Wall Street News Alert's "stocks to watch" this morning are:
Oncolin Therapeutics (PINKSHEETS: OCOL), Wells Fargo & Company
(NYSE: WFC), American Express (NYSE: AXP) and State Street
Corporation (NYSE: STT).
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Having announced that it has begun the field study on its newly
identified prospect with over 1,000,000 barrels of potential oil
reserves, Oncolin (PINKSHEETS: OCOL) should have investors watching
the stock closely. Yesterday after the markets closed, the company
issued a press release announcing that it has identified a second
prospect located in Singer, Louisiana that has over 2,000,000
barrels of potential oil reserves.
This could be more great news for the company! The company will
initially pursue the acquisition of leaseholds that cover up to
approximately 1,000 acres in Singer, Louisiana. According to
yesterday's press release, the potential future gross revenue of
this prospect equates to more than $100,000,000 based upon today's
oil and gas prices, if successful. There are several wells located
within this target area that have produced oil but were shut-in due
to mechanical problems. Oncolin will initially evaluate the
viability of re-entering the existing well bores which is
traditionally much less than drilling new wells.
The company is continuing to build its prospect inventory;
however, the company will focus on developing or "rehabbing" fields
that provide the best economics taking today's oil and gas prices
into consideration and also the ability to procure the necessary
leases. The company will prioritize these fields after doing field
studies and securing the necessary funding to proceed.
This prospect is in line with the company's new focus of
developing existing well bores and re-entering wells behind
existing pipe to produce oil and gas. This allows the company to
reduce costs and generate substantial higher investment returns and
also minimizes the risks and high capital costs typically
associated with drilling new wells. The company accomplishes this
by employing the latest seismic, directional drilling, logging, and
completion technologies.
Last week the company reported it has begun the field study on
its newly identified prospect located in Louisiana with over
1,000,000 barrels of potential oil reserves. According to the
release, the potential future gross revenue of this prospect
equates to more than $49,000,000 based upon today's oil and gas
prices. The 23 wells in this field are in various stages of being
plugged to shut-in. The field study will include mapping, log
review and well bore analysis.
The stock closed yesterday at around Two cents a share.
For an in-depth profile of Oncolin, visit
http://www.wallstreetnewsalert.com/view-company-profiles.php?profile=OCOL_032309.
Wells Fargo & Company (NYSE: WFC) up 3.3% on 186.6 million
shares traded.
Wells Fargo & Company is a diversified financial services
company with $1.3 trillion in assets, providing banking, insurance,
investments, mortgage and consumer finance, across North America
and internationally.
American Express (NYSE: AXP) up 2.3% on 35.3 million shares
traded.
American Express Company is a leading global payments, network
and travel company founded in 1850.
State Street Corporation (NYSE: STT) up 5.2% on 14.1 million
shares traded.
State Street Corporation is one of the world's leading providers
of financial services to institutional investors including
investment servicing, investment management and investment research
and trading.
Market Commentary:
The National Association of Realtors said Monday that sales of
existing homes grew 5.1 percent to an annual rate of 4.72 million
last month, from 4.49 million units in January.
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