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Consider Last Friday's trading as the burb before the next drop.
Wow, this donky is still above 0.001
I was thinking of buying at 0.0011, but the bids are dropping. The ask is as well, I've noticed.
I'm suprised how much we're hitting 0.0011 Any comments on trading for the rest of the day.
IKauai I agree with your statement. There's more action on the initial frenzy.
Skillen... Would be nice to see market depth again!
Looks like the board is waking-up. I was wondering how much weight this board has on the stock? No many boards do, but I've seen boards actually control a stock as well.
I noticed that. I think the high was $5. I remember them saying how they had to issue shares while business had stopped to pay expenses. I think the issue is the extra shares killed the price. Now people can easily buy over 1 million shares. Time will resolve the liquidity issue.
What about the new 11 wells. I remember them saying they were already in production. Are they making money now?
Thanks for your insight.
I'll be glad not to predict the stock going down if people stop saying will have a news release everyday to keep the stock up. It's only fair to new investors. With the current price, that we should.
Imagine this... Because I sold my shares I can really support this company by taking more shares off the market later. Sometimes even the weak hands can help.
If the company cares about the stock price they should issue a news release before people loose faith.
Wow, today? Best not answer that one. Might bring us some bad karma!
That sounds like a good plan. I'm hoping for less, but that might not be possible. The share price can only go so low with the current volume we still have.
I was just commenting on the usual cycle of board commentaries. Wait for the sound of the toilet flushing then get back-in. Why not get in cheap prior to the next news release. Let's not fight it, let's embrace it.
The stock is on the way down and the wolves are growling at each other. The tales of glory are on the way out.
I bought a new position at 0.0014 and will continue accumulating at that price for the time being. It's time to flip this one back and forth while we wait for more action.
I thought we we're suppose to get a news release this morning. Another defective chrystal ball I guess.
I'm simply playing this one because it's in full reversal. Like a phoenix rising out of the ashes. As news releases come out confirming the fact that they're back in business more money with find its way to MGLG. After a few quarters showing revenue figures the more the pace will pick-up. The only thing that would tank this stock is news confirming the exact opposite. I would expect that if I owned wells and someone else was picking up the cost of running them in exchange of the profits then cash flow should come quite soon. I really like this story. Can't wait for the price to move-up so trading stabilizes.
Ahhhh, thanks for clarifying.
If they didn't share the profits with companies in the business of operating wells they would tie up cash flow not allowing them the opportunity of signing-up new leases. Also, these are shallow wells and no one knows when they will run out. Why take on all the risk.
They are selling they're own gas. The company is simply getting someone else to do the work for some of the profits. By doing this, they can operate more wells than usual. It's like a gold or silver stream company. There's no production or exploration costs.
These boards can be a real laugh to read sometimes. Talking about the regions population, as if that effects their business. Or talking how the company should sell directly to the market. Oh what laughs. The biggest laugh is how people are worried about outstanding shares. Like no one has figured out that people are buying 1 to 5 million shares a pop instead of a couple thousand. If this company is ramping-up to where it was before than at the least we should expect 5 cents. If this doesn't move it is simply because we don't have enough interest in the company.
700 to 900, that's my thinking my good friend.
I'd say yes, we're opening at .002
We've been closing on an upward trend for the past 3 days. This afternoon's news release gave us a close with over 500 million shares traded. Most people are just reading about it now. This should keep us going for 3 more days and there's still more news on the way. I can honestly say that I'm going to bed tonight feeling a peace with myself. For the first time I'm thinking if I should buy a second position. These stories don't come around every day. What price are we closing at? That's my question.
SHOTSII
If we open at .002 which I'm expecting as well and we close at .0023 which sounds reasonable. What will be the high?
The news release has gotten the attention of other sites. I've seen some coverage coming out today through newswire. We might have quite the close tomorrow being that it's Friday. Tonight people will see the news and today's close. I expect a pop on the open.
8 billion shares outstanding whoopi! When have I ever owned 5 million shares before in a company... It's all relative. Give me a break with that broken record.
The news release issued today is doing the trick! We're heading back up again. Sweet!
Are you drunk. These wells already existed. They're simply leasing these old wells from big producers that have moved-on to more productive wells. Are you familiar with the term due diligence?
