RE: ODDPEA Shareholders:
I agree with strat1. PEA has a massive amount of property in the Gaspe Peninsula including Anticosti Island. If I remember correctly, they gave up a portion of their Lower St. Lawrence property to Junex in exchange for additional property in the Gaspe. It is also my understanding that, at present, Petrolia is extracting small amounts of oil on a daily basis but will greatly increase this production later this year when the Haldimand well moves into full production. Their initial production (something like 10 barrels per day) is the result of the production testing they did several months ago. I think they will be applying for a production permit later this year. In any event, I agree with the posters who believe this is a buying opportunity.
I was in the Gaspe region in November, 2009 as I own land in the area that is being developed. The response I heard from the locals (in that area) was they are very willing to have the area developed as it will bring much needed employment opportunities and revenues to the area. I think it was a pretty smart move on Petrolia's part to focus on the Gaspe when oil is over $100 / barrell and natural gas has remained stagnant at a low price. They are also flying very low under the radar as everyone is now focusing on the interpretation of the BAPE report while they are quietly moving their operation along. I'm amazed that Petrolia pulled off the amount of staking in this area. I believe their shares will hit $5.00/share easily once they put the Haldimand well into production,, especially if their initial production numbers are high. Remember, they hit 474 Meters (1400 feet) of oil-soaked sandstone......that is exceptional.
It will be very interesting to see the selling price of the remaining permits in the Gaspe once the Quebec Government puts these permits up for auction. It is my belief that they won't put them up for bid until the Haldimand goes into production in order to maximize their profit. The days of staking property for 10 cents per acre (plus a work commitment) are long over. I'm sure years from now there will be quite a bit written about this situation and how a small junior company beat all the big boys to the prize.
All the best, and all the best to Petrolia for being oil pioneers in Quebec.
Tbonepickens