RE: Magic # Crikey. Why wait to recover your investment if you don't believe in the story? Get out now, take your losses and buy plays you believe in - plenty of undervalued oil plays with good stories where you can make up for your losses.
Go buy some Ithaca (IAE) - will double production by end of the quarter to ~10K boed net and self funded to quintuple by mid '13 to around ~25K boed. North Sea play with excellent balance sheet (about $100MM cash and no debt). Great managment. Top Pick by several analysts.
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Or how about Coastal (CEN). On a mad tear with drilling success - will tie-in 8 more wells by end of February and production should jump from current ~22K boed to ~30K boed. Then they are about to start drilling BBS, which could add another 10K boed and ~70MM bbls 2P of high netback oil - and add ~$ 10+ to the share price. Top Pick by several analysts.
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Or how about my largest position, Mart Resources (MMT)? About to announce results of U9 step-out well. Upper section already logged 280' of stacked pay. Results on lower section any day. Trading uber cheap about 1x cf and ~2 PE. Will issue Special Divvy (likely in Q2) and start regular divvies in Q4. Growing ~100% yoy for last several years. Generating record profits quarter after quarter. In Nigeria, but that hasn't stopped the cash from rolling in...Sprott/Cormark just picked up coverage, so finally getting a bit of promotion.
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Or how about C&C (CZE) or Parex (PXT) in Colombia? Both First Energy Top Picks (along with Coastal). Excellent cashed up, debt free balance sheets trading at low multiples. Self funding from existing production and exposing investors to significant exploration upside. CZE is exposing investors to potential to triple reserves on "risked" basis this year - first well in big exploration campaign just logged/cased and about to be tested over next few weeks. If a success, will add several dollars in upside and jump start their exploration program. PXT almost has as good upside, but not quite.
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And all of them have better management than the turd Shimoon who runs this play.