posted
This is just coming off a quarter. Expect a nice run up today on the great news.
RGNO Signs Agreement to Begin Project with Upside of $200 Million Wednesday, March 07, 2007 06:00 ET
DALLAS, Mar 07, 2007 (BUSINESS WIRE) -- Regions Oil and Gas, Inc. (Pink Sheets: RGNO) announced today they have signed an agreement and are in the process of acquiring 640 acres located in West Texas. This project is a "wildcat" and has the potential to find up to 4 million barrels of recoverable oil. At today's prices, that is approximately $200 million in revenue.
Regions has partnered with a well-known Geologist with extensive experience and knowledge relating to this part of Texas. He has used established subsurface techniques to delineate this project. Based on his findings, a plan to drill a test well in this area was devised and is in the preliminary stages of execution.
"We were looking for a play in Texas and came across this exciting project. This type of discovery can show a substantial increase to our bottom line and should excite our shareholders. After the initial test well is complete, we will update our shareholders," stated Jerry Griggs, CEO.
About Regions Oil & Gas, Inc.: Regions Oil & Gas Corporation ("Regions" or the "Company") was formed to initiate, manage, acquire, supervise and operate oil and gas ventures and to otherwise engage in the oil and gas industry and exploration business. The Company solicits and acquires from accredited and institutional investors, the capital necessary to lease, develop, and complete oil and gas wells. Their philosophy and strategy is "Bringing New Life to Old Forgotten Fields." The fields in question were generally produced in the early 1900's with the mind set and technology created during the industry's infancy. As a result, these wells have large amounts of oil still in reserves.
Posts: 1343 | From: Rome Georgia | Registered: Oct 2004
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posted
Momentum might take this up but be careful. The 640 acres might be moose pasture. But then who invests in these companies? Trade the *****es.
Posts: 316 | Registered: Oct 2005
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Stock has potential to run, and should hear some things by the end of March at the latest...Maybe an update on the natural gas well that is producing, or some new holes....
They were holding it down today....can't do that for too long... They are producing gas right now, once they say how much in either production or revs, its off to .25 again!!
Posts: 381 | From: Cincy | Registered: May 2006
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Posted by: jelly In reply to: None Date:3/8/2007 11:02:03 AM Post #of 7654
i also asked jerry about when we might see some financials. he said that is not one of their top priorities right now. they are trying to acquire and put wells on as much producing property as they can get their hands on, which all costs money. jerry says he has $2 MILLION of his own money in this company. since they are not diluting, they have to fund these new projects through wells that are producing right now, leaving not a lot of cash to hire auditors. once the new projects start producing and more money flow, we WILL see financials then. i asked about possibility of unaudited finacials since this would cost the company little and give shareholders an idea of the books. he said they would consider that in the near future but are so busy in the feilds and exploring new opportunities, so don't expect them within the next week. again really no timeframe. he did say they are in the black, which is amazing for a pinkie. i can tell you i feel a lot more confident in my investment with rgno after speaking with him. it seems to me they are taking the right steps to make this company grow, and not at the expense of the shareholders. the pps, well my only logical guess is we are being shorted heavily again.
Posts: 381 | From: Cincy | Registered: May 2006
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this could run like crazy from here in the next 1-2 weeks, don't wanna miss out, didn't bet the farm but a run up from here would be nice
Posts: 1551 | Registered: Feb 2006
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