could be something to do with the reports.
crude dude i know this kentucky went dry the wells were to shallow stopped pumping. blair the ceo mortgaged his own house to save the company if i remember because he purchased a lot of land but lacked the assets to drill.
think about it when gas was a dollar oil was 20-40 a barrel platina crashed when it was in the 140s
the run up is probably because of the mideast turmoil. wouldnt surprise me if some people are looking to buy companies shares cheap like this to hold voting power platina does not get volume anymore.
most assetts are supposedly located in texas where drilling is occuring but i have no evidence of this. for the company to survive bankruptcy for what 3-4years now they must be drilling and selling something most likely below market value do to there lack of overall production. ive seen this in a couple junior oil companies. people are going to make money off junior oil american companies because big oil is learning it cant afford to stay in the middle east. they need to drill hear on our shores yet over the past 5 years junior companies bought up the leases and reserves in the hopes that they would get bought out.
so to put it simple for all right now platina has reserves, but are still in bankruptcy. but they are still alive. which means this they are worth something to someone.
now oil is up probably will continue to go up through speculation estimates are 200 a barrel but my opinion 120 short term taper off to 105 depending on mideast turmoil remember it was 90 before libya and thats only 2% of the worlds supply now its 108 thats not good math this is the nyse ripping off the foriegners in other words an oil war and dollar war with the mideast the mideast loosing again. remember the turmoil over there is over unemployement in some countries 50%, trust me they dont want a second oil war and this is new york playing another mean game on them.
nyse knows the real value of oil and the mideast doesnt and they plan on keeping it that way
this means oil will fluctuate but big companies want out of the mideast they were just waiting for the juniour companies to fail problem is they didnt. now there will most likely be takeovers and internal drilling. so price fluctuation is most likely this:
1:mideast turmoil
2:report out
3:large companies need buyout before these companies get to big
4:people grabbing cheap shares may have some info about companies looking at them
honestly with the debt for this company and assets and remember blair is in chapter 11 and chief shareholder and has controlling stake with other investors it is probably worth a real 1 a share but thats just the reserves and the contracts to renew the leases amongst other things. somebody may know of someone lookng into some land amongst other things who knows best way to find out though is if someone knows how to research chapter 11 bankruptcy look for the company and see what type of problems it really has because a lot of this i am not sure of.
but this is probably why the short term prop up oil prices tend to do this and a good report would convince someone its a good buy.
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