Hey Bad, thanks for that tip on ICBU. I quickly researched it a little bit and my conclusion is that if ICBU can jump on good news, FNRC can also. Both companies have about 4 or 500 million shares in the float, according to e-trade. Plus, ICBU has been trading below 1 cent every day over the past year, very similar to FNRC over the past month or so. On Friday ICBU opened at .0005, below where FNRC is now, and spiked to .006 today. I think you are right that anything is possible in penny land if you can get the momentum on your side. We may get that momentum with a shot of good news from FNRC.
My take is that we are slightly undervalued today at .0009, when you compare book value to market value. I calculate book value at about .0014, which is above the current market value of .0009, by dividing the shareholder value in the last quarterly report of $7,560,842 by the shares outstanding of about 5.41 billion. Even with 5.41 billion outstanding, only about 409 million are in the float. The point here is that based on book value, we have room to run to the upside.
As I said before, I think the short term trading range is .0002 on the downside to .004 on the upside. I think the upside range will go much higher with the good news that FNRC got its required financing and can proceed with bringing its oil and gas assets on line.
I like your enthusiasm and I have tried to show here that FNRC, based on its current financial situation and its potential for the future, could definitely break out to the upside. It will be entertaining when the mob of penny traders shows up. I'm really looking forward to the show. A lot of profitable trades will be made, no doubt, until we hit the top, sink back down some, and then start consolidating again.
All the above is just my opinion and may or may not happen.
Good luck,
Cropduster
