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Because there are 29 wells in Texas, Once stimulated 10 wells or less could easily produce 100BOD. one healthy NEW well can produce more than 100 BOD initially. The potential is for far more than invested so far. Since 14 wells are only producing right now that leaves a lot more potential that can be tapped into quickly. Guess you never heard the old saying, "it takes money to make money". I don't know what the well situation is or was in Oklahoma in the past. The wells could be out in a field and harder to access then the Texas ones that appeared to mostly be near roads and established with holding tanks.
In two more weeks you can get 3 happy meals! See your ahead... well maybe not ahead but at least you got two more happy meals... that will make McDonald's happy you spent your money there and you will get three times as much heart burn!
How long does it take to do anything without money? FS finally got together the money the best way he knew, through share holders pre RS and now has what he needed to get it to come together. You can have all the pipeline, with nothing to hook it to, it's worthless. Now FS has something to hook it to, other than share holders pockets all the time. OIL, black gold, Texas (and Oklahoma) tea... I'll spare you the rest of the Beverly Hillbillies theme...lol
Thanks for the re-post, this board needs to get back to the FACTS and less wild speculation either positive or negative. Fact is, until PEII produces more oil, then this is still a highly speculative stock. Once Snyder-Simmons comes online this stock will move, only way this stock is going to go is UP from there, it may be a two steps forward one step back kind of thing but up. Dilution will slow more because oil sales will start to sustain growth versus share sales. Share price will increase, to where is unknown but well north of a penny. Now is time to get some shares but be cautious and don't get greedy or you might still get burnt short term. IMO
I know Bernie, was trying to look at it from his perspective... if your down 100% you have lost it all the extra 2700% won't much matter...lol
PEII was in a NO revenue (and none coming soon) scenario prior to the recent RS. It had no choice but to sell shares as many, at whatever price and as often as it could to make up operating capitol for daily operations. Sucks for share holders though because it tanked share value. That has been modified now with Texas back online (there was NO oil production for over a year prior to that). There will be less of a push to do that now and when Snyder-Simmons comes online and we get to around 50BOD oil production then dilution will likely slow appreciably because FS won't need to sell as many shares to pay the bills, oil sales will do it instead.
In case any are interested as to the benefits of Acidization of a well, check out:
https://www.rigzone.com/training/insight.asp?insight_id=320&c_id=4
Texas (if it were a country) would be the SEVENTH largest producer of gas and oil in the WORLD. Based on 2013 and projected 2014 production numbers. Hopefully PEII starts getting much more oil out of the existing wells in Texas (since they only are getting production out of 14 wells at this point) that leaves another 15 more to get pumping again in Texas (the other 5 are plugged); with acid stimulation, production could easily double or triple.
Bernie, there are plenty that bought into this stock well above the .0001 and UncleDad was likely one who did, maybe HE is down 2800% depending where HE bought in. No wonder he's pissed off at FS as others are too (and rightly so to a point). Hey I lost some money investing too early here but got back most playing the highs and lows. It's the name of the game and Penny stocks can make you or break you, QUICK! Invest wisely.
UncleDad, most of what you go on about has a certain merit. I get it, you lost money investing in PEII, most have to this point too. Production of oil in real sustained quantities with subsequent sales of same for revenue is the ONLY way this company survives (long term). We all get that, too. You and some others here believe this is a scam stock with no real production and a bunch of empty promises by FS to that effect. Maybe Lord Floyd is manipulating this stock to his benefit and gains, very likely, BUT, I think with all the undoubtedly unflattering e-mail and phone calls directed at him lately; FS likely realizes he actually HAS TO deliver and soon because he has publicly said things about future production and progress reports that could be held against him legally should he not deliver. That said, I think FS is motivated to not totally screw the common share holders this go around. Yeah, we are up 80% in OS, We are likely at 40 Million shares at this point at a penny or less a share, That's a total value of $400,000.00 for ALL outstanding shares. That's DIRT cheap! Let me know when we get to 150-200 Million shares at this share price level and then I might get a little concerned. There are penny stocks out there that only bleed money that are going for .005/ share @ 750 Million to 1 Billion shares OS and people are still buying them because they HOPE it will pay off some day. We are no where near that, if we were I wouldn't buy this, period but others might. Bottom line, with a little luck here we share holders might be very happy where PEII heads by the end of August, all be it a bumpy road to get there. IMO.
