CGX Dilution not the issueFolks,
After holding on to CGX for the last ten years andoccasionally trading in and out of it I must say now that they haveraised enough cash to drill the end of this year, I am perplexed by thenegative views on this board. This is my first post and I thought Iwould start off by making a few observations... When I first purchasedCGX before the gunboat incident crude was trading below 35$. As the rigmoved into place for the first well the stock ripped to well over $3.50.
Todaycrude is trading above $82 but more importantly since the BP disasterthe crude oil market is trading in significant contango. The 2014 crude contract istrading at over $92!. The heck with dilution. When they make there firststrike, which I am very confident they will, this stock is going torocket! I spent 25 years as a Oil Trader for Marc Rich, Glencore Shelland BP. Rarely do you see a lay up like CGX at a SP of
.55. Have a nice day!