PEII is a natural gas and oil company that is actively producing oil on it's oil leases in Oklahoma. They currently have leases in both Texas and Oklahoma, but the Oklahoma leases have the greatest potential for oil recovery. They have been awaiting FINRA's approval of their S-1 offering to an investment banking firm, so they can begin a larger scale Bakken Shale operation at their leases in Oklahoma.
According to recent PR's they have been busy capping and repairing their Texas leases to begin moving major operations over to Oklahoma for their Bakken Shale project. Through the course of the recent PR's they have completed capping and repairs in Texas recently, and are awaiting approval from the Railroad Commission to begin oil production again on the Texas leases that have recently been repaired. That news could be coming any day.
The major news we are awaiting is the approval of the S-1. That is scheduled to be completed after the release of their 10-K, which should be in the next few days. After that is completed, we should be getting major updates on the Bakken Shale project in Oklahoma. That should lead to further production PR's. Any of those expected catalysts could significantly raise the pps.
Recent PR's outlining progress:
PR stating they have increased production from 23BO to 71BO per day in Oklahoma www.ih.advfn.com/p.php?pid=nmona&article=60676558
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