"An initial six well exploration program is recommended to evaluate the concessions within 4-5 years. These wells are scheduled to follow reprocessing of existing seismic and acquisition of new seismic. Two appraisal wells are forecast within the initial exploration program. The total initial exploration program cost is estimated to be $68.8 million. This program should adequately evaluate the concessions and is forecast to have a 30-40% chance of discovering one developable size field"
And...
"Effective September 28, 2007, we completed a merger with our subsidiary, Pantera Petroleum Inc., a Nevada corporation. As a result, we have changed our name from "Arthro Pharmaceuticals, Inc." to "Pantera Petroleum Inc." We changed the name of our company to better reflect the direction and business of our company.
In addition, effective September 28, 2007 we effected a sixteen (16) for one (1) forward stock split of our authorized, issued and outstanding common stock. As a result, our authorized capital has increased from 75,000,000 shares of common stock with a par value of $0.001 to 1,200,000,000 shares of common stock with a par value of $0.001. Our issued and outstanding share capital has increased from 6,970,909 shares of common stock to 111,534,544 shares of common stock."
So a couple of months ago this company goes from drugs to oil, increases shares from 7MM to 111MM outstanding. Then we hear it'll take 4-5years and $70MM cash with 35% chance of finding a developable field. I don't care if it goes to $100 tomorrow, no way I could justify buying this company. I'll watch though and congratulate all if it gets anywhere near $6 by March. Good luck.
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