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Bad press sure picking up. Hope COG survives this lawsuit.
Dark Side of a Natural Gas Boom
http://www.nytimes.com/2009/12/08/business/energy-environment/08fracking.html?_r=1&pagewanted=2&partner=yahoofinance
In September, the Cabot Oil and Gas Corporation, a Houston energy company, was required to suspend its fracturing operations for three weeks after causing three spills in the course of nine days. Cabot, which was fined $56,650 by the state, said the spills consisted mainly of water, with only 0.5 percent chemicals. This month, Cabot was fined an additional $120,000 by Pennsylvania for the contamination of homeowners’ wells. It must now submit strict drilling plans to the state.
A company spokesman, Kenneth S. Komoroski, said it was too early to blame hydraulic fracturing — the technology at the heart of the boom — for pollution of water wells. He said Cabot was still investigating the causes of last January’s contamination incidents.
“None of the issues in Dimock have anything to do with hydraulic fracturing,” he said.
The fines were little consolation to Ms. Switzer, the woman who can no longer draw drinking water from her well.
After moving here in 2005, she sold drilling rights on her property for a mere $180 after, as she recalled it, a gas company representative convinced her only one well might be drilled. In fact, no well was drilled, but three were on surrounding properties. Her well was contaminated at the beginning of the year after gas leaked from a well drilled by Cabot.
Her family now uses bottled water supplied by Cabot every week. She fears that if she tried to sell her home, which sits in the middle of a drilling zone, no one would buy it.
“Can you imagine the ad? ‘Beautiful new home. Bring your own water,’ ” Ms. Switzer said. “We’re like a dead zone here.”
What is your fair market target for this stock?
Its not bad but not great. They have tangible assets, oil pumping into storage tanks, workovers being completed on a weekly basis. Loss is a loss but improving. Wish the bottom would come in though. Guess I'll turn off the lights.
Sticking around for awhile. Just a feeling.
Has anyone been able to pick up any under .40. Had orders in for two days at .37. Not filed yet. These are the times to pick them up imo.
It is my understanding they have 15 days from the filing extension to get it out.
Only if they let it go. I have had problems getting filled at the ask, in between, over. Others have said the same. I see that as a very good sign. Only keep the lid on for so long. Looking into the float as a write but it sure seems tight. Another 5 million volume day and who knows. Like my investment here and look for a solid uptrend. jmo.
Substaintial amount of after hours buying posted. Looks to open over .60.
Substaintial amount of after hours buying posted. Looks to open over .60.
Fully expecting that. It was not out friday. It will only be a few days. jmo
Agree. Been picking some up to get that average under .60. I think we will be thankful we did.
Its pretty clear that the late financials created a small selloff. With the new cpa being just retained it is to be expected. That was a good descision. Having a CPA firm dedicated to oil business can mean large differences in guidance and overall performance. Just like in the building industry if I were to say hire a CPA not in my field it could cost my company thousands in missed deductions, wrong deductions, wrong depreciation rates, even wrong advice, etc. I learned that the hard way. The CPA is a very important factor in the succes of a company large or small. Looking for substaintial improvement from here.
As far as this being long term. I do not think it will take much longer to move over the $1 range. Producing wells are a very good thing. With more workerovers in progress. I found this company doing DD and took a position before I even new PSC was involved. I know what I know and I'll be here and enjoy the buying ops.
JMO!
GLTYA!
"The PLATINUM PICK on the other hand will be our best long term pick. The PSC team is working with some companies right now to uncover our first platinum pick for next Monday. This will not be a trader’s stock, and it will not be a quick in and out kind of thing. This pick will be for members who want to too find the next stock to rise 5000% in a year. The stock will have amazing upside and the company itself will be subject to stringent due diligence by the newly hired CFAs at PSC. The closet example to a PLATINUM PICK we have right now is AVOE. We are looking for situations which have the AVOE kind of upside. As member may know, AVOE moved from .10 to $2.46 this year and is still @ .80. We think the stock is going back to $2.46 or more because of the solid fundamentals and great management. These are the kind of qualities we are looking for in our PLATINUM PICK"
Taken from probably the most important page on PSC.
http://pennystockchaser.com/2009/11/07/introducing-the-sell-list-and-the-platinum-pick-%e2%80%93-psc-is-staying-ahead-of-the-crowd/
Looks like a little longer term position for PSC. Good things happen to those who wait.
'Cloud' computing market 14 bln dollars by 2014: Gartner
(AFP) – 6 days ago
http://www.google.com/hostednews/afp/article/ALeqM5htxRDfS645qy3FBKWCInsPFy3BDg
SAN FRANCISCO — Industry tracker Gartner forecast on Monday that revenue from Internet-based "cloud computing" will top 14 billion dollars annually by the end of 2013.
