quote:Originally posted by SuperSniper00: Look for a retraction, should be a good time to buy or re-enter.
Look what happened, it retracted back down...dont expect it to stay like that though.
-------------------- *I'm not a financial expert or advisor, everything stated is my opinion* Posts: 1680 | From: NC | Registered: Jan 2006
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WASHINGTON, April 18 — The competition for access to oil is emerging high on the agenda for President Hu Jintao's visit to the White House this week. President Bush has called China's growing demand for oil one reason for rising prices, and has warned Beijing against trying to "lock up" global supplies.
-------------------- The difference between genius and stupidity is that genius has its limits Posts: 10204 | From: NYC | Registered: Mar 2006
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posted
I'm gonna have to get one of those Mr Fusion things like in Back to the Future put on my car if this keeps up.
Posts: 81 | From: Green Bay, WI | Registered: Mar 2006
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-------------------- The difference between genius and stupidity is that genius has its limits Posts: 10204 | From: NYC | Registered: Mar 2006
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Oil Price Touches Record Above $74 Friday April 21, 12:21 pm ET By Madlen Read, AP Business Writer Oil Price Touches Record Above $74 a Barrel Amid Concerns About Iran, U.S. Supplies
NEW YORK (AP) -- Crude-oil prices reached a new record above $74 a barrel Friday amid concern about Iran's nuclear ambitions and declining U.S. gasoline stocks.
U.S. pump prices also kept rising, with the average price of a gallon of unleaded regular gasoline at $2.855, up 3 cents from a day earlier and more than 60 cents higher than a year ago, according to AAA's daily fuel gauge report.
Do your dd before buying. Use your head not you stomach.
glta
Joe
AP Oil Prices Settle Above $75 a Barrel Friday April 21, 3:45 pm ET By Madlen Read, AP Business Writer Oil Prices Settle Above $75 a Barrel on Concerns About U.S. Supplies, Iran's Nuclear Ambitions
NEW YORK (AP) -- Crude-oil prices broke through $75 a barrel to hit a new record Friday, fueled by concerns about Iran's nuclear ambitions and tight U.S. gasoline supplies.
posted
if they had some oil it would be a great stock! like joe says, do your DD read the filings
Posts: 2503 | From: connecticut | Registered: Mar 2005
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posted
Too bad brainless basher doesn't know how to read.
WOW! The above chart looks fine!!!!!!!! It looks like another jump up is coming. imho
Pangea has identified additional prospects scheduled for drilling in 2006
If just one is a gusher!!! Ka ching!!!!!!
2006 OUTLOOK
Pangea has identified additional prospects scheduled for drilling in 2006 in Colorado County, Texas; Brazoria County, Texas; White County, Illinois and Steuben County, New York. In addition we are monitoring activity in Henderson County, Texas and De Witt County, Texas for possible investment. We are also in the process of evaluating several additional prospects for inclusion in the 2006 program.
We participated in our first project during 2006 which was the drilling to the Wilcox in Colorado County, Texas. The well was drilled to 10,050' during January 2006 based on data developed from a 3D seismic survey and analysis of existing Wilcox formation in the area. The well found the target objective lower than anticipated in the geologic structure and was tested in three intervals and deemed sub-commercial. Further review is being conducted to see if any locations can be identified for drilling on the leases further up on the structure. Pangea has a 2.0% working interest and a 1.5% net interest in the prospect
On January 6, 2006 we acquired a 1.5% working interest in oil and gas leases located in Fort Bend County, Texas and a 2.5% working interest in oil and gas leases in Steuben County, New York, in a restricted stock transaction with Scully Oil and Gas. As consideration for the interests we issued 20,000,000 of our restricted common stock and will issue 10,000,000 warrants upon meeting certain revenue targets in the two projects.
The Fort Bend County interest of 1.5% is a 421 acre project currently producing approximately 6500 barrels of oil per month from fifteen wells in the Miocene and Frio sands. Current plans call for the drilling of four additional wells in the next six months. Pangea will not receive revenue from the project until payout by the operator of drilling and acquisition expenses. Payout is currently expected before the end of 2006.
The New York interest of 2.5% covers approximately 50,000 acres in Steuben County, New York. The project is currently shooting twenty-two square miles of 3-D seismic. Thus far there are two well defined drilling prospects in the Trenton Black River, and two leads identified in the Oriskany and Onandaga Reef sands. Additional seismic work is planned for 2006 and it is anticipated that drilling on the first well will commence in the second quarter.
On January 6, 2006 we purchased a 3% working interest and a 2.25% net interest in a prospect in White County, Illinois that encompasses approximately 880 acres. The primary target is the Warsaw Sand at 4200' with several secondary objectives present up to 3200'. The first well is anticipated to be drilled the first quarter of 2006 and will be drilled beyond the Warsaw to approximately 8500' to test a geologic feature in the Trenton Black River, which appears to be similar to the seismic features found in the successful producing areas in New York and Michigan.
