Yeah I gave up on this long ago, it’s possible they may not pull off anything with permits between now and EOY 23’ -if not- I’ll unload by then.
Smart move on getting out at .05, I’ve always invested into bonafide legit companies that distribute great divs to its shareholders- excellent for passive income. I usually acquire monthly dividends- with less quarterly types. That’s a great move and keep on buying stocks with divs JJ- congrats!
The story here really isn’t one and never really was. After over a decade+. Had earmarks of potential imo, but faltered and has sunk in PPS as we know tremendously. IMO- I just don’t see the company becoming a big player in CA energy markets with governor calling for a complete ban on new drilling in 2030’s. It’s a tiny tiny outfit, compared to the majors- saddled with far to much debt imo.
The OS, could very well be too high now imo. Where is the value for a thinly traded non liquid micro teeny weeny Penny stock?
CA regulations strangle oil/gas companies. Majors shell/Exxon dumped thousands of wells in October in CA in a company called Aera for billions to a German Corp. The oil and gas future in CA, isn’t a bright long term investment nor a wise one imo/ when the state of ca government doesn’t support it.
Doesn’t surprise me imo, it’s been rumored this company has been delayed in getting permits. But if they do, ok what’s their plan, how does that actually translate to public shareholders stock rising?
I just don’t see how this can rise - unless they secure those permits and actually drill 1-2 wells and increase BOE with higher producing wells further up the 5 from their kern play. If they choose imo, to just get permit for a kern well or two- how does that benefit bottom line and create potential new shareholders to create any serious interest here or a rise in PPS?
Wouldn’t it be wiser to drill new wells in higher producing more lucrative recently acquired CA leases further north of kern? Where cash flow will increase much more $ rather quickly?
If this turns out to be their just going to same old same old routine in kern - I’ll likely be selling eventually. This has to start moving to keep my interest and money invested any longer. End of year 23’ that’s it for me.
