Rumors were circulating a little more than a month ago that junior oil explorer, County Line Energy Corp. (OTC: CYLC), was pursuing a new JVA. Seeing the PR announcement just after the closing bell sealed confirmed that rumor as the Company acquired the Gillespie Lake Property, a 640 acre parcel of land adjacent to the N.E. edge of the ginormous “Provost Oil Pool” located just outside Coronation,Alberta, Canada. Even though revenues have yet to flow for the explorers as of yet, CYLC stock hasn’t seen much action which could all change now from this recent update. For those following in Germany, that’s G7Q.F for you.
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CYLC Stock Chart
Market Cap: 1.14M
Last: 0.019, no change
Dollar Volume: $54
Issued and Outstanding: 59,800,354
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Although this deal doesn’t mean oil is going to come spurting out of a sealed well in the coming weeks, the acquisition of it is a deal in itself. With fracking technology the new way to drill for oil, being adjacent to the second largest producing field in Western Canada, the Provost Field, some funding may come around to try to tap into the property since 55 million cu.ft. of gas and 2,450 barrels of oil daily were coming out from the neighboring field.
Probably the most attractive part of Harry Bydgness’ County Line Energy is that from the year ended December 30, 2011 up until September 30, 2012, no shares of CYLC stock were issued. Although there are little details as to the means by which the Company acquired the 100% interest in the Gillespie Lake Property, chances are that a higher PPS than its current one is going to be beneficial for raising the funds needed to frack this land up.
About CYLC Stock
County Line Energy Corp., and its wholly-owned subsidiary, County Line Inc., is a an integrated junior oil and gas explorer engaged in the acquisition, exploration, and development of oil and gas properties. Click here to view the most recent financial filings for CYLC.
Last 5 Trading Sessions:
Bottom Line: Oil & gas focused penny stocks are usually great plays, especially on day one of their awareness campaign. CYLC deserves a look at the open to see what kind of attention it can draw which could make for an easy double digit gain. Since CYLC stock hasn’t seen much activity since September 4 when 8.67 million shares traded between .03 and .05, watch for a gap open above .022 before pulling any triggers.
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