RE: RE: RE: RE: RE: Something is up!.............. Why is it a suprise the SP is going down? Like BankerBoy said the trend is down, that has applied to every E&P player in the small and medium cap Canadian space. The past couple years has shown all of us that without a significant push for infrastructure this space will cripple, no pipelines and increasing royalties will cripple western Canada. That may seem extravagant but in the current economy investors are simply looking elsewhere, many of these companies on the venture would succeed if they were part of a USA exchange or more accessible market.
I still have confidence in management, even though there was no insider buying throughout April there was a significant amount purchased earlier this year. Welcome to a depressed market, smaller cap Canadian energy and metals are feeling an unprecedented decline in capital investment. IMO it's simply a shi itty market. Why would anyone invest in a high risk market at this point? Terrible market (unless rail is considered), high royalties, high taxes, high labour expenses, nearly the most regulated oil and gas industry in the world, cyclical market (spring breakup), lets not forget how horrid the Slave Point decline rates are.
That said I'm invested into the company, it's high risk and I believe there will be significant improvements through the waterflood program and hopefully the fed gov will mandate access to ports for the pipelines through BC. This may take a few years but I suspect it will be all Canadians interest to sell our oil to Asia.
On the other hand I'm begining to become more interested in gas players. I suspect a LNG plant and line will be approved in 2014, we're working on nearly 1.5 years since prices were temporarily resonable in western Canada. I worry about a housing bubble but have decided to shut that out and start heavily investing into these depressed markets. Lets hope PRY doesn't issue too many shares and take on much more debt, debt + dividends has and is killing too many companies in this sector. IMO growth should be the focus, forget the yield for now and lets build this into a pure oil player with a sustained 10k+ bb/d using secondary recovery. I'm not sure the CPG method will work a second time, time will tell. GLTA