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Look at the date on that report - it's June 20, 2006. Then look at the date for the first NWOG PR about acquiring Magma - June 21, 2006. Hmm. :)
A look at some other oil companies' profits...
Rosneft RAS net profit rises 11.3% y-o-y in H106 ($2.8 billion - Russia's windfall tax takes away most of the rest, so the original profit is a hefty amount):
http://en.rian.ru/russia/20060728/51987513.html
Lukoil is expected to do very well this quarter:
http://biz.yahoo.com/fool/060630/115169061021.html?.v=1
Exxon Mobil reports $10.4 billion profit (up 36%) for the quarter alone, $7.3 billion each for Royal Dutch Shell (up 40%) and BP (up 30%), ConocoPhillips $5.18 billion (up 65%):
http://www.boston.com/business/globe/articles/2006/07/28/exxon_mobil_profit_tops_10b_shell_nets_73b/
Speaking of ConocoPhillips, Warren Buffett has plowed a lot of money into its stock, which is also endorsed by Stephen Leeb of Leeb Capital Management:
http://biz.yahoo.com/bizwk/060721/b3995123.html?.v=1
Though lower than expected, mostly from damage from Hurricane Katrina, Chevron Texaco's 2nd quarter profit is a company-record $4.35 billion (up 18%):
http://biz.yahoo.com/ap/060728/earns_chevron.html?.v=16
http://www.otcbb.com/dailylist/ is where you can find out about changes to names and symbols.
There was a NWOG, but it was for a different company years ago. That entry has to be deleted first before recreating it for NDOL/NWOG, unless the new symbol is going to be something else.
In case anyone wonders about Nord Oil's financials, Parkin has given the SEC his statement in various forms that they are correct under the Sarbanes-Oxley Act of 2002. Obviously the original NWOG wouldn't have agreed to do a reverse merge with Nord Oil if their own lawyers, accountants, and other experts find anything suspicious in them. The same applies to Nord Oil. The audit firm most likely will approve of the combined financials if that hasn't been done already.
RSM Top Audit had reviewed Nord Oil's reserves and licenses
(http://secfilings.nasdaq.com/filingFrameset.asp?FileName=0001144204%2D05%2D020124%2Etxt&FilePath.... Those eventually will contribute to future revenues.
The RSI is now officially in oversold territory. Got a few more shares. Analysts generally don't cover the pink sheets, so they wouldn't be buying at this time.
Obviously old investor has not done his DD. Let's just put him on ignore. Remember, reserves and financials are audited. Profitable 1st quarter. Even more profitable upcoming 2nd quarter financials thanks to recent record crude oil prices (see PGPM for one example of this). Oil is still a highly prized commodity for the next several years. Russia supplies China, Japan, India, and Europe among others.
Old investor,
You concentrated only on the symbol change, and left off the name change and the OTCBB listing. As it's your first post on NDOL, that is rather suspicious to us longs.
The new exchange listing itself requires the exchange to make sure the new symbol is available for use and hasn't been reserved by other companies across other exchanges. It also require the applying company to satisfy exchange requirements.
This brings in the SEC for verification. True, the SEC has nothing to do with the actual ticker symbol itself, as it is determined between a company and its chosen exchange. The SEC still has to update its systems with the new info, though, or else people wouldn't be able to track a company's filings through earlier incarnations. The SEC also has to approve the merger, as noted in an earlier company PR.
To save himself time from explaining all the mundane details, Parkin may have simply said "the SEC" to cm3i as the reason for the delay. Think about it. The OTCBB likely wouldn't delay. NWOG definitely wouldn't. So, guess who's left?
The June 1 drilling date was for Nord Oil pre-merger. NWOG seems to believe its other oil fields are more promising.
Time to remember the potential for NWOG, based on a post I made elsewhere. I think it's still applicable today:
Malyshev, the president of NWOG, said in the 5/20 PR, "Our ultimate goal is to move from the ranks of junior Russian oil companies into the top tier." The Magma deal when finalized would increase its production fivefold and is one large chess piece revealed so far (the next day after that PR), but that alone wouldn't do that yet. NWOG has a joint venture with Oil India, which would provide additional funds, knowledge, and technology. Nord Oil's fields could provide about 6K barrels/day when tapped and has transport and storage business that will handle not just NWOG's oil. There may be other developments in the works that aren't revealed yet. Given the increasing demand for oil worldwide, banks wouldn't be averse to lending to NWOG if needed.
The top tier includes Russian oil companies Lukoil, TNK-BP, Tatneft, and Rosneft, which got a large asset from former oil giant Yukos and is going public next month. If NWOG continues its growth and its PPS grows with it until it gets up there, it will be a giant money maker like the first three I listed. I'd give it at least a year, and I play it with both long and short shares. This really is for longs, though flippers and daytraders could take advantage of any movement short-term.
