More on
BGOIBGOI volume has been pretty impressive recently. Many investors seem to be taking notice of the Company`s potential.
Last month
BGOI was at 7 cents. This could be a huge bounce play.
These bargain prices may not last for much longer considering that
BGOI was trading much higher not too long ago!
The U.S. is the worlds biggest energy-consuming country. The heavy demand for oil is what drives companies like
BGOI to keep looking for it.
BGOI could benefit immensely from the expected surge in oil prices.
Merrill Lynch`s oil analysts say oil will rise above $100 a barrel next year!
Last December Reuters reported that U.S. investment bank Goldman Sachs expects oil prices to rise to an average $90 a barrel in 2010, before increasing to $110 in 2011!
BGOI has 5 assets which include:
1) Apclark Field -- 6700 Acres encompassing 14 horizontal and 6 vertical PUD locations with superb production history.
BGOI estimates that its actual reserves of Apclark Field Zones for both Spraberry and Worlfcamp may exceed $34mm!
Just last week
BGOI announced that the production level of the Jackson Well, in the past couple of months, has increased by approximately 50% after performing re-fracturing stimulation of the well.
The Jackson well is in the Apclark Field, Borden County, Texas, and is operated by Westerly Exploration, Inc.
Apclark Field is 5 miles East of the Jo Mill Field and has produced over 54 million barrels of oil!!
2) Good North Project -- The Good North Field in Borden and Howard Counties, Texas consists of 1,263 acres drilling opportunities offset to historical production in the Jo Mill Spraberry and Dean zones. The Good North also has drilling opportunities in the Wolfcamp and Canyon Zones.
3) Bourland Field in Ector County, Texas. The Bourland Field, currently operated by Westerly, consists of 8 producing wells from the San Andres Formation at 4,400 feet, known as the Edwards Unit. The Unit has 960 acres that permit Bonanza, along with Westerly, the opportunity to drill an additional 8 wells, of which Bonanza retains a 75% Working Interest.
4) Damon Mound Field -- Highly productive (11MMBbls) Gulf Coast salt-dome formation with up-dip hydrocarbon accumulation along the flanks of the dome. Drilling Program on the Damon Mound field in Brazoria County, Texas has already began. The first of four proposed wells are being staked and location constructed.
5) Plantation -- Eight well program that produces oil from the Austin Chalk reservoir in Gonzales County, Texas. There are currently 3 wells of the eight producing with the balance scheduled for workover. The wells are turn-key, resulting in no further expense to the Company.
BGOI fundamentals look strong and current levels make it all the more attractive.
BGOI has released many promising PRs since the beginning of the year.
The company has even managed to restructure some of their senior debt.
BGOI President and CEO Bill Wiseman stated, "The Company is very pleased the restructure of the senior debt is completed, which allows the Company to clean up its balance sheet and provide flexibility for the Company to commence implementing our proposed original business plan and strategy, by developing
PUDS, and adding proven properties to the Company, and, in turn, hopefully adding shareholder value."For more information on
BGOI, visit their website at: http://www.bonanzaog.com
Please do your due diligence and consult with a financial professional.
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