For Immediate Release:
September 28, 2004
NaturalGasStocks.com Features Source Capital Group, Inc. Research: Petrol Oil and Gas, Inc. (OTCBB: POIG)
POINT ROBERTS, Wash., September 28, 2004 www.NaturalGasStocks.com, a global news investor portal for the natural gas sector is pleased to provide investors the following report.
Source Capital Group, Inc. (Source Capital) announced September 27,2004 that it is reiterating its BUY recommendation and $6.00 price target for Petrol Oil and Gas, Inc.(OTCBB: POIG) (Petrol or the Company). Petrol is a participant in the rapidly expanding exploration, development and production of Coal Bed Methane (CBM a direct addition to the domestic supply of natural gas.
Petrol announced recently that it completed a private placement of equity with gross proceeds of $6.6 million which will allow the Company to begin to drill its leases in Eastern Kansas and Western Missouri, stated Joe Blankenship, vice president research of Source Capital. Petrol has leases on approximately 165,000 acres in the area and has an objective to drill 25 wells in the fourth quarter of 2004. The ease of access for drilling and completion, as well as the proximity to major natural gas transmission lines means the Company should be able to have commercial production from these wells in the first part of next year. Mr. Blankenship continued.
The Companys leases are on properties that have well defined geological records of substantial coal deposits, the source of CBM. Petrol indicates that they will continue to pursue property acquisitions for reserves and producing wells; however, the principal emphasis will be drilling, completion and production, transforming the Company to a significant production company by this time next year continued Mr. Blankenship.
Petrols stock (POIG – $1.90) is selling at 7.4 times our fiscal year 2006 estimate of $0.25 per share, giving it a price below the industry average.
Source Capital Group, Inc. Research: Petrol Oil and Gas, Inc. http://www.investorideas.com/Petrol_Oil_and_Gas/POIGMarch04.pdf
Our twelve month price target for Petrol stock is $6.00.
Source Capital Group: Source Capital, headquartered in Westport, CT provides high-quality independent investment services, removed from the typical Wall Street environment, to individuals and institutions.
For information, contact:
Joe Blankenship
Vice President Research
Source Capital Group, Inc.
7377 E. Doubletree Ranch Road, Suite 290
Scottsdale, AZ 85258
Phone: 480-368-1488 Fax: 480-368-1319
jblankenship@sourcegrp.com
NaturalGasStocks.com (NGS) does not make recommendations, but offers a unique information portal to investors to research news, articles, and recent research. NGS does not have a relationship with Source Capital.
Our current list of natural gas stocks: http://www.naturalgasstocks.com/Companies/NaturalGas/Stock_List.asp
Petrol Corporate Profile: http://investorideas.com/Petrol_Oil_and_Gas/CorporateProfile.asp
For more information contact:
Trevor Ruehs www.NaturalGasStocks.com
1-866-354-5197
Email: truehs@investorideas.com or agibson@investorideas.com
Web Site: http://www.InvestorIdeas.com
ECON Investor Relations Inc. is a privately owned corporate communications company specializing in investor relations, media relations and research in public companies and industry sectors for the investment community. Nothing on the site should be construed as an offer or solicitation to buy or sell any specific products or securities.
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Petrol Oil and Gas, Inc. compensates ECON and NGS $four thousand dollars per month and six thousand per month in 144 shares featured Company on NaturalGasStocks.com.
SOURCE: InvestorIdeas.com
Forward-Looking Statements
The Private Securities Litigation Reform Act of 1995 provides a safe harbor for forward-looking information made on the company”s behalf. All statements, other than statements of historical facts which address the company”s expectations of sources of capital or which express the company”s expectation for the future with respect to financial performance or operating strategies, can be identified as forward-looking statements. Such statements made by the company are based on knowledge of the environment in which it operates, but because of the factors previously listed, as well as other factors beyond the control of the company, actual results may differ materially from the expectations expressed in the forward-looking statements.
For full details, click here: http://www.investorideas.com/Petrol_Oil_and_Gas/NewsReleases.asp
