Tjl5030, I finally got my new shares also in my e-trade account this morning.
The .99 where it is supposedly trading now is equal to $.00005 from before the reverse split. The previous $.0001 would have been equal to $2 now. I think you may be right that there won't be much trading for a couple of more weeks until they switch the symbol back over to FNRC from the current FNRCD.
I don't get the impression that the market maker is doing much at the moment with only a few shares trading here and a few there, if there is even a market maker at this point.
My take is that we will hover at this level or maybe drift down some until we get news. I think this was all set up to take maximum advantage of good news out of Wyoming or Ohio, with Ohio being the main squeeze at this point.
This is a complete guess, but I would say once we start drilling in Ohio, the share price will go to around $8 a share. And then once we get production confirmed after a few more months, I would say maybe $14 is possible. This is because a producing well in Ohio would mean survival of the company. The $14 comes from the $14 million in restricted cash the company currently has divided by the 1 million current shares, even though 75% of the current shares are restricted and not in the float.
It is all about hitting oil in Ohio now. Pretty simple. So keep your fingers crossed for FNRC's horizontal well in Ohio to strike oil. 500 barrels a day would be a good starting point, which would mean about 100 barrels to FNRC. 100 barrels a day at $80 (after expenses), would give FNRC a daily revenue of $8000 or about $3 million a year.
It can happen. I just hope Mr. Norris has all the details worked out and that he gets lucky with his first big well. Then we will get lucky too.
Have a great 4th of July weekend and thanks to all the veterans, past and present, who purchased our freedom on the battlefield with their sweat and blood. Freedom is never free. Somebody has to pay for it.
Cropduster
