Latest edition of Oil and Gas weekly again considers Pryme in...

Latest edition of Oil and Gas weekly again considers Pryme in relation to RFE....

"Pryme Oil & Gas has identified two oil bearing sands in the Wilcox
formation in its most recent well, Missiana 18-11 #2 on the Four Rivers
project in Louisiana. Pryme said the intersection of a good thickness (11 net
feet) of high quality sands in the target reservoir would likely lead to greater
reserves and a higher production rate than achieved in the original discovery
well drilled in 1984. The well will be cased and completed for production.
The news failed to excite much interest in PYM shares which rose from $0.125 to $0.135 over the week on very low volume.
PYM reported $490,000 in sales in the June quarter, 150% more than current market favorite, Red Fork but had $2m in the bank as against RFE¡¯s $7.4
million - due largely to a recent placement at $0.50.
Both companies have a similar number of shares on issue, just over 110 million. Neither have any debt. Pryme spent $442,000 on administration in the June three months, Red Fork a huge $723,000 taking admin costs (salaries, Director¡¯s fees, commissions, office overheads and travel) to $2,574,000. That needs explaining.
Yet PYM has a market cap of just $15 million and RFE $166 million.
Something awry there. Pryme is a quality oil producer, Red Fork has shale gas of questionable value in Oklahoma and oil at West Tulsa and is running hot largely on putative reserves figures.
This week Pryme will follow up with another well targeting a similar structure to the Missiana well. Further success should see interest build in Pryme¡¯s shares.
The company has an 18.75% to 20% working interest in Four Rivers where
another ten wells are scheduled to be drilled before the end of the year."

I can see the editor of Oil and Gas weekly salivating at the mouth when news of the Atocha deal and funding eventuates.... i've heard a serious player is interested, probably pretty confidential at this stage so i cant elaborate. It will be exciting when this plays out.... good luck to the longtimers, its been a while!! cheers