For a month now, PIE has been moving to and fro, fluctuating somewhere around the $0.85 level. Ten days ago, the stock managed to note its new year-high at $0.98 and then slightly retreated to yesterday’s closing price of $0.88 per share.
PIE shows it is quite capable of maintaining the high trading range in which it has been floating since December. Actually, the stock has made quite a remarkable progress since the beginning of November, advancing more than 144% over that period.
Last year was more than successful for Primary Petroleum Corporation on the stock market, as some Canadian on-line business reports show. It is on the third place among the share price gainers in 2010, regarding companies with a market capitalization of at least $100M. During the year PIE jumped by 982% (!), which is a truly amazing achievement.
It is difficult to guess whether the current year will be so fruitful for Primary Petroleum as 2010 was. Looking at the filed financial reports, we might suggest that the company will have some difficulties to run properly its six properties with the present capital reserves.
At the end of August, Primary Petroleum reported a net loss of $500K and had no more than $397 in cash. Several days ago, the company was strengthened with Mr. Ehrets, a professional with thirty years of experience as a petroleum geologist. He joined Primary’s technical team and the Board of Directors. Probably this will lead to a better management of Primary Petroleum Corporation and to more positive financial results.