In February 2005, Pangea purchased a 7% working interest in a re-entry workover in Brazoria County, Texas. The well was drilled in 2002 and experienced mechanical difficulty in the first of four zones in the Miocene sands. The logs indicate three additional sands behind pipe which will be sequentially completed for the project. Work is expected to begin prior to the end of the first quarter 2006.
Pangea is continuing to monitor additional projects for potential participation:
Henderson County, Texas is an 11,500' test in the Rodessa and Pettit with a secondary objective in the Upper Travis Peak. The first well has the potential for an additional well in the fault trap and, if successful, will lead to drilling in four additional analogous fault blocks on the leased acreage. If we participate in this project we expect to have a 2% working interest and 1.54% net interest in the first well. We are still evaluating the well and if participation is taken as currently expected, the drilling will not proceed until mid 2006.
De Witt County, Texas is a 4800' test of several stacked Yegua objectives identified by 3D seismic data. The prospect is on trend with existing Yegua production and there is considerable shallow Frio and Miocene production that appears in the area. Two recent 3D wells to the south back up the seismic analysis on the prospect and if successful, the lease could provide a follow-up location. Pangea plans to commit to a 6.67% working interest and a 5% net interest in the prospect. It is expected that rig availability will allow this well to be drilled in the fourth quarter 2006.
Pangea is actively reviewing additional prospects in Texas and Louisiana to add new wells to the prospect list. We are continuing our strategy of evaluating primarily shallow, onshore oil and gas projects that avoid investing in "wildcat" or exploratory wells. Focus remains on investing in development well prospects that are supported by seismic data, proven production from the surrounding area and positive information from adjacent wells. Additionally, Pangea will continue to diversify our risk by taking a minority working interest in the prospects such that we are not dependent on any one project or highly impacted by an unsuccessful well. The ability to invest further will be heavily dependent on securing additional capital from investors or debt financing. There is no assurance that additional equity or debt financing will be available on terms acceptable to Management.
posted
from the last 10K >>>>>>>>>>>>>>>>>>>> >>>>>>>>>>>>>>>>>>>> >>>>>>>>>>>>>>>>>>>> >>>>>>>Revenues for year ended December 31, 2005: $57,360. Aggregate market value of the voting common stock held by non-affiliates of the registrant as of March 8, 2006 was $3,078,964 Number of shares of the registrant's common stock outstanding as of March 8, 2006 was 266,059,538. >>>>>>>>>>>>>>>>>>>> >>>>>>> or this >>>>>>>>>>>>>Our continuing negative operating results have produced a working capital deficit of $487,381 at December 31, 2005. This is an increase compared to a working capital deficit of $392,054 at December 31, 2004, and reflects the additional loss from 2005 operations. The above factors represent a substantial improvement over year 2003 performance; however the net loss from continuing operations continues to raise doubt about our ability to fully establish ourselves as a going concern. >>>>>>>>>>>>>>>>>>> how about this>>>>>>>>>>>>>>>>>>> >>>>>>>>>>>>>>>COMPARISON OF YEAR ENDED DECEMBER 31, 2005 TO YEAR ENDED DECEMBER 31, 2004.
Revenues were $57,360 in 2005 compared to revenue of $81,646 in 2004 reflecting a decrease of 64% or $24,286 in revenue in 2005. This decrease in revenue reflects a drop in production during the year that was partially offset by slightly higher contract oil and gas prices in 2005 versus 2004. During the fiscal year 2005 $101,046 was used for capital and exploratory expenditures compared to $178,157 in 2004 (using the successful effort method of accounting).
The $4,480 increase in the net loss from continuing operations to $542,737 for the year ended December 31, 2005 from $547,217 for the year ended December 31, 2004 is due to a few factors. Impairment of oil and gas properties decreased $172,763 in 2005. This was due to the dry hole costs recorded in 2004 for the drilled and abandoned wells of $195,742, while only $22,979 in dry hole costs and abandonment were recorded in 2005. This was partially offset by a decrease in other income reflected in 2004 and not received in 2005 and by a slight increase in Selling, General and Administrative including stock based compensation, which increased by $21,677 to $487,167 in 2005 compared to $465,490 in 2004. Also offsetting the improved dry hole cost were lease operating expenses increasing by $8,557 and DD&A increasing by $14,378 in 2005.
During the year ended December 31, 2005, we reported a net loss of $542,737 compared to a net profit of $927,924 for the year ended December 31, 2004. The net profit for the year ended December 31, 2004 was directly due to recognition in 2004 of a deferred gain on the 2002 sale of a discontinued exploration and production subsidiary, a non-recurring event. >>>>>>>>>>>>>>>>>>>> >>> the rest looks just as good! oh well, theres always the next one!
Posts: 2503 | From: connecticut | Registered: Mar 2005
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posted
What are the predictions price wise by the end of summer on this one??? do you guys thing .40 is possible just curious???
Posts: 448 | From: New Jersey | Registered: Aug 2005
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