Magellan Energy Announces Acquisition of Lankford Lease in Morgan County, Tennessee
TORONTO, Jun 18, 2009 (MARKETWIRE via COMTEX) -- Magellan Energy Ltd. (PINKSHEETS: MGLG) ("Magellan" or "the Company"), an independent oil and gas company, announces that it has signed a participation agreement with TMD Energy for the Lankford Lease in Morgan County, Tennessee. The lease/agreement consists of eleven wells that are currently producing natural gas.
We are extremely excited to begin another project with TMD Energy Inc., who will be the operators of this lease. The acquisition of this lease has occurred at an opportune time, as operators in this area are now able to get their gas to market via the new compressor set in by Citizens Gas. The compressor blends the gas from all area producers thereby resolving the high BTU issue that previously prevented producers from selling their gas. The eleven wells on the property produce gas from the Monteagle formation and are currently tied into a collection system, which is tied into Citizens Gas Utility District.
The operators, TMD Energy Inc., will work with Magellan Energy to ensure that the wells continue to produce natural gas and additional revenues for both parties. Magellan has an option on this lease to frac two shale wells in the future, which would increase the gas production per well on a daily basis. These two wells will be relatively easy to frac as they are located on the thin exposed part of the Chattanooga Shale in Eastern Tennessee.
With gas production from a total number of twenty-four producing wells, The Company will continue to execute its business strategy of acquiring additional gas and oil leases. Magellan Energy is embarking on a new era devoted to achieving a profitable future for the Company.
About Magellan Energy: Magellan Energy is a publicly traded independent oil and gas company (PINKSHEETS: MGLG). The company is actively acquiring oil and gas leases, producing properties, mineral rights, and surface interests in Tennessee and Oklahoma. Once acquired, the company intends to develop each property to maximize the income from each property by re-establishing production, refurbishing and improving the existing production and operations.
Forward-Looking Statements: The statements which are not historical facts contained in this release are forward-looking statements that involve risks and uncertainties, including but not limited to, the effect of economic conditions, the impact of competition, the results of financing efforts, changes in consumers' preferences and trends. The words "estimate," "possible," and "seeking" and similar expressions identify forward-looking statements, which speak only to the date the statement was made. The Company undertakes no obligation to publicly update or revise any forward-looking statements, because of new information, future events, or otherwise. Future events and actual results may differ materially from those set forth herein, contemplated by, or underlying the forward-looking statements.
MAGELLAN ENERGY LTD.
Member Of the Tennessee Oil and Gas Association
Website: http://www.magellan-energy.com
Phone: 1-866-365-4724
SOURCE: Magellan Energy Ltd.
CONTACT: http://www.magellan-energy.com
Copyright 2009 Marketwire, All rights reserved.
-0-
SUBJECT CODE: Energy and Utilities:Oil and Gas
Ahhhhh, I see. On another site I use it comes up as after-hours trades. This is my first time trading pink sheets. A friend from a Swiss investment firm also located in NY told me about this one. My last trade he recommended made me lots of dough in less than 4 days.
I've noticed we've actually been closing on a slow upward trend over the last few days. Considering how we shot up, we're correcting quite well. Look at our previous peak... There's much more traction taking place on the rebound. I'm I correct there's a 6 billion share float? What percentage do the insiders own?
Yes, it has been trading in after-hours the last few days that we traded over 1 billion shares.
.0017??? I think you mean .0016. There's no record of after hours trading today.
MAGELLAN ENERGY LTD. ISSUES LETTER TO SHAREHOLDERS
6/15/2009 12:22:32 PM - Market Wire
TORONTO, Jun 15, 2009 (MARKETWIRE via COMTEX News Network) --
Magellan Energy Ltd. (PINKSHEETS: MGLG) has issued this Letter to Shareholders in order to address these questions and to review the success of the Company's expansion efforts through the second quarter of 2009.
From: Apolinar Carcasona, CEO, Magellan Energy Ltd.
To Our Shareholders:
In response to a number of questions posed by shareholders in recent weeks, I would like to take this opportunity to unequivocally state Magellan's position on a number of issues.
Our Martin and Anderson leases are once again producing gas and have brought Magellan to "revenue producing status." All of our wells have now been connected to the compressor and gas is flowing. Lines from other producers in the area are slowly being introduced and as soon as volumes have stabilized, Citizens Gas will be providing us with average volume numbers. As soon as these numbers are received, we will update shareholders. Also, to clear up further confusion and to lessen inquires internally and externally, while Magellan is not an operator itself on these properties, it is a member in good standing of TOGA (Tennessee Oil and Gas Association). Our business partner, TMD Energy, is the operator on our projects.
