PetroGas Co (OTCMKTS: PTCO) has been running up the charts in recent days off a start point of $0.05 last week to recent highs over $0.30 per share on a significant surge of volume.
PetroGas Co is located in Houston, Texas and used to be known as America Resources Exploration Inc. and Alazzio Entertainment Corp. before changing their name to PetroGas Co.
PetroGas Co (OTCMKTS: PTCO) is an oil and gas exploration and production company focused on the acquisition of properties in areas with significant oil reserves and drilling potential. The Company’s growth strategy includes the acquisition of oil fields from distressed third parties at a substantial discount to value, and development of fields whose potential has not been fully maximized.
Last year PetroGas announced it has acquired interests in oil and gas mineral rights in Terry County, Texas. The interests consist of a minority stake in two large sections of three different surveys in the county totaling 1,600 acres. Terry County has over 3,600 drilled wells with top producing operators including Apache Corporation and Exxon’s XTO Energy. Terry is a proven oil and gas production area.
Several years ago PTCO acquired three producing leases covering 714 acres situated in Atascosa and Frio Counties, Texas, located in the Eagle Ford Shale formation – the Jane Burns “C” the Theo Rogers “C”, and the Theo Rogers “A” & “D” Leases. We acquired a 99.5% working interest (74.625% net revenue interest) in each lease.
The Burns and Rogers Leases provide exploration and production opportunities in the Kyote Field pay zone, very near the Eagle Ford Shale play with access to available rig crews and other vendor-servicers, due to their close proximity to San Antonio, Texas. The Burns and Rogers Leases hold collectively seven (7) oil wells, but none of which are operating wells. Although our company’s management and industry professionals believed at the time that they were acquired that our company could double or triple previous production on these wells, depressed oil prices indicate that the cost to bring these wells online an uneconomical venture. The company also acquired various royalty interests in Texas for $10,485. On December 14, 2016, we acquired two oil and gas leases in Ohio for $2,705. On January 1, 2017, our company acquired the lease for three oil and gas properties for $4,975.
Currently trading at a $4.5 million market valuation PTCO is fully reporting OTCBB with little assets or revenues and manageable debt. PTCO is an exciting Company in small caps; last year the Company acquired interests in oil and gas mineral rights in Terry County, Texas. The interests consist of a minority stake in two large sections of three different surveys in the county totaling 1,600 acres. Terry County has over 3,600 drilled wells with top producing operators including Apache Corporation and Exxon’s XTO Energy. We will be updating on PTCO when more details emerge so make sure you are subscribed to Microcapdaily so you know what’s going on with PTCO.
Disclosure: we hold no position in PTCO either long or short and we have not been compensated for this article.