PRD Energy Inc PREGF

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[jandd]

I have now taken a position.... I have heard some very intereting thigs are about to happen with this deal. Looks like the Unocal deal will be the trigger, and that some big big money wants in on Summit creek. Based on relative ownerships, We own 6.625% of the deal, and Unocal owns 32.5%, as does Husky Oil. Simple math dictates that we own 20% of what Unocal owns, so whatever value Unocal fetches for this asset, we will be worth 20% just based on our 6.625%, not to mention other assets. As quoted from the recent article The company also owns a 32% interest in a joint-venture project called Summit Creek in the Northwest Territories, where drilling results released in late March showed one of two discovery wells produced more than 6,000 barrels of oil a day plus 10 million cubic feet of natural gas. Speculation then was Summit Creek might be the region's biggest oil discovery since Canada's second largest onshore conventional oil field, Norman Wells, was uncorked by Imperial Oil in 1920. Imperial produced about 20,500 b/d there last year. Good upside here, even moreso when the nebulous Unocal NR that indicated that Summit creek might no be for sale. Pehaps a deal is already done, or perhaps Unocal wants to keep Summit creek. Things should heat up here soon! Congrats to all longs who have held in, even with the likes of Jessica pestering the forum! JANDD