This stock is trading around 55 cents. Metgasco Limited...

This stock is trading around 55 cents.

Metgasco Limited (Metgasco)(ASX MEL) is an Australia-based company. The Company’s principal activities include investment in hydrocarbon exploration, appraisal, and development (principally coal bed methane) and the development of associated energy infrastructure. Metgasco holds interests in three tenements in the Clarence Moreton Basin in New South Wales. The Company holds approximately 96% of PEL 16. Metgasco has a 75% interest in the coal seam gas rights in PEL 13 and a 50% interest in the conventional hydrocarbon rights. Metgasco has a 50% interest in the coal seam gas and conventional hydrocarbon rights in PEL 426. The Company operates in the Clarence-Morton basin in New South Wales. Covering an area of approximately 1.5 million acres. As of June 30, 2008, Metgasco Limited controlled 100% of Richmond Valley Power Pty. Ltd.