The Microcap Speculator submits: Petrol Industries (ticker: PTLD.ob), a stock profiled here in September, today announced that it has completed its transition to an oil services company and expects to report a profit in the third quarter:
SHREVEPORT, La.--(BUSINESS WIRE)--Oct. 27, 2005--Petrol Industries, Inc. (OTCBB: PTLD - News), an energy services company, announced today that it has completed the sale of its oil wells in Caddo Pine Island Field in Louisiana and Texas. The Company sold the wells to Black Dragon Resource Companies for $3 million in a combination of preferred stock and a note. The company plans to use the proceeds to acquire additional oil services equipment to meet the growing demand from its customers.
The sale completes Petrol's transition to an energy services company. The Company also announced that it expects to report a profit when it reports third quarter results.
Nice job Petrol. I'm looking forward to the third quarter report and may pick up a few more shares in the interim.
DISCLOSURE: I am long PTLD.OB. Not a recommendation to buy or sell any security. For educational and informational purposes only.
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