Glen Rose Petroleum Corporation Receives NASDAQ Bid Price Rule Delisting Notice

Glen Rose Petroleum Corporation (Nasdaq:GLRP – News), Dallas, Texas, reports that on January 7, 2010, it was notified via letter from NASDAQ that it was in violation of NASDAQ Marketplace Rule 5505 in that its bid price was below the required listing standard and that its securities will be delisted from NASDAQ on January 18, 2010 unless the Corporation asks for a hearing before a NASDAQ panel. The Company intends to do so. If it requests a hearing, the Company will be required to present a plan for regaining compliance with the bid price rule. The NASDAQ letter also stated that historically “Panels have generally viewed a reverse stock split in 30 – 60 days as the only definitive plan acceptable to resolve a bid price deficiency. [Read the full article]

Key Energy Services, Inc. (NYSE: KEG) announced today its rig and trucking hours for the month of December 2009 and announced the date of its fourth quarter earnings conference call. The hourly activity levels for the month and comparable periods are as follows:

Chairman, President, and CEO Dick Alario commented, “Signs of improvement we discussed early in the fourth quarter continued throughout December. Compared to November, our total monthly rig hours increased 7%, with hours per day increasing 2%. U.S. hours increased 7% on an absolute basis and 1.5% per work day over November. Our pricing and job mix was relatively stable from November to December, and the activity increase occurred throughout our customer base. We typically experience weather disruptions in the U.S. market this time of year, and we estimate weather negatively impacted our rig business by about half a day during December. [Read the full article]

We’re going to open the mailbag again today and take a look at a stock that I’ve received multiple requests to check out. And I’m pleased to say that SmallCapInvestor Daily readers are starting to send in some great picks. Today’s company is China North East Petroleum Holding (AMEX:NEP – News) and it is an oil exploration company with 247 producing wells on 4 oilfields in Northern China. The stock is currently trading around $10.45 per share and with 25.9 million shares outstanding the company has a market cap of $271 million.

This is an interesting company that has seen its stock rise 410% over the last 52-weeks, but I think there is still more upside to come for shares. This is a good one to run through my eight step process for analyzing small-cap stocks that could put big gains in your portfolio. I outline this process in my book The Small Cap Investor, and also included it in a recent article that you can read by clicking here. [Read the full article]

Longtime readers know that I have been pretty tough on contract driller Pride International (PDE) over the years. While I’ve been very bullish on several of the company’s peers, Pride has always failed to impress me. I’ve criticized the firm for heavy shipyard time, weak utilization of its fleet, and low margins. New evidence suggests that it may be time to change my tune. We’ve seen Pride streamline its operations significantly over the past few years. First, the driller shed well over a billion dollars’ worth of Latin American land rigs, tender rigs, and platform rigs. Then came the spinoff of Seahawk Drilling (HAWK), which I told you to stay away from. That stock has been as volatile as promised, running as high as $35 and as low as $19 since September. What’s left at Pride is a business that’s much more focused on deepwater oil and gas drilling. Anyone not living under a rock should know that the deepwater is where the major discoveries are being made today. [Read the full article]

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