the probable recoverable reserves of 200,000 barrels in just over a year, so it's doubtful they will get (or at least sustain for very long) that kind of production. This write-up says they hope to quadruple the production of the current wells, which would initially give somewhere on the order of 120 barrels per day and a more reasonable expectation of productive life for the fields.
Still, 200,000 barrels total at today's prices should yield PGI a few million over the life of the project.
500 barrels a day from something that is producing around 10 barrels now? Come on lets be realistic. The writing is on the wall. PGIE diluted and are now trying to cover up the dilution with a bonus for everyone who was dumb enough to buy shares here. I can almost guarantee they will restrict the shares for at least a year. If they do not restrict the shares the PPS will be half what it is now.... or rather the day after the dilution the pps will be cut in half. The crazy way PGIE words PRs and lies to its investors we really dont know thier intent. If this is really a hidden forward split the pps is worth about .0012 from here. The last time this company did a forward split....the pps Tanked. Too bad shareholders cant fire gandy and mczeal... I would like to see a CEO with some brains in place.
Repeatedly I have ask the same question on this board to anyone and everyone and finally got my answer. I now know PGIE intended on diluting all along. They still have no cash in the bank from reading the last financials. This is not an investment it is only a day trade pile of steaming you know what.... buy the dips sell for 15%.. recycling at its finest.
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