I hope you’ve been making money in the markets this week.
Whether you have or haven’t, I have found the perfect trade for Friday…
PetroTech Oil & Gas, Inc (PTOG)
PTOG has been trading along it’s chart bottom for the past couple of weeks. It has extremely strong support at current levels, getting bought at every dip.
We are very bullish on PTOG, take a look at the multi-day chart and our analysis below.
PTOG undoubtedly has significant multi-week support at $0.08, just below today’s closing of around $0.10. This gives us another great low risk opportunity.
If our primary target of $0.18 is realized (and there is no reason why it cannot be), it would represent an 80% gain over Thursday’s closing price.
And the possibility for gains looks even better when we consider the very big news just released by PTOG…
PetroTech Oil and Gas, Inc (PTOG) enters into a Joint Venture with Pangean Energy on a 16,000 Acre Lease in North Dakota
BEDFORD, Texas, June 13, 2013 /PRNewswire/ — PetroTech Oil and Gas,
Inc. (OTC Pink: PTOG), announced today that PetroTech Oil and Gas Inc.
and Pangean Energy LLC through a joint Venture have entered into a
contract to purchase mineral interests in Leases in North Dakota, Bakken
Shale Formations the leases consist of 16,000 acres under lease, with
an additional 14,000 acres under option.
"The acquisition price
is $28,800,000.00 to be paid through a combination of cash, stock and
interest in the development of the wells; (which have no depth
restrictions and include several other potential zones). The transaction
is subject to final due diligence by the purchaser and legal title
opinions," said Eddie Schilb, president of PetroTech (PTOG).
This appears to be game changing news for PTOG. This is a substantial Joint Venture that has the potential to bring substantial revenues to the Company.
PTOG is an innovative oil and gas company that employs a proprietary Enhanced Oil Recovery (EOR) strategy to derive immediate revenues for existing reserves that have been left in the ground.
Using patented technologies for EOR, the Company identifies opportunities to extract reserves from qualifying oil reservoirs in the United States.
And throughout the US, there are primary depleted oil reservoirs representing billions of barrels of oil that could be explored and extracted using PTOG’s EOR technology.
The deployment of these new and innovative technologies allow PTOG to bring back to production previously producing wells and recognize near term cash flow – which in turn is used to fund the development of additional properties.
And PTOG is well diversified.
They are also a construction and heavy equipment company, giving them the ability to provide services to third party projects for State and Independent Oil Companies such as Work Over, Treating, Installation of production equipment and Plugging of abandoned well.
PTOG targets small and large overlooked oil reservoirs where they have the ability to maximize oil production and recoveries, while minimizing the injection time frame and capital investment.
Based on their own models, PTOG believes the payout on any given project will be between 6 to 12 months, with an IRR exceeding 300% during the initial three year production period.
We think PTOG is poised to deliver significant gains in the near term. With a bottomed out chart, and huge news recently released, a bounce in the pps is a strong possibility.
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