I think we need to know E*Trade's source. The usual site I check for Forms 144 is Nasdaq at http://www.nasdaq.com/asp/holdings.asp?mode=&kind=&symbol=NDOL&symbol=&symbol=&s... which gets its info from Edgar Online, the official SEC online source.
The info on E*Trade contradicts the other's, though. Rossel's filing was on 5/5. "Mailhot" should be Maichot, whose filing and transaction was on 6/20, not 6/13. "Bobovsky" should be Bobowsky. Andy Dibari filed and sold during mid-March, not April.
I'd suspect it's programming and/or processing gremlins in E*Trade's system, especially if the info is second-hand. I see that sometimes in my line of work, when one system changes how it's doing something without informing potentially affected systems in advance. :(
Neither is Exxon Mobil (XOM) going up much. 8)
The market is wondering if the high oil price might cut back demand significantly enough to hurt revenue. I think it won't unless it goes up much higher too quickly and lasts for a prolonged period, since oil demand remains high worldwide. Oil companies so far have been raking in higher revenues worldwide. NWOG appears to be pumping about 1.4M barrels a year already based on its PRs (7M being 5x its current production), so it should see record revenue, too. The financials will attract investors.
NDOL's PPS tends to go up on Fridays, for some reason (waiting for news over the weekend, it seems).
Dyslexic trader is the likely explanation. :p
0.285 has been the lowest over the past two weeks. 0.258 was the lowest, but that was over a month ago. The high 0.20s has been very solid support. I'd expect some sells from impatient daytraders and others who may want to play other stocks, but I myself don't think we'll see 0.25 anytime soon.
BTW, Brent, I got your PM. Thanks. :)
The Energy Department has released a report with a sharper drop in oil inventory than expected, leading to a rise in crude oil prices back near record highs:
http://biz.yahoo.com/ap/060712/wall_street.html?.v=12
Citgo is also cutting off gasoline supplies to various states that aren't from its own refineries, which will put a short-term squeeze on gas supplies at affected stations:
http://biz.yahoo.com/ap/060712/venezuela_citgo.html?.v=3" target="_blank">http://us.rd.yahoo.com/finance/news/topnews/*http://biz.yahoo.com/ap/060712/venezuela_citgo.html?.v=...
IHDR, yours looks to be a standard form reply. Come back if you ever get an actual reply to your unsubstantiated complaint. Allegations you have specified require incontrovertible proof of which you have so far provided none, much less any which will stand up in court.
All this fracas over nothing actually illegal... ^_^;
IHDR and RonnieD, the buyout offer was never confirmed as accepted. To the contrary, Nord Oil did not appear to want one. Too many people, especially daytraders looking only at that $2.17, overlook that undeniable fact. It's that simple.
NWOG during its asset accumulation was only offering a buyout offer to Nord Oil, in much the same way it does now to Sibir for the Magma fields and to SaratovNefteGeofizika. Nord Oil felt it has a responsibility to report a buyout attempt. Obviously at the time Nord Oil wanted to make sure it was genuine. No problem there. Questions from people about the buyout then led to Nord Oil saying it was not from a Chinese oil company. Again, nothing illegal here and it's true. The spike over $1 is due to the PR with details of the buyout offer, $2.17/share, finally revealed. Nothing wrong here either. Traders simply got carried away with the actual offer amount and neglected to see that it was merely an offer. What people do with the info cannot be blamed on Nord Oil.
As for a merger, Nord Oil did not know that NWOG would go for that rather than a buyout until further meetings took place. So, the buyout was eventually rejected and discarded. Again, nothing illegal or even shady; it's just the way business is sometimes. Companies and people can always change their minds while negotiations are still ongoing and things are not set in stone via contracts.
Now, if Nord Oil had to go through all this again, perhaps it might have had kept the entire process regarding NWOG's buyout offer and its own counteroffer for a merger confidential throughout and then only reveal the final business outcome, the merger itself with NWOG. The PPS might have turned out better this way, but nobody really knows since no one can turn back time.
Nord Oil merely put out information it believes to be accurate. What the market did with it is immaterial to the SEC, which will come to the same conclusion about the complaint even if it were to investigate.
Basically it's oil.
Yukos (YUKOY on the pinks), Surgutneftegaz (SGTZY on the pinks) and Tatneft (TNT on the NYSE, though planning to concentrate on the LSE), among others.
RAND report last year about U.S. oil shale:
http://www.rand.org/pubs/research_briefs/RB9143/index1.html
I agree, it'd be quite a while before Shell can really resolve all the issues involved and make significant revenue from oil shale:
A design base for a full-scale commercial surface retorting plant or an in-situ operation is at least six years away. Assuming the private sector decides to invest in oil shale development and production, we expect that an oil shale industry capable of producing more than a million barrels per day is at least 20 years off.
