REVERSE SPLIT COMING WITHIN 2 WEEKS. The reason the S1 was cancelled was due to par value being below .01; the stock was official removed from any exchange (this is why it can't be bought through some brokers)talked to Petron (Bob)and word is their lawyers will get this above .01 within 2 weeks via a reverse split or some other method. This is very bad news for investors for the time being. After the split and the s1 resumes, dillution will follow and you could lose way more then what you believe is the bottom right now. They said they still don't have approval as one of their wells is still considered not operable. If this stock has a chance, I'd recommend waiting till after the split comes. IMO hide till this thing is moved up to the OTC market; new sec rules are in effect now.
Bob specifically said they will use convertable debts until the S1 is back online after a reverse split or other method to raise it to .01 back to a market (over the counter). The SEC forced them to cancel the S1. He did also state they have 20,000 to 25,000 dollars worth of oil in a tank that they are not yet allowed to sell (what they have pumped so far).
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