Pinecrest Energy Inc. (
TSX: V.PRY,
Stock Forum) saw its shares rise 5.3% to 40 cents Thursday, leaving a market cap of $86.8 million, based on 217.2 million shares outstanding. The 52-week range is $2.16 and 37.5 cents.
On Wednesday, Pinecrest announced a reduction in the company’s capital program for 2013 to $80 million from $135 million.
The company’s exit production guidance was lowered from 6,000 barrels of oil equivalent per day to a range of 3,100-3,400.
Year-end net debt is projected to be between $120 million and $125 million,
the company said in a press release.
TAKE BACK YOUR PORTFOLIO
When times are tough, the smart money focuses on cash-rich, undervalued stocks. With 25 years of market experience, Danny Deadlock's Vulture Capitalist system alerts Ticker Trax insiders to undiscovered gems on the upswing.
Click here to get TickerTrax alerts.