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Yup, someone bought 8500 shares at .23
Well ragmuff, penny was right and we really dont know what they have so I had alot of assumptions built into my post. So lets just assume they only have one well so we dont get too excited for nothing lol.
Yes you are right. Well at least we know we are fairly priced if we only have one well so all the rest would be gravy.
Yes so they are basically stating they have approximately 20 million barrels of oil reserves as of Oct 31st.
Then in January they stated in a PR that they anticipated additional revenues of $75 million in 2007.
$75 million in revenues at a conservative price to sales ratio in the oil and gas sector of 3 would give RGNO a market cap of $225 million which means it would be priced at a $1.40 a share.
Why we sit at .03 and only a $5 million market cap is beyond me. Apparently nobody believes the earlier PR's. The stock is being priced as if they only have one well. Oh well. We shall see.
Its all buying.
Today is a buying day. Mostly buying. Not selling. Someone just bought 400,000 shares at .024
DFD thanks for all of the DD you have done and for posting it. Have a good weekend.
Cool and congrats.
OT: I travel to Toledo. Maybe I will stop by next time im in Sylvania lol.
What kind of restaraunt?
DFD instead of saying we will definitely get a PR this week. Just say that there is a possibility there will be a PR this week. Or it looks like we might get a pr this week. Having said that, its not your fault. We are making a mountain out of a mole hill imho. But I enjoy reading all the posts and am getting a good laugh.
DFD read post 11564 and put a disclaimer in your profile. From now on I would refrain from putting a definite timeline on when a PR is going to be released or predicting what type of PR it will be. Circumstances can change from day to day and delays happen. Let the company say what they have to say through a PR.
You too BPO.
I tend to be on your side on this one. But I respect everyone's opinion and can understand their point of view also. I have enjoyed reading the posts tonight from everyone. We can all agree to disagree.
I agree.
But I guess my point is that things tend to move slowly in the oil patch. It is not that unusual for an oil stock to go two months without issuing a PR. Check out EGY (Vaalco Energy), their last PR was March 5th. TransMeridian Resources was the same way when I used to own that stock.
I am sure RGNO will go through periods in the future where they dont issue a PR for a couple of months, and there will also be periods when they release information quite frequently. It will vary and there is nothing unusual with that. That is the norm with most oil stocks.
Well best of luck to you whatever you decide to do.
The rain might not stop them but it definitely slows things down.
If they are waiting on getting accurate production numbers, and I dont know that they are, then a delay is understandable. It has been raining in Texas and Oklahoma all week and it is supposed to rain through the middle of next week. The weather is certainly not helping matters.
And 20426.
I dont mind the fact that RGNO hasn't put out a PR in two months. That really isnt that out of the ordinary with other oil stocks. But the timing of the PR's shouldn't be promised.
I am waiting on a series of press releases. Not just one. I agree with your post and feel the same way. Too much is being made of the potential of one press release and what it will do to the share price. If it is a great release I would imagine there would be an attempt by those who want to get in on the cheap to stifle the share price. So I for one am looking for a delayed response to any good news and am looking forward to multiple releases and not just one.
Is this the same David Morrow who works for South-Tex Treaters LP? South Tex and a company named Microgy have combined in biogas and gas cleaning technology from what I have read. Biofuel business. Its probably a different guy and has nothing to do with Regions imo.
From the company website:
David Morrow, Vice President
"Mr. Morrow is a co-founder of the company and is responsible for business relations in South and West Texas area as well as project management and overseeing the operational efforts of all on-site personnel. Mr. Morrow attended Texas A&M University "
"Mr. Morrow is also a controlling shareholder of the company, owning 25% of the issued and outstanding common shares of the company."
Mr. Morrow is responsible for business relations in South and West Texas? What, if anything, is in South and West Texas?
He should also check into the periodic online trading restrictions from certain brokerages.
It looks like a nice building. Based on pictures on google. No I have never been there and dont plan on it unless they hold a shareholder meeting at the Madison Building.
Here is a nice explanation from a poster on the RGNO board. Specifically the last sentence or two.
Posted by: chroff
In reply to: pizzabuster1 who wrote msg# 11242 Date:5/1/2007 7:20:17 PM
Post #of 11247
penny stocks cannot be shorted by retail traders (or so I've heard numerous times.) MMs on the other hand are able to short these stocks in order to create liquidity. The big issue however, is that a lot of these penny stocks are "naked shorted" Or in other words, the MMs don't borrow the stock they're short selling...sometimes they produce "phantom" shares or shares that don't really exist, these non-existent shares enter the market electronically and the person that ends up getting them...don't technically own the stock because a physical certificate doesn't exist for their stock purchase...they can repeat this process until they have sold the float many times over...all this drives share price down and can eventually bankrupt the company...this is why you always hear about companies ordering a "nobo list"...this is to try and expose the naked short position...and sometimes is used to create a short squeeze...sometimes ceo's lie about the nobo list to gain short term momentum. This game the MMs play is highly illegal but very lucrative - Basically a license to print money. These guys hardly ever get in trouble, the stocks they naked short don't appear on the Reg SHo list with the legally shorted stocks and they rarely have to cover....but when they do, watch out because they do in a major way - we're talking hundreds if not thousands % moves. To add insult to injury, firms like etrade start restricting their retail customers from trading these stocks when one of their hedge clients is short and about to get bent over backwards....they try to limit momentum when a short covering seems imminent.
RGNO is restricted on etrade as of about a week and a half ago. The last time two times RGNO was restricted by etrade it went on big runs shortly thereafter.
