PetroGas Company (PTCO)

[SG27]

Anyone seen this news on PTCO? Is this true?


The strategy the company uses is to lease small plots of land in areas geographically near statistically productive oil assets and then claim that they have serious exposure as an oil producer. The main device the company uses is to call one of these temporary leases an “acquisition”.

The latest such example is the company’s announcement a few days ago claiming that it has “acquired” interests in oil and gas mineral rights in Terry County, Texas. Although we haven’t seen an 8K filing on this deal, we would assume that it is not in fact an outright land purchase but a lease deal. That has been the company’s modus operandi over time. And, with basically no cash reported on the books, one must assume this is a minor capital deployment rather than a major investment, as would be necessitated in a true land deal. We will watch out for an 8K detailing the deal, and would suggest interested market participants do the same.

https://oracledispatch.com/2018/03/07/petrogas-co-otcmktsptco-old-habits-die-hard/