Magellan's business plan has always been to seek out, procure and refurbish past-producing, low volume wells that once again are economically viable due to the high price of oil. Developing shallow gas and/or oil projects in Tennessee that possess the low risk, blanket characteristics of the area, make it possible to drill and produce a well nearly every time. The continued acquisition of low-volume producing wells such as these will add to the cumulative oil and gas production numbers that will ultimately create higher revenue numbers for the Company.
There have been many inquiries about why Magellan increased its outstanding shares over the past year. For approximately seven months, up until the end of May of this year, gas production on the Morgan County wells had been virtually at a standstill because of the high BTU/shut-in situation. As a result, revenues were at a standstill, but expenses were not. Unfortunately, our share price also suffered considerably due to this forced inactivity and overall poor economic conditions. Our day-to-day operations and acquisition strategies still required funding; therefore, our outstanding share count rose as we obtained the additional funding necessary to execute our business strategy.
Due to the increasing price of oil worldwide, Magellan is focusing on projects that contain both oil and gas as they will provide more upside to the Company while maintaining the low risk it is pledged to in the area. The Company is currently performing due diligence on a lease located on the Chattanooga Shale, near our existing oil and gas producing acreage in Eastern Tennessee.
Many shareholders have been concerned about the "caveat emptor" tag for "questionable promotion" that has appeared on a popular website that supplies information on Pink Sheet listed companies. Magellan wants to make it absolutely clear that the Company did not engage in these activities. The Company was in a position where there had been no news for six months due to the high BTU/shut-in situation in Morgan County. When Magellan was able to release news that the situation had been resolved, it resulted in renewed interest in the Company and tremendous volumes and high percentage gains in the stock price were realized. There are many stock awareness newsletters that indulge in the practice of "tagging" or including mention of public companies that have realized these high volumes/percentage gains to stimulate the reading of their products. Such was the case with Magellan. When this was brought to the attention of the above-mentioned website, they chose to ignore these facts and demanded that the Company pay an exorbitant fee to have the "caveat emptor" removed. Magellan did not feel this was appropriate and refused to pay.
Magellan is in the process of updating its website to reflect these recent activities and to provide as much information to its shareholders as possible. In short, the Company is very pleased with its successes to date and is extremely optimistic about its prospects going forward. Magellan has grown from a fledgling company to an oil and gas producing company that will emerge as strong and profitable. We are making every effort to build upon the momentum of this second quarter and continue to aggressively implement our growth strategy through the rest of 2009 and beyond.
Apolinar V. Carcasona President, CEO
About Magellan Energy: Magellan Energy is a publicly traded independent oil and gas company (PINKSHEETS: MGLG). The company is actively acquiring oil and gas leases, producing properties, mineral rights, and surface interests in Tennessee and Oklahoma. Once acquired, the company intends to develop each property to maximize the income from each property by re-establishing production, refurbishing and improving the existing production and operations.
Forward-Looking Statements: The statements which are not historical facts contained in this release are forward-looking statements that involve risks and uncertainties, including but not limited to, the effect of economic conditions, the impact of competition, the results of financing efforts, changes in consumers' preferences and trends. The words "estimate," "possible," and "seeking" and similar expressions identify forward-looking statements, which speak only to the date the statement was made. The Company undertakes no obligation to publicly update or revise any forward-looking statements, because of new information, future events, or otherwise. Future events and actual results may differ materially from those set forth herein, contemplated by, or underlying the forward-looking statements.
Contact: MAGELLAN ENERGY LTD. Member of the Tennessee Oil and Gas Association Website: http://www.magellan-energy.com Phone: 1-866-365-4724
SOURCE: MAGELLAN ENERGY LTD.
http://www.magellan-energy.com
I'm not selling into quick money here. I've got 2 sell orders above .006
I've been around the block for a while. This should be played long. Too much potential here. I don't see why we won't trade above a penny in the longterm. Just 2 quarters with earnings and the lid will be blown.
There's no news at 2PM, but this stock is reacting well everytime news does come out. I'm waiting for gas flow numbers and news on current property due diligence being made at the moment. A new lease means more money.