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CAMAC Energy, Inc. Message Board

  • cwx256 cwx256 Nov 4, 2011 11:20 AM Flag

    good buy for now and next week pop up

    This is the last chance to load up with Greece glooms the market. G20 will not let it fall. Plus next week is earnings for CAK, I believe that report will be great with such a strong oil and gas prices. OML 120, 121 report may come along together with earnings. I just loaded more today on pullback.

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    • monday need to break up 1.20 resistance then pop pass 200 dma at 1.26 on tuesday with good earnings as brent crude is above $100. poof strong uptrend will bring this up.

      Any thoughts???

      • 1 Reply to cwx256
      • A break through the 1.26 would be significant. If we get back to half a mil per day volume on Monday/Tuesday it could happen. I expect Wednesday will be quiet until Q3 is released unless news is released before then.

        The oil coming out of Oyo is indeed sweet. However, it is not coming out fast enough to outpace production costs. That was why they tried the workover earlier in the year with limited success. Original estimates put expected production at 25,000bpd. The well had a major problem with gas coning and production dropped below 10% of original estimates. The workover significantly reduced gas concentrations but production levels have not been able to exceed roughly 4000-4500bpd. The current Oyo well keeps the company in cash but it will never be a big profit maker.

        I do believe they said there might be a partial lifting this quarter so there may be revenues on the books but they will not match Q2's so temper your expectations on earnings. The big news will be if they are ready to release new information on future projects. That will be what sends us forward if it is there. IMO

0.38-0.0045(-1.17%)Dec 24 1:00 PMEST

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