u will not find this stock at those levels soon.remember,this was hit .1 a few months ago. 12m vol today. i think this could be a big mover with an update news.0 debt.at least 4 potential news updates:"
On April 16, 2010, the Company entered into a non-binding Letter of Intent with Hunter Resources, Inc. (HRI), a Colorado Corporation, to acquire HRI for $2.5 million dollars. HRI is a bonded and licensed operator in the state of Kentucky since 2005. HRI currently has 1800 acres under lease held by production in south eastern Kentucky. HRI operates eight wells and 4 miles of gathering lines within the Appalachian basin, with the opportunity to develop the properties with in-fill horizontal drilling opportunities.
On April 28, 2010, the Company entered into a non-binding Letter of Intent to acquire Pacific Sunset Resources, Inc. (PSR), a Nevada Corporation, for $2.7 million. PSR owns 3,000 mineral acres in western Kentucky with 36 wells and operating a 7.5 mile natural gas pipeline. PSR leaseholds offers SOCU additional oil and gas plays as well as a potential Illinois Basin gas play.
On May 12, 2010, the Company entered into a non-binding Letter of Intent to acquire 12,000 acres of coal, and coal bed methane mineral rights from Kentucky River Energy, Inc. for $20 million dollars. The proposed acreage is located in West Virginia, and would involve the Company developing and producing the methane gas. This procedure is known as degasification of a coal seam. According to engineering reports provided by Kentucky River Energy, Inc., the property contains approximately 464 million tons of coal with approximately 1.6Tcf of natural gas.
May 19, 2010, the Company entered into a memorandum of understanding with Home Creek Energy, LLC, to acquire approximately 2,500 acres of mineral leases, 30 existing wells, current production and all equipment on the property. The purchase price is $3.2 million dollars and the property and assets are located in Haskell County, Texas
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