Thursday, October 23, 2008

Platina Energy Not a Stock Spam, But a Stock Pick? (PLTG) (PLTG.OB)

Platina Energy (PLTG) (PLTG.OB) is a $.04/share "penny stock" with a market capitalization of about $5.7M. We're not writing to discuss it as a target of stock spam, but rather, since we received a write-up about PLTG in the latest OTC Journal. The OTCJ editor says PLTG is one of three penny stocks he/she covers. Not sure what the other two are.

PLTG apparently had some breakout volume for no obvious reason and closed at $0.04, a monthly high, in spite of the broader market chaos. The editor points to progress at Kentucky drilling sites -- disclosure that 4 of 10 wells are now in daily production. The potential is in the other 6 coming online. The big concerns however with Platina are if it raises capital and thus the dilution to existing shareholders. Not much wiggle room at $0.04/share!

Plantina's (PLTG) trading range over the past year is $0.02 - $0.29. Platina's predecessor companies include Federal Security Protection Services, Web4boats.com, Webboat.com, and the New York Bagel Exchange (dating back to 1999, according to PinkSheets.com).

Any readers want to comment on the potential of PLTG? Bullish/bearish takes? How about with oil now at the $67-level after peaking in July around $147?

1 comment:

Scottie Jason said...

Im on board with you on this one, I bought 60 shares at .020 a share, So no matter where its gone so far, I've been in the green for a while. Even if the broad gas price goes back down, domestic oil companies are going to get a spike come next year. Since my investment is nearly next to nothing, I don't plan on becoming an overnight millionaire, but it will well be worth it when they get all of the refineries working again, and perhaps, even start finding natural gas and new oil hotspots! Who else have you looked into? I'm holding, (against my better judgement) PNRC as well. I got into them at .83 a share.