Prescod CommentPescod Comment TodaySTERLING RESOURCES (V-SLG) $2.98 -0.22
BRIDGE RESOURCES (V-BUK) $1.39 -0.06
OILEXCO INC. (T-OIL) $17.23 -0.47
ITHACA ENERGY (V-IAE) $2.32 +0.02
We had been mentioning that some of the hot stories in
oil and gas after the huge market correction we’ve experienced
the last few months have given us new areas of
Canada to get excited about and other areas of the world
that have lost their lustre. Suddenly, it’s shale in Quebec
and Bakken in Saskatchewan and shale gas in northeaster
B.C. that are attracting the attention.
One of the areas of the world that definitely seems to
be losing interest is the North Sea for the simple reason
that many of the junior Canadians operating there, other
than Oilexco, didn’t have access to rigs and equipment to
keep their stories lively. It seems they would drill a well
and then it was another year or so before they had anything
else to report. And that puts people to sleep as well
as markets.
Oh well, things can definitely change on that front
though, and we’ve noticed some very aggressive statements
by Josef Schachter has rekindled interest in Sterling
Resources. Over the next six to eight months, they have a
series of four significant wells, any one of which could
make a huge difference to the stock. And for any player in
the North Sea, his comments on Sterling are simply mustreading!
(If you haven’t seen his latest issue, make sure
you e-mail Debbie at debbie_lewis@canaccord.com).
Meanwhile, Oilexco continues to have access to those
important rigs and material and Fred Kozak has been one
of its biggest fans.
But also today has been some decent news on Bridge
Resources reporting that their Durango development well
has come up with 42 million cubic feet a day of production.
While it was a development well and results were
expected to be positive, that was on the high side for production
and they also had 1300 barrels a day in condensate.
Too bad this company has almost 160 million shares
outstanding, because they have a very big exploration
well, the Piper, to be drilled in the next few months.
Meanwhile, Fred Kozak likes Oilexco a bunch and is
still keen on Ithaca Energy, although its stock has been one
of the North Sea disappointments over the last while.