This stock is HIGHLY undervalued here!!! Check the latest press release... As follows:
Press Release Source: Renegade Energy Corp.
Renegade Energy Confirms Proven Oil and Gas Reserves Valued at $5 to $8 Million for Lost Indian Field Monday April 23, 8:00 am ET
TULSA, Okla.--(BUSINESS WIRE)--Renegade Energy Corp. (OTC:RGDE - News), an oil and gas company engaged in the exploration, development, acquisition, and production of high quality, producing oil and gas properties, is confirming a total valuation for proven oil and gas reserves of between $5 to $8 million for the Company's Lost Indian Field. The Lost Indian property, located in Creek County, Oklahoma, is a 320-acre field that has maintained steady production over the past 11 years. ADVERTISEMENT
After careful evaluation of geological reports from independent and licensed geological experts, these proven below-ground reserves are characterized as conservative valuations. This is the second valuation report we have released in as many weeks as a follow up to the $35 to $40 million in estimated reserves for the Southwest Cushing Field. RGDE will be providing additional valuation and production reports in upcoming releases as soon as verified information is available.
RGDE is focusing an initial strategy of reworking 2 existing, producing oil wells on the Lost Indian acreage for the purpose of significantly escalating production over the next few months. There is no question that Lost Indian can support an additional 5 to 6 producing wells, which would have a materially positive affect on Renegade Energy's production and cash flow. RGDE is exploring several options to expedite the process of bringing as many wells on the Lost Indian Field into production over the course of 2007.
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