Post by
8675309Jenny on Oct 17, 2014 8:50am
Canadian oil prices best in a long time - Colborne (surge)
don't believe me, believe the facts and the CEO of Surge..... its reality ....... from Stockwatch ..........Some of those companies, such as Paul Colborne's Surge Energy Inc. (SGY), up 22 cents to $6.38 on 7.3 million shares, and Derek Evans's Pengrowth Energy Corp. (PGF), up 28 cents to $4.63 on 4.02 million shares, have other factors to thank for the gains. Both were at the Canaccord Genuity Global Resources Conference in New York. As well, Surge's recent insider buying got a mention in today's Globe and Mail, and president and chief executive officer Colborne was on BNN. He thinks that "things are quite good" for Canadian producers. Oil prices have taken a tumble, but the overall fundamentals are better than when he became president and CEO in the spring of last year. The Brent-WTI differential has gone to $3 from $24, heavy oil differentials have gone to about $13 from $32 and the Canadian dollar against the U.S. one has gone to 88 cents from $1.05. "We're getting almost $93 a barrel for our crude," pointed out Mr. Colborne. The interviewer noted that the market still seems worried about Surge's five-cent monthly dividend, which yields 9.4 per cent. Mr. Colborne defended the dividend as "one of the most resilient in the country." Even if WTI went to $79 (U.S.) and stayed there for an entire year, Surge's payout ratio would still only be 100 per cent, he said. (At current prices it is 90 per cent.) Mr. Colborne and other insiders seem confident. Many of them acquired thousands of shares this month through warrant exercises and stock dividends, and Mr. Colborne and director Robert Leach also bought 47,500 shares and 143,000 shares, respectively, in the market.
Comment by
perdikaoilgas on Oct 25, 2014 7:44am
Thanx. That was really interesting.
Comment by
perdikaoilgas on Oct 25, 2014 7:45am
and Colborne is not just a CEO. Colborne has great credentials and has played a major role in Surge.