It won't matter what I comment or repost here as there will always be people who enjoy flaming others. These message boards are great for insight and constructive criticism but for some people, they tend to bring out the worst in a person's character. Flaming is nothing knew for anyone that posts to these boards. I have said what I needed to on Porto but I will still repost (below) an excerpt from my email update on Thursday morning that was sent to my paid MicroCap.com subscribers.
I have no interest in reading further board comments so I am done with the subject after this post. I have 50,000 shares of Porto left after selling 50,000 the past couple weeks - I never hold an entire position going into the final drilling phase because it is far too risky with penny stocks. I will take a tax loss on the remainder in November because I think Porto will be desperate for money and financing at this level will be grossly dilutive.
My timing on the Porto email was a combination of luck and decades of experience. This isn't my first rodeo. For those posters who believe Porto was a scam or I was tipped from a phone call - that is the thinking of inexperienced investors or people with some serious anger issues in their life. They are the same ones that will follow up on this post with all kinds of comments that most rational people would not make.
MICROCAP.COM EXCERPT BELOW
| date: || Thu, Nov 1, 2012 at 10:30 AM |
| subject: || |
Cmk Pec Rb Can Mei Bqe Esp Aox
1) Porto Energy (PEC.V $0.21) - www.portoenergy.com
Our deep gas play in Portugal is taking longer than expected to release news. October 9th they stated in a news release "Porto anticipates its drilling operations at the ALC-1 well to reach total depth within the next two weeks.". In theory they were into the target zone a week ago and I would have expected us to see speculation - either positive or negative this week. Other than a quick run through 25 cents, it has been uneventful.
This is a tough one to interpret. Normally information would leak out or the company would issue some type of update by now. If they are keeping it close to the chest and a person sells, we could see positive news within a week - or just the opposite. I am quite concerned at this stage that any abnormal selling volume will be interpreted as bad news and start a flood of selling - which may be premature.
I wish I had a more clear suggestion but considering we are up over 200%, a person will want to be sure they have taken "something" off the table by now. Trying to sell at this stage is just as hard as taking the plunge to buy this summer.