Ron, I tend to agree with your concept. However, your oilfield example assumes there are zero private spec investors today. I do not believe that to be the case with PTSC, but we could certainly use more as long as we are talking about open market common shares, not preferred shares. Based on a conversation with my broker about EDIG a year or so ago, I doubt these private spec investors own 5%, so they are not reported. The broker told me the norm for their clients was to not be more than 2% of the outstanding open market shares. I'm sure there are exceptions, but that makes sense if one is making multiple "bets" and looking for one or two to actually "hit."

I also believe PTSC management and IR firms have made presentations to same based on the fact that a CEO would not choose the Arch Investment Dog and Pony Show to be his first. It's NYC and the presentor needs to have their Big Boy pants pulled up and the "cup" strapped in. Their past results may have been just Ok and / or may have been terrible and / or they may have generated the sales of tens of millions od speculative money from private investors. We don't know.

IMO, PTSC's share price reflects the S & L warrant conversion and the pending trial vs. scientific data from your friend to his investors. This is not the days of Dallas when wildcating was the norm. Technology, primarily Russian, is very accurate today in predicting drill / hit rates. Take a look at what is going on all over the Ft. Worth area and you will see large drilling operations in the backyards of suburban neighborhoods.

I'm not implying you stated that your friend was 100%, just that PTSC may be doing more than we know. Ask you friend how many "NOs" he got prior to selling the idea to drill. My guess is he was not 100% successful so it's a matter of how persistent one is in "selling" the concept. I base that simply on the fact that they have a staff and what else could they be doing? lol

IMO, the hurdles PTSC must jump to convince more private specualtion need to jumped prior to any large additional investments. I understand you believe there are investors who want to be "in" prior to some of the obstacles being cleared. IMO, the recent low trading volume and outstanding share count prove to me that far more spec investors than Joe Sixpacks own PTSC already.

Good discussions today. Many thanks for all the opines, it makes this board an interesting break.

John