Excellent Dump I Got my shares, Thank YouThere two thing I was wondering about;
- Why the shares kept trading so low – people were scared, they didn’t know.
- Why insiders sold their shares – they need the money to set the deal with their lender or they didn’t know if they would get a deal completed.
Good thing is that Petrodorado Energy Ltd (PDQ) is experience, is funding everything and is set to move fast on the project.
“California Farm-in
The Company (Petrodorado Energy Ltd.) (PDQ) has diversified its portfolio by entering into a more stable regulatory and high netback environment in the San Jaoquin Basin of California as an addition to its high impact exploration assets in Colombia.
On May 9, 2013, the Company entered into an agreement with Solimar Energy Ltd. (TSXV: SXS) regarding a heavy oil opportunity in the San Jaoquin Basin of California. This 1,720-acre project area (gross) has government approval over 225 acres where two phases will be conducted.
Phase I
The Company has committed up to a maximum of US$2.5Million, with costs in excess to be paid at 15%, towards the appraisal and development of the Kreyenhagen Field including the drilling, coring, testing and fracking of up to 4 wells, as well as creating reservoir models and thermal simulations. The Company will earn 15% non-operated working interest. This phase is expected to be completed by the end of Q3 2013.”
As Petrodorado Energy Ltd. CEO states "Entering the San Joaquin heavy oil basin diversifies Petrodorado's regulatory risk and increases its ability to execute at a much faster pace than in Colombia while retaining high netbacks. This asset, after the initial reservoir characterization phase, can start pilot production in a very short time generating cash flow for the Company.”
When it generates cash flow for Petrodorado Energy Ltd. It does for Solimar Energy Limited.
With Solimar Energy Limited Agreement with Debentureholders in place, it is clear sailing to 31 January 2014 and for only $250,000 more to 31 July 2014.
Have a nice day.