Agreed! May take awhile before it happens but I think it will gradually taper off once production goes into high gear.
It's funny, I was looking around in Penny Land for some additional investment candidates and after looking at 27 other companies in the oil play, things at PEII don't look so bad at all at this point. Many have ZERO income and are endlessly spending money to try to get there idea to float. Granted PEII has a much less than stellar past BUT FS said he would get TEXAS back on line with production, he did and now there is minimal income coming in from those leases. Simmon-Snyder lease in OK is coming online within 2 weeks (according to FS in radio intervue) adding another 35-50 BOD production. Wells in Texas are getting both Acid stimulation and injection pressurization to enhance oil production. This will not remain a .01/share stock for long here and will rise. There are about 40M shares OS with 2B AS out. The stock could easily go over $0.15/share and higher by the end of August IMO if MM's don't manipulate it lower. Lots of potential and lower debt will be in the 2nd quarter 10-Q too. In a nutshell a cautious "BUY" should be attached to this stock! All my opinion based on my own DD and dealing with PEII's ups and mostly downs for months UNTIL NOW! Finally, I think PEII is about to deliver, BIG TIME! Give it some breathing room FS, slow the dilution! Way UNDERVALUED IMO!
Actually it was in the HUNDREDS of dollars which surprised me because I figured it would be a couple of dollars myself. Next week will tell a lot!
And the CAPS key is broken as is the record AGAIN!
Look at that, VFIN finally pulled off ASK and backed up to 2000.00 from .0090. About time they figured out NOT to dump into the close if you are trying to keep SP up over .010. Hope I didn't speak too soon... Now watch as we get a 100 share buy at the ASK @ 3:59:40PM to bring close to .01 for the day. BIG end of day buys!
You apparently read only your posts here. The Texas RRC has CONFIRMED production coming out of the Texas wells of 15.5 BOD. There is confirmed production as stated in an earlier post. You lost money here, we get it, few haven't but we are all adults here and I don't need you trying to save me from myself, doubt others do either unless they don't do DD in this stock. BTW is your CAPS key broken, we can read lower case letters here too. God, your a broken record!
Hardly...
Everyone is entitled to their opinions, I don't pucker up for anyone but my girl friend and I don't kiss her ass either but the guy took major losses here like most and tried to make the best of a bad situation, enough said. Won't kiss your ass either.
Thanks, much appreciated.
Ahh, good old VFIN, gotta love it...lol
There are a lot of newbies here that don't know you omne, You have been thru more here than most. Incite appreciated but think that things FINALLY coming together for PEII, took long enough and at common share holders expense but think we may see substantial gains here fueled by substantial oil production soon and not just the trickle from Texas right now. JMO
It's all about the close, if it can hold these levels or increase from here by end of day, then good day indeed.
Well at least its not more dilution and just a savvy investor making some quick flip money. Like that never happens here or elsewhere.
Uncledad, WE GET IT! PEII SP has performed dismally until now. You have said it 2800 different ways by now. NO one here is living in denial, doesn't realize this and has on rose colored glasses or drinking any FS koolaid. This however, I think is a turning point in the SP and support based on PRODUCTION, this will slowly drive the SP higher, so enough already, your like a broken record. If your shorting this then I get it, you have money invested in this going down and are trying to make money that way but I would advise you and others to stop shorting this stock, too many positive PR's coming soon that will fight against it. It will be reflected in the 2nd quarter 10Q report where debt will show a substantial reduction. IMO
Texas RRC has data posted for Petron II OIL production:
http://webapps2.rrc.state.tx.us/EWA/inactiveWellStatusQueryAction.do
Look up Operator # 660821 (-search-add-submit-submit) brings you to well information page. Click on lease number and when lease opens click on "oil proration tab" at top row of tabs and production numbers for wells in that lease are revealed. Total production 15.5 BOD for month of July when you add up all the wells production numbers for all the leases. OIL PRODUCTION VERIFIED! Not a gusher by any stretch but numbers are in and wells are producing again.
