Warren Buffett is commonly known to be a BARGAIN HUNTER.
When he sees a Bargain , he grabs it FAST!
BGOI was trading over 60 cents in the past and is now priced at a ridiculous 3.7 cents.
I strongly believe that BGOI is a BARGAIN at 3.7 cents.
In fact, I will not be surprise to see a huge bounce in the short-term on BGOI .
BGOI hit a low of about 1.5 cents in the last couple of weeks and has steadily climbed up since then.
At these levels, i believe the upside far outweights the downside on BGOI !
BGOI dropped 26% today after gaining over 200% recently.
I believe this drop has created a tremendous opportunity for BGOI to be cheap again!
- A Meryll Lynch Analyst recently said that oil price could reach $100 per barrel.
- Crude oil recently rose from 40$ per barrel to over 80$ per barrel. A gain of over 100%.
These are clear indications that BGOI could soar in the short-term!
Oil is a commodity that is getting more and more scarce every day.
BGOI could be an opportunity to ride the upcoming rise in oil price!
Make sure to put BGOI on your WATCH LIST for BIG GAINS Ahead!
BGOI released a PR today mentioning that one of their field reserves could be worth over 34 million $ .
With such a news Wall Street could jump on BGOI in the upcoming days!
BGOI released many PRs in the last couple of days, I believe we could see many more at this pace.
Check out the latest PR below:
Bonanza Oil & Gas Apclark Field Reserves Estimates Exceed $34mm
HOUSTON, TX--(Marketwire - 02/03/10) - Bonanza Oil & Gas, Inc., a Nevada Corporation (OTC.BB:BGOI - News) (the "Company") independent oil and gas company, is pleased to report on the oil and gas development for the Company.
Bonanza Oil & Gas has reported increased production at its second Apclark Field location in the Spraberry zone. Our working interest PV 10 value of $17mm per a third party engineering report previously reported was of just the Spraberry zone. Bonanza estimates that its actual reserves of Apclark Field Zones for both Spraberry and Worlfcamp may exceed $34mm.
The Company has leases on the Damon Salt Dome. The industry does not typically prove up reserves in salt domes; however, the Company believes that there may be $6mm of additional PV 10 value for Bonanza at the Damon Mound.
"We are very excited production is increasing at our Apclark property and we are looking forward to capitalizing on the increasing price of oil," stated Bill Wiseman, CEO of Bonanza Oil & Gas.
If you missed our profile on BGOI read below for more info :
Based in Houston, TX, Bonanza Oil and Gas, Inc. holds assets ranging from current producing properties, wholly owned prospects, to developing working interests in Proven Undeveloped CPUDS) properties.
Check out some of BGOI 's projects below:
Apclark Field
6700 Acres encompassing 14 horizontal and 6 vertical PUD locations with superb production history. Currently have drilled two 10,000 foot TD horizontal wells in the Jo Mill Spraberry. Both are in Completion stage.
Good North Project
The Good North Field in Borden and Howard Counties, Texas consists of 1,263 acres drilling opportunities offset to historical production in the Jo Mill Spraberry and Dean zones. The Good North also has drilling opportunities in the Wolfcamp and Canyon Zones. 3D seismic coverage assists in the evaluation of the Good North Project.
Bourland Field
Current producing from 8 existing wells on 960 acres in Ector County, Texas, in the San Andres Formation. The project to include drilling 8 new wells in the Field.
Damon Mound Field
Highly productive (11MMBbls) Gulf Coast salt-dome formation with up-dip hydrocarbon accumulation along the flanks of the dome.
Plantation
Eight well program that produces oil from the Austin Chalk reservoir in Gonzales County, Texas. There are currently 3 wells of the eight producing with the balance scheduled for workover. The wells are turn-key, resulting in no further expense to the Company.
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