PTCH has recently experienced a sell
off and subsequent decline in share price as has the energy sector as a whole.
The stock slipped from
record highs set this spring/summer and after making a somewhat needed
correction, the pendulum now appears to have swung to the other side and the
stock may be oversold.
After the bell today, PTCH made a
significant announcement stating that the Operator of the Lloydminster project has advised PTCH
that two recently drilled locations have been successfully completed as oil
wells. The
operator also stated that the well's should be placed on production within a
month's time. This will be in addition to the 20 oil wells the company currently earns oil revenue from.
Patch
International (PTCH)
Website:
www.patchenergy.com
Press Release:
Patch
Reports Two Successful Oil and Gas Well Discoveries in Alberta
PTCH has a 50% working
interest in one of the wells to earn 30% after payout and a 30% net working
interest in the second well.
To view the Full Press Release
please visit http://biz.yahoo.com/prnews/060927/to224.html?.v=38
Financials
Approximate as of September 27, 2006
Market Cap:
11.3 Million
Outstanding Shares:
14.5 Million
52 Low / High: $0.32
/ $4.00
Price: $0.78
Overview
PTCH is considered a junior oil and gas producer that
currently earns oil revenue from 20 oil wells. These wells provide the
company with short-term and long-term cash flow. PTCH has drill programs on
five properties in Alberta scheduled for this year. PTCH has properties in
North America, and has a property in the heart of the Alberta Oil Sands that
will begin a work program in 2006. Patch plans to use its strong cash position to build the company's
oil and gas assets, just as Patch's pioneering pharmaceutical efforts
are coming to fruition.
Patch is
pursuing both conventional oil and gas production and continuing to build upon
its Alberta oil sands portfolio at a rapid rate to create greater shareholder
value. Currently, they are focused on North America - in particular the Western
sedimentary basin. Three key elements of this strategy are to develop the Patch
Albertan Oil Sands properties, the acquisition of properties and/ or companies
in energy sectors with significant growth potential and to attain a growing
revenue base through North American production from current projects while
pursuing blue-sky international opportunities.
PTCH
Investor Highlights
-
The oil sands deposits in Alberta, Canada
contain the second largest known reserve of oil in the world after Saudi
Arabia, an estimated 175 billion barrels trapped in a complex mixture of
sand, water and clay.
-
The Peace River arch project is comprised of 5
separate sections totaling 3200 acres in north central Alberta, the core
area for the operator, where the operator has been directly responsible
for the discovery of 1.7 million barrels of oil. The Peace River arch area
is known for producing a high rate of delivery and high reserves.
-
The largest and most accessible reserve in
Alberta is the Athabasca oil sands at 40,000 acres. PTCH has ownership
interest in four prime Alberta oil sands leases and is currently in the
process of adding to this portfolio.
-
Alberta's oil sands deposits were described by
Time Magazine as "Canada's greatest buried energy treasure," one
that "could satisfy the world's demand for petroleum for the next
century."
-
PTCH is currently earning revenue from 19 oil
wells in Saskatchewan, Canada. These wells provide the company with both
short-term and long-term cash flow. This prospect calls for another 30
wells to be drilled. The operator of this prospect is True Energy Trust (TUI.UN:
Toronto Stock Exchange). PTCH is also earning revenue from its McLeod
prospect in Alberta, Canada.
-
PTCH has just successfully drilled and
completed its two Lloydminster, Alberta oil and gas wells and will be
reporting the flow rates shortly.
Oil and Gas Projects
Kerrobert, Saskatchewan
PTCH is currently earning revenue
from 19 oil wells in Saskatchewan, Canada. These wells provide the company with
both short-term and long-term cash flow. This prospect calls for another 30
wells to be drilled. The operator of this prospect is True Energy Trust (TUI.UN:
Toronto Stock Exchange).
McLeod Project, Alberta,
Canada
The first well has been
successful and is now in full production. The W5M McLeod Project is
approximately 100 miles west of Edmonton, Alberta near the town of Edson.
Lloydminster, Elnora/ Mikwan,
and the Atlee-Buffalo areas; Alberta, Canada
On November 29, 2005 PTCH signed
an agreement to participate for a 50% interest in the three projects that have a
total estimated reserves in excess of 800,000 bbls of oil. PTCH has successfully
drilled its Lloydminster prospect and will be reporting the flow rates shortly.
Peace River Arch
The Peace River arch project is
comprised of 5 separate sections totaling 3200 acres in north central Alberta,
the core area for the operator, where the operator has been directly responsible
for the discovery of 1.7 million barrels of oil. The Peace River arch area is
known for producing a high rate of delivery and high reserves. The project is a
multiple zone project targeting both oil and gas with three primary zones and
ten zones overall.
Athabasca Oil Sands, Alberta
PTCH has formed the consortium
Patch Oilsands Ltd. to exploit certain key opportunities in the Alberta oil
sands. Alberta's oil sands contain one third of the known reserves in the world.
The largest and most accessible reserve is the Athabasca oil sands at 40,000
acres. PTCH is currently involved in four sections in the Athabasca oil sands.
This is where PTCH will be focusing its efforts.
Recent
News and Press Releases
Patch
Reports Two Successful Oil and Gas Well Discoveries in Alberta
Patch
Announces Achievements and Actions to Improve Shareholder Value in Letter to
Shareholders
AXcess
News: Energy Stocks Mixed on Lower Commodity Prices
Patch
now listed & trading on Frankfurt Exchange
Patch
announces oil sands strategy based on impressive reserve report results
AXcess
News: Natural Gas Exploration Shows Promise in the United States and Canada
Patch
provides update on seismic and drill programs currently underway
For the latest Quote and News on
PTCH Click Here.
Contacts
Patch International Inc.
T: 604-688-2790 / 888-864-7372
F: 604-688-5390
Email: info@patchinternational.com
Park Place
1220-666 Burrard Street
Vancouver, British Columbia
V6C 2X8
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