I think you have made it perfectly clear how you feel about PEIID/PEII here. I have to admit I understand your feelings, I've lost a bunch of money and lined FS's pockets and paid his bills with it pre 500:1 split. Kinda learned a lesson from it. Timing is everything here. I, and it sounds you as well, got in way too soon and it appears you stayed in where as I got out and salvaged some assets to reinvest at a later date. Sorry for your losses and hope you are able to recover from it here or elsewhere. You might want to lay off the caps thru your whole message, can make your point with a simple exclamation point and an occasional cap, just saying. Good luck!
Per 8-K filing, filed with SEC on 7/30/2014 by PEII:
"Decrease in Authorized Shares
On July 14, 2014, the Company, by and through its Board of Directors and with written consent of a majority of its shareholders entitled to vote, effectuated a decrease in the total number of authorized stock of the Corporation from 25,010,000,000 to 2,010,000,000 shares consisting of: (i) 2,000,000,000 shares of common stock, par value $0.00001 per share; and (ii) 10,000,000 shares of preferred stock par value $0.001 per share."
Oh come on, you know D is for Dilution...lol
Just another day in paradise owning PEII...lol
Well, look at that, Bert and FS knew what they were talking about after all... PEII is back after tomorrow, no more PEIID, now there is a nice change, the "red badge" of "D" comes off! Now if share price would start to rise... I'll bet this is well OVER .01/share again as soon as Snyder-Simmons comes on line in a week or two. IMO
Yes, he did. Pity that both he and Bert kept calling it PEII instead of PEIID...lol. Now I know why, it's changing back to PEII tomorrow... sly dogs they are.
I'll keep saying this, "The only hope for shareholders here is substantial oil production", that said, It sounds like buy the end of August we're looking at daily production, according to FS of about 50-65 BOD (Texas and OK combined),if not slightly more. The S-1 won't be submitted until the 11th of August and will likely take 30 days for SEC response according to FS. The second quarter 10-Q should come out a day or two BEFORE the 11th IMO to support the S-1 application numbers. Oil should start flowing from Snyder-Simmons lease within a week or two by what FS was saying on talk show, even with rain excuse, again. By end of August we will know if this is scam or not. I'm leaning towards not, but that's me.
You read incorrect, It's 15 BOD and they are selling it now. They are Acid stimulating those wells and that should increase production from those well's SUBSTANTIALLY! Likely double or more from where it is now.
No I didn't, PEIID has reduced debt by over $1.5M just prior to the 500:1 R/S per FS in a "Money for Lunch" broadcast. Of course he did that with share holder money brought in before the R/S but still did it. The reduced debt should be in the 10Q that should be out in early August.
It's the "Catch a falling knife rule" at it's finest. Everyone buying is hoping this is the bottom, surely it will go up from here. Better to wait until the knife hits the floor and pick it up then. Problem it the floor is no where in sight yet without oil production numbers.IMO
Call in with your questions for FS @ 12:45PM- 1:00PM today @
(347) 215-9795 and talk to Bert, voice your concerns!
You can go out and buy EVERY share OS of PEIID for $275,000.00 or less! Approx 39M shares @ $0.007/share = $273,000.00, WOW! Normally, I would say (and have) this stock is sooooo over sold it is ridiculous! Now, would be a great time for a stock buy back, cheap and would boost price (finally) but don't hold your breath for that. Production numbers would be nice too. IMO
Bet the fool that bought those shares wished they waited till now when they could have gotten a 30% discount on them. As long as shares are being DUMPED onto the market with NO oil sales info coming out by PEIID then this stock only has NEGATIVE support. Come on FS you can't see that! What crap management on the behalf of the shareholder here.
I said it before and will say it again. The S-1 approval will LOWER the share price further and hurt shareholders. FS dilution is nothing compared to the accelerated dilution we will see if the S-1 gets approved. It will likely take 30 days to get the approval though and hopefully major production kicks in before then and reverses the S-1's effects or PPS will fall much lower. It ALL hinges on production! It's the life or death of this stock. Production means less dilution and that saves us all.
That seems like a fair assessment. Is FS going to back off dilution, I hope that question is put to FS by Bert tomorrow. Maybe if enough people call in and ask it, it might actually get addressed. Hope so.