Oil jumped to a fresh record high above $74 a barrel on Thursday after a steep drop in U.S. gasoline inventories fueled fears of tight summer supplies at a time of growing anxiety over Iran's exports.
This can only HELP us for several days to come. It is amazing what happens to prices when fear is involved. Gas at my corner gas station has gone up 8 cents since yesterday.
-------------------- Lookin for the money Posts: 353 | From: CA | Registered: Apr 2005
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imakmony2005
unregistered
posted
ARCA sure is jumpy. lol, just follow the trend.its up by the way.lol
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imakmony2005
unregistered
posted
hmm 4 times the 10 day volume, nice.
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Not bad Johnwayne. I am still holding for the time being. It looks like it is starting to consolidate. I think AMEP still has some upside in the next couple of day's. I did close my OMOG position fora 50% gain since yesterday. I also think it has some run left as well.
The entire market is acting a little anemic today.
posted
yea i didn't get out in the 13's either, but ended up getting out around opening price.. a win either way
Posts: 330 | Registered: Feb 2005
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American Energy Production Inc. announced successful completion of drilling operations by Bend Arch Petroleum's Ideco H-40 drilling rig, Phantom Rig I on the Hart # 8 natural gas well. The drilling depth of the Bend Arch Petroleum's Hart # 8 reached 3,257 feet, the target depth of the original well plan to test the Keechi Farms Strawn sand.
The Hart # 8 natural gas well was electrically logged on March 12 and petroleum engineers determined the well bore has five potential oil and natural gas formations. 5 1/2' casing was cemented to the total depth of 3,257 feet. The Hart # 8 well has been acidized in the Keechi Farms Strawn sand and on Monday, March 27, the well was fractured stimulated. Management and treating company engineers determined the frac job was successful and now the frac water has to be recovered to determine the natural gas flow rate. The frac fluid should be recovered in four to seven days.
The Ideco Phantom Rig I will be moving to a second well on the Palo Pinto 12 well project and a location with a Ellenberger or a Mississippi reef high determined by the extensive seismic shoot recently completed by Bend Arch Petroleum Inc. will be the target. The seismic mapping determined the location to be 70+ feet high to other Ellenberger formations in the area. The new well will be drilled into the Ellenberger Formation and then electric logs will determine if the unusually high formation will be a successful oil or natural gas producer. The Barnett Shale formation is above the Ellenberger formation and engineers will determine if a horizontal completion is also available in the Barnett Shale since this location is approximately 1,000 feet from the Murphy #1 Barnett Shale well that has produced over $1,000,000.00 since July of 2004.
Charles Bitters, President of American Energy Production Inc., stated, "The Company is very excited with the opportunities that the Phantom Rig I will give Bend Arch Petroleum and Oil America Group to drill and participate in many new natural gas wells and oil wells. We believe the Company will expand its operations dramatically in the next few months."
Posts: 196 | From: usa | Registered: Feb 2006
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4-20-06 Charles Bitters, President of American Energy Production Inc., said, "The Company is very pleased with the progress of AMEP and its wholly owned investees Bend Arch Petroleum Inc., Production Resources Inc. and Oil America Group Corp. The annual financial report shows the building of an oil company one lease and one oil or natural gas well at a time, while cutting debt and liabilities as the Company grows. AMEP assets have increased to $18,577,714 with the acquisition of oil and gas leases, drilling rigs, oil and gas production equipment and rolling stock the investees have accumulated in 2004 and 2005. The investees have positioned themselves to take full advantage of the historically high oil and natural gas prices." American Energy Production Inc. and its investees will be able to participate in many more oil and natural gas projects because of the ownership of its own drilling rigs. This rig availability allows Bend Arch Petroleum Inc. to select and drill Barnett Shale prospects that have the most potential for success. With 7000+ acres of Barnett Shale leases in the Ft. Worth Basin, which are held by producing oil or gas wells, Bend Arch Petroleum will continue to drill and develop its own leases as well as joint venture with other local operators.
Posts: 196 | From: usa | Registered: Feb 2006
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imakmony2005
unregistered
posted
LONG TERM money in the bank.imo
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Let the game's begin. This is double down time. I have to agree with buck only a fool sells at this level.
Johnwayne you are still allowed to breed because you got out earlier. However if you want 7 or so virgins in the after life then now would be the time to buy! LOL
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Boy it would take bals as big as church bells for me to jump back in right now. I would have to hold until Tuesday open. But man I sure do sens a run. Somebody please plead the case for me to jump in here.
-------------------- Thanks Matto. Thanks Juice. Posts: 2945 | From: USA | Registered: Feb 2006
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posted
Here is the best technical case I can give you.
Look at a 2 day chart with hourly ticks. Notice something interesting about that volume?
Yeah me to. There is no volume on this sell off.
I would like to see us at least break even for the day to make the daily chart look a little more appealing. But regardless this puppy still has some play in it.
posted
MM's are playing on inexperienced traders emotions here...they are manipulating lowlifes...i.e. a trade for 144000 just went through at the ask at .108 (a buy) next trade for 5000 shares at the bid...what happens next...they drop the bid and ask = MANIPULATION
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It's all in the timing... Posts: 4303 | From: DSA | Registered: Dec 2003
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I hope the suckers that sold are not the same one's that were buying above .12. But you know it's them. It is a crying shame to watch people learn the rules of this game the hard way.
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