I really dont know. Maybe a few wells had been transferred over to Regions. But that is a wild guess and probably wrong.
And where are the other 40% of Regions leases?
Dallas-based Regions Oil and Gas Inc. opens office in Beggs
Journal Record, The (Oklahoma City), Jan 11, 2007 by Journal Record Staff
Dallas-based Regions Oil and Gas Inc. has opened a branch office in Beggs.
The company has production sites in the Beggs area.
"The newly acquired facilities offer us tremendous leverage regarding our assets and interests in central Oklahoma," said Jerry Griggs, CEO. "The new location is within the vicinity of at least 60 percent of our leases and allows our crews to become more resourceful."
And by the sound of the below PR also the Guadalcanal #2...
Feb 12 2007
RGNO Adds Acreage with up to Ten Drill Sites in Proven Field Containing Estimated Reserves Reaching up to 30 Million Dollars of Un-Produced Oil/Gas
http://biz.yahoo.com/bw/070212/20070212006105.html?.v=1
DALLAS--(BUSINESS WIRE)--Regions Oil and Gas (Pink Sheets:RGNO - News) announced that the balance of the Jenkins lease has been added to the existing Maddux and Young Leases.
This field is located in Okmulgee County, Oklahoma and was originally discovered in 1920 with oil production from four zones as follows: Bartlesville Sand at approximately 1,800' the Booch (Tannehall) Sands at approximately 2,100', Dutcher Sands at 2,390' and the Wilcox Sand at approximately 2,830'.
Most of the Bartlesville Sand wells produced only oil with most averaging 75 BOPD. Tannehall Sand production varied widely from 6 BOPD to in excess of 400 BOPD. Some of the early Dutcher Sand gas wells flowed as high as 5 million cubic feet of gas per day and 120 BOPD. In fact there were three wells immediately offsetting this lease that all flowed in excess of 5 million per day.
Records indicate the Wilcox Sand was the most prolific zone. The drilling by the company of the Guadalcanal #2 and the WD #1, confirmed the presence of the indicated Wilcox Sand Formation structurally high, located immediately north of the WD #1.
Jerry Griggs was quoted as saying, "If you combine our low cost per barrel to produce oil and gas with the confirmation of these reserves under our lease, then add in the abundance and advancement in completion technology and the multiple pay zones, we should be able to be productive from any well we drill here. This may be a small lease but the potentials are there and are very real."
This....
Jan 30 2007
Regions Oil and Gas Yields Huge Success Bringing First Well of 2007 On-line
DALLAS--(BUSINESS WIRE)--Regions Oil & Gas, Inc. (Pink Sheets:RGNO - News) announces today the final completion and testing of the W D #1 gas well in Beggs, Oklahoma, has been completed. This well tested at approximately 273 MCF per day and has been tied in to the local gas gathering lines for production.
"The field (location of well) is very promising. We thought we could make a well here, and now we have proof of what is actually in the ground. After it settles in, we are planning on completing a fracture of the formation utilizing state-of-the-art technology, which should further increase production. Potentials are as much as 1000 MCF per day.
"Also, we are currently formulating plans for the drilling of at least two more wells in this field. We should begin work on these in the next few months. Our relationship with Seminole Oil is beginning to show its value; it ensures we have a rig, the necessary drilling equipment and the expertise to complete a project when we need it. I am very optimistic about this well and the field's future," stated Jerry Griggs, CEO
Lets just wait for the company PR. It shouldnt be much longer.
According to the Jan 10th PR the NE Oklahoma office is in close proximity to 60% of their leases. I wonder where the other 40% of their leases are?
Well, I guess we will find out soon enough.
Also, according to Region's February 12th press release:
"Records indicate the Wilcox Sand was the most prolific zone. The drilling by the company of the Guadalcanal #2 and the WD #1"
The Guadalcanal #2 is listed under Leatherneck Energy on the OCC site. So if the GuadalCanal #2 was PR'd by Regions in the February 12 release and yet is listed under Leatherneck Energy then how can there be no connection between Regions and Leatherneck?
A possible connection to Leatherneck is not the reason I invested in the stock but it does seem as if there is some overlap imo.
RGNO is a real oil company and is more comparable to oil and natural gas stocks such as TGA, TMR, EGY, SNG and the like. These companies are not daytrading vehicles. They are real companies with real revenues and real reserves. They do not release PR's every other week and neither will RGNO. Nor should they.
Many of us here are investors in the company rather than flippers and daytraders. As more information is released by the company there will be more of the oil and gas investing crowd and less of the chartists and trading crowd. Oil plays like RGNO will eventually move based on the underlying fundamentals of the company such as reserves, cash flow, revenues, production and the like.
RGNO, PRVB, TGC
I have never spoken to Jerry personally and I do not live in Texas. But "if" they are just waiting on getting accurate production numbers the delay might have been due to the weather. The weather in Texas and Oklahoma has been lousy and this might be hampering their efforts, but that is only an opinion on my part.
Another thing to consider is that according to Jan 10th PR the new Regions office in NE Oklahoma is in close proximity to 60% of RGNO's leases.
The leases and wells you are referring to in your post, if indeed they do belong to Regions, are all in NE Oklahoma and are in close proximity to the office in NE Oklahoma.
It would be interesting to know where the other 40% of the leases are located. Are they closer to Regions main office in Addison, TX? Or somewhere else in Texas? The 640 acre wildcat play had not been PR'd at that point so that is not what they were referring to as being the other possible 40%.
It will be nice when the company actually discloses what they have so we can end all of the speculation.
BTW the office in Oklahoma is probably very small and is probably more of an outpost then an actual office imo.