting
Officers and Directors = 29,017,538/70.48% of shares owned
33,660,801 total outstanding shares
Public float is 4,643,263
never bought it...on a list of companys I have found lately that I didnt buy and they took off could have bought at .38 Maybe I should make a newsletter or something. haha
Looks like a good buy.
Interesting, do you know anything about this group?
View: Annual Data | Quarterly Data All numbers in thousands
Period Ending Dec 31, 2010 Sep 30, 2010 Jun 30, 2010 Mar 31, 2010
Total Revenue 245 209 255 288
Cost of Revenue 152 103 115 123
Gross Profit 92 106 141 165
Operating Expenses
Research Development - - - -
Selling General and Administrative 798 506 514 641
Non Recurring - - - -
Others 92 56 57 61
Total Operating Expenses - - - -
Operating Income or Loss (799) (455) (430) (537)
Income from Continuing Operations
Total Other Income/Expenses Net (7) (14) (5) (11)
Earnings Before Interest And Taxes (805) (469) (435) (548)
Interest Expense 158 158 143 135
Income Before Tax (964) (628) (579) (683)
Income Tax Expense - - - -
Minority Interest - - - -
Net Income From Continuing Ops (964) (628) (579) (683)
Non-recurring Events
Discontinued Operations - - - -
Extraordinary Items - - - -
Effect Of Accounting Changes - - - -
Other Items - - - -
Net Income (964) (628) (579) (683)
Preferred Stock And Other Adjustments - - - -
Net Income Applicable To Common Shares (964) (628) (579) (683)
Looks like a strong company, any news on the future here?
Pegasi Energy Resources Corporation Announces 47% Increase in Proven Reserves for 2008
TYLER, Texas, Mar 17, 2009 (GlobeNewswire via COMTEX) -- Pegasi Energy Resources Corp. (OTCBB:PGSI), an East Texas based oil and gas exploration and production company, announced a 47% increase in its proven reserve category as of December 31, 2008, based on an independent engineer report prepared by James E. Smith & Associates, Inc. The increase is based on the previously reported purchase of an additional 10% Working Interest in its East Texas program, giving the Company an 80% interest, and the successful drilling of the Harris 2 and Childers 2 Cotton Valley wells. The acquisition and completion of the two wells increases Pegasi reserve base based on the December 31, 2008 reserve report as follows: P1 33.6 BCFE, P2 25.7 BCFE and P3 296.6BCFE. This is an increase of 19.52BCFE in the P1 category.
Total revenues for the year ended December 31, 2008 totaled $2,601,236, compared to $2,133,009 for the year ended December 31, 2007. Production revenues of oil and gas increased $366,975 for the year ended December 31, 2008 compared to the year ended December 31, 2007. This increase in revenues reflects the impact of higher sales volume for natural gas as well as an increase in sales prices for natural gas of about 74%. The numbers are preliminary and may change after the audit is complete.
"2008 was a year of significant accomplishments," stated Chairman Michael Neufeld. "After our initial public offering in December 2007, we were able to maintain and add to our leasehold position under extreme competitive conditions as a result of Bossier and Haynesville drilling in our project area." To enhance our own gas marketing, we completed the expansion of our main gas trunkline and gathering lines which increased capacity for both Pegasi and third part sales. The two recently drilled Cotton Valley wells, reported earlier, demonstrated the presence of an exploitable oil column in the lower section of the Cotton Valley. The company is exploring different avenues of additional financing to exploit the oil potential. The company anticipates lower drilling and completion costs in 2009.
About Pegasi Energy Resources Corporation
Pegasi Energy Resources Corporation is an organic growth-oriented independent oil and gas exploration and production company headquartered in Tyler, Texas. Pegasi is focused on a repeatable, low geological risk, high potential project in the active East Texas oil and gas region. The company's strategy is focused on establishing a portfolio of drilling opportunities to exploit undeveloped reserves to grow production, as well as undertaking exploration to grow future reserves. Additional information concerning Pegasi Energy is available at ww.pegasienergy.com. Investor inquiries may be directed to Richard Lindermanis 903-595-4139.
Forward Looking Statements
Cautionary Note to U.S. Investors -- The United States Securities and Exchange Commission ("SEC") permits oil and gas companies, in their filings with the SEC, to disclose only proved reserves that a company has demonstrated by actual production or conclusive formation tests to be economically and legally producible under existing economic and operating conditions. We use certain terms in this press release, such as probable, possible and potential, that the SEC's guidelines strictly prohibit us from including in filings with the SEC. U.S. Investors are urged to consider closely the disclosure in our Form 8-K, filed with the SEC on December 18, 2007, available from us at our principal executive offices at 218 N. Broadway, Suite 204, Tyler Texas 75702. You can also obtain this form from the SEC by calling 1-800-SEC-0330.
