RE: Bankers 16,000+ Daily Oil Production Now Hey GeorgeBOY, good day!
I dob't know where do you get 16000+ daily production level?? Perhaps they produced that for a day or two but there average production for January 2012 has been only 14220. You know whenever a company misses targets, market doesn't like it and they sell off. Bankers is a top target for short sellers. That what has been happening for the last four quaters. I don't know when Abby and party will learn fron their mistakes. Who knows if they are benefiting fron this volatility in BNK stock price. Here is what they posted at their web:
Operational Update
Due to active drilling activities at the rate of 10 wells per month with various objectives (reserves,
production, and water disposal), variable productivities and well declines, combined with having up
to 10% of existing wells down on any given day for servicing, water space and other restrictive
activities, the Company will commence reporting average production numbers over a specific period
rather than current production on a certain day.
Average production for January 2012 was 14,220 bopd, this rate is on target to achieve 5% to 7%
production growth for the quarter over Q4-2011 production of 13,833 bopd. Along with production
additions, drilling in Q1 is focused on expanding water disposal capacity and field delineation in the
extension areas.
I feel stupid for not selling 50% of my holdings last week when it was trading at 5:75. My avg. price is 5:86 and I'm holding 11600 shares. Now I have to buy 5000 at around 4:65 and trade them when it moves to 4:95 range.
I have lost faith in this management. There may be billions of barrels in the reservoir but they need to pump it out quicky to meet their targets. From now on I will be trading this stock rather than holding it for long time. I may hold 5000 shares and wait for it to hit 9:50
I'm better off holding top companies like PD, TLM, TDG & SVY
God bless and happy trading.