Man it does look like it. You would be better off asking skunksyard or bagheera. They are the teachers here!! Still trying to figure it out ukie.
Looks to have found support at $0.97. It needs to hold there.
Pros: Full STO has crossed over to 14.21. MACD needs to cross........... looks like maybe tomorrow.
The 60, 30 and 15 minutes charts look like it is turning or will consolidate in this area. (imo)
Cons: I don't know! lol!! CCI is trending down and it may drop some more tomorrow. But it (bottom) is near. If news comes you know what that will do. Again it is imo which 'ain't' worth doodlie!!! <gg>
(snip) Press Release Source: Storm Cat Energy Corporation
Storm Cat Energy Corporation Announces Series A and Series B Convertible Debt Placement and Third Quarter 2006 Reserves Friday January 19, 9:31 am ET
DENVER & CALGARY--(BUSINESS WIRE)--Storm Cat Energy Corporation (AMEX: SCU - News; TSX: SME - News) announced today that it proposes to issue up to US$50.0 million in aggregate principal amount of 9.25% five-year subordinated convertible notes comprising up to US$19.0 million of Series A convertible notes and up to US$31.0 million of Series B convertible notes, both due in 2012, to qualified institutional investors in private placements pursuant to Regulation D of the Securities Act of 1933, as amended. The notes will be convertible into Storm Cat common shares at a price of US$1.17 per share, as may be adjusted in accordance with the terms of the notes, and the Company may force the conversion of the notes at any time after 18 months if Storm Cat's common shares trade above US$2.05, as may be adjusted, for 20 days within a period of 30 consecutive trading days. The Company will use the net proceeds from the sale of the notes to fund its 2007 US capital expenditure budget requirements, and to repay the remaining US$7.5 million of mezzanine debt that was borrowed in connection with the previously announced Powder River Basin acquisition completed in August 2006.
The completion of the note placement is subject to the acceptance of the Toronto Stock Exchange and the American Stock Exchange. In addition, while the Series A note placement is expected to close promptly upon the receipt of the required regulatory approvals, the completion of the Series B note placement is subject to shareholder approval, which approval will be sought at a special general meeting of shareholders expected to be held in the first half of March 2007. Upon closing of each series of notes, the Company will be obligated to file with the U.S. Securities and Exchange Commission a resale registration statement relating to the common shares to be issued upon conversion of the notes.
The securities offered in the private placements have not been registered under the Securities Act of 1933 or any state securities laws, and unless so registered may not be offered or sold in the United States, except pursuant to an exemption from, or in a transaction subject to, the registration requirements of the Securities Act of 1933 and applicable state securities laws. This press release is issued pursuant to Rule 135c of the Securities Act of 1933, and does not constitute an offer to sell, or the solicitation of an offer to buy, nor shall there be any sale of the notes or common shares in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.
Third Quarter 2006 Reserves
As of September 30, 2006, Netherland, Sewell & Associates, Inc. estimated Storm Cat's Total Proved Gross and Net Gas Reserves were 65.337 Billion cubic feet (Bcf) and 26.290 Bcf respectively. Total Proved, Probable and Possible Reserves were estimated at 154.192 Bcf Gross and 74.594 Bcf Net. These reserves are based on strip pricing available on September 30, 2006. All of Storm Cat's current reserves are located in the Powder River Basin." (end snip)
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