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Looks like somebody took their 55 dollars and left, too funny.....RDT
I take this to mean we should watch the 3pea website for updates...Yeah, that's why they pay me the big bucks....RDT
Ditto...
Could this be the market maker in this stock selling the 100 shares, perhaps his cost are pennies instead of dollars for the transaction....
Crazy. I'm seriously going to put in a buy for 10 shares at .07 cents Monday. If that works could I just buy 1 share then for .07 or .075?? Too funny as I like to say.....RDT
So, one day I'd like to see this stock price at a buck or 4, how nice....RDT
I'm OK here. just wish i had more ammo to burn on shares at 5 cents. Somebody be frustrated it appears......RDT
No, I'm married...
Ho Humm, new month, perhaps something new?? Surprise me please.
Looks like someone is sneakin in bit by bit. Nice way to do it I must say......RDT
More interesting to see if that big chunk would disappear after the .07 is taken, if anyone is paying attention I guess.
Guilty as charged at 14:44. Too funny, had an order in for 1k at .075 and gotem for .070. Had originally typed in the order for 1k at .75 but caught my self at an "are sure you want to do this" type of question and I actually looked at the cost.......RDT
Chilar, don't burn 2 gallon of gas money, see if you can get 50 shares. I might even forgo the DQ frosty and grab a few too.....
uh, that was $4.50 worth of stock trade today. With a, lets say 7 dollar or more charge too trade, uh hmm, uh too funny...
Yes Mr D, also my prayers and positive thoughts are for your step daughter and you through this ordeal......RDT
NICE! Loreto Resources Corporation and Eagleford Energy Inc. Sign Letter of Intent to Jointly Develop the Eagle Ford Shale, Austin Chalk and Buda Formations in Zavala County, Texas
SARASOTA, Fla., Aug. 11, 2011 /PRNewswire/ -- Loreto Resources Corporation (OTC:LRTC.ob - News) ("Loreto") today announced that it has signed a non-binding letter of intent with Eagleford Energy Inc. ("Eagleford"), under which Loreto would have the right to farm in to an up to 50% working interest in Eagleford's net working interests in the Matthews Lease and the Murphy Lease in Zavala County, Texas.
Key highlights of the letter of intent are as follows:
Farm-in agreement would cover 5,266 gross acres in the Eagle Ford light oil shale play in the Maverick Basin.
Drill results on both leases indicate potential for significant volumes of recoverable light oil in the Eagle Ford Shale, Austin Chalk and Buda formations based on core samples, log analysis and analogue modeling by Weatherford International.
The Matthews Lease is contiguous to the Petrohawk Energy Corporation Red Hawk Land Block, which has shown average initial production rates per well from wells targeting only the Eagle Ford Shale of 375 barrels of oil per day, according to Petrohawk.
Accelerated work program currently anticipated to include (i) the completion, fracturing and tie in of the Matthews/Dyami #1-H horizontal test well with up to a 15 stage fracture stimulation utilizing a Baker Hughes shot point sleeve, (ii) drilling of a second vertical well on the Murphy Lease which is currently drilling; and (iii) the fracturing, tie in and completion of two Murphy vertical wells.
Nadine C. Smith, Chairman of the Board of Loreto, said, "We are very excited to announce the execution of the letter of intent with Eagleford Energy for joint development of this attractively located acreage in the oil rich sections of the highly sought after Eagle Ford Shale play. We will initially be targeting the Eagle Ford, Austin Chalk and Buda formations but are mindful of the multi-stacked formations prospective for oil and gas in this area. The acreage Eagleford has assembled over the years at considerable expense has been secured on very attractive commercial terms, which is a benefit that would be shared with Loreto in the planned agreement we are announcing today. We would also be entering into this agreement with the added benefit of the considerable geological and geophysical analysis and fracturing project design developed from data available from recently drilled wells, and in conjunction with well recognized service providers active in the Eagle Ford. Eagleford's management are experienced industry executives, and we look forward to working together with them to jointly develop these very attractive Eagle Ford resources as a platform for future growth in our collective prospect portfolios."
The Matthews Lease covers approximately 2,629 acres, and the Murphy Lease covers 2,637 acres, over the Austin Chalk, Eagle Ford Shale and Buda formations. Eagleford has a net 85% (BPO) working interest in the Matthews Lease (excluding the San Miguel formation) and a 90-97% working interest in the Murphy Lease. Zavala County is part of the Maverick Basin of southwest Texas. This area is often referred to as the oil window of the present Eagle Ford Shale play. Eagleford's Matthews Lease is situated contiguous to the Petrohawk Energy Corporation Red Hawk Land Block.
Under the terms of the letter of intent, during Phase I of the farm-in, Loreto would earn between 20% and 25% of Eagleford's net working interests in the Murphy Lease and the Matthews Lease (excluding the San Miguel formation) (the "Farm-In Leases") in exchange for Loreto's sole funding of between US$2.0 million and US$2.5 million of work activity (the Work Program outlined below) currently underway and anticipated to be accelerated shortly on the Matthews and Murphy Leases.
To date, Eagleford has conducted drilling activities on both the Matthews and Murphy Leases, and conducted extensive geological and geophysical analysis of logs, cores and oil samples acquired from its drilling activities. During the fourth quarter of 2010 Eagleford drilled the Matthews/Dyami #1-H well targeting the Eagle Ford formation on the Matthews lease as well as the Austin Chalk and the Buda formations. The well was drilled, by Dawsey Operating LLC to a total measured depth of 8,500 feet, of which over 5,100 feet was vertical depth into the Buda formation, directly below the Eagle Ford shale. The well was whipstocked at the top of the Austin Chalk formation, found directly above the Eagle Ford formation, and drilled with an 800 foot curve into the Eagle Ford shale. Drilling continued horizontally such that the well bore was extended 3,300 feet through the Eagle Ford formation. A shot point sleeve from Baker Hughes Incorporated ("Baker Hughes") was installed to protect the well bore and facilitate a 15 stage fracture stimulation.
