PEP - Petrostar Petroleum Corporation
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Posted: Tuesday Jun 5 12:09:20PM 2007
Over 8.6 million shares change hand so far. Stock price go back to $0.445. A lot of profit taking. I bought 10,000 shares at $0.45. Not a lot of money but want to follow the company and see what will happen next. If the device does work, the stock will fly. On the other hand, if it cannot work as expected, who knows how far it will drop.
Good luck to all shareholders.
Posted: Monday Jun 4 7:46:54PM 2007
Here is the reason for the jump in price. Stock should be strong again tomorrow. Bobwins
2007-06-04 16:46 ET - News Release
Mr. Robert Sim reports
PETROSTAR PETROLEUM REPORTS 600% PRODUCTION INCREASE USING PROPRIETARY OIL RECOVERY TECHNOLOGY
Petrostar Petroleum Corp. has successfully completed initial field testing of its enhanced oil recovery technology, or as it is currently described, downhole heating device (DHT). The test commenced May 2, 2007, and concluded May 25, 2007. The initial test well A9/16 was tested for approximately 10 to 14 days at which time the tool test data were reviewed and evaluated. The testing has produced a significant 600-per-cent increase in production from the original well production. Historical fluid production on test well 9/16 increased from 2.1 cubic metres (13.21 barrels per day) to nine to 12 cubic metres (56.6 to 75.5 bpd). The company has decided that given the initial successful testing on well A9/6 that it will also test well 15/6 where it is expected that there will also be a significant increase in its daily production.
During initial testing, the DHT was tested under several different configurations and well bore depth settings to determine the optimum placement in conjunction with well perforations, production zones, well fluid levels and wellhead pressure as well as testing the fail-safe safety shutdown in case of electrical malfunctions. The fail-safe tests passed with 100-per-cent efficiency. The testing has provided the company with information that will lead to modifications on its beta design that will increase downhole temperatures to approximately 225 to 248 C while allowing it to achieve and maintain that temperature in shorter time frames.
With these promising results, the company is immediately proceeding with the manufacture of six of the new configuration DHT units, to be manufactured by Valex Industries of Richmond, B.C. The units will be used for additional tests to be conducted on both heavy and light oil formations. The tests will be supervised by B. Cabot, president of Western Petroleum Management of Calgary, Alta., Canada.
The success of the downhole heating device test is viewed as a significant milestone achieved by Petrostar and it brings the company one step closer to ultimately commercializing this revolutionary enhanced oil recovery technology. The company believes it can deliver the DHT at a cost that can effectively and economically revitalize tens of thousands of proven North American medium and heavy oil wells. Needless to say, the opportunity of penetrating this market is substantial.
We seek Safe Harbor.
Posted: Friday Jun 1 4:38:17PM 2007
Working on enhanced oil recovery had a spike today on no news. Anyone know of anything? Possibly insider buying?