Petromanas Energy Inc (CVE:PMI) (PINK:PENYF) share price is stalling after it bounced the bottom. The stock is worth watching at the time, since the management is preparing for a new drilling program creating a situation which leaves a lot of space for the effect of rumors to manifest.
PMI share price is currently in consolidation as bulls and bears finally gave up their attempts to overcome one another. Trading volume dropped pretty low, showing no interest from traders at all. The price dwells near 52-week low of 16.5 cents, which was hit in mid-August and is close to 50 day moving average of 23 cents, which could start acting as resistance in the near future.
The last news from Petromanas came out on August 25, 2011 when the company disclosed evaluation results of six prospects in their ownership. GLJ Petroleum Consultants Ltd. who did the report on the drill ready prospects provided estimates on re-evaluated resource volumes. The company said these estimates were in-line with other discoveries in the region but didn’t disclose any specific data.
Share price didn’t react to this news release, although it does suggest the management should be making final decisions before the planned 2012 drilling program. Evaluation of couple more plays will also take place during the initial drilling phase.
