A 52-week high and a fourth highest volume for the last 12 months. In brief, this is what Pegasi Energy Resources Corp (OTC:PGSI) achieved last Thursday without any promotion and news whatsoever. One day later, PGSI somehow managed to preserve its new value. So, the question now is: will PGSi endure over the upcoming session as well?
As it is, the last time PGSi issued an update was on Aug. 19 and the nature of this PR had nothing to do with concrete financial results and / or other business achievements. Rather, it was about the election of a new Board Chairman. Back then, investors showed little interest in the fact that the person in question had 30 years of experience in oil and gas exploration behind him. However, the sudden jump suggests that something must definitely be happening in the PGSI camp.
Pegasi Energy Resources Corporation engages in the exploration of oil and gas properties located in east Texas. The company’s ultimate strategy is to establish a portfolio of drilling opportunities by exploiting properties that have not been developed yet. PGSI finished the second calendar quarter of 2011 with:
- $442K in cash;
- working capital deficit of $3.4 million;
- net worth in excess of $7 million;
- quarterly net income of approximately $2 million.
So far, so good. However, PGSI still has a long way to go before improving its revenue significantly and starting to mine for black gold.
