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I know this is going to sound like bashing based on our interactions in the UDHC thread, but it's a sincere question based on trying to understand chart reading more clearly.
Can you explain why you said there was resistance at .002? I looked at the chart and don't see any instances where it bumped its head at or near .002, which is what I always thought resistance was.
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Thanks IMAKE. Not sure why the chart I looked at didn't show it. Can't remember which one I used, but whichever it was probably wasn't meant for pennies... Glad to know my understanding of resistance wasn't wrong, just that I'm not smart enough to find an accurate chart
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Mammoth Energy Group Announces Start Date for Drilling Contract on Wells in Oklahoma 18 minutes ago - Market Wire
Related Companies Symbol Last %Chg AMKKQ 0.0050 0.00% MMTE 0.0044 91.30%
As of 9:49 AM ET 5/27/08 Mammoth Energy Group Inc. (PINKSHEETS: MMTE) announced today that it has received confirmation from American Continental Energy of the start of the first three wells to be drilled on the Noble County, Oklahoma property that will commence on or before June 10, 2008.
Management anticipates that these three wells should be on-line by the third quarter of this year and should bring the natural gas production to an average of just over 100 thousand cubic feet per day (MCFD).
"At the depth of the program for drilling, we expect to find both oil and natural gas and are quite optimistic about this property potential," stated Joe Overcash, President. "While there are certainly no guarantees in this business, the field has all of the characteristics that we were searching for in a new project."
About Mammoth Energy Group, Inc.
We are focused on developing shallow gas and/or oil projects in northeastern Oklahoma due to the low risk, blanket characteristics in the area that make it possible to drill and produce a well nearly every time. We have continuing revenue from our Rogers County, OK project and with the Noble property hopes to develop its strategy with wells that can be drilled quickly and be positioned to grow consistently each month as new wells are brought on-line.
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O.T.C. MMTE Mammoth Energy Group Letter to Shareholders 23 minutes ago - Market Wire Related Companies Symbol Last %Chg MMTE 0.0025 13.64% As of 9:52 AM ET 5/29/08 Mammoth Energy Group Inc. (PINKSHEETS: MMTE) has issued this Letter to Shareholders in order to address these questions and to review the success of the Company's expansion efforts through the first quarter of 2008. The text of the letter is as follows: From: Joe V. Overcash, CEO, Mammoth Energy Group, Inc. To Whom It May Concern: At least partly in response to a number of questions posed by shareholders in recent weeks, I want to take this opportunity to state unequivocally that we have no plans to execute any stock splits in 2008. There is no foreseeable event that would prompt us to believe that such an alteration of the Company's stock structure would be beneficial to our shareholders. As a matter of fact, effective immediately, the Company will lower its authorized shares by 5.5 billion bringing the total authorized down to 1.5 billion shares. Once the authorized is lowered, our stock structure will be: -- Outstanding Shares 1,200,000,000 as of May 29, 2008 -- Authorized Shares 1,500,000,000 as of May 29, 2008 -- Restricted Shares 651,254,962 as May 29, 2008 -- Float 548,745,038 as of May 29, 2008
As previously released, the Company has received confirmation from American Continental Energy of the start of the first three wells to be drilled on the Noble County, Oklahoma property that will commence on or before June 10, 2008. We anticipate that these three wells should be on line by the third quarter of this year and should bring the natural gas production to an average of just over 100 thousand cubic fee per day (MCFD). So far in 2008, Mammoth Energy Group, Inc. has announced intentions of selling its ownership in the Talala property. The sale of this property will provide capital that will allow for drilling to take place on its other properties. MMTE also announced the signing of a turnkey drilling agreement with American Continental Energy. Due to the price of oil worldwide, we are focusing more on projects that contain both oil and gas to provide more upside to the Company while maintaining the low risk it is pledged to in the area. In short, we are ecstatic about our successes to date, and we are extremely optimistic about our prospects going forward. We are making every effort to build upon the momentum of this first quarter and continue to aggressively implement our growth strategy through the rest of 2008 and beyond, and we want to thank our loyal shareholders for their support as we enter this next phase of our business. Joe V. Overcash, CEO About Mammoth Energy Group, Inc. We are focused on developing shallow gas and/or oil projects in northeastern Oklahoma due to the low risk, blanket characteristics in the area that make it possible to drill and produce a well nearly every time. We have continuing revenue from our Rogers County, OK project and with the Noble property hopes to develop its strategy with wells that can be drilled quickly and be positioned to grow consistently each month as new wells are brought on-line.
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