RE: ceo bought yesterday I haven't seen too much buying by insiders in 2011 so this new found buying activity is a good sign for me as well. I think TOL is being accumulated by funds and big investors because they have potenially rewarding oil and liquids properties but for now TOL is still considered a junior CND O&G companyt and with that label investors are still wary of exposure to NG.
TOL does have some NG production but over 70% or their production is oil and liquids so they will not be affected by record lwo NG prices, or very little.
They are only drilling oil wells in 2012, and they should do well, again assuming that they stay independent.
I would think an oily mid-tier company like Whitecap is always looking at epanding their oil properties and reserves and at these SP's, it's cheaper to buy TOL's reserves that explore for new oil. Plus they have a multi-years of development drilling.
I bought a little yesterday but I too want to increase my investment in TOL and I'll continue to add on the dips.
DYODD