Obviously PGN is going to be on the list of survivors of this oil bust. I have been adding to my shares and plan to hold on to all of them for the long run. I believe this to be the opportunity of a lifetime.
Greece parliament will announce in less than one hour that they have passed the bail out plan. But then what? As Kramer report mentioned yesterday and as IMF has said the debt is just much too much for Greece. Kramer thinks the NBG will be recapitalized and stock will become worthless....
I am also adding because the same way PGN dropped it will suddenly jump. And you are correct in that the stock is dropped from 3.35 in Feb 9th to yesterday's 1.74 which is exactly, to the penny, 50% correction in 23 days; but if you look just a few days further back you'll also notice the share went from 2.02 on Jan 28 to above mentioned 3.35 on Feb 9th, a gain of nearly 65%, in half that time or just 12 days.
So just hang in there and add if you can and you be ok, Also note that there are no profit takers right now as it is trading at all time low. I also agree that there is no good reason out there for such huge price drop which is all that much better for those accumulating.