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Cardiff Energy (symbol CRS on Toronto; www.cardiffenergy.com), is a junior oil and gas exploration firm. It first sold shares to the public and began trading in April 2012.
Cardiff holds interests in 15 producing oil wells, one producing gas well and three shut-in oil wells in the Lincoln County area of central Oklahoma. It also has holdings in other parts of the state, including seven producing oil and gas wells in the Garvin County area and interests in the Buzzard Sand oil property in Osage County.
So far the company has very little production: in the three months ended June 30, 2014, it generated just $45,547 in revenue from its interests in the Oklahoma wells.
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Energy stocks: Positive oil and gas showings prompt more drilling
The shares rose from $0.05 in mid-June to as high as $0.25 in late September. That’s when the company announced that it planned to drill a well on its acreage in Runnels County, Texas. The shares have subsequently fallen back to $0.11.
The Runnels County well, called Bearcat #4, reached a depth of 4,045 feet and is now completed. It encountered oil in the following formations: Palo Pinto Limestone, Jennings Sand and Gardiner Limestone.
Cardiff now plans to drill an additional 10 wells around Bearcat #4 that will test the Gardiner zone, but even with positive oil and gas showings, the company remains at the very early stages of its development.
We don’t recommend Cardiff Energy. If you own the shares, we think you should sell.
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