Revenue from businesses using software programs hosted online as services in the Internet "cloud" should tally 7.5 billion dollars this year, a 17.7 percent leap from 2008, according to Gartner.
The trend toward cloud computing, or Software-as-a-Service (SaaS), has accelerated during the economic crisis.
Cloud computing lets firms essentially rent text, spreadsheet, calendar or other programs as needed and avoid the cost or buying, installing, updating and maintaining software on workplace machines.
"The adoption of SaaS continues to grow and evolve within the enterprise application markets," Gartner research director Sharon Mertz said, referring to business computer networks.
Vendors are responding to the growing market by expanding the kinds of business computing services hosted online, according to Mertz.
Microsoft on Monday announced a pact with Taiwan's Chunghwa Telecom Co. (CHT) to collaborate on cloud computing services.
The companies will work together to "deliver a new generation of seamless, connected experiences that bring the power of cloud computing to consumers and to business" in Taiwan, said Microsoft chief executive Steve Ballmer.
Joint efforts will include a datacenter optimized to host online services for businesses and new cloud offerings for users of personal computers, smartphones, and televisions, Ballmer said in a statement.
"We hope that our strategic alliance with Microsoft will result in a more convenient mobile experience for consumers," said CHT chief executive Shyue-Ching Lu.
"The combination of Microsoft's innovative technologies and CHT's resources is intended to accelerate the application of cloud technologies on actual services, bringing consumers convenient services and fresh user experiences."
Microsoft's fortunes were built on selling packaged software such as Windows operating systems and Office work programs but the US technology colossus has been gradually adapting to an inexorable market shift to the cloud.
Copyright © 2009 AFP. All rights reserved.
CHART Week begining 11/16/09
jmo!
gltya!
Chart. Here's my 2 cents (or).10 on the chart.jmo!
Should be an interesting week! :)
Moving Averages Are Moving Upward (Most Importantly the 50DMA)
Nice find on the PR. Good to see someone else will be working on saturday's besides me. lol. Working on Saturday...
10-Q looks to be good by the volume today! Should be out soooon.
imo.
There goes a heck of a deal. Back up. Congrats to those you picked up some down there. (Back up is a good thing) Just wanted a few more. lol.
Yep i see the same thing but 8's were up for a minute or too (scottrade)
No kidding. I do think a large portion of sells were buys on the bid. I have been there and picked up somemore. This won't last long i hope. looking at volumne and it seems it has been pretty thin. Maybe trying to hold it down. In any event I will buy the dips. If was worth .80 to me then it is sure as h*** worth .50 or .60.
.08 is up... Something good is happening here! imo.
Not looking too good. This hits mid .40 if news isn't forth coming. Just have to wait and see. jmo.
There's an uptick for you ask now .09... Volume has been picking up.
No matter if we agree with it or not I can at least offer you a thank you to bringing it to our attention. GLTY!
You are correct. I am not aware of a broker that allows this to be shorted from what I researched today. yes I do need to learn more. imho this is falling because some people are simply getting out. I will say that the drop in PPS has been on considerably low volume. Will see how it plays out. And I will add back in if the opportunity presents itself.
It was a dice role and it all hinged on the buyout imo. As for who lost money and when i was fortunate to get out the day I found out that lawsuit was filed. People bailed and that drove the price to where it is today. You win some you loss some.
Most of us have read the financials. Improvement is documented. It's not perfect but hey neither is 80% of the companies traded right now. In a few short days this will be put to rest. Those who short from here will be playing catch up. The bottom was in and held strong. This is the time to add imo. I'm not saying its through the roof but this thing will uptrend. Revenues lead profits. Growth is what we are here for. Improvement qaurter after qaurter. And revenue growth is the foundation.
People are already shorting berkshire because of the proposed split. It happens. Selloff post split and it may actually touch low teens before stabelizing. JMO.
And people with money (there are plenty) are buying all sorts of fun things these days. Deflation on many of these items makes it good time to buy.
The bike and off road crowd is pretty hardcore. I have several subcontractors that take weeks off at a time to go to the sand dunes in AZ and OK with there off road buggys and atv's. They spend thousands on it.
I think it had to do with the old cpa representing the "old" company and they wanted some fresh representation.
Too expensive, too slow, hot receptionists, who knows.
