Data room opens Sept 24thRisk of buying at current levels nil in my opinion.Reward ....I say the cash register will ring at $2.50.
Insiders have been buying.
Defiant Resources Corporation (DFR) As of September 17th, 2007
Filing Date Transaction Date Insider Name Ownership Type Securities Nature of transaction # or value acquired or disposed of Unit Price
Sep 10/07 Sep 06/07 Solinger, Robert Direct Ownership Common Shares 10 - Acquisition in the public market 10,000 $1.400
May 18/07 May 18/07 Allan, Kenneth Direct Ownership Common Shares 10 - Acquisition in the public market 1,000 $1.680
May 18/07 May 18/07 Allan, Kenneth Direct Ownership Common Shares 10 - Acquisition in the public market 800 $1.690
Apr 23/07 Apr 10/07 Solinger, Robert Direct Ownership Common Shares 10 - Acquisition in the public market 12,000 $1.650
Apr 05/07 Apr 02/07 Solinger, Robert Direct Ownership Common Shares 10 - Acquisition in the public market 6,100 $1.550
Apr 05/07 Mar 30/07 Solinger, Robert Direct Ownership Common Shares 10 - Acquisition in the public market 3,900 $1.550
Apr 05/07 Mar 29/07 Solinger, Robert Direct Ownership Common Shares 10 - Acquisition in the public market 10,000 $1.600
Apr 05/07 Mar 27/07 Solinger, Robert Direct Ownership Common Shares 10 - Acquisition in the public market 400 $1.500
Apr 05/07 Mar 29/07 Solinger, Robert Control or Direction Common Shares 10 - Acquisition in the public market 4,000 $1.550
Apr 05/07 Dec 31/05 Solinger, Robert Control or Direction Common Shares 00 - Opening Balance-Initial SEDI Report
And this excerpt from recent news indicates Defiant is trading at a huge discount to NAV/10% discount.
"At Aug. 31, 2007, Defiant's basic per share net asset value (NAV) is calculated to be $3.83 based on future cash flows discounted at 5 per cent and $3.09 based on a 10-per-cent discount rate. These calculations assume a working capital deficiency, including bank debt, of $17.5-million, a value for undeveloped land and seismic of $12.8-million and common shares outstanding of 21.4 million. Fully diluted per share NAV values are $3.55 and $2.90, given common shares outstanding of 24.1 million, with proceeds of $3.5-million from the exercise of the warrants.
In addition to the above reserve assignments Sproule evaluated and assigned possible reserves at Karr and Grande Prairie East with respect to on-trend drilling at Karr and the water flood potential for the Dunvegan oil pool at Grande Prairie East. Possible reserves assigned to these properties totalled 697 thousand boe and a net present value before tax of $9-million, discounted at 10 per cent. These values have been excluded from calculating Defiant's net asset value and finding and development costs.
The company's plans for the balance of this year include:
Tying in new gas discoveries in October; two (two net) wells at Karr and one (0.8 net) well at Clairmont.
Drilling up to four (3.5 net) wells including three locations in Grande Prairie and one in Defiant's West Pembina core area.
The company believes these activities will ensure it achieves its goal of exiting the year at 1,500 boe per day.
Defiant plans to open its data room with respect to the process to maximize shareholder value the week of Sept. 24, 2007.
We seek Safe Harbor."