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large orders being bought now.
Does Tyche own it's own rigs?
If grimes were the only source of revenue BIGN should be over 3 cents with 4 wells, if they reveal the numbers.
Also, they told a couple board memebers here that they have a backup plan if the LOI fails.
Success Oil has rigs and is working with us at Tubbs. Maybe Success is the backup plan.
OT I got in 10 minutes afte the bell.
OT Can anyone else get into scottrade? all I get is error messages.
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NG finished over 6$ and suprisingly oil finished up even after the Saudis said they weren't cutting production.
GO BIGN!
looks like a shake or a biggie is dumping.
WWNG would have made a good buy 3 days ago, some orders went through at .04. Wish I got some. :)
FYI - this link is for wellhead prices over the last 100 years for NG.
http://tonto.eia.doe.gov/dnav/ng/hist/n9190us3A.htm
Early orders are at ask, ask moving up.
Hi Sherman, where are you getting the flow rate for #2, I missed it, thanks.
Could be, I have 4 O&G pinkies and only one is green. 2 of them are down double digits today. Futrcash mentioned possible good news later this week, maybe grimes will get us rolling. Then maybe they can finish a well in Tubbs.
O/T DOW hit an all time high.
Unitl today there have been some odd transactions here also trying to keep the BIGN shares at .019. I figured it was a retail trader trying to keep his porfolio looking good, maybe not.
From the PR -
"Biogenerics' subsidiary expects to re-work on an average 2 oil-producing wells per month located on the 120 acres of property in Oklahoma."
Fayettville Shale?????
Is Fayettville Shale oil, ng or both? thanks.
Hopefully it was a little insider buying of WWNG. On Sept. 21st I asked if work had begun at Tubbs and was told this....
"I will follow up on that question for you to see what the exact status is. Stay tuned."
Thats all I've heard. Last Friday I also asked about the flow rate for #2 but haven't received a reply yet. As far as I know we dont have an official flow rate on #2 since rework was done, unless I missed it.
They should be able to PR these two without waiting for the LOI, as these were already publicly announced.
2 OPEC countries cut oil production
NEW YORK, Sept. 30 (UPI) -- Nigeria and Venezuela plan to cut production amid OPEC concern about the rapid drop in prices, the OPEC countries say.
The move, which accounts for about 170,000 barrels a day, may suggest other cuts by the oil-producing cartel, The Financial Times reports.
Figures to be released in the next few weeks are expected to show Saudi Arabia, Iran, Kuwait and the United Arab Emirates also reduced output, but are keeping quiet about it, the newspaper reports.
Nigerian Oil Minister and OPEC President Edmund Daukoru has said the price of oil was "very low."
Nigeria and Venezuela both said their cuts were part of an informal deal worked out at a meeting in September to pare output if prices fell, The New York Times reported.
Oil prices peaked in midsummer at $77.03 a barrel and have fallen nearly 20 percent since then.
Current oil futures rose 15 cents to close at $62.91 a barrel on the New York Mercantile Exchange Friday.
http://upi.com/NewsTrack/view.php?StoryID=20060930-102228-4178r
<font size = 10> TEST </FONT>
Opec considers drop in output
Oil exporting countries may consider a cut in output after crude prices fell below $60 a barrel on Monday for the first time in six months.
The decline came as global demand fell back from its mid-year peak and tensions over Iran eased.
Ministers from the Organisation of the Petroleum Exporting Countries are understood to be concerned about the drop in oil prices, which are down almost a quarter from their recent peaks.
They have discussed the prospect of trimming production ahead of the oil cartel’s next ministerial meeting in Nigeria in December, according to Opec officials.
The oil price fall over the past month has been accompanied by investor selling in oil and other commodity markets, mainly on concerns that economic growth in the US is slowing.
“There is a concern by hedge funds that oil and commodities are no longer the one-way bet they once were,” said an Opec official.
Brent, the European benchmark oil price, dropped 50 cents to $59.91 a barrel, down 24 per cent from its record peak of $78.40 reached last month.
The US benchmark oil price, West Texas Intermediate, yesterday hit $59.62, its lowest level since early March, before recovering to $60.54. It was flat on the day.
