I have heard that MGX has their drill permit, that they are on location and may or may not have spudded but the interesting thing is, they have not put out any NRs yet.
Makes me wonder what their strategy is. Perhaps it is to keep price down until others load up, problem with this is that the volume is very low in trading so rule this out.
A lot of people got in on this one at much higher levels and insiders hold a whack of MGX. I understand that there is a Real Life TV crew on the site as well doing an Arctic Drilling Reality Show. If this is true it is another way for the firm to extract capital.
Anyhow, I will continue to accumulate at anything under .24 because I do not think this one is going to stay at this level for long and any 10% gain for me from the .23 level is cash in the pocket and 10% is better than a loss, but i will exercise my strategy to maximize returns.