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Gold/Mining/Energy : Big Dog's Boom Boom Room -- Ignore unavailable to you. Want to Upgrade?

To: Wowzer who wrote (62380)	4/4/2006 10:41:22 AM
From: Tommaso	Respond to of 206326

I had a cash balance unused in my IRA so I bought 3000 shares to see what might happen. Does anyone have any idea why it once traded as high as 40 or so and then dropped that much--to almost nothing?

To: Wowzer who wrote (62380)	4/4/2006 2:04:08 PM
From: Tommaso	Respond to of 206326

Petrogen (PTGC) sure has a spotty and hard-to-research history; at one point its predecessor company was trying to get into production in Russia, having started in Nevada. Right now, its fortunes seem tied directly to the price of natural gas--the spot market. They seem to have no debt and no hedges. I don't know all the lingo/jargon of drilling, but it sounds as if their most recent wells have been very successful, and since it it such a small company, every well means a big percentage increase in income (depending on the current price of gas). The credentials of the people running it seem quite sound to me. Some of them seem to have left major oil and gas companies to accept the challenge of running something where they make a bigger difference. As you say, management is not bashful about making claims and pumping the company, but there's nothing I have read so far that smells fishy. But it's certainly a speculation rather than an investment. I did increase my bet to 5,000 shares. For investment, I just moved a much larger chunk into Encana (ECA). They are moving into everything in a big way: gas, tar sands, coalbed methane. Good, conservative figures, reasonable P/E, etc.