Perfect storm closing Friday.I think everyone will agree that the action on Friday, without news, is certainly very positive. In total, PXM traded about 1.4 Million shares, ended at
.425, and was extremely well bid on the close with 100,000 shares bid at
.41. Is this the perfect storm or just the start of a progression upwards towards true market value for the company. My guess, and this is just a read of the press releases, they should be very near finished 2 wells. And these are not wildcat wells, but rather step out wells for the Hamilton Development project only (thus hopefully greatly reduced drilling risk). By the way, according to a third part study, each development project could be worth over $100 Million (50% to PXM) and they can drill 10 wells. And these wells are to be brought on to revenue producing status as quickly as possible to create cash flow to allow for further development and hopefully lesson the requirement to raise capital, thus less share dilution, and ultimately higher share price (market cap related). Then there is what some have described as very exciting high pressure wells (5) to be drilled in the fall (October time frame - including more seismic to less than risk and then more drilling on the Willow).
Conclusion: looks like brokers are being invited to the start of a very long party.
Good luck everyone, if a real revenue generating company is developed with reserves, this is logically a very nice acquisition target by a larger oil company.
I also might add that they are the only players in this area and have locked up a significant portion of the area, with what looks like more significant development projects judging by the excellent seismic they have acquired and are continuing to undertake.