Accounts for the dilution which was needed to pay for this revenue stream. Joe recently has DECREASED A/S from 7 billion to 1.5 billion and they're around 1.3 billion. If he had planned further dilution he would NOT have left himself with such a small amount to play with. I am in ABSOLUTE love with this play FWIW.
Mammoth Energy Group, Inc. Announces Details of Third Well Acquisition
08:30 a.m. 08/27/2008 Provided By Market Wire
WINSTON-SALEM, NC, Aug 27, 2008 (MARKET WIRE via COMTEX) -- Mammoth Energy Group, Inc. (PINKSHEETS: MMTE) is pleased to announce details regarding its latest acquisition. In an effort to increase revenue production, Mammoth has acquired a 5% working interest in a completed well in Pawnee County, Oklahoma. This well has a measured output of 7-10 barrels of oil per hour. The company's first drilled well has a production rate of 10-15 barrels per day and the second completed well will have production numbers available for release early next week. All three of these wells have been drilled in Pawnee County and are producing monthly revenue for the company. Drilling on the Noble County leases has been delayed slightly. The company expects to commence drilling three additional wells in Noble County in 2 to 3 weeks and expects to have at least 9 producing wells by year-end. Because of the delays with the drilling contractor, the company pursued and acquired working interest in the Pawnee leases that have exceeded all expectations.
"The company owes its best efforts to its shareholders," stated Joe Overcash, President of Mammoth. "Acquiring interest in producing wells is a positive move that creates revenues and shareholder value. Management continues to seek new leases and well interest."
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2 comments:
I'm in it with you, so here's to a nice pay day in the near future. ;)
yes sir adding to my position in about a week. throwing another 2.5 k at this little beast of a stock
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