Hard time for INVESTORSThis computer trading and 'crisis of the week' garbage sure makes it hard to remain focussed on the long term. Its nice to see all of the Doomsaday/Great Depression theorists have dusted off their scripts and are back at it. Sooner or later they have to be right, right?
Anyway - got a chance to read through the results. They were not as good as I expected on bottom line, given all of the improvments in production and Oil prices - i expected they would do better than go from a 1.4 cent loss year ago to essentially 0.2 cent gain this year.
That said, they are at 10Kbbl/day now and should average 11K+ for Q2. Oil looks like it'l dip for a bit now, so that will hurt Q2. Next rig on early in Q3. If they can average 14k bbl/day in Q4 - that should give them 8-10 cents/share earnings or a P/E of over 20 - a tad high, but then all this is just to fund the Thermal projects. Interesting that they are looking at a 70K bbl/day pipeline for 2012 - that tells me they have high confidence in the thermal pilot proving up major reserves. Wonder is the Alabian gov't will take as long to approve a SAGD scheme as the Alberta ERCB does? I doubt it.