RE: trying to stay Bluesky none of the oils I watch did or own in addition to WFE ran up much, if they did they came right back down. Witness PWE PGH CNQ as examples. That oil run up was probably due to fact traders were looking for more QE3, war with Iran, and Europe was not exposed as much as it is now. WFE never ran up, nor did it drop further. I just doesn't have the visibility and exposure to get traded as much imo. WFE didn't participate one way or another, as has been in neutral for months. Major oils were heavily shorted in Dec/Jan, so when oil did not drop on fundamentals they had to panic and cover in 2012 Q1. WFE was not shorted in proportion so no run up on short covering. On a % basis it is down the least of any oil I follow since Jan. The good news they don't pay a dividend to have to cut.
Folks, save for those indexed to oils, probably knew the spike in oil was temporary. I would expect that more Central Bank printings and stimulus will get oil up soon.
In any event LOOKING FORWARD, not back, to see what they have to say about Q2 in the next few weeks, that is what matters now. If the statements at the AGM from May 29th are on target it all should make for very good reading.
I still think this co. is a diamond in the rough, and a double or triple in a year to 18 mos. baring a Depression World wide. Management at least is ethical and has the expertise.
My guess only is that a PennWest will acquire them for 750 million or so. I know PWE would love those Viking leases.
How about 1/2 share PWE plus $2 cash?