The well was logged extensively by Weatherford International ("Weatherford"), and over 30 sidewall cores were taken from three key formations in descending order, the Austin Chalk, the Eagle Ford and the Buda. The logs were interpreted by Weatherford and the sidewall cores were analyzed by Core Laboratories and Weatherford.
During January 2011 Eagleford spud the Murphy/Dyami #1-H test well on the Murphy Lease, which was drilled to a vertical depth of 4,588 feet into the Georgetown formation. The Murphy/Dyami #1-H test well was logged and sidewall cores were taken from four key formations – the Serpentine, the Austin Chalk, the Eagle Ford Shale, and the Georgetown formations. Logs and cores have been analyzed by Weatherford to assist Eagleford to develop a fracturing and completion program. During the last week of July, 2011 Eagleford spud the Murphy/Dyami #2 vertical well, which is targeting the Serpentine, Austin Chalk and the Eagle Ford formations.
The Work Program to be funded by Loreto during Phase I currently anticipates (i) the completion, fracturing and tie in of the Matthews/Dyami #1-H horizontal test well (ii) drilling of a second vertical well on the Murphy lease which is currently drilling; (the Murphy/Dyami #2 well); and (iii) the fracturing, tie in and completion of two Murphy vertical wells (the Murphy #1-H and #2 wells) (or such other work activity on the Matthews and Murphy leases as the parties may agree).
In addition to funds advanced under the Work Program, the letter of intent provides that Loreto would pay Eagleford an equalization payment equal to US$300,000 in cash and US$700,000 of Loreto's common stock valued at the price per share at which Loreto raises the funds for the Phase I program.
Under the terms of the letter of intent, Loreto has committed to provide Eagleford with US$250,000 in bridge financing in the form of a secured convertible note. Upon the execution of definitive agreements for the farm-in and funding of the Phase I amount, the unpaid principal of the bridge note will be applied against the Phase I amount required to be paid by Loreto, and the bridge note will be cancelled. Alternatively, if not converted, the note becomes due 90 days after Loreto notifies Eagleford of its intent not to proceed with the farm-in. Loreto has the right at any time after the maturity date of the bridge note to convert the unpaid principal and accrued interest into common stock of Eagleford at a conversion price per share equal to the 30-day volume weighted average price of Eagleford common stock as of the date of conversion, less 20%.
If Loreto elects to proceed to Phase II of the farm-in, it will earn an additional 25 -30% (for a total of 50%) of Eagleford's net working interests in the Farm-In Leases in exchange for expending US$4.5 million (plus or minus the difference, if any, between US$2.5 million and the amount actually paid by Loreto in Phase I) on operations on either or both the Matthews Lease and the Murphy Lease. Loreto may determine its intent to enter into Phase II at the later of October 31, 2011, or fifteen days after completion of the Phase I Work Program.
Upon Loreto's election to proceed to Phase II, Loreto will thereafter in Phase III be obligated to spend an additional US$3.5 million on a schedule to be agreed upon by the parties on operations on either the Matthews Lease and/or the Murphy Lease. In addition, in connection with Phase III Loreto would pay Eagleford an equalization payment of US$2.0 million in cash on a schedule to be agreed.
Except for the commitment by Loreto to make the bridge loan, the letter of intent is non-binding and subject to due diligence and necessary internal and external approvals. It is also subject to Loreto's ability to raise at least $2.3 million of new financing (together with amounts required to pay due diligence and closing costs) to fund the Phase I program and the Phase I equalization payment.
Ho Hum, Ya De Da Da Do, enough said.....RDT
Too bad for the seller, I put money into TPNL that can wait for this to happen. Just a matter of time though I wish I'd got to pay sub 10 cents for........RDT
Anyone got any more or new info other than what's on their web site? I took a small position here, real spec but has some possibilities if their info is accurate......RDT
yeah, too bad the SEC is so slow. This thing would be over a buck i bet if we were. I've already got a full position of TPNL or I'd be buying more at this price, as D says tic toc, I'm tending the flock (of chickens).....rdt
Can't find anything yet on how under valued they appear to be but did find this:
(This story has been posted on The Wall Street Journal Online's Health Blog at http://blogs.wsj.com/health.)
By Katherine Hobson
PBM Deal: Express Scripts announced it will buy rival pharmacy-benefit manager Medco Health Solutions for $29.1 billion in cash and stock, or $71.36 per share -- a 28% premium to yesterday's closing price --the WSJ reports. Express Scripts CEO George Paz will lead the combined company, which will be based in St. Louis, the paper says.
hard to corelate to TPNL.....RDT
Express Scripts buying Medco. Not a bad thing in our space to be happening. Could goose 3 Pea share price possibly, though we are not very visible until it uplists.....RDT
I had the same feeling about VFIN bid when I saw chilars numbers. Possibly some bait to stir the fish up.....RDT
Don't have level 2, what are you seeing quantity wise?? if you care to post that....RDT
Not me!
What's Christmas if you can say.....RDT
Thanks Chilar,
I know the D from some other boards, yes he's a good guy and tells it like it is, in spite of being a chicken rancher. Hope this is like wine, got a couple of cases of it also, and gets better with age.....RDT
OK, I'm here, let the fun begin or actually anything.....RDT