RE: RE: National Bank Net 1,486,000 SharesEncouraging, this is more than just the dead cat bounce to 10 cents I was expecting.
Posters keep mentioning Oilexco - I did it too, but in only jest...
BUK was never managed like Oilexco - BUK's first drill was just for development so there would be cash flow - then they missed the high-risk-potential-company-maker at North Piper - too bad, but that's life - then the worst slump in 80 years happened. Without Durango, BUK would have died and had its ashes spread over the North Sea along with Oilexco's. You know, it's hindsight now, but ironically, a big discovery at North Piper might have killed BUK too because no doubt they would have borrowed to develop it and then been caught in the crash. A lot more people would have been hurt, because a big hit at North PIper would have sent this stock flying.
So my point is BUK has been far more conservatively managed than Oilexco ever was. Those guys at Oilexco, they drilled like maniacs in a very expensive place to drill, and in hindsight were far too slow to develop their discoveries - I guess they thought "reserves" would be valued by the market same as "production" - and for a long time, they were right!! Not only did they believe their own bs, they were in love with it - they even bought a corporate jet!!
So the naysayers here should give some credit to BUK just for surviving.
These deals trade on cash flow and prospective cash flow, with debt being a cruel weight to bear. This recent trading action, up on good volume, means a few heavy hitters think the debt issues here will be resolved.