Oil touched it’s lowest levels in nearly a year and a half today, so what does this really mean. For the consumer it’s great. We get cheaper gas prices and manufacturers that use oil to produce things like plastics also get it cheaper.

For the investor looking for bargains, oil is a safe long term bet. The long term demand will always be there and many oil companies are trading at ridiculous lows right now.

The price of oil will eventually come back up and those who got in at dirt bottom prices will be rewarded handsomely!

If PNRC pulls off the acquisition that they stated in their PR today this could be one of the biggest deals I have ever seen for an oil company trading at under $1.

The target property at one time produced upwards of 300,000 barrels per month, and management believes that by reworking old wells with today’s new technology, this production could again be attained. This does not include potential production from new wells.

This is basically a blockbuster if it goes through. I don’t think PNRC would announce something this outrageous if they didn’t intend to make it happen. Either way put PNRC on your watch list.

The volume on PNRC has been slowly increasing the past few days which could mean accumulation is under way, if you were to get involved now and PNRC finishes the transaction you could potential make out huge!

View Chart here: http://www.chartmoney.com/stockcharts.php/?ticker=pnrc

Make sure you read PNRC’s complete PR in it’s entirety at http://biz.yahoo.com/prnews/081027/dc41889.html?.v=1

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