New Filing 8-K
12-Nov-2009
http://biz.yahoo.com/e/091112/avoe.ob8-k.html
Changes in Registrant's Certifying Accountant
ITEM 4.01 CHANGES IN REGISTRANT'S CERTIFYING ACCOUNTANT
(a) On November 9, 2009, the Board of Directors of the Registrant dismissed Seale and Beers, CPAs, its independent registered public account firm. On the same date, November 9, 2009, the accounting firm of M&K CPAS, LLC was engaged as the Registrant's new independent registered public account firm. The Board of Directors of the Registrant and the Registrant's Audit Committee approved of the dismissal of Seale and Beers, CPAs and the engagement of M&K CPAS, LLC as its independent auditor. From the date that Seale and Beers, CPAs were engaged (August 7, 2009) to the present time, or any other period of time, the reports of Seale and Beers, CPAs on the Company's financial statements did not contain an adverse opinion or disclaimer of opinion, or was qualified or modified as to uncertainty, audit scope or accounting principles, except that the Registrant's review of the financial statements for the quarter ending June 30, 2009 contained a going concern qualification in the registrant's reviewed financial statements.
During the registrant's two most recent fiscal years and the subsequent interim periods thereto, there were no disagreements with Seale and Beers, CPAs whether or not resolved, on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure, which, if not resolved to Seale and Beers, CPAs satisfaction, would have caused it to make reference to the subject matter of the disagreement in connection with its report on the registrant's financial statements.
The registrant has requested that Seale and Beers, CPAs furnish it with a letter addressed to the Securities and Exchange Commission stating whether it agrees with the above statements. The letter is attached as an exhibit to this Form 8-K.
b) On November 9, 2009, the registrant engaged M&K CPAS, LLC as its independent accountant. During the two most recent fiscal years and the interim periods preceding the engagement, the registrant has not consulted M&K CPAS, LLC regarding any of the matters set forth in Item 304(a)(2)(i) or (ii) of Regulation S-B.
A Couple Charts. Alllllmost Ready!
Risky Business here. Still have my shirt on my back. Co. has some explaining to do but this lawsuit is a joke. JMO but who in their right mind doesn't read sec filings, press release, financials and anything else they can get their hands on before placing a "BET" on a penny stock or any stock for that matter. Come on. Why don't you pay a broker with your lawyer fund if you don't know what your are doing. I'll sit this one out. And yes I lost a fair bit too if for nothing other than your lawsuit. Good luck with that and watch it that coffee is hot!
Picked up a handful today. Liking it very much.
Who ever the seller is or was did not like doing so much under .70. Can't go on forever and by the looks of it today it may be over at least for awhile.
nice buys going into close
Waiting on word for the large federal grant. That is the next "big" item not including other the projects status.
I agree it is usually to keep the price from moving sometimes down but usually up. jmo. builder
Weather could have played a role in this today. Very difficult to drill in heavy rains and flooding. Looks like they may have dodged a bullet as it moved further east.
Ida soaks Gulf Coast, disrupts energy output
MOBILE, Alabama (Reuters) – A weakened Tropical Storm Ida drenched the U.S. Gulf Coast and oil installations on Monday, shutting down nearly 30 percent of Gulf energy production.
The center of the ragged storm was expected to cross the coast near Mobile, Alabama, early on Tuesday.
At one time a Category 2 hurricane, Ida's threat eased as winds dropped to 65 miles per hour (100 km per hour). Ida was forecast to weaken quickly as it moved inland, turning east over northern Florida.
A U.S. Coast Guard helicopter plucked two workers from a storm-damaged oil rig south of New Orleans. Ida is blamed for 124 flood and mudslide deaths in El Salvador.
The Coast Guard closed the Port of Mobile, halting traffic on Mobile Bay, and authorities closed schools and government offices in coastal counties in Alabama and Florida, telling residents of flood-prone areas and mobile homes to evacuate.
An overnight curfew was issued for part of the Alabama coast.
Ida, which was downgraded from a hurricane to a tropical storm earlier on Monday, posed the first real storm threat of the 2009 Atlantic hurricane season to Gulf of Mexico oil and natural gas production, and forced some companies to shut down off-shore platforms and evacuate personnel.
The U.S. Minerals Management Service said Ida had shut down 29.6 percent of Gulf oil production and 27.5 percent of gas output.
Energy markets have been hypersensitive to Gulf cyclones since the devastating 2004 and 2005 seasons, when storms like Katrina disrupted U.S. output and sent pump prices soaring.
With Ida weakening, most offshore oil rigs in the Gulf won't see any damage, said Jim Rouiller, senior energy meteorologist at private forecaster Planalytics Inc.
"I think that by tomorrow it will be normal operations across the production region," Rouiller said on Monday.