Will they be able to find a jv partner so this dog can run high enough for me to get out whole???? Does MM have another trick up his sleeve?? Come on, MM, go get that chinses money and sell it out... need a triple from here....not too proud to admit I speculated on a dog that just won't hunt....oh well, can't win em all
CALGARY, ALBERTA--(Marketwire - Mar 28, 2013) - Primary Petroleum Corporation (TSX VENTURE:PIE)(PETEF) ("Primary" or the "Company") has completed its analysis of the data generated by the Phase I program and the integration of the high resolution aeromagnetic survey [HRAM] and gravity data that was performed over the northern half of the Company's land position with our 2D and proprietary 3D seismic. The Company is currently preparing a virtual data room and will commence the process to seek out a new Joint Venture Partner and/or divest of its Pondera-Teton prospect lands.
We anticipate that Industry will be attracted to the potential of this very large and contiguous land position in Pondera and Teton Counties in NW Montana (approx. 595 gross and 503 net sections) as the Phase I program assessed less than 20% of the JV Lands. A re-assessment of the data collected from the Phase I program was focussed on the shallower Mississippian section which has produced over 30 million barrels of oil from the Pondera and Gypsy Basin Fields in the immediate area.
Primary's very strong working capital surplus, no debt and having our lands secured well into the future, provide the Company with several options to create future shareholder value from our current assets and balance sheet.
Unlikely, but you never know. Cold Truth: The last JV wouldn't have walked away if the odds were good. IMO, this brings some new information to the table, and so might lead some people to take another look. Still, don't kid yourself about the odds or invest anything you can't afford to lose. They took one shot and it didn't work. They are already lucky to be in a position to even get anyone to think about giving them another shot. This is a lottery ticket, but there's nothing wrong with that, as long as you see it for what it is.
Mike buys 15K shares yesterday and reported it the same day so he can release the press release today. I was wondering this morning when I check Canadian Insider why he did that. He never reported in the same day before. Think they found something?