National Public Radio has a story out on the global search for oil this morning, and the very first words out of the narrator's mouth concern a billion-barrel find by Chevron at its Obo-1 well in Block 1 of the Nigeria-Sao Tiome and Principe Joint Development Zone.
You can hear it at: http://www.npr.org/templates/story/story.php?storyId=5374852
Exciting as it may be, though, investors who sold ERHE this morning to buy PGPM, a Pink Sheets stock, are the ones doing the celebrating. The stock jumped 900 percent top $0.11 yesterday on 75 million shares of volume - about a quarter of its 325 million float - and was up 170 percent to $0.28 this morning!
The company, a little-known outfit called Pilgrim Petroleum, said it has acquired leases for 12,000 acres of properties in Texas that may hold some 900 million barrels of reserves in shale.
Wish you were there? Too late now, as it's fallen back to $0.18 - on 25 million shares of volume at 10:45am EDT.
Meanwhile, Chevron is up $0.65, and ERHE shares jumped on the news from $0.77 to $0.83 before sliding back to $0.815 at 10:37am EDT. Update, 10:54am EDT: We hear that a conference call from Chevron on the find is now in the workls. No date or time info, though.