From a respected poster on Raging bull:
By: stockpirate-here
09 Dec 2006, 10:03 AM EST
Msg. 8798 of 8799
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ith the phony PR about drilling to begin mid-November and the heavy selling into that move, and now with these PR's concerning this well and the HEAVY selling at low prices, here is what I think.
The company is dumping huge amount of shares without any regard of the stockholders.
They know that some here play the bounce to 2.5 cents so they are not going to let it get there, IMHO.
They have added a huge amount of shres to the pool in just the last several months, if they really wanted to increase investor values here drilling on Cloverlly would begin sooner, not later.
The first well at Buck Snag was closed due to a water problem but they have not taken any time to fix the problem and get it producing.
They told us three wells were to be drilled one after the other at Buck Snag, but no mention of the other two wells and these PR's, which amkes me think they do not plan on drilling and that this is antoher pump.
They have lied several times to investors in PR's and failed to deliver, the heavy selling indicates mor eof the same here.
Money Flow the last several days is down due to heavy selling.
Right now they have two wells that have been drilled and one is loaded with oil and gas but they plugged it, not a good sign becasue at some point they could sell that to friends at a loss to the company and then they could be cut in for a piece of the profits. JMHO.
Same is true for the first gas well at Buck Snag.
even though the prices now on the stock is good, I would wait and make them stop selling into the move and prove themselves about the wells at Buck Snag. The last PR was a POS, imho, as it said almost nothing.
And I expect the next one to be just as bad.
I do not think they are too stupid to know how to do this better, I think it is worst than that.
NOW I SAY SHOW ME, and stop the BS, and the selling