OT: If using Firefox, try downloading the Adblock Plus and Adblock Filterset.G Updater extensions. They filter out ads on this site and virtually all others. I haven't had to manually adblock anything since then. :)
Wise_investor, I pretty much agree with those two articles. As it turns out, there hasn't been any more terrorist strikes against oil facilities in Saudi Arabia, though a terrorism premium remains on oil prices. We also know now that Rosneft got Yukos' main asset. :)
Wise_investor, I think we can safely say that the author of the page in that second link is way off base. Iraq hasn't really resumed production and won't be until terrorists there are reined in, and Russia's government has been benefiting greatly from its 90% windfall tax on amounts over $25/barrel.
As for the rest, I don't know about tripling, but most experts seem to see only about 1M of spare production a day worldwide that could be put into operation quickly if needed (http://www.wtrg.com/prices.htm and http://www.vcrisis.com/index.php?content=letters/200606230333 ). So any major extended disruption would send oil prices skyrocketing up for a long while, while a minor one like a hurricane or strike as in Norway would cause a spike. How much is anyone's guess.
Hmm, I guess you don't want to take the risk that the PPS could "pop" over $1 anytime. :)
As you should be aware, news and a fundamentally new environment can trump charts anytime. For one thing, the company only started becoming involved with oil a year ago and wasn't even slated to begin production at all until June this year before another company came in.
In spite of its heavier and sourer quality compared to the sweet version, Russian oil is already one of the country's most highly-sought exports. Nearby China and India have already come calling, and so do major oil companies such as BP and Sinopec. "More than half the world's produced oil is heavy and sour in quality and this proportion is expected to increase." -- http://www.platts.com/Oil/Resources/News%20Features/crudeanalysis
As for your chart annotations for the PPS as of late:
* That "bearish continuation pattern" looks like a pennant. It could break either up or down. Lots of shares have already been sold during the slide after the buyout spike, and the 2M formerly restricted shares sold this past week prevented an upward spike on the recent PRs about a not-quite-done deal.
* The stock has definitely become popular. It's not possible to determine dilution from this chart, though, since the float is at least 38M and no daily volume has exceeded that, but the filed Forms 144 helps determine possible extent. Even so, the PPS still remains about 3x the PPS before the buyout rumor run.
* Stochs and MACD are weak but still rising, even in the face of the 2M-share sell last week. The MACD is still showing positive divergence.
* Things you didn't note: The Bollinger Bands are coming together again, and the RSI is still nearly on the oversold side. Combine this with the MACD, and the chart is still mixed but shaping up better. News and market sentiment can accelerate this, of course.
As far as future PPS, I don't see it going below the 200-day MA unless we have news really bad enough to scare the longs. It didn't last time.
So, it looks like you were chasing a buyout for quick profits...so you should have bailed out already when it became a merger. I've been in this early for the long haul, and play it both the long and short way. Buy low, sell high, etc. I've done the same with Lukoil when it was around $2 years ago. :)
Care to put your money where your mouth is? Or do you have any? :p
The only negative posts we'll consider should be substantive. Yours gave only market sentiment, but as we all know, that can change anytime.
"Wanna bet?" :) Let's say $1M on whether NDOL/NWOG will be at $1/share by the end of this year. If you're so confident, you should have no problem with this, unless you only bash stocks.
No, Putin doesn't like that. He feels that Russian resources should be under Russian control, but help from abroad is fine. So, only up to 49% of shares in any Russian company may be owned by non-Russians. It's one reason international energy firms are hesitant to make that kind of investment, since they wouldn't be in control of it. Another is Russia's political environment, which could change things quickly, as Yukos had discovered. :/ However, NWOG appears to have some connection to Putin, and will do well in Russia's current economic and political setting.
Kapone,
This is a Russian oil company on the pink sheets. It will need to accumulate more audited SEC financials (or a clearly rising PPS graph) before some who were burned before will return. The new investor relation firm will also help restore traders' trust that may have been lost due to Parkin's missed deadlines and the PPS slide earlier.
The MMs may have had a hand in the PPS again today. When it went to 0.39 after the release of today's PR with details about the Magma Oil Fields, it seemed to be rather quickly suppressed. I don't think it's all daytraders and flippers. Of course suspicion is not proof. The new regulations taking effect on 7/11 may finally nip MM manipulation in the bud, but we'll have to see. In the meantime, volume probably have to exceed 10M before the MMs will let it go up, but once it does it will. :)
If you want to learn about candlesticks and their patterns, try this below. The terms you're using refer to them:
http://www.candlesticker.com/
There are always armored vehicle manufacturers and researchers, and not only in America, to take away FRPT's business.
On the other hand, everyone still needs oil now and for the forseeable future, and NWOG has a lot of it already. :)
Valis, that date may be 7/10 per the PRE 14C, which happens to be close to the 20 days after the 6/19 date for the mailing of notification to shareholders as of 6/16. In particular:
Shareholders of record at the close of business on June 16, 2006, the Record Date, are entitled to notice of the action to be effective on or about July 10, 2006.