Reason to buy .........READ...Just was looking at the numbers again...............Why is this stock not at $2.00 at the least.............
It has more cash on hand then any companies bidding on Coal or Utica plays I have seen.............
I don't get it.........
Need better PR department I guess..............Maket Cap 20 million and trading at less than 10 times earnings..
Most companies in this space Lose money ............
They have earnings!!!!!!!!!!!!!!!!!!!!!!!! over 2 million this year and growing ......
Greencastle declared a net profit for the first quarter 2008 of $434,539 ($0.01 / share) versus a net profit of $288,128 for the first quarter 2007. The increase in net profit is primarily attributable to an increase in royalty income during the period which was $536,169 versus $477,675 and reduced general office and administration expenses. Expenses for three months ended March 31, 2008 were $140,128 versus $194,804 for the same period in the previous year.
The Company's working capital at March 31, 2008 was $4,239,436 versus $3,902,426 as of December 31, 2007. Total value of the Company's assets at March 31, 2008 was $7,013,927 versus $6,751,316 at December 31, 2007.
Heavy oil prices rebounded significantly from the seasonal winter lows set in December. During the year ended December 31, 2007, five additional wells were drilled on the Primate oil section in Saskatchewan. The additional wells and stronger prices contributed to the Company's improved royalty income in the first quarter of $582,457 which is the second highest quarterly result in the past two years.