The WTI is now lower than the level it ended at last year. The magnitude of the decline in percentage terms is the largest in more than three years.
Investors have been selling out of oil futures over the past month, after taking bets earlier in the year on expectations of hurricanes disrupting oil supplies in the Gulf of Mexico.
But with the Atlantic hurricane season finishing at the end of September, there is little prospect of a repeat of last year’s devastating storms.
Opec is not only worried about investor activity in oil markets, but also about preserving high export prices, which underpin government budgets in member countries.
Many Opec producers have embarked on big spending programmes in recent years on the back of the higher oil price.
Opec maintained its quota of 28m barrels a day at its recent meeting in Vienna, and this is close to the cartel’s actual production last month.
Saudi Arabia, Opec’s linchpin member and the world’s largest oil exporter, has been cutting its output since the end of last year.
If Opec does trim its official production ceiling, it would be the first cut since December 2004, when oil prices were close to $42 a barrel.
http://www.ft.com/cms/s/7ef0bb92-4cc8-11db-b03c-0000779e2340.html
A million shares in 11 minutes, including mm trades.
285k took out the .018s for now.
Looks like everyone is holding. The spread is small but still only 223k in volume.
O/T - ONGC, Sinopec buy oil stake in Colombia
Oil & Natural Gas Corp (ONGC), India’s largest explorer, bought an oil area in Colombia jointly with a unit of China Petrochemical Corp (Sinopec), the nation’s second-biggest oil company.
ONGC and Sinopec Group will set up an equally-owned company to acquire Omimex de Colombia Ltd, the ONGC said in a statement to the Bombay Stock Exchange (BSE) Ltd. India and China are seeking oil assets in countries such as Kazakhstan, Iran and Ecuador to secure energy supplies for two of the world’s fastest-growing major economies.
The Asian nations need to acquire assets because they face stagnant domestic oil production as their fields age. Growing imports by the two countries have made crude oil prices rise to a record.
ONGC Videsh Ltd, the overseas unit of ONGC, got the Cabinet’s permission on August 3 to bid for oil assets in Colombia, finance minister P Chidambaram said. “ONGC Videsh has been permitted to go ahead with the acquisition,” Chidambaram said. “ONGC Videsh will fund from its own resources, or its parent organisation’s.” The two companies will pay more than $800 million for the stake, The Financial Express reported on August 14, citing people it did not identify.
Omimex de Colombia, a unit of Texas-based Omimex Resources Inc, has proven reserves of more than 300 million barrels of oil and has a production of about 20,000 barrels a day. ONGC Videsh was advised by UBS AG, the Sinopec Group by Citigroup Inc, a statement issued by the Indian explorer said.
Calls made to China Petrochemical’s spokesperson Zhang Zheng and Sinopec International Petroleum Exploration and Production Corp were not answered.
http://www.financialexpress.com/fe_full_story.php?content_id=141169c
Thats it, we're green.
They mentioned other opportunities in their 8/31 PR also.
"Management has also been assured that there are other opportunities in conjunction with the LOI on the East Texas Oil Field, which it will be pursuing at the appropriate times."
Just to add that todays PR said it would be used for current and future acquisitions.
From todays official PR and the Secretary of State in Nevada has it on its site too.
But their buying a company much larger than they are.
Total is 800MM now.
It doesn't make sense.
There is another pinky stock on my watch list which released a PR on August 10. It said "that it will have a rig available in the fourth quarter of 2006 or the first quarter of 2007 to drill the wildcat well to test the structure...".
I can't see how BIGN could run a company having to wait that long for rigs, and then having them break down. The extra wait will be worth it.
Anyone interested in estimating a PPS on grimes alone at the end of 07 with 18 wells online? Exclude all other income. I think that even if a 800MM O/S were used it would still look good.
Ignore - eom
It's been 45 days since the Tubbs LOI so they should get that going soon too.
I guess they kept the spread big all day because they're scrambling for shares, no sellers at these prices.
9 more business days .....
Nope, close to half of today's volume was MMs getting shares for orders. Hope all the longs get what they want, but I dont mind the low volume at this price, fewer cheap shares being bought.
Hopefully lots of PRs coming our way.