David: When Profco started driiling the first well in
Nigeria, the stock was trading in the $1.50 range. Since
that time, they have a proven oil discovery in Nigeria,
and the stock is trading below that price. There is
no doubt that there are many disappointed, shocked,
and other words that should not be put in print,
Profco shareholders out there today. This is to be
expected. All shareholders were expecting great things
to happen today, but the opposite occured.
The stock had a Net Asset Value of $3.00 per share before
this well was drilled, and therefore, the Net Asset Value
should still be the same.
We have to remember that they still have the Nigeria
property and are still partners in the Tunisia well being
drilled.
As expected, the stock fell today. There was probably a
oversale, which is normal. Tomorrow, you could see the
stock fall lower, but then, people might realize that Profco
is worth more than the current low price, and start buying. |
