RE:OMGPTA heading for sub-10 cent territory with oil price pulling back, and a looming consolidation. Post Petronova acquisition there will be over a billion shares out... the consolidation is needed and there will still be over 100 million shares out after the 10-1 rollback. WIll be a bargain when it hits bottom after and a new financing deal appears. Be interesting to see what sort of financing deall they can get. It wont be a real favorable one , I am betting, given the performance of the company as far as the rate of declining production and cash. After the Suroco acquisition PTA was supposed to head towards 8000 BOE per day and instead are now under 4000. The company was supposed to be cash-flow positive, according the self-proclaimed experts at SA, but the cash balance has steadily declined, despite no apparent spending on drilling or development.
Lets see what the cash looks like next q. I am betting another 5 million $ or so has evaporated since the last report.