It looks like the management of low float favorite PDO is intent on liquidating. The company has drilled a total of 3 wells in four years and this year they plan to drill at a deeper depth on two existing wells in Q3. It doesn't get more exciting than that! Meanwhile, the cash, cash equivalents, and CD investments is piling up to $7.1m earning 2%. This is easy part-time work for the chairman earning $100k. Michael Herman made a fortune in 2008 selling the stock after it spiked to the mid $30 from $2. Even though the market is bored of this stock, as it trades 4k shares per day, it's one to keep an eye on. I could see Herman eventually taking it private and pay himself a special dividend.
Fast ball 98 -Wow 1/3rd of PDOs stock price is in cash. Looks like a real interesting asset play. They are also in San Joaquin Oil -which is good.( better than nat gas)Reminds me of another Aspen Energy
Thanks for the heads up
They have absolutely no debt. They could easily issue a special dividend of $1 per share and still have more cash than they apparently know what to do with. Unfortunately a special dividend wouldn't send the shares spiking as there is only 3% short interest.