The MACD is about to cross and the RSI is WAY oversold! The slow stochs are starting to turn upward.
The big drop was cuased by some selling after the Dividend paydate of April 30th. IMHO, the selling caused more panic selling thus the big selloff. The co is undervalued and should adjust to the level before the dividend!
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Sun Oil Announces Its Participation in the Clovelly Prospect
VANCOUVER, British Columbia, Feb 08, 2005 /PRNewswire-FirstCall via COMTEX/ -- Sun Oil & Gas Corp. ("Sun Oil") (OTCBB: SUOG) is pleased to announce its participation in an exciting oil and gas area known as the Clovelly Prospect. The property is located approximately 35 miles southwest of New Orleans in Lafourche Parish. Pursuant to a participation agreement effective December 30, 2004 with ORX Resources, Inc. as the operator of the property, the Company acquired the right to earn and participate in the exploration and development of the Clovelly Prospect, for a one-time participation fee of approximately $27,300, due on or before March 30, 2005. This fee represents approximately 10% of the costs associated with drilling the initial test well, therefore allowing Sun Oil to hold a 10% interest in the proceeds from the well. The total costs associated with the first test well will be approximately $273,000.
The Clovelly Field is host to many oil and gas producers and the M Sand has produced in excess of 25 million barrels of oil and 120 billion cubic feet of gas since its discovery in 1950. Peter Wilson, Sun Oil's newly appointed President, stated: "The Clovelly Prospect is an exciting opportunity to commence an aggressive oil and gas exploration and development program, and building a significant value for our shareholders."
At a recent meeting of its Board, it was decided that in order to create long-term relationships with the Company's current shareholders, each shareholder holding a minimum of 3,000 shares at a record date of March 30, 2005 will receive a $20.00 Chevron gasoline gift card. Moreover, for new oil and gas wells brought into production, the Company will issue additional Chevron gasoline cards to its registered shareholders.
Investor Relations Inquiries: Peter Wilson, President: 604-340-4211
Safe Harbor Statement: "This News Release may include forward-looking statements within the meaning of section 27A of the United States Securities Act of 1933, as amended, and section 21E of the United States Securities and Exchange Act of 1934, as amended, with respect to corporate objectives, projections, estimates, operations, acquisition and development of various interests and certain other matters. These statements are made under the "Safe Harbor" provisions of the United States Private Securities Litigation Reform Act of 1995 and involve risks and uncertainties which could cause actual results to differ materially from those in the forward-looking statements contained herein."
SOURCE Sun Oil & Gas Corp.
CONTACT: Peter Wilson, President of Sun Oil & Gas Corp., +1-604-340-4211
Sun Oil & Gas Corp. Sector: Oil and Gas Status: Active Listed: OTCBB Trading Symbol: SUOG CUSIP#: 86681 U 108 Shares issued and outstanding: 161,319,913 Shares authorized: 200,000,000 Transfer Agent: Madison Stock Transfer Inc. P.O. Box 290-145 Brooklyn, NY, 11229-0145 718-627-4453
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posted
Looks nice to me .... if we bounce from here we will reach around 0.0860 - 0.090 according to fibonacci %38.2 but don't u think we need to wait for a confimation tom?
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posted
just tried to get in at .042 between bid and ask.... status said order was pending.... then said order open ...then bid went up to .042... MM's SUCK
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posted
I got some at .043 and still some but I will be okay with what I got too... any idea about the target price ..? My openion is we should test .09 if we break it we will reach .10-.12
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