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  • NMD2020 NMD2020 Mar 16, 2006 7:05 PM Flag

    Remington Oil to pay $15M

    Remington Oil to pay $15M for offshore leases
    And operate all eight lease blocks. Dallas-based Remington Oil (NYSE: REM) is an oil and gas exploration and development company.

    I do not think this is such a great deal and they spent $15M for offshore leases. Then they are going to have spent more money for expenses for exploration and development.

    Add this up with a forth quarter loss, they are burning through cash and creating more debt.

    I full expect that during this year there is going to be a major pull back on stocks. This on is starring us in the face. I am selling and taking profits.

    This is my opinion, you can form yours.

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