I'm starting this thread on Scimitar Hydrocarbons Corp to follow the companies progress.
SIY is a relatively new oil and gas exploration company which sounds like it has some great potential. They own about 3 million acres in Mozambique (sp) right between two large existing oil and gas fields. They are about 1/2 way through a seismic program on it. I've also heard they are negotiating the acquisition of some proven reserves in the middle east, which if completed, could turn these guys into a major overnight.
The managers have found large oil and gas fields in previous companies, making lots of money for their shareholders. They've got about $4 million in the bank, $2 million more on the way from placements and a credit line of $50 million from some European bank. There are about 16 million shares out. IPO was about 0.50 Cdn last Feb and price has since risen to around 1.30.
Let us know if you hear anything about this company, I'm awaiting the prospectus now. Phone is 800-933-8855. My info is from a Bill Cosbeck (sp) |
