What many speculators believe Tuesday’s sudden trading activity on the penny stock of Petrosonic Energy Inc. (PSON) could be indicative that SMA is ready to go. Having changed its name, ticker symbol and issued an 11.25-for-1 forward stock split back in June, the former Bearing Mineral Exploration, Inc. (BEAX) rallied in the afternoon with expectations of a better SEFE. After announcing that the Company awarded a contract for the final assembly and process engineering and fabrication of tanks and equipment for their Heavy Oil Processing Plant, PSON stock is now on the list of penny stocks to watch.
Note: BBPS is taking claim to having received $35K for a Wednesday alert on PSON stock. Chances of it being SMA have now dwindled a bit since they typically don’t share with others.
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PSON Stock Chart
Market Cap: 39.76M
Close: 0.615, up 0.105 (20.59%)
Dollar Volume: $514,534
Average Trade Size: 3,934
Issued and Outstanding: 64,649,000
Forward Stock Split: 11.25-for-1 on May 16, 2012
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The lead singer for Petrosonic Energy is a well traveled name in the oil and gas industry, Artan Agolli, aka Art Agolli. On April 17, 2012, Petrosonic issued 20,000,003 post-split shares of PSON stock valued at $160,000 to Art in exchange for all of his interest in a letter of intent with Sonoro Energy Ltd., a Canadian publicly traded company on the Toronto Stock Exchange (TSX: SNV). The actual agreement called for 1,777,778 pre-split, fully paid and assessable restricted shares of common stock of Bearing Mineral Exploration, Inc. (see here)
On July 27 ,2012, Sonora Energy sold Petrosonic Energy its 89% holding of Petrosonic Albania, Sha., a patent and trademark for certain technologies related to enhanced oil recovery and purification and sonic reactor equipment located in Canada and Albania. The fair value allocation is $250,000 for the 89% interest of Petrosonic Albania, $200,000 for the equipment and $50,000 for the technology.
On August 1st, they closed the deal by issuing to Sonoro :
(i) $250,000 ($200,000 of which came from Agolli);
(ii) a convertible debenture in the principal amount of $250,000; and
(iii) a 10% royalty interest in our realized net revenues for a period of 10 years from the time we commence commercial operations, which is defined as the date upon which we process an average of 50 barrels of feed stock per day over a period of 30 consecutive days utilizing the technology acquired.
The hype on Petrosonic will stem from their plans to build a facility which can process 1,000 barrels of heavy oil per day, the first commercialization of the company’s Sonic Reactor to provide energy and cost efficient heavy oil processing. Once achieved, Petrosonic plans to expand its capacity up to 5,000 barrels per day.
That’s all fine and good since the deal calls for Sonoro Energy to consult Petrosonic Energy and to carry out and provide ongoing technical support services to Petrosonic, to enable Petrosonic to assemble the equipment and technology purchased from Sonoro, and achieve among other things, the business objectives and work program in Albania. Should there be a breach of some kind that calls for termination of the contract, te attorney to contact will be:
Merani Reimer LLP
Barristers & Solicitors
Suite 204, 205-9th Avenue S.E.
Calgary, Alberta, T2G 0R3
Attention: Ashif S. Merani
Fax No: (403) 398-0220
Tel: (403) 261-7006
The Company’s President, Art Agolli, will be very familiar with the layout as well since he served as Executive V.P. of Business Development for Stream Oil & Gas Ltd. (SKO.V) since January, 2009. Stream Oil & Gas Ltd. engages in the exploration, development, and production of oil and gas properties primarily in Albania.
Considering that the Company’s former director, Gerhard Schlombs, still owns 14,675,000 shares that cost $3,300 total, and assuming the S-1 registered sellers who owned 30,023,437 free trading shares of PSON stock at 0.013 per share have not sold yet, as of Tuesday’s close, they are up 273,233% and 4,630% respectively. With 843,750,000 shares authorized and a pending convertible note payable for the amount of $500,000 as of August 20th, play the stock the right way: plan your trade and trade your plan . Oil is hot as you can see from PUNL.
About PSON Stock
Petrosonic Energy, Inc. , focused on the de-asphalting and separation of asphalt from heavy crude oil, oil sands, and waste oils, has never generated any revenues and has accumulated losses of $324,301 since inception. The Company was established to deliver innovative technologies to the energy sector with a primary focus on providing technologies that upgrade heavy oil economically and in an environmental friendly manner.
Petrosonic’s patented Sonoprocess™ uses clean tech sonic energy to de-asphalt heavy oil at much smaller scale and lower capital costs than conventional upgraders and without the use of water or release of emissions into the atmosphere.
Click here to view the SEC filings for PSON.
Bottom Line: PSON should be at the top of the list of penny stocks to watch on Wednesday. When SMA announces their pick of the autumn season, momentum should pick up if it’s PSON, especially if confirmation of hard mailers have been circulated. Two hot sectors for penny stocks for the remainder of the year are going to be oil processing and the clean up of oil/waste. PSON looks like a real winner for the short term.
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