Candax Energy Inc CXEYF

Still a believer

[OceanRanger1]

I'm still a believer in this story and I have full confidence we will be well rewarded for staying the course on this one.

I feel so strongly I added another 100,000 shares today at 5c.

I've been fooled before but this is about as close to a no-brainer as it gets.
 
Look at the new owners they are experts at draining every last barrel of oil from mature fields. They were being hired by other oil and gas companies to do just that.

They have invested alot of their hard earned money in Candax to save it from bankruptcy and they still have a boatload of cash in reserve.

They still have approx 8,000 barrels of production that I believe will be vended in to Candax at some point on a no-money down payment plan of some sort.

These guys are grossly over-qualified to be running a shell company with no production. Candax is a senior board listed company with a portfolio of distressed assets that have a great deal of intrinsic value - that value will be released at some point. It will take time because progress is so painfully slow in the oil and gas industry.

Friday's news is just the tip of the iceberg as far as the future is concerned. Not much doubt to me the reward will be large for those who persevere and remain patient. The last estimate on El Bibane was in the millions of barrels with the deep triassic potential yet to be tested. This company was trading at $1.50 a share at one point so even at 1/5 it still equates to somewhere in the 30c range just to regain what little we had back then - these guys have the professional expertise and the financial capability to re-develop the entire portfolio. 

My plan and my advice is to remain patient and wait it out. It will take years not months to turn it around completely but I still believe we will be trading at double-digit multiples of todays price 1 to 2 years out. I haven't sold a single share yet and don't plan on it for several years. Some don't like to hear the numbers but my money is where my mouth is because my position exceeds 700,000 shares now.

Still long and strong on Candax. Still looking for the grand-slam. Still believe it's a realistic expectation.


OceanRanger