The statements in this press release regarding Pegasi Energy's expectations with respect to the timing of testing and drilling operations, transportation of crude oil, acquisition of seismic data, and the construction of the pipeline, the use to which seismic data will be put, the ability of Pegasi Energy to plan a full field development, including additional drilling, facilities and pipeline to handle new production as appropriate through 2010, and the expectation as to sources of funding, are 'forward-looking statements' within the meaning of Section 27A of the United States Securities Act of 1933, as amended, and Section 21E of the United States Securities Exchange Act of 1934. Although these forward-looking statements reflect the good faith judgment of management, forward-looking statements are inherently subject to known and unknown risks and uncertainties that may cause actual results to be materially different from those discussed in these forward-looking statements including, but not limited to, in the case of these forward-looking statements: unexpected delays in drilling or pipeline or other transportation infrastructure completion due to equipment failure or other unforeseen reasons; unforeseen events, such as unexpected difficulties in drilling or unexpected discoveries, may cause Pegasi Energy to reallocate resources, which may delay drilling, surveys, design plans, transportation infrastructure development and production or alter the mix of development drilling and exploration drilling in Pegasi Energy's portfolio; and unexpected costs may decrease funds available to carry out Pegasi Energy's plans described in this press release, which could delay or prevent execution of these plans. Readers are urged not to place undue reliance on these forward-looking statements, which speak only as of the date of this release. Pegasi Energy assumes no obligation to update these forward-looking statements to reflect any event or circumstance that may arise after the date of this release, other than as may be required by applicable law or regulation. Readers are urged to carefully review and consider the various disclosures, including the risk factors, made by Pegasi Energy in its reports filed with the Securities and Exchange Commission, in particular under the caption "Risk Factors" of its 8-K filed on December 18, 2007, which attempt to advise interested parties of the risks and factors that may affect Pegasi Energy's business. If one or more of these risks or uncertainties materialize, or if the underlying assumptions prove incorrect, Pegasi Energy's actual results may vary materially from those expected or projected.
This news release was distributed by GlobeNewswire, www.globenewswire.com
SOURCE: Pegasi Energy Resources Corporation
By Staff
CONTACT: Pegasi Energy Resources Corporation
903-595-4139
(C) Copyright 2009 GlobeNewswire, Inc. All rights reserved.
-0-
INDUSTRY KEYWORD: Oil Exploration & Production
SUBJECT CODE: ENERGY
OIL
PRODUCT
Product Services Announcement
About Pegasi Energy Resources Corporation
Pegasi Energy Resources Corporation is an organic growth-oriented independent oil and gas exploration and production company headquartered in Tyler, Texas. Pegasi is focused on a repeatable, low geological risk, high potential project in the active East Texas oil and gas region. The company's strategy is focused on establishing a portfolio of drilling opportunities to exploit undeveloped reserves to grow production, as well as undertaking exploration to grow future reserves. Additional information concerning Pegasi Energy is available at ww.pegasienergy.com. Investor inquiries may be directed to Richard Lindermanis 903-595-4139.
SEC Reporting Status
SEC Reporting Company
CIK
0001363254
Fiscal Year End
1/23
Estimated Market Cap
$11,750,320 as of Apr 28, 2009
Outstanding Shares
29,375,801 as of Aug 12, 2008
Pegasi Energy Resources Corp.
#507
1313 East Maple Street
Suite 201
Bellingham, WA 98225
Phone: (306)824-6463
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Pegasi Energy Resources Corporation Increases Its Working Interest in Its Existing Properties to 80 Percent
TYLER, Texas, Oct 14, 2008 (GlobeNewswire via COMTEX) -- Pegasi Energy Resources Corp. (OTCBB:PGSI), an East Texas based oil and gas exploration and production company, announced the purchase of net ten percent (10%) working interest from TR Energy Resources in its East Texas program. TR Energy was a 30% working interest partner with Pegasi in its entire asset base in East Texas. This gives Pegasi an 80% working interest with TR Energy retaining 20%. The purchase includes all producing properties, leasehold, pipeline and disposal plant. The interest was acquired in exchange for 4.2MM shares of Pegasi common stock.
The acquisition increases Pegasi reserve base based on February 8, 2008 reserve report as follows: P1 34.066 BCFE, P2 25.994 BCFE and P3 241.807 BCFE. This is an increase of 4.258 BCFE in the P1 category.
About Pegasi Energy Resources Corporation
Pegasi Energy Resources Corporation is an organic growth-oriented independent oil and gas exploration and production company, headquartered in Tyler, Texas. Pegasi is focused on a repeatable, low geological risk, high potential project in the active East Texas oil and gas region. The company's strategy is focused on establishing a portfolio of drilling opportunities to exploit undeveloped reserves to grow production, as well as undertaking exploration to grow future reserves. Additional information concerning Pegasi Energy is available at www.pegasienergy.com. Investor inquiries may be directed to 903-595-4139 attention David Moss.
The Pegasi Energy Resources Corporation logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=4682
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