Considered to be one of the next emerging shale oil plays, traders have a chance today to be the first ones to get their hands on the new tickered penny stock of Petro River Oil Corp. (OTC: PTRC). Needing money to further develop their Midwest oil development projects, Gravis Oil Corp. (GRAVF) was limited in their ability to raise capital due to a cease order issued down by the Alberta and British Columbia Securities Commissions for failure to file certain financial information. With the paperwork now in order and the Company name and ticker symbol changed over, PTRC stock is ready for launching and boy does it have some shares in reserve for raising some capital.
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PTRC Stock Quote
Market Cap: 1.83M
Last (March 15): 0.13 ▼ -0.01 (-7.14%)
Issued and Outstanding: 14,078,947
14-Day Rel Strength: 50.28%
14-Day Stochastic: 0.00%
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News of the merger between Gravis Oil and Petro River Oil has been circulating for more than 8 months already when, on June 27, 2012, the Company entered into a non-binding letter of intent with Petro River Oil, LLC. Gravis had been financially handcuffed from raising capital due to a September, 2011 and, again, in August, 2012 ceasing of trading issued by the Alberta and British Columbia Securities Commissions for late filing. Those orders were rescinded last week according to this morning’s PR.
With the merger set to be officially closed now, the Company name and ticker symbol change are already in place which means that fund raising can commence and properly managed development of the Company’s operations in Western Missouri can be expected by some seasoned professionals.
Petro River LLC is considered to be an emerging oil producer focused on liquid rich assets in the Southeast Kansas region of the Mississippi Lime. The Company owns approximately 100,000 net acreage and legacy wells, and had planned on beginning production in July 2012. In preparedness for their production commencement, Petro River brought on management prior to 2012 who had a long history in the oil business.
Petro River’s management is mainly comprised of Ruben Alba , Daniel Smith and Louis Vierma . Alba joined Petro River in 2011 after 13 years at Halliburton Energy Services and Superior Well Service where he oversaw the management of the technical and laboratory staff. Smith joined Petro River from XTO Energy where he served as Operations Engineer specializing in hydraulic fracturing and artificial lift and Vierma comes from Venezuela’s PDVSA — the 4th largest oil company in the world — where he served in numerous leadership roles before being sworn in as the Director General of Hydrocarbons and External Director of PDVSA in 2003 including a role as Venezuela’s Deputy Oil Minister to OPEC.
Needless to say, while there may be a ton of shares authorized, PTRC stock has just become the newest player on the OTC markets and worthy of a top 10 listing on the list of penny stocks to watch pre-market and beyond.
About PTRC Stock
Petro River Oil Corp., fka Gravis Oil Corp. (GRAVF), is an enterprise engaged in the exploration and exploitation of heavy oil properties.
Last 5 Trading Sessions:
Bottom Line: Today is day one for PTRC stock and a required addition to the list of penny stocks to watch. Trading just .02 below its 52 week high set last two weeks ago, PTRC is likely to break well past its 3 month average trading volume of 33,875. With the potential for over 2,400 vertical and 600 horizontal drilling locations on their properties and the likes of big boy oil producers like Shell (NYSE: RDS), Encana (NYSE: ECA), Chesapeake (NYSE: CHK), SandRidge (NYSE: SD), Range (NYSE: RRC) offsetting Petro River’s acreage, you would have to be pretty fracking stupid not to have this one on the watch list.
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