Traders on the hunt for one last chance to flip a penny stock before the 3-day weekend may want to focus on PetroTech Oil and Gas Inc. (PINK: PTOG). Subjected to a severe weather warning on Thursday with a 30% chance of dumping rain, PTOG stock is looking like an attractive low floater after changing their direction and reversing their stock by 1-for-2,233 at the start of the year. With what is supposed to be leased oil wells which can produce roughly $1,057,000 in gross revenue per year, $600,000 net, there are worse choices to be made, but this one seems to be one of the better worst ones from afar.
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PTOG Stock Quote
Market Cap: 5.33M
Issued and Outstanding: 39,300,261
14-Day Rel Strength: 42.76%
14-Day Stochastic: 11.54%
1st Resistance Point: 0.1793
1st Support Level: 0.1213
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PetroTech Oil and Gas’ PTOG already got drilled when its was pumped last week after the Company’s President, Eddie Schilb, announced that work had begun on the first 5 of 110 option leased wells. On the flip side, it did have some good gains in the morning after opening at 0.12 and trading as high as 0.22.
Word was that the Company had reconditioned the roads and cleared electrical easements in order to prepare the areas with an estimated 65% of the new flow lines having been laid, new electrical high-line wires installed on part of the leases, and others repaired. This is a major accomplishment considering PTOG had $54 in the bank as of March 31, 2013.
Some time this morning a news announcement will come out highlighting details about how 70% of the wells could be productive wells; producing up to 5 Barrels of oil per day, per well, with the proper treatments, work over and re-complete procedures, adding up to as much as 350 or more barrels per day. While oil is unlikely to flow at anytime soon, the low float of PTOG will and should be watched for an early morning gain gusher.
About PTOG Stock
PetroTech Oil and Gas, Inc. is a development stage company focused on initiating, operating, and developing Enhanced Oil Recovery Opportunities within qualifying oil reservoirs in the United States using its Enhanced Oil Recovery Method and Technique.
Last 5 Trading Sessions:
Penny stock flippers will want to keep a close eye on the pre-market activity today of PTOG. Holding too long is gonna be a the key to whether or not gains or losses are produced for those who decide to play PTOG stock today. With a 30% chance of dumping rains, it looks as if the EOD will be a red one.
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