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TRGL - Down over 9% Today
TRGL down over 9% today. This part of Friday's 10-K ( http://biz.yahoo.com/e... ) apparently didn't go over too well with longs:
"On March 2, 2011 an additional study on the impact of shale gas and shale oil was launched by the French National Assembly (the "National Assembly Study"), the conclusions of which are expected to be published in June 2011 (at the same time as the final report relating to the France Shale Study). On March 11, 2011, the Prime Minister of France announced that the moratorium on unconventional exploration has been extended to exploration permits and works authorizations until mid-June 2011 (originally mid-April), i.e. when the conclusions of the studies on the environmental impact of drilling techniques will have been rendered. The Company does not currently know the impact of such decision on its proof of concept program. The Company is currently evaluating its drilling program in light of these developments and will continue to monitor further developments and adjust its plans as necessary. "
Recall that we shorted TRGL recently as part of a market neutral trade going long IMO: http://shortscreen.com...
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Down another 7.5% today so far. Looks like this French government study is going to be hanging over its head for a couple of months.
The French government may have put a moratorium on fracking, but TRGL longs are getting fracked today: TRGL is down almost 12% right now.