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Sounds kind of dirty, right? Actually, it's because of a clean visual that technical analysts use this term. Technical analysts like charts (hence their nickname of "chartists"), and they like to give certain patterns they see neat little names.
Such is the case with the double bottom, which looks on a chart like, well, a double bottom. Think of three mountains (on a chart reflecting a rise in values) separated by two valleys (representing dips in value). The troughs of the valleys, and the size of the first two peaks, are generally the same, so the chart looks like the letter 'W.' The appearance of those two valleys represents a double bottom.
So what? Well, if you're one of those folks who believes in the power of the charts, seeing a double bottom suggests a long-term trend is about to reverse. So, if a stock chart shows shares falling for several months, then seeing a double bottom, chances are good (according to the chartists) that the shares will rise. And vice versa.
But, beware: charts can be a great tool, but they're more art than science. Use any charts with caution.
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Monday, June 02, 2008
Particle Drilling Technologies Receives Rig Assignment for Next Field Trial
Comtex
HOUSTON, June 2, 2008 /PRNewswire-FirstCall via COMTEX/ ----Particle Drilling Technologies, Inc. (Nasdaq: PDRT) (the "Company") announced today that it has now been informed by its customer that the next field trial utilizing the patented particle impact drilling ("PID") system will be conducted in the Travis Peak formation on the same drilling rig as the previous test conducted in 2007. This particular drilling rig is currently drilling another well which should be completed in June. The rig will move to the new location and begin drilling the well on which PID operations will be conducted. The Company estimates that PID operations will begin on or around July 15, 2008.
Jim Terry, the Company's President and Chief Executive Officer, stated, "We have worked hard to prepare our system for field use and are very excited to have scheduled the next field trial. We would like to have returned to the field sooner, but as I have made clear in all of my prior communications, our schedule is completely dictated by our customer's drilling schedule. We and our customer wish to minimize the variables associated with this next test and the decision to utilize the same drilling rig for the upcoming test will accomplish that objective."
Terry went on to say, "In the meantime, we are ordering sufficient long- lead items and maintenance parts such that we will be prepared to drill back- to-back wells. The experience we have gained on the four previous field tests coupled with the confidence we now have in the new injection system should allow us to deliver a solid performance on the next well. Once the results of the next field trial are tabulated, we will announce the results as soon thereafter as possible.
About Particle Drilling Technologies, Inc.
Particle Drilling Technologies, Inc. (NASDAQ: PDRT) is a development-stage oilfield service and technology company commercializing its patented and patent-pending Particle Impact Drilling system. The company's technology is designed to enhance the rate-of-penetration function in the drilling process, particularly in hard-rock environments. It is headquartered in Houston, Texas. For more information, visit: www.particledrilling.com.
Safe Harbor Statement
Certain statements in this press release that are not historical but are forward-looking are subject to known and unknown risks and uncertainties, which may cause PDTI's actual results in future periods to be materially different from any future performance that may be suggested in this press release. Such risks and uncertainties may include, but are not limited to, PDTI's need to raise equity capital and its ability to obtain equity financing on acceptable terms, if at all, a severe worldwide slowdown in the energy services sector and working capital constraints. Further, PDTI is a development stage company that operates in an industry sector where securities values are highly volatile and may be influenced by economic and other factors beyond PDTI's control such as announcements by competitors and service providers.
Contacts: J. Chris Boswell, SVP & CFO Particle Drilling Technologies, Inc. 713-223-3031 Jack Lascar / Sheila Stuewe DRG&E / 713-529-6600
SOURCE Particle Drilling Technologies, Inc.
http://www.particledrilling.com
Copyright (C) 2008 PR Newswire. All rights reserved
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