PanTerra Busts a Move
PanTerra (PAN.V) ran up 164% today on news that there was no news apart from a Calgary Herald news article. I'm not making this up (see previous post).
Shale gas plays are rapidly being repriced in the marketplace. Here are some comments from Dave Pescod's Late Edition Newsletter:
PANTERRA RESOURCES (V-PAN) $0.37 +0.23
Over the past year or so, we’ve had different quotes from Andy Gustajtis and Jim Letourneau of the “Big Picture Speculator commenting on Panterra Resources and the potential for shale on their enormous property in Saskatchewan. But in a market where no one cares about anything, the chart shows you Panterra’s stock has slid away.
Of course Panterra hasn’t had a really big budget to work with and we suspect CEO Fred Rumak has had to do the dishes, the drilling, and just about everything single-handedly. Much of their work though has still been of a science project type nature, but an article in the Calgary Herald this past weekend has created big interest in the market because of recent success in shale plays at the Bighorn in B.C. and the Quebec lowlands that have attracted huge market interest.
One little line in the article where the President and VP of Panterra suggest that the Company’s Saskatchewan assets could hold more than 60 trillion cubic feet of gas, which has definitely caught the markets attention. That’s an absolutely enormous number and whether any of it will be recoverable is
down the road, but we wouldn’t be surprised to see a financing very shortly that would give them the chance to do some real work to find out whether their shale is economical...or not.
PanTerra has had its detractors (and they are not shy about voicing their comments) but the company has done good science on their projects which has helped immensely in characterizing their natural gas resources.
I'm an investor relations consultant to PanTerra Resource Corp. (PAN.V)