Partly agree

Yes, in the long run, oil will still be in demand, but in the meantime, difficulties encountered in US economy will shrink spending from people, which in turn buying goods will decrease, people will stay more at home....etc.

So less transportation, flying and so on...that will drive price of oil down for a while.

Those contractions in economy might spread to the rest of the world.

They expect that to last about 6 months.

I even read from one person, who predicted the PCAA, that the worst is coming from the morgage insurance company followed by regular morgage because of people losing their job.

Hope this will not happen.

Nevertheless, a big hit by Montello will send the share way up as long as they have  a good story to tell.

I still hold my shares because of all the oil finding surrounding Morgan county(Fentress, Overton...).

I just hope they found which way oil is flowing down there as to adjust the next drilling accordingly.

The blowout was described in the December newsletter of the Tennessee Oil & Gas:

BIG WELL, RIG BURNS, NO ONE HURT - Wild Well Control has been brought in to kill an Atlas America LLC well that blew out and burned down a Griffith Services rig. No one was hurt. While drilling ahead, they drilled into a fracture at the base of the Ft. Payne on a well on the Anderson-Morgan County border. The crew killed the well with water, came out of the hole and shut in the orbit valve. It was several days before the crew could get back to the rig because of the weather. As they were rigging down, the well unloaded and blew off the orbit valve. When parts from the blast hit the rig, it caused a spark, which caused the rig to catch fire. Wild Well Control has been brought in to get the well under control. Those on the scene estimate the well will IP at 10 million cubic feet a day plus.

http://www.tennoil.com/Archived%20Newsletters/dec2007.htm

Best regards to all in this forum, it's just great

ecce