RE: Dave 4x4
Yes, I am the same Dave4444 from IV. I was in BBP then sold on the recent pop, but it came back down fast so I bought back in a little bit at 62 cents and will watch and see if it goes lower so I can average down, I am not to fond of the guys who are upset about the options, I just invest, I do not try and cause problems for management, as long as they drill the 9 or 11 holes they are suppose to this year, I will be happy and make plenty of money without worrying about minor dilution due to options. With respect to BUK I first bought it about 16 months ago and averaged down when it went lower and then sold when it went up. I was not happy with the huge dilution to raise money, I thought they could have diluted less and still had enough funds. Therefore, I have been mostly out of it but bought a few shares recently in the $1.10 range after their well hit the target zone. My plan is to hold a few shares, as I think the current gas and condensate well will be successful, that may give a bump. Then I will see where the price stabilizes and likely buy many more shares prior to the big drill target coming up later in the year. At one time I thought BUK could be like ENG (I made a huge amount on ENG from 90 cents to $3.50, only have a few shares left at the moment that I bought back at $2.00) but ENG did not dilute its shares like BUK has. Therefore, I think the upside on BUK prior to the drill program may only be from the $1.20 range into the low $2.00 range. Still a good return with little downside risk. I buy a lot of oil and gas shares and my main criteria on buying is that they have little downside risk. I find that if you control the downside risk, the upside will take care of itself. I control the risk through an analysis of the company and it projects, combined with charting (namely buying when it trades in the low end of its range).
PS: My current best pick with no downside risk is DNR a mining explorer trading at 24 cents. It has 23 cents per share cash in the bank and a very good gold/copper discovery last Fall that it is going to follow-up on soon. The cash means that my risk is low and the discovery gives lots of upside, so I bought a bunch of shares. Last drill season it went from 25 cents to over $1.00 in a matter of weeks, I am hoping for a repeat.