Dot Comment

Web Site Provides Positive Report On Petrol Oil And Gas

October 21, 2004
/ Print / Reprints /
ShareMore
/ Text Size+
POINT ROBERTS, Wash. - NaturalGasStocks.com, an investor news portal for the natural gas sector, has provided a report from Source Capital Group Inc. that notes it is reiterating its buy recommendation and $6.00 price target for Petrol Oil and Gas Inc. (OTCBB: POIG). Petrol is a participant in exploration, development, and production of coal bed methane (CBM), a direct addition to the domestic supply of natural gas.

"Petrol announced recently that it completed a private placement of equity with gross proceeds of $6.6 million which will allow the company to begin to drill its leases in eastern Kansas and western Missouri," stated Joe Blankenship, vice president research of Source Capital. "Petrol has leases on approximately 165,000 acres in the area and has an objective to drill 25 wells in the fourth quarter of 2004.

"The ease of access for drilling and completion, as well as the proximity to major natural gas transmission lines, means the company should be able to have commercial production from these wells in the first part of next year.

"The company's leases are on properties that have well defined geological records of substantial coal deposits, the source of CBM. Petrol indicates that they will continue to pursue property acquisitions for reserves and producing wells; however, the principal emphasis will be drilling, completion, and production, transforming the company to a significant production company by this time next year."

Publication date: 10/25/2004

Did you enjoy this article? Click here to subscribe to The NEWS Magazine

You must login or register in order to post a comment.

Multimedia

Videos

Image Galleries

2014 ACI Home Performance Conference

The 2014 ACI National Home Performance Conference & Trade Show was held in Detroit.

Podcasts

NEWSMakers: Doug Dougherty

Doug Dougherty, president and CEO of the Geothermal Exchange Organization (GEO) joins the program to discuss the latest happenings with GEO, including the drive to get included in state and federal definitions of renewable energy, plus the future of geothermal.  Posted on July 25.

More Podcasts

ACHRNEWS

NEWS 07-21-14 cover

2014 July 21

Check out the weekly edition of The NEWS today!

Table Of Contents Subscribe

R-22 PHASEOUT POLL

Some in the industry are calling for the EPA to halt production of R-22 as of 2015. What do you think?
View Results Poll Archive

HVACR INDUSTRY STORE

plumbing-hvac.gif
2014 National Plumbing & HVAC Estimator

Every plumbing and HVAC estimator can use the cost estimates in this practical manual!

More Products

Clear Seas Research

 

Clear Seas ResearchWith access to over one million professionals and more than 60 industry-specific publications, Clear Seas Research offers relevant insights from those who know your industry best. Let us customize a market research solution that exceeds your marketing goals.

DON'T MISS A THING

Magazine image
 
Register today for complete access to ACHRNews.com. Get full access to the latest features, Extra Edition, and more.

STAY CONNECTED

facebook icontwitter iconyoutube iconLinkedIn i con