I don't worry too much until a penny stock is saying that they are coming out with a buy back at .10 for a .0002 stock or a dividend. That should send up a red flag! lol
I honestly believe Magellan wants to make a go of it. They are greedy just like anyone else and they are not doing this just to screw stockholders.
I worked in the oilfield for many years as a driller on rigs and I can tell you that sometimes expenses are horrific! For repairs...stuck in the hole...diamond bits...you name it. It is all high priced equipment and specialists that take the company's money.
They really rely on share holders, because that is their capital to make the company run. A good gas or oil company will really care about their stockholders, because they know if they screw them, then they are finished.
Not all drilling, oil and gas companies are legit though, so buyer beware.
I personally have a fair degree of confidence with this company. Am I right? We shall see, but they seem to have more on the ball than other companies I have seen. There isn't any definite anything about this. I have not worked for them, but they can be a rush!
If they are serious, and keep accumulating wells without much hassle and expense then it will be great.
There definitely will be ups and downs along the way with this stock because of purchases of new leases, problems and so forth, but in the long run could be extremely profitable or it could be down hill, or smaller again an re-building.
The positive point is that they are doing this in proven fields. That is a good thing.
It is a speculative oil stock. There is always risk, but great potential also.
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