GREY:ENGFF - Post by User
Comment by
Tinmannon Aug 02, 2008 8:27pm
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Post# 15354814
RE: I'm amazed none of you appear to be following
RE: I'm amazed none of you appear to be followingcanadian2,
Believe it or not, I've held ENG since my first purchase in the 20 cent range years and years ago. Saw the run up to $6, made some money, though not as much as I could have.
Have held a core position (minor) since those days and bought more at 90 cents when I saw we had a rig secured. Traded out mostly again around $3, so ENG has treated me well.
I do own BUK, but not LE. BUK has a very solid value backstop and is under the radar of most investors still. Like I said, the "downside" with BUK is that they'll be producing 6,000 boepd by October and drilling 5-6 wells next year. The "upside" is that North Piper hits and BUK has a 50% interest in a 400-500 mmbbl discovery that could easily be worth $10/share in short order to BUK shareholders.
Think about it... 200-250 mmbbls even at $10/bbl is $2 billion to $2.5 billion. BUK has about 200 million shares out including all their options and warrants. Stock currently trades at $1.20 or so.
North Piper is risky, but the company's gas asset backstops the value.
Happy hunting.